Babies & Children - what is a realistic budget?

NEH

Gigglepig it isn't silly to work out a budget before you have children, don't ever think that...It is a very sensible and responsible approach...

There has been a fair number of posts on here and elsewhere about people getting to the time of birth and then finding out they can't afford them and the panic sets in...It's a lifetime commitment why wouldn't you want to plan financially for it?!

brians_daughter

Gigglepig wrote: »

Thank you everyone for all the information...

I feel we ought to have a suitable family home first, but I am not sure we could afford paying the mortgage and supporting the kids. But I am approaching mid thirties, and don't want to put things off for too long. Not working would not be an option if we have a big mortgage.

We did this the other way around.. we knew we would need a bigger house if we tried for child number 2.. but didnt want the larger mortgage so we made do with the house we had for almost 2 years..however, for 9 months of that i was preg and the 1st 6 months its recommended they stay in your room anyway.. ds2 was in our room until he was 1 and we moved.

At that point i went back to work and we moved to a slightly bigger house, the area wasnt quite as good but we got more for our money...once he started school we moved again as childcare dropped quite considerably. So maybe an idea for you to mull over if your current home would do for the time being? Newborns dont need a lot of room.. however if you go overboard their equipment may do.

I know so many ppl at work that have left it too long and now are paying out for IVF and desperate for children..whilst i admire the fact that you are trying to set a budget now if you want children you make do as long as long as the essentials are covered. Good luck with your decision making x

Gigglepig

I think that sounds sensible brians daughter, but we are renting at the moment and I would like to buy first, so we are settled. The flat we are living in at the moment is rather on the damp and cold side so I don't think it would be suitable for small children. I'm also concerned that once we have kids we wouldn't manage to take on a new mortgage.

NEH

Gigglepig wrote: »

I think that sounds sensible brians daughter, but we are renting at the moment and I would like to buy first, so we are settled. The flat we are living in at the moment is rather on the damp and cold side so I don't think it would be suitable for small children. I'm also concerned that once we have kids we wouldn't manage to take on a new mortgage.

That's the awful thing about renting, you never know whether you're going to be moving every 6 months!

Also take into account that it might not be just the one!