How much is enough in your savings when TTC?

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Accepted Answer

Holy shit if I'm supposed to have 10k+ saved before ttc then I never going to ha e a kid!

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You're trying to have a baby not put money for a down payment on a house or car lol I mean unless you don't have medical insurance then I understand the 10 k for medical bills .

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My Mum: "when do I finally have grand children?"
Me: "I dont have money"
My Mum: "do you need to buy a baby???"

hahaha... she is right though. To have money is GOOD, but at the end its your caring and love that you really need to have a child!

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Well you should ideally have 3 months of income saved up in case you or your so lost your jobs. My goal is to save enough for a family SUV when baby comes as well as finish paying off student loans. Don't just pick an arbitrary amount- have real goals.

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I think 10 to 20k is good to have saved up at all times. Your secure in the case of an emergency or loss of job. You need to plan ahead so you can still pay the bills and feed your family in those cases.

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We have about $7k-8k in our checking, about $3k in my husband's 401k (he just started his job and they match up to 15%), and $60k in our checking because we just sold our home. It all depends on what you can afford. Yes a good rule of thumb is to have 3 months pay in savings just in case but then again some people can't afford that and/or live paycheck to paycheck. Just go off what you are comfortable with and can afford.

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Our philosophy is a little different.  We are currently paying off the very last of our student loans and will have zero debt of any kind.  So right now, we only have $1,000 in savings.  The plan is that if we were to become pregnant, we would stop paying off the debt and put all that money into savings for emergency hospital stuff.  Not for decorating babies room or buying a crib.  Once mommy and baby are home safe and everyone I healthy, then the money in the savings account is depleted to $1,000 and the money is put towards the debt payment. After we are debt free, we will buildup approximately $25,000 (6- months expenses) in the savings account for our emergency fund, then start saving money for a house down payment.

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Um I don't know what your job is or where you live but I don't think I've ever had $10000 at one time. Man, I wish I could ask a question like this and be serious about it...

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Does the normal family really have this kind of cash just lying around for no particular reason?

Are you spemding this money on the baby? Or is it just something you think you need to have in your bank at all times?

Personally while we keep a savings account for emergencies, we really have no need for that amount of cash to be kept just sitting there. My SO is in the Army, so job security is zero issue & since we have public healthcare in Australia, I can't imagine any bill just 'popping' up that would require 10K or more.

Very curious about the OPs reasoning behind those amounts.

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I think it really just depends on your situation.  We had a good chunk in savings, as soon as we found out we were expecting we paid off all our debt excluding our house.  So now our only debt is our house, vehicles are paid off and have been for a while.  I hope to have about 5k in savings by the time baby's here to pay off hospital bills and any unseen expenses.  Luckily we live in the middle of Kansas and living is pretty cheap. We have a small farm where we raise our own beef and chicken making our grocery bill small and hopefully I'll be able to breast feed.  Babies are as expensive as you make them.

This being said I've also been a single mom living pay check to pay check and I managed.

How much is enough in your savings when TTC?

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