Affording kids

I went to visit my best friend yesterday who had a baby about a month ago. She is going back to work in about 1.5 months and we were talking about child care.

She mentioned when she looked into it, it was about $400 a week to have someone care for her baby during the day

We want kids, but how do you afford them when you dont have family that is local to look after them and you need both incomes to afford your mortgage?

Re: Affording kids

you may get more responses to this on NFR or parenting.

I don't know how much experience the childless will have in this area

Re: Affording kids

Posted by Ophelia

you may get more responses to this on NFR or parenting.

I don't know how much experience the childless will have in this area

Re: Affording kids

This is a MAJOR reason it will most likely take us FOREVER to decide on having kids.

The Hub freaks about money and when he thinks about a child all he sees is dollar signs. I cant pull him away from this mentality. But he's right, they are VERY $$$.

Re: Affording kids

My parents always said if you wait until you can afford to have kids, you will never have them. You have them and just figure it out.

Of course that theory works for some and not for all.

$$ is not a reason for us though.

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My sister was able to find someone through a family friend, who watches kids at her house. She has watched my nephew from the time he was 6 months old and now my niece. My sister pays her about $50 a day for one child (my nephew is now in school). Its a bit cheaper then a public daycare, but even that amount is rough for her and her DH

Re: Affording kids

This is something I'm nervous about as well. If we have kids down the line, we don't live near family anymore, so having a relative watch the children while we work isn't an option, and since we moved so far away, we don't really have a strong "network" out here where we could ask trusted friends to find good, lower-cost daycare. There are reputable daycare centers nearby, but when I hear about the prices...

Re: Affording kids

Yes.. finances are definitely an issue when I think about having kids... I'd still have to work because we need my income... but we don't have anyone who could help us out by watching kids... so I'd keep working, but then have to pay a ton for day care, almost making it pointless for me to work, in my case, since I don't earn all that much anyway. It's a tough situation, I agree... I don't know what we'd do. And also, with all the bills we have now & it's just the two of us, we still aren't able to save very much at all, so I can only imagine how much in the hole we'd be moneywise if we were to have kids.

That being said, money is not the only or even the main reason why we're waiting to have kids... it's a lot of things.

Re: Affording kids

Daycare is easily 1k a month at most programs if not more. I just found out where I live now has pre-school for free (pretty cool) and where I work they have a daycare program that goes by income. This is the reason why I haven't switched jobs even though I may make more in the city because when we do decide to have kids - how could we afford daycare since we both need to work in order to survive.

Re: Affording kids

This is definitely an issue. Where on earth would we come up with the additional $$ to clothe, feed and care for a baby at this point? Not that we are stuggling, but honestly, we'd NEVER be able to save and live our life if we had to shell that out. In a few years if things change it will really be more of an issue.

Re: Affording kids

I think when it happens, we'll just figure it out. My boss is out on maternity leave right now. Our company does not give you maternity pay. So I'll be out of work for 3 months and not get paid. I just want to make sure we have enough saved so our bills are covered while I'm not working.

Re: Affording kids

Re: Affording kids

M0ney is a huge factor in our decision on when to start. Especially in the current economy...

Re: Affording kids

Posted by MrsFab

I went to visit my best friend yesterday who had a baby about a month ago. She is going back to work in about 1.5 months and we were talking about child care.

She mentioned when she looked into it, it was about $400 a week to have someone care for her baby during the day

We want kids, but how do you afford them when you dont have family that is local to look after them and you need both incomes to afford your mortgage?

Re: Affording kids

Posted by woozshle

Posted by MrsFab

I went to visit my best friend yesterday who had a baby about a month ago. She is going back to work in about 1.5 months and we were talking about child care.

She mentioned when she looked into it, it was about $400 a week to have someone care for her baby during the day

We want kids, but how do you afford them when you dont have family that is local to look after them and you need both incomes to afford your mortgage?

I would say you'd need less of a mortgage.
You could also find cheaper child care.

Re: Affording kids

Re: Affording kids

This is why we waited a while and weren't sure we would even have kids. Even now it won't be easy. It really sucks that money should be an issue with this decision.

ETA: $400 sounds like a lot, from our research we are looking at about $1200 a month for mon-fri 8-6 care.

Message edited 3/20/2009 11:42:14 AM.

Re: Affording kids

it really is jaw dropping the cost of child care!

since its just my dad and I in the office -- i have a feeling I will eventually be bringing a baby to work with me.

my dad joked the other day that he sees me having a crib here in the office when DH and i have a baby.

it was good to hear him say that - cause i realize how amazingly fortunate i would be if i had that ability. my mom was a SAHM - and it was great, but i just know it won't be feasible for us!

Re: Affording kids

its impossible.

Every day is a miracle to me. How I figured out to make it all work is still a strange mystery.

It works but i can't explain it. I have family and no friends with kids that have child care. I'm the lone ranger with this one.

and GODS YES this was a HUGE factor why we waited and why I was so unsure about having children.

It is simply insane. yes you figure it out.. but how is something only you can answer and only AFTER the child is born. Its TERRIFYING!

Well it was for me anyway.

$1200 for daycare monthly


Oh and its why I DONT own a home

Re: Affording kids

money is a big factor - we are moving out of state so that we will be able to start a family *hopefully*

if we stay here we will end up in a really small townhouse and that is not what i want especially for the price - down south we can get a fairly large home for half of what it costs here - and if we stay up here we have no family to watch our baby if i ever needed to go back to work - so we plan to move b/c it will be more affordable, we can get more house for our money and i can be a SAHM

i have to say though that the way the economy is makes me a little nervous about picking up and moving and buying a house but i guess its a chance we have to take....