How much should I save before having a baby?

skaps

Hi am thinking about starting to try for a baby soon and wondered if people could help me to think about all the things I need to save for before having a baby

BitterAndTwisted

Babies cost very little when they're tiny: it's the loss of income that's the expensive part then. All they need are a few changes of clothes, some warm bed-clothes and not much else. As they get older they cost more and more and more.

How soon will you be completely debt-free and can start setting aside some savings?

Bambywamby

It isn't so much the cost of a baby - it is the time out from work that you take after bubs is born that really costs you the money.
Work out what you can afford to live on once Bubs is born and take your savings from there. x x

msb5262

This is a question which appears as regularly as clockwork on this board. I'd like to suggest that the board guides create a sticky thread along these lines - would that be possible?

ariba10

If you take all costs over the years. You will never have enough.

( But they will bring a great return in other ways)

CH27

Work out what your maternity pay will be & save the difference between your normal pay & your maternity pay for as many months as you wish to be off for as a minimum.

Magicboo

Hi,
My DH & I are planning on trying for babies in the next 6 months, so I sat down and worked out all our outgoings (mortgage/bills/food etc) and then worked out how much maternity pay I'll get, then worked out the difference, plus a bit for "just in case" and we are going to try to save up to £2k to pay for anything we need to buy for the babes (hopefully there will be some left over) and £6k to be spread out over the 12 months to up my maternity pay by £500/month. Hopefully that will cover the bases, if nothing else!
HTH x

Danili

Perhaps not the most mse suggestion, but whilst pregnant in addition to paying off our overdraft etc. and saving some to cover my year off, I put some money aside for some treats ie. new clothes, haircuts, days out etc.

chanie

As the other posters have said, its firstly the cost of your maternity leave - check your companies maternity policy to see what they offer. THe minimum is 6 weeks at 90% of your average weekly earnings (so, 6 weeks at practically full pay) and then 33 weeks at around £120 a week. If you want to take a years maternity leave, you will either need to be able to survive on your partners salary, or save up to cover this.

The next biggest expense is going back to work (or not). If you don't have free childcare (e.g. parents) you either have to give up work (can you afford to live on one salary) or pay for childcare (ours is £845 a month for a full time place).

Other than those two things, babies are fairly cheap and you'll probably get given load so stuff anyway.

fannyanna

I second the idea of making this question a sticky.

OP - as others have said the big costs that you will need to consider are maternity pay and childcare costs for once you return to work.

Everything else is as cheap or as expensive as you make it.

P.S. I don't have a baby but speak having done my own research before deciding that we would actively try for a baby.

Mice_Elf

Babies need:
nappies (re-usable / disposable)
clothes (vests / babygros in the first few weeks - nothing with a waist initially (eg trousers) until the umbilical cord drops off.).
wipes / cotton wool & water.
Milk, too, if you're not breastfeeding.
They also need a decent place to sleep (Moses baskets have limited use - maybe 4 - 6 months if you're lucky & have had a tiny baby. A cot bed offers the best long term value for money as they can be in it until 3 - 4 yrs, if necessary).
a monitor
a car seat
pram / travel system.

Anything else is just additional bits.

As they get older, you'll need to include baby seat, highchair & a few toys. But these can be so cheap - mine used to love banging saucepans with wooden spoons, or sitting in a huge box pouring uncooked rice, pasta & lentils into different containers.

Basically, a lot of the stuff magazines say you need, you don't. If you save for a baby, it'll be very useful, but it will never be enough. Unfortunately! Don't be too proud to take good quality 2nd hand goods, if offered (apart from car seat - buy that new). Primark / Matalan etc offer good value baby clothes for the limited amount of time they'll be in them. Mothercare are very expensive. Join your local Freecycle group - there's loads of stuff there all the time & you can post for anything you may need.

The biggest hit on money is obviously the loss of your wages. It's hard...mat leave pay is just over £100 per week - a big climb down from normal wages / salary.

But really, food, warmth & lots of love/time & baby is a happy soul.