Re: Financial burden of your first child?

Re: Financial burden of your first child?

I don't think it really gets expensive until you're talking about preschool, prek, camps, swimming lessons and other activities.

Add in 1 or 2 kids doing that at the same time and it can get expensive.

diapers, wipes, all that stuff... made no difference to us. Clothes i buy on sale only and in advance so it's not as expensive.

Re: Financial burden of your first child?

I didn't work the first year so no daycare but we lost my entire salary the big things are daycare, if you stay home well there goes your income if you work expect to pay at least 1200 a month for full time daycare. If you have family who can help with day care you will save A LOT.

Diapers and formula cost money but honestly for us it didn't seem crazy. Our lifestyle changed a lot, meaning we used to go out on weekends and spend a lot and now though we still go out with DS we aren't spending nearly what we used to so for us it seems the same.

Re: Financial burden of your first child?

Daycare is the biggest issue which you can do some research in your area to find out the going rates and/or compare it with the cost of being a SAHM, or hiring a nanny, etc.

I find that the changes in our lifestyle drastically offset the increase in expenses.

Even the whole pregnancy, when we went out to dinner, we no longer got a bottle of wine, that saved at least $30++ each time we went out. We stopped going out for a drink before dinner and happy hour with friends, etc.

Now that DD is here, we haven't been going out. We've also pretty much stopped concerts, small weekend trips, etc. We used to have a fun-filled life but now we are homebodies. This may change as DD gets a bit older and we do things with her, but we will probably still go out a lot less.

Re: Financial burden of your first child?

Much less!!!!! Thankfully. You really just make it work. Sure the cost of daycare sucks. That's the worst part, but overall it has been fine and we have even been saving money (for ourselves and dd). Like the others said I didn't notice any difference except for daycare.

My parents helped a lot with diapers, etc and people tend to be generous with clothes as well.

Message edited 2/19/2013 6:46:51 PM.

Financial burden of your first child?

A lot less,

Re: Financial burden of your first child?

diapers and formula never really bothered me. We got a lot of clothes at my shower that I was literally able to clothe this kid until he was 2..lol.

Its daycare thats effing ridiculous. Im unemployed/self employed right now..but full time care for an infant is mind blowing.

DS is 3 now so its easier. but I'd like to have # 2 and honestly, I think I will go back to work full time when baby # 2 can go to preschool (or at least some sort of daycare by age 2 when its cheaper than infant care)

Re: Financial burden of your first child?

I never had a first one, I had twins, but it still was less than expected.

It is this third one that is really going to put us in the poor house !!!!

Re: Financial burden of your first child?

As a baby, it cost less than I imagined. Now that he is 3.5, in preschool and going to birthday parties, doing activities, etc. it is more expensive than I imagined.

Re: Financial burden of your first child?

Posted by maybemommy10

I never had a first one, I had twins, but it still was less than expected.

It is this third one that is really going to put us in the poor house !!!!

Financial burden of your first child?

For me it was more than I expected. We just got married, and our funds were low because of the wedding. Then a month later I became pregnant. I didn't have a shower so the big ticket items I bought myself. Once that was done we basically made it all work.

Re: Financial burden of your first child?

Less, for the first year. Diapers, food, etc. cost money, but you're hardly going to leave the house so you'll save a lot of money that way. (you'll eat out a lot less, not go into the City, not go to the movies like you used to, etc.)

When DH and I both went back to work full time and DD went into day care, we really started feeling the pinch.

Re: Financial burden of your first child?

less, especially the first year. I EBF, so that saved a lot. Diapers weren't that bad. I get them on sale. Clothes we were good for the year too. Soooo many people gave us stuff with her. we were set!

Also, no daycare. I stayed home, so that saved.

As she gets older, we spend more, and I'm sure that will continue, but overall, much less than I thought.

Message edited 2/19/2013 9:33:38 PM.

Financial burden of your first child?

I became a SAHM, but we don't do nearly as much as we used to do, and I am not eating lunch out everyday anymore, so it hasn't been too bad expense wise. Now that she is 1.5 and I will be enrolling her in nursery school, & dance in Sept, this is when I think we will start feeling it. It's the activities more than diapers & wipes etc..

Re: Financial burden of your first child?

Way way more.

$1600 a month for childcare
$50 a month for diapers/wipes
$100 a month sinking funds for clothes/toys
$100-$300 a month for activities (music/art classes)
$2000 for labor & delivery plus $30 sick visit copays
$1000 for furniture and baby stuff
Food is negligible since I pump and she eats our table food

So about $25,000 a year for one. And now we have two!!!

