How much savings should you have?

Question

How much savings do you think is reasonable or safe to have for the first year of having a baby if ...
- you live in Canada 
- mom is debt free 
- PLAN to breast feed (yes, things may not go as planned but let’s say in this instance it does)
- you do not pay rent 
- all health care/appointments are basically free for mom & baby 
- partner works a full time job with an average income of $3,400 CAD a month but pays for car insurance/gas which is roughly $500CAD a month + $500 CAD towards visa bill per month

Answer

The general rule of thumb is you should have 6 months of living expenses always available to play it safe.

Answer

Isn't there a website which give information on this subject? I'm Dutch and in the Netherlands we have a lot of websites on this topic (savings)

Answer

Well since I had to go on maternity leave for 4 months, I put aside $15k just for that. As for the entire year it really depends on you and your baby. They don’t need that much the first year. Diapers and formula (if you don’t breastfeed).

Answer

I’m in Canada, had my son when I was 17. So no savings but worked part time when I was pregnant to get mat leave. I found that we made it through pretty easily with my mat leave and my bf making $25 ish an hour. 
The hard part was when I went back to work. Daycare was $850 a month. I feel like as my son has aged it gets more expensive he will be 12 this year

Answer

I don’t think anyone can tell you how much to save. Just save as much as you can but set budgets to where you can go out for a nice dinner or a movie once in awhile!

How much savings should you have?

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