Can You Afford a Baby?

I feel very ready

I am ready for kids -- both emotionally and financially. I knew this both before AND after reading this article/quiz.

Since this quiz pertains solely to the financial aspects of parenting, I will abstain from discussing my solid relationship and emotional maturity, and just focus on a few financial points.

The economy hasn't exactly done wonders for my career or salary advancement, but I'm in stable footing because I made smart decisions prior to the first signs that the economy was tumbling. I paid my credit card debt to $0 a long time ago and I also paid off a fairly large car loan more than 3 yrs early. Doing these things has also allowed me to build excellent credit so that I can hopefully obtain a mortgage soon(although my partner already has a house so perhaps my own property wouldn't even be needed). I always try to work more than just one job so that I have extra income + I have a back-up job(or two, in my case) in the event that one of my jobs lays me off, like what happened to me not too long ago. Right now I do not have employer provided health insurance, but I am responsible enough to shop around for an affordable PPO and budget for it myself, allowing me to attend all the necessary doctors visits to make sure my body is in healthy shape for a pregnancy, and for fertility counseling.

In the meantime I also live way below my means. Every week I budget my money as if I were a single mom raising a child right now, putting any "baby expense" money into savings to use for the time that I'll (hopefully) have an actual baby to spend that money on -- so although I'm (very very unfortunately) childless, I do not allow myself to live the financial lifestyle of a low-expense "childfree" person. Yes it means not allowing myself to have much fun or go out very often, and yes it means me feeling even more bitter each month when I go through such great efforts and STILL not end up pregnant, but it gives me the confidence that I am ready and "yes I can" be a mom(if God only gifted me with a baby already, darnit).

Rebecca of PA @ Mar 18, 2009 06:17:08 AM

Can you afford a baby?

Just one comment - if our parents had waited until they could afford us - none of us would be here!

GMAD of NJ @ Feb 04, 2009 08:47:04 AM

There are a lot of people out there...

spending a lot more money than they need to.

My husband and I certainly do need to bring in more money if we're to last another two months (my husband has been sick this year, cutting our income down to 1/4 of what it could have been), but we only spent about $3000 on our daughter her first year of life.

She was covered by insurance for the first month, until our insurance was canceled (long story, the fault of an embezzler at my husband's work), but subsequently discovered that her well-baby appointments cost less than half what our monthly insurance premium was and simply paid for those out of pocket until her Oregon Health Plan coverage began.

All her clothes, her crib, her car seats, stroller and toys were gifts or hand-me-downs, all in great shape and mostly stylish. We acquired so much baby stuff, we passed most of it on to others or to Goodwill.

Because I could not fully breastfeed, we did have to buy formula, which was most of that $3000. We used cloth diapers for her first six months, until I got fed up with the stink in our small house and the overwhelming amount and frequency of laundry, and switched to disposables.

Easy peasy, and really cheap, esp. if you don't have to buy formula! We've lived on $1800 a month for the last 22 months and have done all right until now. So I'm soon heading back to work.

You can do it! And for more than a year...

Maria of OR @ Jan 22, 2009 22:57:06 PM

Thoughtless

In regards to Yolanda:

It is people like you that are hurting this economy the most. I work my butt off everyday just so the GOVERNMENT can take most of it in taxes so that they can pay for people on Medicaid and food stamps. People like YOU. If you can't take care of your kids then you need to quit having them. I don't like having to pay for someone else's kids. You need to get a job, and if you have one already then you need to get your stuff straight on what's important and what's not. And then if you are still broke then get another job, and then if you are still broke that is your clue that you need to quit bringing helpless children into this world.

FED UP of AR @ Jan 22, 2009 11:28:41 AM

What?

This article has it all wrong. The more babies you have, the more money you get each month from the government. Everyone knows that.

Yolanda of AR @ Jan 22, 2009 10:36:49 AM

About college

Well, my parents didn't pay for my college. But yes, they did have a couple thousand saved up for me. I mean, they saved less than $200 for me. It was helpful, but obviously not nearly enough. I didn't expect my parents to pay more (even though they definitely could have). There is financial aid, there are grants, there are scholarships, and there are inexpensive, but still good schools. So, my point is, I wouldn't expect parents to contribute anything. I'm planning on doing what my parents did for me.

Vanessa of WI @ Jan 22, 2009 09:56:59 AM

I'm not American...and this quiz was clearly aimed for Americans

But w/e, Over here we have the NHS (free health care)

and I don't have a job either, I'm living on benefits (£90 a month) Not alot...

I'm also 36 weeks pregnant...and tbh I know more people who get less money than I do, and they raisd their kids better than some rich people.

Money does not decide if you will be a good parent or not.

Sev @ Jan 22, 2009 08:30:23 AM

Twins

My 30yr. old daughter is expecting identical twins and shes doing it alone, has no money saved and lives paycheck to paycheck,no saving, etc. She does have a good job.

How do you see this turning out and what is a guess to the cost? She does have health insurance.

Thanks,

Melinda

Melinda Kaiser of CA @ Jan 22, 2009 04:06:26 AM