Comments on: Can You Afford a Baby?

By: MoneySmartGuides

MoneySmartGuides — Thu, 01 Jan 1970 00:00:00 +0000

I deal with many high net worth individuals. The majority of the people I see don’t have kids. The ones that do have kids, typically don’t have as much money. I’m not saying don’t have kids if you want to be rich, but people do underestimate how much kids cost. And the price goes up as they get older.

By: pingping

pingping — Thu, 01 Jan 1970 00:00:00 +0000

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By: Jennifer Scott Spencer

Jennifer Scott Spencer — Thu, 01 Jan 1970 00:00:00 +0000

Daycare costs as much per month as our rent. I knew it was coming, and we budgeted for it, but my it’s startling when it really happens. Actually, that’s true of the entire parenting experience so far.

By: Corey

Corey — Thu, 01 Jan 1970 00:00:00 +0000

People can have a baby on practically any budget. If you have a lot of money and can afford to “spoil” your children then fine, but if you have less income there is nothing wrong with getting financial help from agencies in your community. Kids don’t need a ton of toys to entertain themselves. If they have parents who are willing to spend time with them that’s all they really want. Besides diapers and wipes I didn’t really pay for much my kid’s first year. we bought new clothes every few months(from the goodwill.) As babies get older there are more toys(if you want to buy them.)and lessons of all kinds to put your kids in but, it’s not necessarily. As far as doctor and labor coast I paid nothing. I was on state insurance and they paid for everything. We also have a program called W.I.C (women, infants, and children.) They give out vouchers to pregnant moms for different foods and once the bay is born they give out vouchers for formula and baby food(once the baby is 6 moths old) after a year of age they give out more foods and cows milk. a great program. You can make a decent amount of money and still get to be part of this program. It’s not just for the “dirt poor people.” Children are a blessing from God and no matter what time of our lives we are blessed with kids we can do it. God never gives us more than we can handle.

By: David Ruetten

David Ruetten — Thu, 01 Jan 1970 00:00:00 +0000

Yeah, don’t get married and have kids unless you have lots of money and a really good job for at least thirty years.

By: AverageJoeMoney

AverageJoeMoney — Thu, 01 Jan 1970 00:00:00 +0000

Great tips, PT. I’d also recommend trying to calculate the extra monthly costs you’ll incur and saving those for a few months into a savings account just to simulate the cost difference. You’ll have more money in savings at the end and know if you can’t afford all the extra expenses that baby will bring.

By: Go_Courtnay

Go_Courtnay — Thu, 01 Jan 1970 00:00:00 +0000

I can’t believe how much it is just to deliver a baby! I had no idea – we will most likely be baby free for a few more years to save up!

By: Mrs Money Mustache

Mrs Money Mustache — Thu, 01 Jan 1970 00:00:00 +0000

Besides the healthcare/birth costs, as you keenly pointed out, we found that our 1st year of costs for the new baby to be nearly zero.

We got all of our clothing from acquaintances (none of our friends had babies yet) – they were happy to give stuff away! Craigslist is FULL of baby stuff for nearly free. We used cloth diapers and later sold them at almost the same cost we purchased them for. We didn’t buy a bunch of furniture (dresser, changing table, specialized baby stuff), although we did get a used crib from Craigslist when our son was about 6 months for $100, that we later sold for $100. We received gifts from family/friends that we later donated, sold, or re-gifted to expectant parents. Honestly, if you really stick with what you really, truly NEED, then the cost can be quite minimal. Babies in their first year hardly need anything.

Of course, in the US, you don’t get a year off work like you do in some other countries, so the cost of daycare can be quite high. But, if you can avoid that by having one parent at home (or a family member if that’s possible), then the cost of a child doesn’t have to be high.

Our child is 6 now and we still hardly spend any money on him. The emotional aspects to providing for a child are obviously really high and advertisers will certainly prey on that with all the supposed things your child needs. But, if you give your child the gift of your own time, then that is the greatest gift of all.

By: Marilyn Rittmeyer

Marilyn Rittmeyer — Thu, 01 Jan 1970 00:00:00 +0000

You don’t take one penny with you when you die. Children are a blessing. I recommend being as generous as you are able with your children while you are raising them and as they begin their independent life as young adults. I sent my 5 children to parochial schools, which used up a lot of our budget, but it was one of the best decisions I ever made in my life. My husband and I also help out our young adult children with the downpayment on their first home, not completely giving them the downpayment but giving them a good portion of what they need. This allows them to purchase their first home faster. Just a few suggestions from a mother who has “been there, done that”.

By: thefinancefiend

thefinancefiend — Thu, 01 Jan 1970 00:00:00 +0000

After the birth of our first, we have decided that when we get pregnant with #2 (or start trying) we will save up the max out of pocket amount for our health insurance. Even though we didn’t max out the whole family with #1, we figure its a good idea to be prepared in case additional health care is needed.

As for the loss of income, we went to one income after #1 and it was really hard. We were fine for the first few months, but after a while the additional money we had on hand was gone and we realized how poor we really were. So I totally agree that its a great idea to save up money for the first year. You never realize how expensive things like diapers and formula are until you shell out the cash.