[JulieSilk]

OK ladies. DP is on the fence about having a baby soon. He's really worried about the financial side of parenting. We have a two-family home that we rent out and still have to contribute some to pay the mortgage. We live in a large one-bedroom apartment that would do just fine with +1. We were almost pregnant last month but it was a false alarm.
I make much more than he does at his day time job, plus we have a small online biz. But I would like to stay at home for a little while or work part-time.
How much more are you spending with babe? More than before? Have you cut things out of your life to make ends meet?

We don't have cable. One car is paid off, the other has a year to go. We might have a 2-3 days a week free child care from family memebers.

Tell me how you make it work.

Thanks

 

[jennyfah]

My DH was the same way---when we found out we were going to have a baby, he had a few weeks of freaking out. Actually, most of my friends who've had babies have had big financial worries.

We have two kids and live on one (not very big) income. I stay home with the boys. Here are few things I have learned:
1) There is no such thing as 'enough' money. Even the richest people think they'd be better off with just a little more. You can do amazing things with very little---you just have get creative.

2) Babies, especially new babies, need very little. Some diapers, a sling, and a carseat if you have a car. That's about it! And gently used things (except for the car seat, which needs to be new) are easy to come by on craigslist and from friends. Our boys wear a lot of hand-me-downs and garage sale finds.
3) People LOVE to help you when they find out you're going to have a baby. Friends and family will be more than happy to help you out, probably by giving a baby shower. Let them know exactly what you need and more importantly what you don't need.
4) Breastmilk is free!
5) Our grocery bill has gone up a little since having kids, and so have a few other expenses, but remember that you do get some tax breaks for having kids.
6) You may actually be saving money if you are not working and paying for childcare. It depends on how big your salary is now. You also need to take into account work-related expenses like work clothes, meals out, transportation, that extra Starbucks, etc.

7) You will probably spend less on entertainment (like movies, meals out, etc.) but you won't care because kids are fabulous entertainment, and family time at home really is lots of fun!
8) Budget, budget, budget. Keep track of where you money is really going. We were surprised! It's no fun at first, but with a simple spreadsheet and a little bit of discipline we can do just fine on one income.

Having kids has been good for our money relationship because it's made us sit down and talk about how much we really have and what we can and can't spend.

Best wishes to you!
Jen
mom to 2 boys