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 GreenCabbage

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 IShallWearMidnight

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

 

Get your FREE Baby & Toddler Show ticket!

Get your free ticket to the Sydney Essential Baby & Toddler Show for September 25-27 - register online now.

Win Love Child Season 1 & 2 on DVD

To celebrate the release of Love Child Season 2 on DVD from July 9, Essential Baby and Universal Sony Pictures Home Entertainment are giving away Love Child Season 1 & 2 on DVD to 13 lucky winners.

10 things I wish my pre-baby self knew

I look back at my pre-baby self and laugh at how ridiculously easy I actually had it. I remember complaining about how tired I was and how little time I had.

Creative ways to store your child's art

Ideas for storing your child's artworks have moved on from sticking them to the fridge door before guiltily dumping them in the bin.

Child abuse ignored because 'it's not your children': Waleed Aly

Waleed Aly takes apart the immigration law that's designed to "protect politicians"

How a newborn niece changed star Australian basketballer's life

In August 2013 star basketball Abby Bishop was 24-years-old and in the prime of her sporting career.

Guilt is my new shadow

No one warned me that when I gave birth there would be an additional side order of guilt.

12 brilliant Ikea hacks for kids’ rooms

Check out these creative upcycling ideas that transform regular Ikea items into something special for your little ones.

Child's nightmare about 'man with a light' turned out to be real

For three days, a three-year-old boy had been saying there was "a man with a light" outside his window at night.

Toilet truths after giving birth

The thought of going to the toilet after giving birth is often feared, but there are ways to make it less painful.

Woman asks strangers for $1 million to stop her having an abortion

An anonymous woman is taking an extreme moral and ethical stand by seeking $1 million in donations to prevent her going ahead with a planned abortion.

How a woman's dying wish made another woman a mum

"I kind of think about, 'What did I do beforehand? What kept me so busy back then?' Because now I'm really busy."

The parenting do-over: what six parents did differently second time around

In playgrounds across Australia, you can hear parents lamenting, "When we have our next baby I swear I won't be doing THAT again".

A solo birth, a wasp swarm and a forest fire: mum and baby's amazing story of survival

Desperate, out of petrol and low on food, a new mother lit a fire in the hope of attracting attention.

Boy found on swing died of hypothermia and dehydration, autopsy finds

The story was chilling and heartbreaking: a three-year-old boy was found dead in a Southern Maryland park, his mother pushing him on the swing.

Child's play and laughter help battle fatigue

Feeling fatigued? Uh-huh, thought as much. Join the queue.

Dad shares entertaining 'how to hold a baby' clip

For many new dads, their own child is the first baby they have ever held. So one dad has posted an instructive YouTube video titled "How to Hold a Baby".

The Australian baby with 100,000 Facebook fans

She may be only eight months old, but Egypt has already amassed more than 100,000 fans and received a letter from royalty - Hollywood royalty that is.

Tongue tie: what you need to know

Tongue and lip tie can lead to many problems for babies - and their parents. Here are the signs of tongue tie and how it's treated.

My daughter is small but that doesn't matter

My daughter may be small, but it's my job as her parent to refocus back where it belongs - on who she is as a person

Wet wipes linked to rise in allergic reactions

The government has issued a health warning after a rise in allergic skin reactions has been linked to a preservative found in some wet wipes.

 
Advertisement
 
Advertisement
 
 
 

What's hot on EB

27 funny ultrasound pictures

Ultrasounds give you a look at your growing baby ... and sometimes what appears to their womb-buddy, or your bub in an amusing position.

What all parents should know about safe babywearing

A picture of Ryan Reynolds always gets the girls talking, and a recently shared photo has done exactly that - but this time, it's for all the wrong reasons.

Baby's head shape reveals potentially fatal condition

Thinking her baby just had an unusually shaped head, a mother was shocked to discover it was instead linked to a dangerous condition.

Why IVF success rates may not be what you think

Transparency, accountability and responsibilityare essential measures to protect IVF vulnerable patients.

Mother-in-law 'from hell' inspires survival guide

The happily ever after Nicola Milan had imagined wasn't to be – and she blames her mother-in-law.

Owning a pair of nail scissors does not make me a hairdresser

It's been a whole year since sleeping in until 10am. A whole year since having a peaceful shower.

The 83 children who were tragically let down in the last decade

Over a 10-year period, 83 children died from domestic violence abuse in NSW, with three quarters of the victims aged five years or under, the NSW Ombudsman has revealed.

Is it reasonable to expect your partner to give up drinking in pregnancy?

From the moment that I fell pregnant with my son, I realised just how much my life had already started to change.

Stroke victim joins class action against makers of popular contraceptive pill

"I was terrified I would always be this way. The pill needs to come with a much higher warning."

Sexy time

Why you should get excited about scheduling sex

Unfortunately, the belief that sex should always be spontaneous is a myth. It just isn't.

When newborn photoshoots get messy

When it comes to newborn photoshoots, it is all about the timing.

Expert Q&A: Gross motor skill development in toddlers and preschoolers

Dr Katie Heathershaw answers questions about jumping, toe walking, riding a bike and being pigeon toed.

'Samuel is our firstborn, and he will never be forgotten'

Having lost their firstborn at one day old, the Carrolls were overjoyed to welcome their daughter Isobel into the world a year later.

Dad takes miraculous catch while feeding baby

One American father has taken multitasking to a new level at a Cubs-Dodgers baseball game at Wrigley Field.

Name your baby Quinoa, win a $10K gift card

Choosing a name for your little bundle of joy is always a major decision. It can be something traditional, trendy, creative … or inspired by the menu of your favourite chain restaurant.

On the 10th anniversary of my son's death

This day marks a significant day. Today marks 10 years since I lost my son Kai.

'Help - my toddler hits me!'

My toddler has started hitting when he gets frustrated, is feeling ignored, or just thinks it might be fun.

The top 6 misleading parenting terms

From 'morning sickness' to 'the terrible twos', there are many parenting terms that are misleading.

When 'good' nannies go bad

While most nannies take pride in their work, there can be some who have a hidden side.

Woman hospitalised for skinny jeans injury

Beware: skinny jeans might be bad for your health.

Gauze seeding: the bacteria-breeding birth trend

A number of women having caesarean deliveries are now taking steps to give their baby a better 'microbiome' start in life.

Jimmy Fallon writes new children's book for dads

Jimmy Fallon, host of NBC's The Tonight Show, recently wrote a children's book about every father's secret wish for their baby's first word to be "dada" - not "mama".

28 names for babies born in winter

Looking for some baby name inspiration for a bub born during the colder months? Here are 28 options from around the world to consider.

 

FREE TICKET

Get your FREE ticket to the Baby & Toddler Show

Get your free ticket to the Sydney Essential Baby & Toddler Show for September 25-27 - register online now.

 
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.