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  • FIRST POST
    • AWPTheo
    • By AWPTheo 6th Jan 18, 6:21 PM
    • 35Posts
    • 61Thanks
    AWPTheo
    How much did you save before having a child?
    • #1
    • 6th Jan 18, 6:21 PM
    How much did you save before having a child? 6th Jan 18 at 6:21 PM
    So tonight my partner and I were talking about when the right time for children etc would be (a whole long way in the future most likely!)

    Our biggest worry is financial, and by our calculations to live at our current standard, buy all the recommended items and cover expenses, we would need to save £15k just to see us through the first year!

    How much did you all save before having your first child?
    Debts Jan 2018: £0/£1,200 personal loan, £118.29/£605.71 CC/SC Savings Jan 2018: £450
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Page 1
    • Lizabeth21
    • By Lizabeth21 6th Jan 18, 7:01 PM
    • 158 Posts
    • 186 Thanks
    Lizabeth21
    • #2
    • 6th Jan 18, 7:01 PM
    • #2
    • 6th Jan 18, 7:01 PM
    We didn!!!8217;t save anything. Once we knew our first child was on the way my husband started seriously budgeting knowing we would be loosing my wage.
    (30 years ago now!). Always had a budget which included savings when we could. Always re mortgaged at the end of the deal. Always moved money to get the best deals.
    If you wait till you think you can !!!8220;afford!!!8221; them .....
    • FreddieFrugal
    • By FreddieFrugal 7th Jan 18, 8:08 AM
    • 1,681 Posts
    • 1,778 Thanks
    FreddieFrugal
    • #3
    • 7th Jan 18, 8:08 AM
    • #3
    • 7th Jan 18, 8:08 AM
    We didn't save any amount especially, just have always saved.

    That said - baby hasn't cost us much at all. Obviously loss of income during maternity leave was the biggest hit. But in terms of purchases for him, he's not cost a huge amount.

    We had more money in the bank at the end of OH's maternity leave than we did at the start, and that's despite her being the main earner and taking nearly a full year

    You don't have time to spend money - at least we found - when you're looking after a new baby!

    He added roughly £10 a week to our shopping bill (it's much less now he's weaned)
    £15 a month to gas bill (because of the home being occupied all day)
    £20-£30 in clothes every 3 months (until 6 months old when sizes last longer)
    Travel system - £200
    Cot and wardrobe - £250
    Carrier - £15
    Books - mostly gifted and also use library
    Toys - less than £100
    Bottle feeding stuff - £200

    But remember people gift you things and we got mothercare vouchers given from work which we used on the bottle stuff

    So all of that added up is not a huge amount and a lot of it is one offs

    "Your current standard" may be the thing that has to change if you're finding yourself with a huge amount to cover.
    Last edited by FreddieFrugal; 07-01-2018 at 8:21 AM.
    Mortgage remaining: £42,260 of £77,000 (2.59% til 03/18 - 2.09% til 03/23)

    Savings target June 18 - £22,281.99 / £25,000
    • comeandgo
    • By comeandgo 7th Jan 18, 8:34 AM
    • 2,070 Posts
    • 2,817 Thanks
    comeandgo
    • #4
    • 7th Jan 18, 8:34 AM
    • #4
    • 7th Jan 18, 8:34 AM
    I had two children in two years. Never saved anything up front, I worked a couple of evenings a week until I got back to full time work when youngest was five. We just cut our spending back.
    • GwylimT
    • By GwylimT 7th Jan 18, 8:45 AM
    • 6,127 Posts
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    GwylimT
    • #5
    • 7th Jan 18, 8:45 AM
    • #5
    • 7th Jan 18, 8:45 AM
    As we knew we wouldn't have my wage for at least a year when children came along we prepared by living on my wifes wage as that is what we would be doing when a baby arrived. That way all of my wages were set aside as an emergency fund, it was two years before our daughter arrived so we had two years of my wages squirreled away.
    • jackieblack
    • By jackieblack 7th Jan 18, 8:48 AM
    • 7,786 Posts
    • 11,375 Thanks
    jackieblack
    • #6
    • 7th Jan 18, 8:48 AM
    • #6
    • 7th Jan 18, 8:48 AM
    Same as most of the above... No savings, just adjusted our budget to our new circumstances. We had been living on one wage and using the other to renovate our house (a doer-upper was all we could afford) so we didn't have a very consumerist lifestyle with frivolous spending beforehand so didn't have an expensive 'current standard' to keep up nor feel we were missing out.
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    • LavenderBee
    • By LavenderBee 10th Jan 18, 2:07 PM
    • 305 Posts
    • 1,553 Thanks
    LavenderBee
    • #7
    • 10th Jan 18, 2:07 PM
    • #7
    • 10th Jan 18, 2:07 PM
    Same as the above really - I'm not going back to work at all so we're actually planning a more permanent lifestyle change, which is partly made doable due to having to move for Hubby's work anyway (which we receive financial help for, but also gives us the opportunity to downsize our unnecessarily large home in the South East for something more practical, somewhere cheaper). We will be downgrading some things such as getting rid of the second car (don't need it since I'm not commuting for a few years), and knocking our regular city breaks on the head.


