Planning for Kids

• sportchampps

  I know this can't always be planned but if you had to how much would you want your household income to be before you had a child. We're thinking about starting a family soon and we have friends who already have. After hearing their stories about the cost I can't image how they do it financially.
• 4cards

  

  ...bottom line is if want kids, you have to sacrifice. Vacations have to be downsized, eating at home instead of eating out, saving money instead of impulse buying. For me, I spent nights for 15 years working a second job laying tile at night to help pay for diapers, formula, or whatever the family needed as the were growing up so that we had the extra money for the kids. It's just a matter of priorities!!!
  
  All I can tell you for sure is I have 2 great kids and that everything my wife and I sacrifced to raise them has been been paid back to us 1000 x's, so for me it was well worth it.
• Raw Dawgin' it

  

  A combined income of $1 million. You bleed money.
• McFly1955

  

  We started having kids a few years ago (4, 2, 7 months), and there wasn't really a "set income" we were striving for before starting a family.
  
  I'm a budget sheet nerd, so you just have to lay out all income, all expenses, see what kind of discretionary income you have...See if you can cut costs in certain places (big ones usually cell phone, cable, internet, coffee, eating out, groceries, etc.).
  
  Then you can calculate how much money roughly you expect to spend on a kid, which is difficult. My wife breastfeeds for the first year, which saves formula costs, but then you have diapers, wipes, clothes, toys, etc. Medical costs possibly, our plan covers routine checkups at no cost (other than the premiums obviously).
  
  Since our oldest is 4 we will soon be adding things like school supplies, sports dues, etc., so you just have to take it year by year and keep a pulse on your budget.
  
  Things that I think help us:
  -Cable/Internet/home phone = $50/month (internet only, no cable, no home phone)
  -TV subscriptions - $20 (hulu/netflix)
  -Cell phones - $48/mo (I have $30/mo low minute T mobile smart phone plan, wife has basic phone on parents plan still for $18/mo).
  
  So, we pay about $120 in the above categories, I'd guess most couples are more in the $200-$250 range for just those items...So just some little things like that.
  
  Our "family vacations" so far have been weekend getaways to a waterpark for under $500, just 2 times since having kids...No getaways for just us parents.
  
  We eat out (like go to a restaurant) on average maybe 3-5 times A YEAR (slightly more recently). Fast food/take out maybe 2-3 times a month...
  
  I don't make a ton of money and the wife stays home, yet we are pretty comfortable and have managed to save some money and knock out a lot of debt in the past 5 years (school loans, cars).
• Fab4Runner

  

  I don't think of it in terms of money. There is no set income I want to be at before having kids. As a woman, there is a time limit on these eggs. I will be 30 this month, and I want at least three children, so I know have to start sooner than later.
  
  Obviously I want to be able to "afford" kids and all that comes with them. I wouldn't have them if I was broke, struggling, etc. But I know I want to be a mom, so I will sacrifice whatever it takes to make it happen.
• vdubb96

  

  We have two (9-7) and they are expensive as hell!!! I realize we haven't even really gotten into the most expensive stage of their lives either. However wouldn't trade either of them for the world, for sure make life more interesting. I don't know if you're ever financially ready for kids unless you're a millionaire.
• WebFire

  vdubb96;1694510 wrote:We have two (9-7) and they are expensive as hell!!! I realize we haven't even really gotten into the most expensive stage of their lives either. However wouldn't trade either of them for the world, for sure make life more interesting. I don't know if you're ever financially ready for kids unless you're a millionaire.

  They definitely get more expensive the older they get. Babies really aren't that expensive.
• OSH

  

  Never planned for kids, and never took into account any of the financial side much.
  
  We'll have two come April (13 months apart). The wife and I both work, so that adds babysitting to the costs of having children. The only things I know about having kids now, the first post (4cards) hit the nail on the head...sacrifice. I probably could make more money than what I do, but I love what I do and it'll pay off in 18 years (free college for my kids). I'd rather have that than despise what I do and have to pay for college for X-amount of kids we end up having. We opted on keeping Dish Network because it wouldn't change our lives much (financially) if we didn't have it; it's much better having it than not having it (at least at this stage of our lives).
  
  The biggest downside to where we are right now in our lives, fairly new jobs and massive debt (I call it massive, but my banker/friend says I'm doing just fine). I have a large student loan to payoff and now a house. That's it. If I didn't have the student loan, it'd add $400-600 back to our ability to save/spend/travel -- same goes for the home.
  
  The only advice I was given by anyone that's been through it before is: you'll never be truly ready for kids. How much money is enough money to prepare to have kids? Some things you cannot prepare for (mastitis prevents one from breastfeeding and it's unpredictable, just an example). Sacrifice some things you may be used to having and things will be just fine. We never planned...the kids happened and things are awesome. We cannot wait for #2.
• HitsRus

  

  Congratulations on being a responsible enough to even consider finances before having children.
  
  That said, consider that many ( not all )poor people don't let " finances" keep them from having children ...in fact, lots of children with lots of different partners many of which don't give a shit about whether or not they can afford to or pay to raise the kids that they're having.
  The point here is that you really don't NEED A great financial situation to raise kids. In fact if you to try to wait for such a situation, you'll be too old! I think the most important thing is not the finances but whether or not you're in a situation where you can raise a child in a loving nurturing environment.... And whether you have the time and the desire to commit to such an endeavor.
  
