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 FERALfoxgirls

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

 

How a pregnancy contract could work for you and your partner

The idea of making a 'pregnancy contract' with your partner may sound a bit silly at first, but it can help make the transition to parenthood a lot smoother.

Finding a mum-friendly personal trainer

Burping babies vs burpees – yes, new mums and personal trainers live in different worlds. But they can work together - once you find the right match for you and your lifestyle.

Ambulance service under fire: baby seats to go, response times 'worse than ever'

The NSW Ambulance Service is removing child-safety seats from ambulances, while the Victorian service is facing criticism over lengthy response times following the death of a three-year-old.

Alleged baby snatch incident a ?misunderstanding?, say police

Police say that an incident in which a man pulled on a woman?s pram while walking a popular Sydney route late last month was a misunderstanding.

Ebola killed my aunt and is shutting down my country

Three weeks ago, my auntie, a midwife, developed a fever. Sitting here in Sydney basked in Australian sunshine, that shouldn't be big news.

The night my ovary burst

One mum shares her frightening experience and vows to never take her health for granted again.

Is e-reading to your toddler story time or just screen time?

When reading increasingly means swiping pages on a device, and we're advised to read to their children early and often, should parents be turning to e-readers for storytime?

Community mourns inspiring young dad

A young dad who fought a five-year battle with cancer has been remembered for his inspiring legacy at a funeral service attended by hundreds of family and friends this week.

Meningococcal kills Queensland toddler

Public health authorities say the death of a toddler in north Queensland from meningococcal disease highlights the danger the illness poses.

Nicole Kidman: 'I hope every month that I'm pregnant'

Nicole Kidman is hoping to add to her family, but says she's doubtful it will happen.

Recall: Aldi Wooden London Bus play set

Aldi has announced a recall of their popular Wooden London Bus play set.

Great gift ideas for first birthdays

From soft toys to balance bikes, here are some great ideas for first birthday gifts.

Mum learnt she was pregnant hours before giving birth

Kim Walsh arrived at the doctor with abdominal cramps. Hours later, she was cradling the baby experts told her she could never have.

How cancer has made me a better, happier person

I'm a far better person post-cancer than I ever was before. The goal now is to stay around long enough to find out who I can become, and what I can achieve.

Pete Evans says a paleo diet can prevent autism. He's wrong

Pete Evans is not a paediatrician or even a nutritionist or dietitian. So why should we believe his extreme views and remove food groups from our children's diets over the advice from those more qualified?

Let's get back to commonsense parenting

Forget the new 'Lawnmower' parenting trend; try using plain old-fashioned commonsense instead.

Woman sues after having a mixed-race baby

A US woman is suing a sperm bank after it sent her vials from African-American man, instead of the white donor she had selected.

Bonding ideas dad will love

Dad may not say it, but he could be feeling lost, confused and seriously left out. However, there are lots of things new fathers can do to be more included in the excitement of pregnancy and new parenthood.

The house that hope built for childhood cancer

Baby Laelani Baker was diagnosed with cancer before she was even born. Her heartbreaking story is just one of the reasons the Build for a Cure project is raising money for vital research into childhood cancer.

Does stay-at-home parenting get better?

Parenting doesn’t ever get easier; the challenges just change. But the challenges of caring for young children definitely lessens as they get older.

Inquest into the short and tragic life of Chloe Valentine

As the first phase of an inquest into the death of Chloe Valentine drew to a close, there was no doubt Chloe's life was marred by appalling neglect.

When mothers kill

The act of killing one's child is unthinkable for most, and a mother who kills her offspring has a special power to inspire shock and revulsion.

6 beauty tips for tired mums

For those of us with young children, eight hours sleep is a distant memory. And while we can’t do much to secure more shut-eye, there are some ways to fake it.

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

16 parenting truths you won't find in the baby books

I am five years into this parenting gig and I’ve learnt that sleepless nights and changing dirty nappies are child’s play.

Win 1 of 5 Canon Powershot D30 cameras

Capture life more easily with the Canon Powershot D30. Shockproof, waterproof and dustproof, you can take it almost anywhere and shoot beautiful images, time after time. Enter now!

Best and worst potty party cakes

It's nice to celebrate a child making the shift from nappies to 'big kid' undies, but do we really need a semi-realistic used toilet cake to do it? Here are some of the best and worst cakes parents have used at 'potty parties' around the world.

7 tips for a financially festive Christmas

Plan ahead - and do it now - to ensure festive season expenses don't break the bank.

'Go the F*** to Sleep' author's new book for frustrated parents

A sequel is coming soon to the 2011 hit book 'Go the F*** to Sleep' - and this time, it's about mealtimes.

Great birthday party buys from Etsy

Handmade crafts to decorate and personalise your child's next birthday - from banners to cake decorations, we've got gorgeous party finds from Etsy.

Creative storage ideas for the kids' rooms

Creative and practical storage ideas for the kids' toys and books can also add some stylish decor to your home. Visit babyology.com.au for more stylish modern finds for hip kids & parents.

Awkward grandparents

When Grandma and Grandpa pose for a snap with the kids, things can get very weird, very quickly.

To the mum in the doctor's waiting room

Maybe the mum I saw in that waiting room, seemingly disconnected from her baby, doesn’t have the support she needs.

10 space-saving nursery ideas

Starting a family doesn't always mean moving into a bigger house - not yet, anyway.

 

What's in a name?

Baby Names

Looking for a classic name, or an unusual name? Our Baby Name Finder is for you, search or browse to refine your shortlist.

 
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.