Jump to content

Would love your opinions


  • Please log in to reply
10 replies to this topic

#1 lovepink

Posted 28 December 2012 - 01:03 PM

Hi all

DH and I are planning to TTC in the next few weeks and Im just thinking about our budget ...

DH earns $75 - $80K per year

I currently earn $412/wk (working 3 days)

Our mortgage repayments are $2000/month.

Bills/Insurances/Other expenses icl shopping total approximately $500/month

Once baby comes I wont be working, and unfortunately dont get Paid Maternity Leave.

For those of you who are good with this sort of stuff and have experience, how do you think our finances are going to cope with a new baby? How much should we set aside for "Baby Savings"?

Looking forward to hearing your opinions and experiences.

ETA - would love any budgeting spreadhseets or anything similar you can share with me

Edited by lovepink, 28 December 2012 - 01:12 PM.


#2 jks91

Posted 28 December 2012 - 01:24 PM

What we plan on doing is just living without the salary you won't have once bub is here.  We're not TTC just yet but from first pay next year we plan on putting my entire wage into our mortgage.  We have free redraw access and it will obviously have the benefit of reducing interest payments.    This is on top of our usual fortnightly payments being made from DP's salary.

I have to admit we have a lowish mortgage at the moment and don't live an extravagant lifestyle but even doing this we're unsure of whether it will be plausible.

#3 lovepink

Posted 28 December 2012 - 09:20 PM

Thanks JKS91.

We might try this during the pregnancy then!

Anyone else? original.gif

#4 jayskette

Posted 28 December 2012 - 09:36 PM

I think you should think about how much pregnancy will cost + baby's first year, then save based on that figure.

Pregnancy include cost of appointments, classes, hospital and GP fees if private, but also include potential sick leaves you will take from work and the cost of possibly taking the last month off earlier than expected, cooking food for mat leave etc.

For baby - if desperate just count the formula/expressing/nappy costs. You may not need daycare now but it helps to have a brief look at the costs anyway

Any other things you can do to lower costs - eg review all bills/insurances and get better rates, or a better deal on mortgage will be great too.

#5 beebsoferal

Posted 28 December 2012 - 09:39 PM

We did a similar thing of trying to live off one salary before DD was born. We couldn't manage all our expenses on the one wage unfortunately by about $300 fortnight. So we saved the $300 a fortnight to last 6 months to cover my maternity leave as I also didn't qualify for any as i was new to my job, although we did get the baby bonus which we did use for everything baby. I think the baby bonus of $5000 in fortnightly repayments was plenty as we got what we could 2nd hand.
With DS born this year, we didn't put any extra money aside as I could access the 18wks of the government paternity leave and 6wks maternity leave from work. I went back to work 1 day a week at 5months, then back to 2 days at 6months. Any new things for DS I just bought along the way and fitted it into the regular budget.

#6 pinkpineapple

Posted 28 December 2012 - 10:49 PM

In my opinion it would be totally doable on ur DHs wage. Im a single parent on less and easily pay my mortgage, pay bills, insurance, childcare etc and put extra on my mortgage.

I would try an put all you possible can on your mortgage (if you have redraw available). It would cut down interest and be there if needed. You might get some FTB and baby bonus as well.

Good luck

#7 Feralishous

Posted 28 December 2012 - 11:46 PM

We started living off one wage when we started to TTC. it took us a while to finally be blessed, so every month we rolled my salary onto the mortgage, but still made the budgeted repayment out of DHs wage.
When I finally got the BFP we stopped getting ahead in the mortgage, and put the money into a high interest account to use for the bub. By the time bub arrived we had 6 months of my salary aside, used 1 months salary for the baby stuff (cloth nappies, bassinet, clothes, carseats) and had the 5k BB to supplement the first few months (DH had to leave work to care for me due to a high risk pregnancy and traumatic birth), so we had no employment income for 3 months. Luckily we were ahead in bills/mortgage etc, so had very low expenses.

#8 greengoddess

Posted 29 December 2012 - 12:27 AM

These are all great suggestions. I'd also add in that babies don't need to be expensive.

- if you have family/friends with stuff, see what you can borrow. A baby doesn't NEED a baby bath - we had one given to us and used it maybe twice, as we found it easier to shower with the baby.

- Accept ALL offers of hand-me-downs. Don't be one of the "oh, no, my baby has to have everything new!" types, as honestly they grow out of, tire of etc things so quickly that you're forever replacing clothes etc.  I have some lovely friends nearby who pretty much have outfitted my child with their son's cast-offs and every time I think to myself, hmmm, those pants are getting a bit short, another few bags of clothes appear on my doorstep! (The kids are obviously growing at the same rate!)

