Financially able to have a baby?

Question

I need some help here guys. My husband and I have been married for 8 years and we are ready to have a baby. But the only problem is money. We pay 1200 in rent and about 700 in bills. This does not include gas or groceries. Right now we make about 2200. Is it even possible to have a baby?  But once we do I’m not going to be at work. So our take home paycheck is about 1800. What do we do? We don’t really have any friends or family near by that would be able to watch the baby since we would not be able to afford day care. And I would really like to be a stay at home mom. I’m in the process of trying to find a job that I could work from home but they are very hard to find. Thank you everyone who reads and responds to this. I need some answers. Thanks again.

Answer

That’s a tight budget! I don’t think anyone is ever truly financially ready for a baby, however it seems it would be nearly impossible for you guys to afford one if you didn’t work. I would set aside a savings goal-maybe $10k. I work 2 jobs and save about $500-$1000 each month and we are TTC. Keep in mind daycare is very expensive. I’m thankful I work for a Mother’s Day out so I make decent money and also can bring my future child for free from 2mos-6yrs old. You can make it work you just gotta make some adjustments!

Answer

My husband and I were never financially ready for kids. We have three. We live on a very strict budget that doesn’t allow for extras. Food is on the table and bills get paid. That’s it. If we go on vacation and that’s if we usually visit family. We live off of one income. My husband’s and I thought was if we waited for the right time for kids we wouldn’t have any. This is what we do and for other couples the way we live doesn’t work for them. Keep trying to work out what you need to but in the end it has to what works for you.

Answer

You can always look for a. Cheaper place to live. As well as apply for different programs if your only a 1 income family.

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I think you may need to try work your budget a bit. You don't have to be rich to have a baby but it's a good idea to be able to have a little bit spare from your current salary to chuck into savings before you have a baby. There are other expenses other than daycare, so leaving your job to negate that cost may not necessarily work out.

Answer

Youd be really screwing yourself over if you had a kid. Now is just not the right time financially.

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Just to give you quick napkin math on babies: 
My 7 week old is formula fed. We spend roughy $50/ week in formula (probably every 9 days) 
And about $60/ month in diapers and wipes. 
It’s about $260 / month just to feed and diaper him. Not including the copays for his vaccines, the gas drops, the clothing, random necessities like new nipples, bottle brushes, etc.

Answer

You can make it work. 
We knew it would be hard to have me be a stay at home mom so this is what we did. Just some ideas to help you out.
We saved up $5,000 BEFORE I got pregnant. This was to cover the medical expenses of bringing a baby into the world. 
Once I was pregnant we started to buy diapers and wipes every month. (Anytime I saw a sell on Huggies or Costco diapers) or you could simply take money and put it in a envelope if you’re worried you don’t know what brand you’d like or how big your baby will be. I’d say shoot to put $50 away every month so you have a good diaper fund. 
I choose to breastfeed and make our own baby food. 
Second hand clothes from FB or any online person is a great way to cut costs down. (I got all our 0-12 month clothes for a total of $40 from one lady with similar tastes as me)
Second hand furniture is also a great option. I got a dresser and crib for $10.
Please buy a new car seat though... second hand can be risky and it’s not worth putting your child’s life at risk. Shop Black Friday/cyber Monday sales! I got a car seat for 1/3 of the price.
Good luck! It will be hard but it’s worth it.

Answer

no. you couldnt afford your bills if you just had one income right now. adding a baby into the mix is only going to drive up your cost of living. your husband needs a higher paying job if you cant work from home. honestly me and my bf are in a way better financial position than you two and dont feel like we can afford to have children yet. having a child isnt just about making enough money for your monthly payments. personally, what we consider financially able to afford children includes ensuring their future and our future. thats very important. having savings and being able to keep saving money is important. we both grew up in poverty and know how hard it is to be in a family thats living paycheck to paycheck. if you have the choice, id recommend that you please wait.

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Very tight budget! You may qualify for financial assistance from your state.

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Honestly I think you could but it’d be a bit stressful. I have a friend who has a baby and lives with her boyfriend, parents and 3 younger sisters, her parents work full time and give her nothing as she has to pay rent but they’re coping and her baby is adorable 💗🌎💗

Financially able to have a baby?

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