Would love your opinions
, Dec 28 2012 01:03 PM
10 replies to this topic
Posted 28 December 2012 - 01:03 PM
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.
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.
Posted 28 December 2012 - 09:20 PM
We might try this during the pregnancy then!
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.
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.
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.
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.
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.
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
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?
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 https://www.moneysmart.gov.au/
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
It's not just waiting periods that couples need to consider - there are other factors to consider when thinking about health insurance.
Australian model Nicole Trunfio has taken the concept of multitasking to a fashionable new level for Elle Australia.
Parents have been warned about the dangers of letting babies sleep in bouncers and swings following the death of a three-month-old girl.
Sleep deprivation is a real hazard of caring for a baby. But there are ways to manage the challenges of fatigue better.
It's not all the parents, and it's not all the time, but there is often at least one doing it. And sometimes, that 'one' is me.
More than 80,000 faulty Samsung washing machines pose a fire threat in homes throughout Australia despite a nationwide recall of the machines.
Lotus birthing is not all that common, but for a number of women it feels like the most natural thing to do.
Despite its widespread nature, there is still a great amount of mystery surrounding PND - and it's important to try unravelling as much of that as we can.
More than 50 million vehicles recalled for potentially lethal airbag fault - is your car affected?
H2O is one of the necessities of life, but for babies a seemingly harmless amount of water can be fatal.
He had it all planned: a romantic proposal on a windswept beach. The whole family would be there so they'd all be able to celebrate the joyous moment together.
When our son stopped talking, our sense of loss was painful and acute.
They run their homes like domestic CEOs and work tirelessly to improve their family's social standing. And now, according to a new book, they want an annual perk from their husbands.
A widely-shared Facebook photograph of a British woman's breast has raised awareness of a more subtle breast cancer symptom.
"I'd never really failed a test - how could I fail this particularly manly test?"
New guidelines have been released, aimed at reducing children's harmful exposure to lead. But they still don't go far enough.
Chances are your toddler's behaviour is all completely normal - but here's how to tackle some common social problems.
We did sigh with joy at the arrival of a royal princess - but, mostly, we sighed with pity at the sight of Prince George being taken to meet her.
I've been in denial and I'm not too proud to beg, but it appears I must accept the fact that you have gone. I need to let you go.
The father of identical triplets born in a Texas hospital says his three daughters, including conjoined twins, are "a miracle" sent by God.
If the last time you assessed your health cover was five years ago, there?s a chance it may no longer suit your needs. To ensure it?s still right for your family, click here for seven questions to ask.
Many women in labour don't use gas effectively and suffer more side effects than benefits. Here's how to get the most out of this pain relief option.
We cannot place all children who are sick in a bubble till they recover, but we can give other parents a choice about exposing their kids to them.
Home and Away actress Ada Nicodemou has opened up about the loss of her stillborn baby.
Before you start tracking your menstrual cycle and reading up on the best positions to get pregnant, there are a few other things you may want to consider.
Cricket legend Glenn McGrath and his second wife Sara are expecting their first child together, thanks to IVF and a delicate surgical sperm retrieval process that helped the couple to conceive.
The mother of disgraced wellness blogger Belle Gibson has accused her daughter of lying about her childhood in an attempt to garner public sympathy.
A new mum claims a doctor left his mobile phone inside her after delivering her baby via caesarean section.
I want my kids to know that no matter what happens in life, you can still be who it is that you've always wanted to be.
I had this innate 'mum' moment the other day.
Katherine's father will die in prison for the horrifying sexual abuse of his daughter. Yet she is the one with the true life sentence.
Mothers, babies, the health system and the wider society are going to pay the price of this new budget.
Baby Jai Bishop has lived at Starship Hospital for the past seven months, with his parents flying back and forth from Hokitika, 1100km away, to be by his side.
Life On Mars
We are all responsible for our own behaviour. Telling victims to harden up is wrong.
The biological father of baby Gammy has reportedly tried to access charity money raised for the little boy's medical costs.
It?s all very well to encourage women to work if they choose to, but how can the measures lead to increased workforce participation when women are once again left holding the baby?
After seven years of wishing, hoping, crying, punching pillows and shouting "why me?!", the end result is more than I ever thought possible.
Whether you're after a new car for a growing family, a bigger house, or are just fixing up your finances, here are the basics on borrowing.
A mum has shared a graphic photo of her skin cancer treatment as a warning to others.
We can certainly gain higher levels of happiness when we become parents, but the trick is to not get overwhelmed by the pressures of raising our kids.
It's obvious these people dote on their pets, but they're barking up the wrong tree.
Top baby names
The numbers are in and we can now bring you the 2014 top baby name list for Australia.