July 2010 Weddings
Lisa_07032010
member
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Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
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Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
How much money...
do you think is a good amount to have saved up before having a child?
So we're not going to start trying until our 1st anniversary or a little after but wanted to start saving for a baby now. What do you ladies think would be a good cushion to have in the bank for a savings? This is not including what the hospital stay would be, I'm just thinking for things we will need to buy before the baby comes, like crib, dresser, rocker, all the little things you don't get from a shower...etc.
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Re: How much money...
I don't think that babies have to be that expensive at first - it's down the road that worries me more, LOL!
A lot of things can be purchased secondhand as well. My and my hubby are not big savers so while we are trying for a little one right away, we're not really worrying about saving too much (but I know his parents will help us out a lot). I guess consider childcare as the main expense, and whether or not you will be working. Consider choosing a set percentage, ie. 10% of each paycheck and have it automatically moved to another account.
Okay, I will consider myself a resident expert on the cost of a baby... I saw a PP state that you can get things second hand, which is true, but you also have to be careful with things like car seats, cribs etc because standards change frequently and you want to make sure you aren't putting your child in danger...
Here are the TRUE essentials for your baby
1. A place to sleep- Bassinet, pack n' play, crib... which ever you choose... Cost on this can range a LOT... you could do a $60 pack n' play or a $1000 crib... I would say most cribs cost about $300-ish... though we got our crib, dresser and book shelf on sale at JC Penny for $600... AND our crib converts to a toddler bed, a twin bed and a full size bed...Also, a nice cost and space saver, is using the top of a dresser for the changing table... SOOOO much smarter than buying a separate one that you will have to get rid of after he/she is out of diapers...
2. Car Seat- This too can range... I would estimate anywhere between $100-$350... Look for sales, and use coupons... And don't always assume the more expensive the safer... All car seats must meet minimum federal safety guidelines... I highly recommend getting a travel set, which includes a car seat that you can carry, a base for your car (so all you do is snap the seat in) and a stroller which the car seat snaps into as well... BEST THING EVER!
3. Bath tub seat- $20ish
4. Clothes- for an infant (0-3 months) you can really get away with having a few things... 5 pairs of jammies, 5 outfits and 5-10 onesies...
5. Diapers- These costs can add up, BUT, if you get a 20% off diapers coupon in a parents magazine for AMazon.com and you combine that with the 15% off auto delivery discount (you can cancel after your order) and a coupon, you can get $40ish worth of diapers for about $22.00... pretty sweet deal...
To make sure you are financially ready, and assuming you will go back to work after you have the baby, I would call around to 2-3 daycare providers for weekly rates... I currently pay $235/week for daycare... I would put that $$ away each week... That way you can financially see how a child is going to affect your budget... And you also get a nice nest egg to have for when the baby is born... So figure your rates are the same as ours and you wait a year til you have the baby and you get pregnant right away.... you have 92 weeks until you have your baby (approx) so 92*235, so you would have $21620... Which is MORE than enough to buy all your baby needs...
Lastly, a couple more important things to look at:
1. Your insurance- what is your maximum out of pocket pay out?
2. Do you get paid maternity leave? Partially paid? If not, does your state provide anything like unemployment (some states do!)
3. Do you have friends who are having babies or who have recently had babies? You can get a lot of hand me down clothes, diapers etc
4. Consignment shops for children have been a life saver for us... We get GREAT stuff from there for 66% or more off of retail...
If you have questions or need any baby stuff recommendations feel free to PM me! :-)
Bridget
Wow, Bridget thanks for all the GREAT advice/information. I have 10 neices and nephews so I have a good idea about what things can cost and what's all really necessary for babies and what is just "wants". Like the changing table thing, definately not needed. I also know that I can get hand-me-downs for some things which I'm not opposed to for certain items, like clothing, but there are some items, car seat, etc. that we want to get new so we know that they are up to standards and current laws.
I would have never thought to call around and get prices from daycares now. I really like that idea and to put it away will really give us the idea of how much it will really cost when we do have a baby. See this is why I need you ladies, you think of everything!
not a problem... Ronan was quite a surprise... I wish he had been a little bit more planned so we could have saved more money, but we didn't... While it hasn't always been the easiest financially, he is worth every penny... After doing the math, I couldn't believe we could have saved $21K by waiting a year and then through the 40 weeks of pregnancy... WOW... that's a whole lotta money!! ;-)
One more quick tip, and I do recommend doing this, is really putting the $$ for daycare away now... While $235 doesn't seem like a life changing amount, on a weekly basis it is a lot and not having it there really puts things into perspective...
Also, if you can, try a car seat in your car... I know I was surprised to see how little room I had (even in an SUV) with the car seat (the kind that stay's put) when it is rear facing which it will be for the first year...
That is awesome that you have so many nieces and nephews... You will no doubt get a ton of clothes and diapers etc etc and possibly even furniture...
My one recommendation for items you don't really need but is nice to have is a wipe warmer... while it seems pointless because who really needs warm wipes... BUT at 2am when you are cleaning up your little one, and a cold wipe makes em scream and wakes them up versus a warm wipe which keeps them in the not awake but not asleep either phase, you will thank me... :-)
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