Baby = $$$ (are you ready?!)

When TTC or when you got your BFP, did you feel your were financially ready?

(I ask because we are making our bills, even with 1 income. BUT, we are trying to get into a home.
We are estimating expenses, and with the unknown expense of baby & daycare, we are not sure just how tight it will be.

So I wanted to see if others have a financial concern.)

Message edited 1/23/2008 12:20:48 PM.

Re: Baby = $$$ (are you ready?!)

Beyond not ready... we were calling mortgage companies yesterday and were told by two different financial people that we will not be able to afford a house at this time, especially not with me out of work for a while (bed rest and then with the baby). We are limited to forclures if we can find one, or a very very cheap bigger apartment and with a dog, cat, and baby on the way an affordable one is slim to none...
I need to be making what my husband is making monthly in order for us to even try for anything and that isn't going to happen until at least a month or so after this baby is born and that's not including baby expenses. It's become a seriously huge mess that neither one of us is happy about

Message edited 10/7/2009 10:33:00 AM.

Re: Baby = $$$ (are you ready?!)

I don't think you're ever 100% ready financially but we're pretty close. The second we decided to TTC we began an aggressive savings plan and have learned to live off of less. We also bought our coop two years ago knowing we'd be there when we had kids so we factored that into our finances and that we got a 2br. Space will be somewhat tight but manageable and we've been saving for some time so my few months without a paycheck should be ok as well. We are very very lucky.

Re: Baby = $$$ (are you ready?!)

Hell No, I’m not ready

I can’t even tell you what we will eat for dinner cause when are running low on food. Cereal looks like it’s on the menu again.

I know I started to try in Dec, but I really REALLY didn’t expect it to work on the first month. I thought I had time.

Luckily our tiny apt can be re-modeled with a little effort for a baby room. Just have to get my hubby to do it!

Still I can barely put two pennies together now. I can’t even imagine in nine months. Its going to absolutely kill us. I am not ashamed to say wish there was financial assistance for people who make decent money but are financially unable to handle the debt of a child.

Re: Baby = $$$ (are you ready?!)

I'm worried and don't know how we are going to pay the bills but we will make it work. Actually I just worry for DH b/c it all falls on his shoulders. With me being home it's all on DH to make the money. A house...... in the middle of renovations, along with 3 kids is a lot on one salary. But we'll make it work, we have to. and it is just for now. in a few years I'll be back working.

Message edited 1/23/2008 9:15:38 PM.

Re: Baby = $$$ (are you ready?!)

I answered 100% but as the previous poster said, I don't think you are ever 100% ready because of all the unknowns in this world. BUT, assuming that we have a happy healthy baby, and I am able to go back to my regular job after maternity leave, yes, we are ready.

We purchased our home 1year & 1/2 ago and have a decent sized nest egg.

Re: Baby = $$$ (are you ready?!)

We have both learned to scale down, I dont shop nearly as much, I used to spend every weekend with my girlfriends buying things I didnt need, and now I cant remember the last time I went shopping just for the heck of it. Dh stopped smoking which actually saved us a lot of $$, we can buy a box of diapers for what he spent on cigs weekly. We dont go out as often, we try to get out at least one night every other weekend, have our date night. I have also learned to clip coupons, it all adds up.

While its not like we have so much extra money to play with now, we do have some, and its reassuring to know that if the need arises, we will be able to handle it.

Re: Baby = $$$ (are you ready?!)

I used to shop at Saks and really enjoyed that lifestyle - now the bulk of my purchases are at Target. Boy have I scaled back!
I don't think we'll ever be 100% ready, but we're at the point in our lives where there's never going to be much more $$ then what we have now.
We'll make it work.

Message edited 1/23/2008 12:11:26 PM.

Re: Baby = $$$ (are you ready?!)

I feel really good about where we are financially. We rent an apt in my parents house and are saving saving saving for a house. My mom is going to be watching dc so that would probably be the biggest expense.

Re: Baby = $$$ (are you ready?!)

When I first found out I was pregnant I decided to take a large amount of my paycheck every 2 weeks and put it in my savings so needless to say 9 months later I have a very nice savings account...HOWEVER..we just bought a house so now I am stressing alittle that things might be tight for a little bit with me being out of work for 6 wks soon with no pay....BUT I think we will make it.

Re: Baby = $$$ (are you ready?!)

I voted wrong. I voted for not at all and worried about making the bills...but thought it said not at all worried about making the bills.

The bills will be paid no problem. But I must add that I don't know how there will be any money left over to save for a down payment on a house so that's where I worry. I stress myself with this all of the time.

Re: Baby = $$$ (are you ready?!)

I think we are definitely emotionally ready and financially, we'll find a way. We're basically living on DH's salary right now and banking about 95% of my entire paycheck away in a savings acct for when I'm out of work. So we're learning to live accordingly. We just bought our condo but DH's plan is to move to our "forever home" in the next 2 years.