- Babies pretty much live in sleep suits/baby-gros for the first six months, so don't waste money on "outfits". People will give you clothes/outfits as presents, so if you know in advance that they are, ask for 12, 18 or 24 months. Trust me, you won't believe how fast it goes. We received so many lovely little outfits for DS most of which he never wore!

- Cloth nappies can be an expensive outlay, but end up cheaper in the long run (plus are much nicer on your baby's butt!). There are different trading sites on FB. If you're going with disposable, stock up in advance, but again, get the bigger sizes rather than too many of the smaller ones. Get a pack each shop whilst pregnant.

- Living off one wage, saving the other/putting it on the mortgage and start paying a little extra on all your bills - $50 here and there - to build up credit so you have lower/no bills whilst you are working.

- Do a realistic budget of what you spend now - every cent. You'll see where a lot is wasted and can start tightening the belt now - put all excess every month or so into your mortgage or savings account.

- There are so many gadgets that you think you will need. If you use disposable nappies, don't get a nappy wrapper. Is it so hard to put it in a little bag and tie the ends? No. I can't think of others off hand as I did a lot of research, asked around and only got what we thought was absolutely necessary.

Good luck!

GG



#9 Kalota

Posted 29 December 2012 - 06:47 AM

I think you will be fine on your DH's wage. It's all about how you choose to live and spend your money. People on wages much less than that have raised children comfortably original.gif Why don't you practise just living on DH's wage and put your entire wage in the bank for extra savings when baby comes?

#10 jobo77

Posted 29 December 2012 - 07:03 AM

This website has a great budgeting calculator that helps you see all your outgoings etc so might help you in planning for when bub arrives original.gif
https://www.moneysmart.gov.au/

#11 BeakyHoneyButt

Posted 29 December 2012 - 07:23 AM

Greengoddess has hit the nail on the head. Babies don't need a lot of stuff. So much stuff can be gotten second hand.
Biggest spends will be pram, bed, car seat. But all these things can be purchased on ebay, local paper, freecycle.

I have found that the parents who ' must buy everything new' are also as ready to donate it straight to charity or list on ebay. So many things look like they are hardly used, because they honestly havn't been, because people go overboard buying, buying, buying.

Saying this, i found for the first couple of years kids don't really cost much, but we didn't use day care until DD1 was 2yo and that was 1 day a week. When things like Kinder and swimming lessons etc start coming in, thats when i noticed chunks of income going.




1 user(s) are reading this topic

0 members, 1 guests, 0 anonymous users

 

WIN an exclusive performance from Sam Moran!

To celebrate the release of children?s musical series Play Along with Sam, out now on DVD, we?re giving one lucky parent the chance to have Sam perform at their child?s pre-school or day care!

Toddler freed after getting trapped in escalator

A shopping centre escalator needed to be pulled apart to free a toddler's trapped hand.

Why I'm kind of excited about my daughter's nits

Is it weird to say that I am secretly thrilled to find that my daughter Edie has nits?

Baby born at 10:11 on 12-13-14

Well, it's actually 13-12-14 to us over here. But still, Clare Elizabeth Keane's consecutive numerical birth time is pretty special.

On holding tightly and loving fiercely

We can't live in fear. This post is about Christmas and how at this time we should be celebrating life and grateful for what we have: our loved ones who we cherish fiercely.

Babies, relatives and coping with Christmas day

Everyone will love your baby but your baby may not be so happy to be passed around a lot of new people - nor may you want to feed with an audience.

Why I won't be posting pictures of my baby on Facebook

There are pros and cons to this policy.

The myths and truths of gender swaying

Here are a few popular methods hopeful parents-to-be use to try to get a baby of their preferred gender – and what an expert says about whether they really work.

10 easy DIY Christmas decoration ideas

It's officially time to get into the Christmas spirit. Why not branch out when you put up your tree this year and add a personal touch with a few DIY decorations? We've found the perfect easy-to-make ways to put more festive fever into your home.

The dangerous new trend of glucose challenge test refusal

A dangerous trend is seeing more mothers-to-be declining a relatively simple and painless test to check for gestational diabetes.

Office of Fair Trading reveals naughty toys ahead of Christmas

The Office of Fair Trading has pulled seven toys from shelves ahead of Christmas after they fail safety tests.