    I've drawn up a spreadsheet of what we need for our baby (it's our first), and in researching costs there are wild variations. Branded prams are more expensive than my first car (and my second for that matter...), nursery furniture from some designer retailers is beautiful, but 5 times the price of Ikea. You spend your money where you like really. I'm desperately hoping I can breastfeed so won't be wanting much in the way of feeding equipment, and plan to cloth nappy and wipe, so hopefully our ongoing expenditure when baby is little will be minimal (though the latter is a large initial outlay).


    On a personal note, I'm also downgrading my toiletry and cosmetic choices and ensured I don't need anything new in my wardrobe!
    • riotlady
    • By riotlady 21st Jan 18, 6:55 PM
    • 100 Posts
    • 231 Thanks
    riotlady
    • #8
    • 21st Jan 18, 6:55 PM
    • #8
    • 21st Jan 18, 6:55 PM
    Baby was a surprise so absolutely nothing prior to getting pregnant! Saved up about £350 to get baby essentials during pregnancy and got a lot secondhand. I also maintain about £1000 in an emergency fund just in case something should happen to one of our jobs, but I had that before getting pregnant anyway.

    £15k sounds like a LOT, it might be easier to cut back on lifestyle/expectations than to try and save that much?
    • millysg1
    • By millysg1 23rd Jan 18, 11:18 AM
    • 503 Posts
    • 1,668 Thanks
    millysg1
    • #9
    • 23rd Jan 18, 11:18 AM
    • #9
    • 23rd Jan 18, 11:18 AM
    How did you get £15k? Seems a lot. We had enough to cover loss of income for while I was in satitory pay. A lot stuff I asked for Xmas and birthday present when I was pregnant. There is no need to buy everything brand new. Itís amazing how many good quality stuff you can get second hand. Especially for stuff they only use in the first 6 months. People spend £1k on pram that they grow out of by 9 months. I got a cot for £20 that looked brand new. I did buy and brand new mattress. Newborn and tiny clothes I bought se I d hand of eBay, which is good as he never fitted the tiny clothes and only lasted 2 weeks in the newborn clothes. Everyone bought us tons of 0-3 months clothes as present.

    Youíll make do with whatever money you have, donít put kids off just for more savings,
    • gardner1
    • By gardner1 23rd Jan 18, 11:25 AM
    • 2,486 Posts
    • 3,755 Thanks
    gardner1
    So tonight my partner and I were talking about when the right time for children etc would be (a whole long way in the future most likely!)

    Our biggest worry is financial, and by our calculations to live at our current standard, buy all the recommended items and cover expenses, we would need to save £15k just to see us through the first year!

    How much did you all save before having your first child?
    Originally posted by AWPTheo
    For most people you just manage through as others have said if you wait until you think you have enough money you'll be to old.Family member was like that always an excuse....house,jobs,money,holidays,cars etc....in the end couldn't have kids because of a medical condition,7 years before she was in tip top shape
    • Comms69
    • By Comms69 23rd Jan 18, 11:30 AM
    • 2,970 Posts
    • 2,939 Thanks
    Comms69
    So tonight my partner and I were talking about when the right time for children etc would be (a whole long way in the future most likely!)

    Our biggest worry is financial, and by our calculations to live at our current standard, buy all the recommended items and cover expenses, we would need to save £15k just to see us through the first year!

    How much did you all save before having your first child?
    Originally posted by AWPTheo


    Does this means paying for social activities, because that is a direct 1:1 saving when having a child....
    • LavenderBee
    • By LavenderBee 23rd Jan 18, 8:39 PM
    • 305 Posts
    • 1,553 Thanks
    LavenderBee
    If you don't mind me asking Milly, how big was your little one? I've only bought 0-3 clothing in the sales; was planning on using our bonus Nectar points in either the 25% off clothing event, or spring double up if they run it this year, to get a plain white multipacks in newborn and/or 1 month. I just worry they won't need them for very long!

