Christopher and I took a hard look at our budget to see if we could comfortably bring a baby into it and the verdict is NO WAY! One reason why is the high cost of daycare around here. We've heard from many of our friends who send their kids to daycare, the cost is around $1100 a month for infants. That's almost another mortgage payment. Who can afford this? We're so worried that we're never going to be able to afford a baby.
From my calculations, we are about $400 a month short of where we want to be. Anyone want to hire me part time? lol!
Here is some ways I've come up with to get some extra money:
1. We're going to petition the city to get our property taxes lowered. Currently we're paying taxes on an appraisal from 3 years ago. We had the house reappraised when we bought it and it was appraised for $30K less than what the owners paid for it originally. So we're still paying taxes on that amount. This should give us an extra $100 a month.
2. We're going to save $9K and try to pay off one of my student loans which currently costs us about $150/month.
3. Stop eating out once a week ($25/per week), which should give us an extra $100 a month
With just those things that gives us an extra $350 per month. Which is really close to our goal of an extra $400 a month.
Now I haven't forgot that once baby comes, we can use the Dependent Pretax Expense Account that allows you to have money taken out of your paycheck before taxes come out. So if you're putting away $400 a pay for day care, it's actually only like taking about $260 out of your check. We also will be claiming 1 instead of zero on our taxes, which will give us a little bit more money in our pocket.
It's going to take a while to save that $9K, that will definitely be pushing the possible 2010 start date back.
I'm super excited to start trying to expand our family and kinda bummed it may take that long to start trying. Anyone want to donate $9K to the "make a baby" fund?
Have you and your husband/significant other had this conversation? How did you handle waiting to have a baby?
5 comments:
I think about this all the time! Even though my husband and I aren't thinking about having kids for a while..I'm still worried that we're never going to be able to afford the day-to-day expense of having them.
Please let us know any good tips you find out!!!!
We have also had the baby conversation... MANY times. Our ultimate conclusion was that when we both had jobs (I was in undergrad and grad school the first couple years of our marriage) we would be open to having children. Now we both have jobs and I think, "That's a lot of money. I wonder if we should wait until I get my raise." But the truth is you will never have "enough" money. Because even when I get that raise, I will ultimately find ways to spend it. At Goodwill, Hobby Lobby, Ann Taylor, or somewhere. I will just have to make it happen. So we are now trying, and if it happens, we will adjust. And like you said, that pre-tax daycare savings account is incredible. :-)
I think this is one of those things that if we waited till we had the money- the world would be childless. That's where faith comes in!
blessings
mary
take it from an older (not so sure about wiser) someone who was there once!
Take it from me (mom of two) that you will never, ever have enough money. BUT, we always make it work. Our kids are good kids-smart, capable, and they want for nothing. They are fed, clothed, and housed--and all very well I might add. We gave up trying to keep up with the Jones' b/c that will never happen. Also, look into home care either in your home or in someone elses home. It could save you up to half. Full time my babysitter sitter would be $700 a month and believe me when I tell you that she is on the EXPENSIVE end of that ratio. Just use word of mouth and NOT the ad's in the paper. I am still waiting to have the conversation about my third. Continue to have conversation about it though. You may just realize that you both are ready and ready now. Good luck and best wishes.
I agree that you will never have enough money but it always works out. We wanted to be married a year before we started trying, we made it about 8 months... We were worried about how to pay for everything but everything else fell into place! Daycare is our biggest expense but we found an amazing home daycare that is very responsible! Look around and know that there will never be a perfect time.
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