That's a lot of vacations plus half of a downpayment on a home. We would be in a very different place financially without kids.

But we also would not feel as fulfilled with life as we do now. My girls are my everything. No amount of money would change that.

Re: Financial burden of your first child?

so far, a lot less. Possibly because I'm so addicted to all the adorable baby stuff, that I've had no desire to spend money on myself for clothes, etc. like I used to!

Re: Financial burden of your first child?

Just another thought on this subject....

Many people are saying that the cost is a lot less than they expected... But are then qualifying that statement by saying that they go out less, or buy themselves less stuff, or don't pay childcare, or decided to stay at home, etc. Those are all choices that were made to OFFSET the cost of a child -but they don't NEGATE the cost of a child.

Adding more people to your household is going to cost you more. The way around that is to budget better by reducing costs in other areas.

This may be obvious but these responses are shocking for sure esp. when generally speaking people usually agree that children are

Re: Financial burden of your first child?

Posted by aliwnec10

I don't think it really gets expensive until you're talking about preschool, prek, camps, swimming lessons and other activities.

Add in 1 or 2 kids doing that at the same time and it can get expensive.

diapers, wipes, all that stuff... made no difference to us. Clothes i buy on sale only and in advance so it's not as expensive.

Financial burden of your first child?

I didn't read the whole thread, but I hate the connotation of "burden" - yes, kids bring on extra costs, but I don't think it should ever be classified as a burden!

Re: Financial burden of your first child?

It's what e expected.

We had fulltime daycare when we had DD1, then full time daycare for DD1 and DS. THen part time daycare for them plus DD2.

We put money in the 529s every month.

Those are the big bills. Add in the diapers, wipes, clothing, etc and it adds up.

However, I took a 60K pay cut when I went part-time after DD2 born and still we are able to keep up (I wasn't intending on going PT but I had just lost my position and was interviewing for similar positions when a great PT WAH position with awesome pay fell into my lap).

It's amazing how you can manage it all. I think there is something to be said for being financially ready to start a family. However you have to balance that with having the life you really want. I don't know how old you guys are so maybe you have plenty of time and can afford to wait until you reach a specific savings goal, etc. But if time is not on your side I would not let the fear of the financial burden keep you from your dream of a family. I was surprised what we could do when I took a pay cut. I think most people are surprised at how they absorb the costs of kids.

And just think, in 5 years they go to school and daycare is done (for the most part) or you have the option to get a job (if you were SAH for the first years).

Re: Financial burden of your first child?

We planned this baby. I made sure I had disability insurance and saved up sick and vacation time. I received full pay while on leave because I did this.

I got a lot of hand me downs, lots of great gifts, bought used items, bought sale items etc....

We do a lot of laundry now. I like to get out with DD and go to mommy and me groups which cost money.

Daycare! We only use it part time and though I wouldn't say it's expensive, it's a weekly expense that adds up!

Formula and diapers add up but I like to use coupons and shop sales on those items.

We go out less right now because we stay home with the baby. I shop for me less but there's always something to buy for the baby. Like she has eczema so we needed to buy an even gentler body wash so i bought that and A&D ointment and eczema cream. That could have been a shirt for me, i guess.

For us, it's been more of a lifestyle adjustment. Your money is spent in some areas less so you can afford a baby. Some things are more difficult others you don't feel because you do it naturally. Like going out. We used to go out for dinner and a movie frequently and now we just don't.

Re: Financial burden of your first child?

Don't even try to plan financially. I was going to BF, so I wouldn't have been paying for formula. Well, BFing didn't work for us. DD ended up needing to go on Nutramigen formula - one of the most expensive kinds there is. My MIL was going to watch DD when I went back to work. That lasted 3 months and then we had to put her in daycare. I had panic attacks because I didn't know how we were going to afford it. But it all worked out. And this was after going through expensive IF treatments that I didn't think we could afford.

Don't let money be the deciding factor in starting a family. It will all work out and you'll be glad you decided to start that family.

Re: Financial burden of your first child?

Less than I thought for a baby.
As they get older, they get more costly (in my experience)
I was lucky that I never had to pay for daycare and had a family member watch DC's for free (m-i-l)

Re: Financial burden of your first child?

Posted by Onemoretime

As a baby, a lot less than anticipated. Over 2.5 yo, a lot more than I thought. Between nursery school, activities, toys, educational toys, birthday parties, clothes and shoes etc we are in shock

Re: Financial burden of your first child?

As baby it wasn't bad. As they get older and want to do more activities and go places, it can become more expensive.