Financial Plan to have a baby

[CB19]

Hi all,

My partner and I have been discussing a lot about when is the right time to start a family. My partner is so keen to settle down and start a family now, however I worry so much about finances.

How much will things cost for the baby, what financial support is available when on maternity leave? How long could we afford for me to be on ML?

I think what the government has announced about funding for childcare hours if going to be a huge help to many families and this does make me more at ease about the idea.

Is it normal to feel excited about having a baby, think about it all the time, searching the internet about newborns, announcement videos, playing over in your head how you will tell family and friends…… but then also be SO unbelievably frightened by the whole idea?

I have heard many people say there is never the right time to have a baby and that you find the money, but I am stuck between convincing myself just go with it and then frightening myself we will
never be ready.

Another question, how long did people come off the pill for until you actively tried for a baby?

TIA

C x

It took us 6 years to conceive after coming off the pill. Came off it when we bought our house thinking it would happen in a year or two. How old are you if you don’t mind me asking?!im 37 & im 33 weeks pregnant and we are over the moon finally to be pregnant. We have a bit of savings but not a lot but both have good enough jobs so I’m not too worried tbh.. we will manage! I am taking a year off but can go back before then if I feel like it?! We have no family support so it will be hard for us but we will make it work. Will have to go back to work part time & Co-parent. It’s such an exciting time in your life just go for it if that’s what u want?! Xx

Hi! For my first baby, I had the implant removed and conceived a couple of months later. I was 33. The initial outlay for the baby isn't too bad if you're sensible e.g. you don't need to get the trendiest buggy. We just bought a 400 pound travel system for our new baby. Where children cost is childcare expenses (or sacrificing one wage) until they're old enough to get to school by themselves etc... We pay around 600 wraparound a month for our 8 year old. Also, children get expensive the older they get - hobbies, parties and clothes. But you may as well go for it! You've got to spend your money on something, right?

Baby stuff itself is as cheap as you need if you buy 2nd hand. Formula and nappies are more expensive.

Mat leave will depend on what your work offers but standard will be 650-700 ish a month for 9 months.

Childcare full time expect around 1.2k

The government offer will reduce things but probably still expect about 600 a month

I love my babies so much, but they are expensive and even as a qualified teacher it doesn't make financial sense for me to work with two in nursery!

My advice would be to look into how much childcare costs locally to you to help you make your decision.
I am a junior doctor (qualified for 11 years), my husband is a secondary teacher and Head of his department. With good professional jobs it's still not worth either of us working full time when considering the childcare costs for our 14 month old.
We pay £540 a month for 2 days a week in nursery (he drops to 1 day a week in school hols when my husband isn't working).

I'd advise you and your partner to save a decent pot whilst you try to conceive

The costs of the actual baby are negligible in comparison to childcare in my experience. The full 30 hours from 9 months doesn’t kick in until September 2025. You can source a pram, cot, clothes according to you budget but childcare costs are high even with help.

Came off the pill one month before trying with first, pregnant pretty much first time. Took a year with second baby.

The biggest mistake people make is calculating a year off and then assuming you will be straight back up to full pay. The vast majority (at least in my circles) couldn’t afford, or chose not to, go back to work. Having a baby changes everything and one, or both of you, may decide to work part time for a bit.

@Dinosaurpoopy I’m not sure about your advice as the OP doesn’t need to buy nappies and formula. Just try breastfeeding and buy a set of second hand washable nappies. I’ve breastfed for 7 years so never bought any formula. All the nappies I’ve ever bought have cost me £35.

I’d echo what others have said. Definitely check childcare costs near you, as that’s the biggest expense we have encountered so far and may impact on whether you’re able to go back to work. I’m also a junior doctor like @SouthwestSis (13 years…) and childcare for one toddler, four days per week exceeds than my take-home salary. But it is much, much more expensive near me than @Dinosaurpoopy 1.2k!

@Internationalwomendayheadquarters

Totally agree and should have said, the app is giving me a nightmare typing so I just lef t it!

Ah now it's gone bold- sorry!

@Gherkinsandwich I dread to know how much yours costs!

A baby doesn't actually have to cost anything. All they need for about a year is your boob. If you break it right down I mean.

Maybe because I grew up poor and feel fine about it maybe I'm just living in cloud cuckoo land but all I ever needed was love and the basics to be happy.

I'm paid an okay amount at present, work part-time, and am not wealthy but we can afford a holiday a year, nice things, and a decent way of life.

I make £22K/year and have one child and am a single parent.

But our rent is very low and we live in a cheap part of the country.

Look at how much paid leave your respective companies give you. You can take up to a year off, so you’ll need to cover the gap between full pay and statutory (which is pittance!). We knew our full time salaries could cover full time childcare. Try putting £1.5-2k (depending on childcare costs near you) aside every month for a year (or whenever you decide you’re ready to start trying). That should give you an idea of what your quality of life would be like for the first few years. Then you can use what you’ve saved to cover any shared parental leave shortfalls.

Before actively trying to conceive we made a budget. This might seem extreme to others but we don't have any family nearby to help us, and we both work full time so we needed to make sure that we wouldn't struggle. We also have an 11 year old and wanted to be sure that his lifestyle (in terms of activities) wouldn't be affected.

We set aside €X amount a month that will cover the baby stuff - pram, car seat, crib etc. We also have checked what childcare costs are per month in 3 of the nearby facilities and how much they go up each year. The average of those costs is what we set aside each month. So essentially we've started saving the childcare expense now to try to get used to the diminished disposable income.

I am currently pregnant and whilst only in 1st trimester, we have decided that for the 1st half of the pregnancy we will focus on stocking up on household items (toilet paper, shower gels, toothpaste, shampoos etc) because nappies etc will need to be paid for in time to come and so we are trying to budget our spend now.

To most people I'm probably crazy and over the top, but we also have quite alot of debt so we don't want to be relying on credit cards for prams etc.

But as many other people have said, you will absolutely find the money somewhere!

@BudgetBuster I don’t think you are crazy at all. Far from it. More people should be like you, really, (in my opinion), actually seriously considering what things will cost and how it will impact upon your existing lifestyle. Don’t forget to consider second hand with your purchases, makes such a difference.

Most baby stuff can be bought and sold second hand on ebay. So long as its not something likely to get very worn, you can probably make your money back minus the fees and postage. Things like bouncers, high chairs etc.

Also, I find that friends or family are great for the mid-priced items. They all want to get you a gift and will ask what would you like. For example I recently a tummy time playmat for a friend of mine for about 30quid or so. Another friend I bought various baby grows in different sizes so she always had something to hand.

Obviously not the case for everyone but if people ask during your pregnancy don't be afraid to tell them something small / midpriced that you would actually make use of