Saving/Preparing To Try for Baby

CupcakeLisa

looking for some tips on what we can do to be prepared to have a child:

We have looked at our finances and think we can afford to have a child but we would really struggle with me taking maternity leave.

I want to take the full year but dont want to put ourselves into a position we would run up any debts.

Any suggestions on things we could be doing now or ways to keep costs down in the first year?

We would really like to try straight away

Thanks

Lisa

onlyroz

You also need to consider childcare, which will be your biggest cost. Childcare vouchers and tax credits will help.

property.advert

Cut out all the waste in your life now and save the money. That means takeaways, nights out down the pub, the curry house, boozing it up in front of the TV etc. Re-evaluate all your outgoings and where there is leakage in your money. Look at your transport situation. I promise you that you'll need a car and a reliable one when you have a child.

Look at life assurance, savings plans and I'm sorry to say this but if you really want to think things through, start thinking about schooling. It doesn't sound as though you're going to have £20k a year for private education so getting into a good school is going to mean living very near. If you are renting then you rent near in the requisite year, if you own property then you may have to think about moving. All easier to do now. Look for auto progression through the years from primary to junior and perhaps to senior etc.

My childcare is around £1100 a month for full time. At age 3 or so you get some help, in my case around £240 a month for I think 8 months a year. I moved next to the best school to keep my options open.

If you are on a low wage you get some tax credits and the £20 a week child benefit. Kids don't actually cost that much day on day but it is the constant cost. Shoes are £30/40 at Clarks, clothes are grown out of before they are worn out etc. and your free time just disappears. In some ways that helps cut down costs !

If you're skint then you should really get a financial safety cushion first before a thinking about a baby (ideally 6 months wages). Then perhaps add a grand or two and that'll cover the big ticket items over the first few years like car seats, pushchairs, cot, bed, nursery etc.

Of course you can just dive straight in and then you'll cope, somehow but whilst you cannot prepare for everything, getting yourself financially prepared is the best start you can have to reduce stress once the little one comes along.

LilyChau

I guess it all depends on yourselves.You want your child more or your free-debt life more?If you really want to have a child,then I guess you should just leave all your doubts aside.

Kittendreich

Whilst it is sensible to get everything in order before trying for a baby - keep your age in mind. We waited until we had a job with decent maternity pay, a house big enough, a handle on our debt before starting to try.....three years on still trying. If you are younger then I'd spend more time getting things in good order. If you are older (i.e. 30+) then I'd get things in a decent state (as you may be pregnant in a month), but not wait until it is perfect just in case (as it might take years).

Whilst it is good to be sensible - if you waited until you could afford a child most people would never have one! It is a cliche but true...!

SmlSave

Hi Cupcake

I'm due my first in June after six months TTC. We worked out what my mat pay would be and am trying to live on that, the extra money is in savings. It was initially being saved to spend on mat leave but now its going on a new car as we need a five door.

You'll be amazed on how much of the baby stuff people are prepared to let you borrow or even give you! So far I've got a cotbed, moses baset, pram, highchair, nappies etc. And then there's freecycle and charity shops.

If your sensible you'll be fine hun Are there any particular outgoings that you're worried about?