Can You Afford a Baby?

This Obviously Doesn't Apply to Adoptive Parents

For those of us going through the adoption process, we have to shell out $40k PRIOR to the adoption being completed (this is for international adoption... I'm sure it's the same for domestic). So.. the question of having $5-10k in savings, the answer is 'yes' for now.. but once baby gets home... I'll be close to $0.

Tasha of OH @ Jun 16, 2008 21:26:06 PM

Well, the majority of babies being born are being born to those that fall into the "You may want to consider becoming more financially prepared for a baby." There is no thought into the possibility of having the baby, just making the baby! And, maybe there is no thought into that either! The bottom line is that those of us that do prepare end up paying (throught entitlement programs and social problems) for our children and the others as well. It is a sad commentary on our society today. The poverty class is growing at a faster rate than the middle class. This is a big problem for our society.

MaryJane Jones of CA @ Jun 15, 2008 13:59:52 PM

"On the college issue - some parents take the attitude that they paid their own way through college so their kids can too"

The problem I see with that attitude is that college tuition tends to increase at a rate much faster than inflation, so with each passing generation, paying your own way through college becomes much harder.

Johanna of MD @ Jun 13, 2008 14:22:06 PM

Wow, what a story TheNerd... and it shows there's often a way to make things work out, even though it couldn't have been easy.

On the college issue - some parents take the attitude that they paid their own way through college so their kids can too, while others plan to save for tuition. It seems to be a personal decision.

Kimberly Palmer of @ Jun 13, 2008 09:58:38 AM

Don't forget college

It doesn't come up for 18 years, at least, but it's a big, big expense. And in my opinion, it's an expense to which parents should feel obligated to contribute at least something. If you know you can't afford to save for college, then maybe you can't afford the child.

Johanna of MD @ Jun 13, 2008 09:51:46 AM

Financial Changes During Pregnancy

I got pregnant while I was in the military, because I thought it would make sense financially. My husband already wasn't needing to work, we had no health care costs, and housing is based on family size. But then at around my 8th month (just before we got our free will finished), life happened, and I was no longer in the military (don't worry, I got an honorable discharge).

That's right: no job for either of us, no home, no health care, and a baby about ready to pop out. Some times all the planning in the world doesn't protect you for what could happen.

But it all turned out good for me: we moved in with my father-in-law, I got on Indiana Medicaid, and my savings held me over just long enough to find a new job 3 weeks after my son was born (my husband is the primary caretaker), and life went on.

TheNerd of IN @ Jun 12, 2008 22:54:26 PM

Homer Simpson said it best (or worst)

"You don't decide to have babies, babies just happen." While Homer is uninformed and illeducated, and was being unfortunately insensitive to Apu's problems with having a baby, for many Americans babies just happen.

Much like the decision to marry, the decision to have a baby is never entirely a financial one...

Veronica of NY @ Jun 12, 2008 22:19:36 PM

C of TX: Ideally, yes. If you spend the $5-$10,000 on baby goods and services, but that was also your emergency fund, you'd be left with nothing in the case of an emergency.

of IL @ Jun 12, 2008 22:03:46 PM