How do you know if you’re financially ready for a baby?

Question

Since telling family we are expecting, we have had a lot of ‘you’re idiots’ responses which have been extremely hurtful. My husband and I both work but my husband is also in agreement that we are not financially ready. I mean what really qualifies as ‘ready’? Will we ever be ready? My hormones are out of control so this is really really getting me to me. It’s having me contemplate this entire pregnancy. This wasn’t planned but it wasn’t unplanned. Anyone else been in a similar situation? I was so excited about this baby up until now. Now I’m just questioning it all

Answer

Unless you’re a millionaire, I don’t think anyone has enough money. Babies are extremely expensive but consider back years ago how little babies needed. They need parents, food, and love. 
Breastfeeding free. 
Cloth diapering could be free if used. 
Thrift shop clothes. 
Society convinces us of so many “needs” for babies but they’re just luxuries.

Answer

What’s the point of saying something like that when you’re already pregnant... people need to learn to shut their mouth. It’s really not that expensive. The baby stage is the least expensive. I bought used things (except car seat). If you have a baby shower that help a lot too.

Answer

Me and my partner are in a financial situation which isn’t ideal. He lost his job almost a month ago and is currently searching for a job. But I’m trying to remain calm. As you’ve said you are you ever ready? If we waited until we were ready for everything would we ever have children? I’m expecting our first child in September

Answer

As long as you factor in/have money for insurance, cost of the birth, if you’ll need daycare, if you get pay during maternity leave. Can afford, a stroller, crib, car seat added cost of diapers you’re set. If you were living paycheck to paycheck with nothing left over each month and no savings then yea be concerned otherwise you can make it happen.

Answer

Don’t let anyone else determine how you experience this pregnancy. If anyone has anything negative to say, stand up for yourself and then shut them out of your life. Having a baby is supposed to be a positive and joyful experience. My family has been judgemental because I haven’t finished my degree yet and hearing them only focus on that aspect of my life when I am so so happy to be pregnant, made me so upset. So I told my mom to stop talking about school because it is truly ruining my experience of being pregnant and becoming a mom which is something I have always wanted in life. 
Also, the fact that you and your husband are both working already puts you ahead of ALOT of people who are having babies. Think of all the people who get pregnant as teenagers and still make it work?! It IS possible. Budget, big things second hand, have a baby shower/diaper party. You can do it! Try not to stress too much, mama! This is supposed to be a joyous time in your life! Enjoy this experience and congratulations!!

Answer

We knew we were financially ready when:: we had our own home (which we bought 5 years ago) I bought a newer SUV. My husband's truck was paid off. I have a good job. He has an amazing one. We have at least 20K in savings. All credit cards are paid off. So other than mortgage, my car payment and monthly bills we have no debts and our remaining income after taxes and all bills paid is over 4k a month. We felt like that's a great place to be to bring a child into our world.

Answer

You’ll be just fine. 
All you truly need is health insurance, a couple pairs of clothes in each size as baby grows (consignment shops are great places to start), a car seat, a safe place for baby to sleep, either breastfeed or formula (there’s always WIC), diapers and wipes, and tons of love and attention. A baby is expensive. But not as much as people make it seem. If you start buying things here and there, you’ll be set by the time baby arrives. Plus you may get a lot at your baby shower if you have one.
My husband and I are 23+24 and due with our 2nd any day now and he’s low rank military and I don’t work. We make by just fine. It helps if you save your baby items for future children.
Don’t let those people ruin your moment just because you don’t make “enough” in their eyes. Is anyone ever really ready for a baby? I don’t think so. But you do what you have to in order to meet baby’s needs and that’s all any parent should do.

Answer

My husband and I have 2 boys and we are always broke- mainly bec he says why save money when you can die tomorrow? So we are always doing stuff with the kids. But we are currently trying for number 3 and I already know like half my family will be so excited (5 grand boys) so they are waiting for a girl. And about half will think we are stupid 🤷🏼‍♀️

Answer

We tried to pay off all our debt except the house and have 6 months of expenses built up in savings. We had all the debt paid off before getting pregnant but not the 6 months of savings. We saved as the months went by and were fine with baby came. We had to work with our budget to pay for daycare and move things around/cut cable and eating out as much. People in worse situations do it everyday. You’ll never be fully prepared but you can be better prepared by paying off debts and freeing up that money for baby and savings!

Answer

Instead of worrying whether you’re financially ready, sit down and make a budget, one for now and one with baby, including how much you expect to pay for day care. We did this using google sheets. We put in both our incomes (after tax) per month, subtracted all our expenses, and saw what was left. Basically, do you have enough now to set aside a little bit for baby/daycare? If you add in daycare, etc., can you balance your budget? If not, then something will need to change. Don’t worry what other people say/think, but do have an honest look at your finances.

How do you know if you’re financially ready for a baby?

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