  Most certainly you can do it all by yourself but it helps to have a partner who is equally committed and shares the same values as you do. When raised in such a situation children can be a great source of pride and comfort in your old age, whether you are rich or poor.
  Don't let money stop you ....you will always do what's necessary to make sure that what's needed to be done is done. Rather, focus on developing the proper situation and then go for it.
• sleeper

  

  Hate to say it, but I agree with HitsrUS. The fact you even considered finances before having a kid is admirable but there are way dumber and way poorer people who vote Democrat every election that manage just fine(with government handouts). So please, if you are willing to commit to teach your kids about personal responsibility, respect, the value of education, and the ability to think independently, I say go have as many kids as you like.
• Spock

  

  You can have kids with no money so if that is your determining factor right now my suggestion is that you aren't ready to have them for other reasons and that is your primary excuse
• Pick6

  

  Spock;1694582 wrote:You can have kids with no money so if that is your determining factor right now my suggestion is that you aren't ready to have them for other reasons and that is your primary excuse

  Yes you can. If you are ok with being an irresponsible mooch off of society
• salto

  

  Kids are great to add weight to your pick up truck.
• Belly35

  

  It great that you're thinking of the financials of starting a family. Write it down, put it in a box dig a holeit in the back yard and put it in and cover it up. To many varables as time goes on.
  Make sure you have a home, that can handle two kids, start now minimizing your housing expenses see how that works out, maintain or replace all mechanical equipment, replacing a furnace two weeks into bring the kid home is never a good idea, get your vehicle situation in order, learn how to repair your cars, limit all credit card cost, zero card debit time to learn how to live within a budget.
  time to take that self-center ego and put in that hole in the groud with that plan in the back yard.... As a dad you are king but you are last everything else now comes before you, you have but one obligation "provider" ..
  No more new iPhone, limited friends, time off, nice computer, dining out, sleeping in (I went 8 years with less that 6 hours sleep per night. Three daughter 2 years apart), any outside actives golf, bowling, drinking with the guy it's OVER
  
  1/3 of having kids is financial everything else is depending on you and your wife prepared to make the sacrifice to each other no matter want love each other, sacrifice your needs and want for your new developed family and family first you last. Work everday to improve something for the family...
  
  kids will always love their dad and mom, they love you and your wife more if you love each ...
• Ironman92

  

  We had ours 9 years apart and we barely made anything when my daughter was born and were both doing well and stable when my son was born......really little difference. You do what you have to. If you and yours are ready, I don't believe a certain salary is necessary at all.
• friendfromlowry

  There really isn't a concrete number anyone can give you. More importantly, do you and your wife have steady, reliable jobs with benefits that will allow time off for you two? Having a baby requires a decent amount of money paid initially with buying furniture, modifying your house (if necessary), hospital bills, and acquiring the initial supplies like diapers, clothes, formula (if you go that route). IMO, a baby isn't that expensive from week to week once you get the big shit out of the way. Clothes are dirt cheap, but formula isn't.
  
  I'm sure you have this in your mind also, but aside from financials, do you two have a support system in place? Who will watch baby during day? Are you prepared for the headaches that come with a crying baby waking you up at night? My daughter is five months old, and I can honestly say it hasn't been that bad. But my wife and I both work night shift (x3 twelve hour shifts a week) and we can alternate our schedules so that one can be with the baby while other sleeps. My daughter has also consistently been sleeping through the night since she was about two months old. We've been blessed with a healthy and quiet baby so far.
• dwccrew

  

  $99,000,000,000,000,000,000.09
  
  JMO
• Old Rider

  

  My wife and I have 4 boys and we never considered finances before having kids. You will naturally find ways to pinch pennies in all areas of spending to make it work.
  
  Have kids and ENJOY!!
• rrfan

  

  Old Rider;1695220 wrote:My wife and I have 4 boys and we never considered finances before having kids. You will naturally find ways to pinch pennies in all areas of spending to make it work.
  
  Have kids and ENJOY!!

  This is true for all responsible people. If you are responsible and want/able to have kids do it. If you wait until you are 100% ready you may never have them.
• jmog

  Do a "trial" for 3-6 months of living on only 1 income and putting the other in the savings without touching it.
  
  If you can pay your bills and cut back enough on expenses to "make it" on one income, you are "ready".
  
  Here's the honest deal, one of two things will happen when you have kids. Either one of you will stay home while they are little because day care is INSANELY expensive, or you will both be working to pay for daycare. Either way 1 person's income is essentially "gone".
• bases_loaded

  

  Fab4Runner;1694507 wrote:I don't think of it in terms of money. There is no set income I want to be at before having kids. As a woman, there is a time limit on these eggs. I will be 30 this month, and I want at least three children, so I know have to start sooner than later.
  
  Obviously I want to be able to "afford" kids and all that comes with them. I wouldn't have them if I was broke, struggling, etc. But I know I want to be a mom, so I will sacrifice whatever it takes to make it happen.

  CAN YOU IMAGINE the response this would've gotten from the peds on JJhuddle?