I agree that i don't think anyone is ever FULLY financially ready to take on a child but things get reprioritized and yes, it always has a way of working out.

Re: Baby = $$$ (are you ready?!)

I voted 100% but I feel as if we are between 1 & 2. My DH and I are in our mid to late 30's, so we both were able to save over the years. I married a man who is a planner - he was saving for us and our unborn children 15 years ago (LOL - we have been together for 5 yrs and married for 1 1/2) I used to tease him when we were dating but now I am SO glad and feel lucky. Its usually me that buys him stuff cause he never ever buys for himself. Neither of us are extravagant spenders and we are both savers.

You never know what life is going to bring but we are praying for a healthy baby and hoping for the best!

Re: Baby = $$$ (are you ready?!)

I voted we will make it work. We have enough for bills, but it's all the "extras" that I am concerned about and starting a savings account. I have to really cut down on spending... A LOT!

Re: Baby = $$$ (are you ready?!)

My DH is all about finances and he always has been.

We dated for 9 years before getting engaged and waited another 2 1/2 years before getting married, so we could afford to buy a home and be financially stable.

We waited 4 years to have a baby and I think we're doing OK. I will have to return to work full time, but with both of our moms watching the baby, we feel totally at ease and of course relieved that we won't have daycare costs.

Finances will always be a concern though. Our bills go up every year at a rate higher than our salaries do. We have lived a little beyond our means in recent years, we've done some upgrades to our home and we have both bought new cars.

We have a lot of support from family, so that helps as well!

But I think unless your last name is Trump or Rockafeller, finances will always be a concern!

Re: Baby = $$$ (are you ready?!)

we plan on making ourselves ready. DH just got a raise and will get another in early december, and i am due for a big one in may. even without that, we would have made it work. with our raises we will also be able to buy a house and replace my car in the summer/fall. if we weren't getting raises we would stay in our apartment - i don't believe you are ever *truly* ready for a baby - although i would think that you should at least be living on your own with a job before you think about TTC (meaning not at home with your parents. it's one thing if it happens but another thing if you plan to TTC knowing you can't even support yourself.)

Re: Baby = $$$ (are you ready?!)

Not at all!

I would have liked to have gotten our CC debt down quite a bit first, but i also didn't want to wait much longer to TTC. The way i see it... there will always be something.

I'm sure once the baby comes we'll have to scale back on things... eating out, etc. But we'll make it work. We always do!

I'm more nervous about having someone watch the baby while i go back to work.

Re: Baby = $$$ (are you ready?!)

I voted, are you ever ready?
we didn't plan for this to happen...we were going to wait for at least another year, but it happened we are excited and we will make it work.
We have the house and its expenses and some CC debt that hopefully will be paid off by September

Re: Baby = $$$ (are you ready?!)

DH and I moved out of NY so that we would be 100% ready. We now have a 4 bedroom house and that was the sacrifice we made. We had to leave NY but we both wanted children and we didn't want to live in an apartment ( a personal choice for us) and we couldn't afford a home in NY for a few years.

Re: Baby = $$$ (are you ready?!)

We'll make it work. We have decent savings, and we both make decent $$, so we just take it day by day and hope for the best.

Re: Baby = $$$ (are you ready?!)

We will live in a co-op and bot make decent money. We can easily live here on one salary and still save money.

However with all the gear, furniture, and baby stuff space will be tight. If we buy a house before the baby is born then things may get tight but we will make it work.

We have been saving our money and cutting corners for the last couple of years.

Re: Baby = $$$ (are you ready?!)

I would have liked to have more in the bank by now but we will be fine. We have been saving and have a nice nest egg just in case.

Re: Baby = $$$ (are you ready?!)

Here's a story - at the time we were TTC we were in a great place and DH was up for a promotion... we got pregnant right away in August so things seemed perfect. Right?

However, in October DH's company lost one of it's most profitable products and laid off 60% of it's sales force and DH, his manager and several of his co-workers were laid off. He was the #1 salesman in the region, in the end it didn't save his job.

What's the saying about the "best layed plans...". You can't plan for everything so just do your best and live your life. We are still so overjoyed about our baby coming despite the job situation. We know we'll make it work. DH has had some good interviews and job leads and some positions better than what he was doing. We have a house that we bought before we got married about 4 years ago, that was the best decision we could have made even though a lot of eyebrows were raised b/c we werent married. We also stayed within budget for our wedding so we have no wedding debt. Our new goal is a larger house in the next few years.

Message edited 1/23/2008 9:21:05 PM.

Re: Baby = $$$ (are you ready?!)

I voted that we will make it work somehow!

I am not sure HOW, but we will!

I am 32, will be 33 when baby gets here. I hated the thought of waiting any longer & then having trouble conceiving.

I am beyond worried & stressed at how we will make it work, but it has to because we really want a family!!