Planning a family - how do you plan it financially?!

choccybuttons

The only initial financial planning I did was to save enough money so that we would still have same amount of income each month even when I was on maternity leave. There will be an initial expenditure for cot, bottles ect so u could save an extra £500 or £1000 to cover set up costs.

I would say the main factor would be if u intend to return to work ft and if u will have to pay for child care. Work out what the figures are for that and will let u see the real money issues in the future

VK-2008

its good to weigh up all the costs however there is always a way of managing it just depends on what you buy, as folk say stock up on essentials like baby food, nappies, wipes, toiletries at the baby event at asda, look out for sale stuff and there are always things on ebay, amazon and facebook pages for sale so you will find a way to mnage it
best wishes in starting a family just remember its not always instantaneous but take your time and dont stress over it x

Corneycobs

Thanks again everyone! (love a very broody Corneycobs)

Triangle

I definately agree with Sweaty Betty - for me getting out of the house is vital in order to stay sane!

However for me the majority of these 'fun' costs can be off-setted. For example, I used to spend £60/week on petrol. I now barely use my car (the only reason we are keeping it is for when/if I go back to work). And I know this sounds silly but its the little things at work that soon mount up as well - collections for people, lunches, smart work tops etc.

T
x

Vortex1

I truly believe if people knew the true cost of raising kids beforehand very few would do it, but we do and they are worth it!

optimistic-mummy

Vortex1 wrote: »

I truly believe if people knew the true cost of raising kids beforehand very few would do it, but we do and they are worth it!

i agree with this. i think if you chose to do it the expensive way or even added up how much a child costs to bring up for 18 years and then even when there adults as the parents we will end up helping them out financial. but it can be done on a shoe string (the initial set up at least)- if you don't mind second hand. :money:

for the set up cot pram etc .... shop around esp if you want new, you can find the same item online but it may have a huge price difference.
babies don't need much (in basic terms) :
somewhere to sleep - Moses basket would do for the first few weeks - although a cot or cot bed from birth would be cheaper in the long run and bedding/blankets
nappies and baby wipes - washable/reusable are a lot cheaper but it is more work (because you have to wash them not just throw them away) but it is personal choice. you can get washable nappies and washable baby wipes
love and hugs - free
clothes if you dont mind second hand ask friends or family or have alook on fac@book if you use it and see if there are selling pages local too you ... also gumt~ee, eb*y, nearly new sales, carboots even freecycle !!
food - breast is better for baby and cheaper :money: but not everyone can breast feed and ultimately its personal choice
carseat- to bring baby home
muslin cloths for wiping up sick and throwing over your shoulder when winding to prevent marking your clothes - they can also be used for many other things
the first few weeks babies eat, sleep and poo and thats about it so you don't need alot

some optional extras are :
pram/pushchair
bouncer
changing table
wardrobe / chest of drawers - although depending on how many clothes you buy you may find as quick as they are being washed they are being worn again :eek:
nursing chair
changing mat
changing bag
feeding pillow
bibs
highchair/walker- both of these wouldn't be needed until around 6 months but you can get highchairs from birth if you wanted to use one from birth to sit baby in when your in the kitchen
steriliser the reason i didn't put this as an essential is because providing you have a clean kitchen sink you could cold water sterilize in the sink i found this a lot easier when i had my son than an electric one
baby swing great to help get baby off to sleep and let your arms rest for a little but again not essential as most babies will fall asleep half way or at the end of a feed and 9 times out of 10 wont wake while being winded so once finished winding you can place them into the cot or bouncer or providing you have no pets or children running around you could place baby on top of a few blankets on the floor.
baby monitors these are great and give peace of mind but if your a light sleeper not an essential ... although even if your not mothers instinct will kick in and you will find you will wake as soon as baby wakes....

there is lots out there most of which you don't 'need' its a choice of weather you want to buy it or not ... although i would say when buying anything make sure there's at least one if possible two or three reasons why your buying it

loss of income/cut in income would be the biggest financial burden and when you go back to work childcare is expensive unless you have family or friends that could help you out....

childcare - could you share childcare with a friend for example if they had your child on a Monday and they worked on a Friday or Saturday or even in the evening could you have their child for them ... also could family help out ... you may find with a few family members and friends help you wont have to pay for childcare or only have to pay for a few days a week.

i don't know the exact web address but if you type in entitled to calculator on go@gle you can use this too try and work out your income for when baby arrives. so you will know ho much you would be needing to live off.

too work out how much you would need to live off during maternity leave this is how i would calculate it :

outgoing each month (excluding your work lunches, petrol for getting to work etc ... only yours though not your partners) X by how many months leave you will have = £xxx

and then i would work out your income each month X by how many months leave your having = £xxx
(takeaway) income ie. partners income/benifits (most people are entitled to child benifit of £20.30 a week) from out outgoings and IF your in the neative this is how much you would need to save to cover your bills and living costs untill you returned to work

for example :

(outgoings) £965 (per month) x 12 (months maternity leave) = £11,580

partners income £500 (per month) + Child benefit £81.20 (per month)+ maternity pay £300 (per month) x 12 (months) = £10,574

income while on maternity leave £10,574 - outgoings during maternity leave £11,580 = -£1006

if this example was real life you would be £1006 over your income therefore you would need to save at least £1006 before baby arrived or find ways to cut your outgoings by at least £1006 do you didn't end up in the red


sorry for long post

HTH xxx

i forgot to say when working out outgoings while on maternity leave add on abit of spending money each week so if you wanted to you could afford to go to some mum and baby groups or meet up with a friend in town for a coffee

Peanut2013

The biggest impact for us is losing the majority of my wage, LO himself hasn't cost too much

We use 5-10 nappies a day (nearer 5 normally) and a tub of £8 formula last 8 days normally.

Bottles we got a huge box donated from a friend who no longer needed them. But eBay has LOADS!

Clothes we got lots as gifts and bought 5 bin liners from another friend for £30. We've only bought a handful of outfits we loved and now don't need to buy anything for the next 3-4 months

Big things we were lucky and got help or used my savings.

Honestly you'll be amazed how well you manage

Spendless

Loss of income was our biggest financial cost. Childcare was the equivalent of what I earned and there wasn't the help with costs 13 years ago. We got round it by me finding an evening/weekend job instead.

Baby himself cost very little. We needed somewhere for him to sleep, something to carry him around in when walking and travelling by car, something for him to wear and somewhere to store his clothes, nappies and feeding equipment.

LandyAndy

Vortex1 wrote: »

I truly believe if people knew the true cost of raising kids beforehand very few would do it, but we do and they are worth it!

^^^^^^^^

This. :T:T

Treevo

Make sure you have a plan for work. It's all very well thinking that by not going back you'll be saving a fortune on childcare but you must be realistic about your future career prospects. Taking a long break may set you back years and you may never recover the lost time. And you may find yourself not having reached your potential and subsequently with a vastly reduced retirement pot. One thing to consider that is a baby costs nothing compared to a teenager.