related to cheshes' post about families...How much $$?

is 'enough' to have saved up?? DH wants to have $$ in the bank before we start...and it makes me wonder when enough is enough

Re: related to cheshes' post about families...How much $$?

I don't know if there ever IS enough...the way things cost now, it scares me to even THINK about having kids....

Re: related to cheshes' post about families...How much $$?

Beats me! But somehow, I don't think there's ever enough money when it comes to kids.

People always say that it's good to have 3-4 months living expenses saved. So I guess that would be a good start.

Re: related to cheshes' post about families...How much $$?

Its nice to have money saved - but I'm a true believer in things have a way of working themselves out. I was a single mom for 5 years, supporting my son all by myself, if I can do it - it can be done!

Re: related to cheshes' post about families...How much $$?

I'd say a few grand...like $5000 to start...and save along the way. But that's just a guess. And that's with my medical covering pretty much everything and covering my child once s/he is born.

Re: related to cheshes' post about families...How much $$?

In any instance it's always prudent to have an amount equal to a minimum 4 months and better yet 6 or more months in cash or short term investments that you can liquidate without penalty.

Should you find yourself unemployed or ill, you want to be able to cover rent or mortgage, and all other expenses. For us, with a mortgage, it's a pretty scary number!

If you're planning a family, it's just a matter of adjusting what your new monthly expenses will be, with the added expenses of formula, diapers, doctor's visits, etc. but don't forget that you'll want to furnish a nursury and may need to buy strollers and other baby things that you may not get as gifts, so a nest egg for that will help you from eating into an emergency fund.

Re: related to cheshes' post about families...How much $$?

We are expecting our first in October and honestly, we do not have a huge savings. It was more important to us to pay off all of our bills, which we did. So I suppose now we can start to save for the unexpected. But, on another note, I don't think that the baby is going to have a huge impact on our montlhy finances. At first I was freaked out by diapers, formula, doctors, medicine, etc. But as we get closer I realize that our lifestyle has changed and small changes make up the difference. For example, we go out to dinner now and don't order a bottle of wine anymore....right there is a case of diapers. And I've cut myself off from Pottery Barn...talk about new found money!

So I think it is important to realize that there will never be enough money in the bank, your house will never be big enough, etc and that the important thing is that you and DH are ready to be parents, because once that decision is clear everything else will fall into place.

Re: related to cheshes' post about families...How much $$?

Congratulations Doreen....I did not know you were expecting!

Re: related to cheshes' post about families...How much $$?

I agree with ddunne23. There is never a stopping point where you could say 'I have enough money.' But you manage by cutting back other things. DH and I eat dinner out about 3-4 times a week. Once we have a baby that is going to stop and that money saved will go towards the need of the baby.

I little 'nest egg' is always nice to have.

Re: related to cheshes' post about families...How much $$?

everyone tells me 'if you wait till you can afford to have kids, you'll never have them'. Things have a way of working out. we never thought we'd save enough for the wedding but we got it done.

Re: related to cheshes' post about families...How much $$?

With all that said, don't you think you should have a place to put the baby? =o) What I mean is, I don't think my wife and I should begin thinking about procreating until we buy a house... and... with the prices of houses on Long Island, well... hmph..

Re: related to cheshes' post about families...How much $$?

i don't think you necessarily need a house to have a baby... just as long as there is an extra bedroom and room to play. i lived in apartments till i was 14. (and most were small)

Re: related to cheshes' post about families...How much $$?

I don't think you need to have a house to start a family. If that was the case, people now a days wouldn't be able to start a family until there 40's.

I just think that both of you need to want to start a family and feel that it is the right time for you.

Re: related to cheshes' post about families...How much $$?

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Posted by cheshe

I don't think you need to have a house to start a family. If that was the case, people now a days wouldn't be able to start a family until there 40's.

I just think that both of you need to want to start a family and feel that it is the right time for you.

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Came across this thread and I agree with the above as well as if you wait till you have 'enough money' you'll never have kids...

My mom was a single mom, always rented, we NEVER had a house and I wouldn't change a thing about my life...We are starting soon to have kids, and while I would like more for my children then I may have received, even if I can;t, doesn't mean I should not have children or that they won't grow up with love.

Once you have kids you sacrifice a lot and your spending habits change and you will use the money that went elsewhere..movies, dinner out ( that you cant do as uch) towards the baby...yes it will be expensive but not neccesarily ADDED on money....( at least I hope...lol!)

Re: related to cheshes' post about families...How much $$?

Intersting thread...

We're having the same discussions, and we're on opposite ends of the fence.

I too, am a firm believer of it'll work itself out. Of course, this is my thinking knowing we have well over 4 months of bills in savings etc.. I do not think you need a house to start a family,but I do think both of you need to be ready for that next step.
My DH would, and is completely disagreeing w/ me. We can buy a house, but, to buy a house on LI to simply buy a house is what we would be doing. The prices are outrageous for what you get in return. We're going to have to spend more money to get what we want. In order to do so, we've got to save more.
He also doesn't want to start having kids until we're in a house, and the simple point there is, he's just not ready.

We've decided to put house hunting on the back burner, kids on hold, and just go on a few vacations for a while