Video: Baby boy's trouble with twins

These twin girls will no doubt have fun fooling people in years to come, but nobody will be as confused as baby Landon.

Long-term reversible male contraceptive on its way

Men could soon have access to an injectable long-term contraceptive which works in a similar way to a vasectomy but promises to be easily reversed.

'I tried to kill my baby': one mum's story

After bathing and dressing her three-month-old son, Amanda had a rare moment alone with her baby.

Attack of the 'mummy brain'

I feel that almost every day, someone in my life - be they a friend, family member or complete stranger - feels the need to excuse my behaviour as I have other things on my mind.

Mum of baby who fell ill after drinking raw milk speaks out

A Melbourne mother has described how her son turned grey when he became seriously ill after drinking raw milk.

Australian divorce rate lowest since 1976

Modern newlyweds are now well into their 30s and marriage still offers something powerful a new book argues.

The aftermath of a traumatic birth experience

In Australia, 30 per cent of women find their birth experience traumatic, with 6 per cent going on to develop post traumatic stress disorder (PTSD).

Young mum burns 'from inside-out'

A young mum is in intensive care after she took a friend's antibiotic and wound up with an ailment that is burning her body 'from the inside-out'.

The disagreement that can break a relationship

If he doesn't change his mind, all I can hope is that I will. It would be a waste to spend the rest of my marriage mourning a baby that never was.

Download now: Essential Kids Activity Finder app

Got bored kids? Quickly find the best activities for kids wherever you are in Australia with the Essential Kids app.

 
Advertisement
 
Advertisement
 
 
 

What's hot on EB

Co-sleeping or no-sleeping? Mum videos worst nap ever

One mother's futile attempt to sleep in caught on camera in a hilarious - and very cute - video.

Why children misbehave during the festive season

While we all like to imagine the holiday season as being a fun, loving and bonding experience; often our reality is quiet different.

I was fat-shamed by my doctor

The fear of being weighed is the most significant factor in women cancelling medical appointments - and now weight-shaming has happened to me.

End of an era: no more childcare

As we reach the end of 2014, we're closing the book on many things for another year, most notably childcare. Our last child has attended childcare for the very last time.

WIN an exclusive performance from Sam Moran!

To celebrate the release of children?s musical series Play Along with Sam, out now on DVD, we?re giving one lucky parent the chance to have Sam perform at their child?s pre-school or day care!

The 7-year itch is more like the 10-year itch: study

Contrary to popular belief, making it past the seven-year mark doesn't mean your marriage will be smooth sailing from there on.

Should children be forced to sit on Santa's lap?

We teach kids it’s okay to say no if they don’t feel safe, so why do some parents force their children to climb in to Santa's lap?

Stop telling us that parenting gets harder

I’m sure that parenting will get harder. But life isn’t exactly smooth sailing for many of us right now, either.

Baby born weighing almost 14 pounds

Yes, the bouncing baby girl was born by caesarean section. And mum says no more kids.

The dummy debate

I'm the first to admit that when I used to see tiny babies with dummies in their mouths, I thought "Hmm, lazy parenting." And now I apologise.

'I thought I was an only child'

Imagine meeting your double at a school sports event, or regularly being mistaken for someone you haven't met. Separated twins Margaret and Joy tell their story.

Carers admit to force-feeding children

As Sydney grieves the loss of Sydney siege victims Katrina Dawson and Tori Johnson, reports have suggested that both died as heroes.

 

How many weeks til Christmas?

On your To-Do list

Get the "Santa" shopping done without the kids in tow.

 
Advertisement
 
 
Essential Baby and Essential Kids is the place to find parenting information and parenting support relating to conception, pregnancy, birth, babies, toddlers, kids, maternity, family budgeting, family travel, nutrition and wellbeing, family entertainment, kids entertainment, tips for the family home, child-friendly recipes and parenting. Try our pregnancy due date calculator to determine your due date, or our ovulation calculator to predict ovulation and your fertile period. Our pregnancy week by week guide shows your baby's stages of development. Access our very active mum's discussion groups in the Essential Baby forums or the Essential Kids forums to talk to mums about conception, pregnancy, birth, babies, toddlers, kids and parenting lifestyle. Essential Baby also offers a baby names database of more than 22,000 baby names, popular baby names, boys' names, girls' names and baby names advice in our baby names forum. Essential Kids features a range of free printable worksheets for kids from preschool years through to primary school years. For the latest baby clothes, maternity clothes, maternity accessories, toddler products, kids toys and kids clothing, breastfeeding and other parenting resources, check out Essential Baby and Essential Kids.