    I think we may get offered some from a distant family member which is fine, I've no aversions to secondhand, but they'll definitely be pink and princessy - and we're having a yellow baby!
    • JenniferD
    • By JenniferD 29th Jan 18, 2:40 PM
    • 10 Posts
    • 2 Thanks
    JenniferD
    Little person came as a surprise so no chance to save in advance. My lifestyle changed so I made changes to how I spent my extra money each month.

    Instead of shopping at Sainsbury's I now shop at Aldi and cook as many meals in bulk as possible using fresh ingredients. The saving alone is mind blowing each week! Plus I'm in the house more as I don't go out in the evenings anywhere near as much!

    Nothing beats going outside every day, to the park, back garden or a friends house to play. Fresh air, exercise and it's free!

    Oh and baby table top sales where people sell on clothes and toys as their children grow up are incredible!
    • Rambosmum
    • By Rambosmum 31st Jan 18, 1:06 PM
    • 1,725 Posts
    • 2,240 Thanks
    Rambosmum
    We did the same calculations - how much would we need saved for me to be on mat leave for 12 months and still have the same spends etc. We came to 9k. Once I went back to work the money would be ok.

    I saved 2k whilst ttc and before we ttc then 7k after, to be honest I'm not sure how - DH was retraining so earning less and I don't really remember cutting stuff ou, though naturally I went out less for nights out etc. We already had some savings, which we've kept and used some to buy baby stuff. I was more frugal than expected on mat leave and we mortgaged to a lower rate part way through which saved us money and at the end of mat leave I had £1500 left on top of the household savings, which was nice.
    • Amara
    • By Amara 31st Jan 18, 4:28 PM
    • 1,972 Posts
    • 7,293 Thanks
    Amara
    Nothing, but bought all stuff while pregnant. I came back to work as self employed soon after having baby , just few hours per week.
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    • FreddieFrugal
    • By FreddieFrugal 31st Jan 18, 7:09 PM
    • 1,681 Posts
    • 1,778 Thanks
    FreddieFrugal
    Instead of shopping at Sainsbury's I now shop at Aldi
    Originally posted by JenniferD
    Correct choice ... Sainsburys is a dump!
    Mortgage remaining: £42,260 of £77,000 (2.59% til 03/18 - 2.09% til 03/23)

    Savings target June 18 - £22,281.99 / £25,000
    • TeaRex
    • By TeaRex 2nd Feb 18, 6:29 PM
    • 52 Posts
    • 109 Thanks
    TeaRex
    We didn't really have savings...I wanted to be debt free ideally but that hasn't quite happened but close enough! Im lucky that I get a good maternity package with my work and my partner works evenings anyway so will be around during the day. My only worry is the 3 months I go down to half pay but hoping I can save during the months I will be getting full pay by cutting my debt repayments to the bare minimum.

    Like another poster said if you wait for the 'right time' it will never come. Im already 31 and Im now 23 weeks pregnant and didn't want to leave it any later really.

    It doesn't have to be expensive. I am buying most clothes second hand off ebay, you can get huge bundles of really nice stuff! I bought a few pieces of clothing and bottles in the baby events in the supermarkets at the moment, get all the freebies you can from places like Emma Diary etc. I bought a full travel system which was just used at a grandparents house which included car seat, pram frame, carry cot, pram seat, isofix base and changing bag for £150 delivered when its still in the shops for £500 plus.
    Last edited by TeaRex; 02-02-2018 at 6:33 PM.
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    • cyantist
    • By cyantist 3rd Feb 18, 11:30 PM
    • 547 Posts
    • 1,105 Thanks
    cyantist
    We saved 10k specifically to cover the shortfall in wages if I were to take a year off. Luckily I got 6 months full pay.

    However your expenses do change - for example I used to spend £250 a month commuting and obviously didn't have this at all while off on maternity. Hubby also saved £250 a month while he was off on paternity.
    • tessiesmummy
    • By tessiesmummy 3rd Feb 18, 11:39 PM
    • 146 Posts
    • 126 Thanks
    tessiesmummy
    didn't save for any of mine. the cost of having a baby isnt much for the baby as others have said. it's the loss of earnings which is the issue. this affected me right from the start of pregnancy with my 1st as i had to quit 2 of my 3 jobs due to sickness and exhaustion. with my 2nd i was a student nurse and my bursary suddenly stopping for mat leave meant a lot of bills went into default and I'm still payomg for that now. luckily it learnt my lesson by the 3rd
    • Jaymie kate
    • By Jaymie kate 17th Feb 18, 4:29 PM
    • 65 Posts
    • 84 Thanks
    Jaymie kate
    You know we'd always plan to save and then we do for some time and some thing comes along and you shell out because it's considered necessity. It's hard to save because we're already on a tight budget.
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