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Want to have a baby but have money worries

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  • They may not actually want to do that - you shouldn't expect it.



    £50 a day
    £100 per week
    £433 per calendar month.

    I don't know where you got £200 per month from.
    Hi Mildred1978
    sorry did my calcs wrong i thought that it was wrong when i posted it...
    mums are happy to support ive asked them already
  • RazWaz wrote: »
    What about your husbands income? You make it sound like you'll be paying for everything alone.
    Hi!
    my hubby pays for most of rent, food, internet and tv licence and i get all the smaller bills.
  • euronorris
    euronorris Posts: 12,247 Forumite
    Part of the Furniture 10,000 Posts Name Dropper PPI Party Pooper
    I do think, depending on your age, it would be better to wait until the loan is cleared. It will take the financial pressure of you and your OH, and allow you to look forward to it more, rather than worrying and stressing about money.

    There are quite a few of us in the same boat and we have set up a thread so we can talk to each other about the highs and lows of waiting, what we are doing to prepare etc etc. Please feel free to join us here: https://forums.moneysavingexpert.com/discussion/3213038

    I would also suggest that you and your OH start to pool most of your money together now, and just keep a small amount each for fun spends.
    February wins: Theatre tickets
  • JodyBPM wrote: »
    You don't sound in a great situation to have a baby TBH, with debts to pay off and so little surplus in your budget. How old are you? If you are still young, I would suggest paying your debts off first and trying to build up some savings, if you are 35+ I'd probably say just go for it, otherwise you could miss the chance! Is there anyway you can up your income at all (extra work or better paid job) to get yourself financially sorted quicker? And what is your DH contributing towards the baby? This would be a pretty good incentive to save, save, save!


    Good luck whatever you decide! (and no, babies do NOT cost £1000 a month! The biggest cost will be your loss of earnings and childcare!)
    Hi!

    im 25, i think that i need to stop being selfish and pay off my debts first as i will be happy later on that i have done so before starting a family. i have a masters degree and still find it imossible to get another job in my field and i do try, the company i work for has a overtime ban so the extra hours are out the window. My hubby's finances are a grey area, we have no idea what his money goes on, he does work about 20 miles away from home so the petrol takes up an awful lot of his wages and the trains are rediculously expensive with £6 return per day.
    thanks for the good news that babies do not cost as much as everyone keeps saying!
  • Kittendreich
    Kittendreich Posts: 420 Forumite
    edited 20 May 2011 at 10:07AM
    To me your age is vital in choosing the best option... If you are in your 20's then I'd wait a couple of years to try and get rid of as much debt as possible before trying - this will make it much easier when you do have a child to factor into your budget. If you are in your 30's you have less time to wait so I'd get on with it! If it happens straight away it will be difficult, but you'll cope (babies can be really expensive, but if you are careful and make the most of bargains, second hand, gifts etc then you can get by on much less)...and if it takes a while you won't regret waiting. Knowing what I know now I'd have started ttc earlier, but I didn't so fingers crossed for a miracle!

    Sorry - cross posted with you there...but thankfully agreed with you! At 25 you should have plenty of time - even if you do end up needing help to conceive (most people don't - so don't worry!)
  • clairec79
    clairec79 Posts: 2,512 Forumite
    I would try to cut back now and pay off as much of any debt as you can, you get used to coping on less plus have some left over to tide you over inbetween (for example I paid extra off my council tax bill when pregnant so didn't have to pay it whilst on maternity leave). You may also find you can't have the full 9 months off - I returned after 6 months as I saved enough to balance the pay cut for 6 months but not longer (and this month is killing us as I'm currently working but don't receive my full pay till Monday so are currently living out of cupboards etc)

    I don't spend anything like £120 a month on my 6 month old, but I am mainly breastfeeding which saves a lot of money (a tin of formula costs £7-8 and if bottle feeding will likely last a week if most)
  • I would agree with Euronorris, depending on age. Clear the loan and then there will be the money that goes to that, spare. Whilst I agree there is never a 'right' time to have a child, you can still prepare to some degree.
    :A Mumslave :A
  • euronorris
    euronorris Posts: 12,247 Forumite
    Part of the Furniture 10,000 Posts Name Dropper PPI Party Pooper
    Hi!

    im 25, i think that i need to stop being selfish and pay off my debts first as i will be happy later on that i have done so before starting a family. i have a masters degree and still find it imossible to get another job in my field and i do try, the company i work for has a overtime ban so the extra hours are out the window. My hubby's finances are a grey area, we have no idea what his money goes on, he does work about 20 miles away from home so the petrol takes up an awful lot of his wages and the trains are rediculously expensive with £6 return per day.
    thanks for the good news that babies do not cost as much as everyone keeps saying!

    The part I've highlighted is a bit of a concern. Ask him to keep a spending diary, to see where the money goes and identify wastage areas so that you can cut back accordingly.

    Do you both budget? If not, start now!

    If he's travelling on trains regularly, surely a weekly/monthly/annual ticket would be much, much cheaper?

    Looking at these things, cutting back and budgeting are all good habits to get into before a baby arrives.

    Have you also looked at the Debt Free Wannabee board? Plenty of help over there to help you kick that debt asap! :D
    February wins: Theatre tickets
  • CH27
    CH27 Posts: 5,531 Forumite
    Hi!

    im 25, i think that i need to stop being selfish and pay off my debts first as i will be happy later on that i have done so before starting a family. i have a masters degree and still find it imossible to get another job in my field and i do try, the company i work for has a overtime ban so the extra hours are out the window. My hubby's finances are a grey area, we have no idea what his money goes on, he does work about 20 miles away from home so the petrol takes up an awful lot of his wages and the trains are rediculously expensive with £6 return per day.
    thanks for the good news that babies do not cost as much as everyone keeps saying!


    You need to keep a spending diary detailing every penny you spend.
    Yo will soon see where cash is being frittered away.
    Try to be a rainbow in someone's cloud.
  • barbiedoll
    barbiedoll Posts: 5,328 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    I must admit, there is never a "perfect" time to have a baby and practically everyone is shocked when they realise how much children do cost (babies can be fairly cheap, just wait until they are older :eek:), but you do manage somehow.

    However, at 25, you (hopefully) have years of potential childbearing to come so there's no rush. The fact that you are thinking about money now, before you have even conceived, is a good sign, you are clearly level-headed and sensible! :)

    Pay off your loan first, don't even think about getting into any more debt, leave off the credit cards, catalogues, loans for furniture etc etc. Can you overpay on your loan? Have a look at your credit agreement or contact your lender. Then sit down with hubby and work out a complete budget and try to see exactly where his money is going. You will be surprised at just how much money is wasted on rubbish and unnecessary spends throughout the week. There is a handy SOA tool on here, you need to include absolutely EVERYTHING that you spend, use a spending diary if it helps. (Just get a cheap notebook and write down what you spend each day)

    Get into the MSE habit of comparing the cost of everything that you buy, you can always get utilities, insurance, internet etc, cheaper by shopping around. Don't do the automatic renewal on car insurance, they always rip you off each year, they bank on the fact that you can't be @rsed to shop around. Start stocking up your food cupboards and get into the habit of keeping a "store cupboard" of stuff that you can use to make cheap meals. Save as much as you can, even pennies in a jar all add up, open a special account for your plans and stick as much money as you can afford into it. Two years will give you a nice time to save, plan and get your head around the idea of being parents. And of course, there's nothing wrong with "practising" in the meantime! ;)
    "I may be many things but not being indiscreet isn't one of them"
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