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 jkate_

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 beebs09

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

 

Win a Mountain Buggy Swift

To celebrate Essential Baby reaching half a million Facebook fans, we have a Mountain Buggy Swift to giveaway to a lucky fan.

Shopping with kids: breaking the pester-power cycle

You're out shopping with your little one and they're incessantly whining that they want a treat. It's easy to say no ... the first time, at least.

eBay jacket may hold clue to murdered girl's identity

A jacket similar to the one found with the remains of a brutally murdered little girl in South Australia has been identified on eBay.

New mum forced back to work early due to paid parental leave 'technicality'

Shelley Parker had to keep driving buses until the date her baby was due and will have to rush back to work at the end of this week after being denied paid parental leave on a "technicality".

Pregnant Amanda Palmer poses naked for book drive

It has to be the most original way ever of promoting a children's book donation day.

The conception dilemma facing many parents today

Some parents who conceived through a sperm donor will be wary of telling the child, while others prefer to deal with it early on. But recent research suggests it makes little difference either way.

The wedding photo the bridesmaid would rather forget

We've probably all seen a passed-out bridesmaid at one wedding or another, but it usually happens towards the end of the night.

Pregnant TV meteorologist takes on haters

Pregnant TV meteorologist Katie Fehlinger has hit back at haters who called her a "sausage in casing".

Honest words from first-time mums

I didn't want to say anything negative to my pregnant friend, but I wish I'd been more honest.

Adorable baby experiences rain for the first time, couldn't be happier

Harper had seen rain from the comfort of indoors before, but had never had the pleasure of being outside and experiencing it first hand.

What it's really like to start a family in your fifties

Many people suppose that it must be much more tiring to have a baby in middle age, but all the mothers in the playground look exhausted, whatever their age.

'Biggest hypocrite ever': Josh Duggar admits to Ashley Madison account

An American reality TV star has been busted with a cheating website account, according to US media.

Long recovery ahead for girl hit by car weeks after baby brother's death

A little girl is more alert and starting to talk after being hit by a car a week ago, but still faces a long recovery.

How to react when a toddler lies

Q: My almost-3-year-old is starting to figure out that he can lie when asked if he ripped the book, threw the food, hit his brother, etc. Totally normal, I know. How do we respond?

The circular experience of a Centrelink client

A mum-to-be experiences the frustration of dealing with Centrelink, myGov and everything in between.

Kelly Clarkson announces live on stage: 'I'm pregnant!'

Singer Kelly Clarkson has announced she is pregnant with her second child during a concert in Los Angeles.

Hack

How to search the leaked Ashley Madison data

At least three sites are republishing Ashley Madison's user data on the public-facing internet.

Mum dances her way through labour

There are a fair few ways to distract yourself and beat pains while in labour, but it's probably a rare woman who chooses her dance her way through it.

'Rest in peace, my little lion': premmie baby Jacob passes away

Baby Jacob, whose photo of him born at just 27 weeks was deemed 'too graphic' for a fundraising site, has died.

Mum killed three young sons 'to help her daughter', prosecutor says

Niall Pilkington's death last summer apparently raised little alarm in Bellefontaine, Ohio. Tragic accidents happen, after all.

Shorter women have shorter pregnancies: study

When a group of researchers studied nearly 3500 mothers and their babies, they noticed a curious pattern.

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.

 
Advertisement
 
Advertisement
 
 
 

What's hot on EB

The worst 20 minutes of my life

Thirty seconds was all it took to turn a shopping trip into my worst nightmare.

Top baby names for England and Wales in 2014

George has overtaken William in the official rankings of most popular British baby names - and Game of Thrones is still having an impact on parents.

Baseball or baby? Dad's tough choice

What's more important, a baby or a baseball? That's a question this dad seems to struggle with.

Childbirth choices: five star or free?

It's not often you hear the words labour and luxury in the same sentence but for some, a 5-star start to parenthood is exactly what they seek. And with a number of private hospitals now offering packages which include a post-birth stay at a sumptuous first class resort, many mums are choosing to recover in style.

'Where did your boobies go, Mummy?' and other soul-destroying comments from kids

Most women carry a smidge of baby weight after giving birth. If you're lucky enough to have an older child in the house, they can keep you on track with your weight loss goals.

Do you read me, baby?

Is it too soon to be reading to my two-month-old son? If not, what should I read?

Minimising sibling rivalry when you've got a baby

Sibling rivalry is an act of competition, but if your children feel involved and special, this type of jealousy will be minimised.

Will studying on maternity leave take you away from your most important job?

I remember when I was trying to decide if I could combine motherhood and furthering my university education.

Win a Pacapod this Father's Day

To celebrate dads and families, we are giving away a Picos Pack from Pacapod Australia filled with a few extra goodies ENTER NOW

Preschooler hit by car shortly after baby brother's death

A mother has had a frantic race to the hospital after her daughter was hit by a car, just four weeks after her infant son died.

Gay couple and Thai surrogate in custody tug-of-war

A six-month-old baby girl is trapped in the Thai capital in a bitter custody wrangle between her Thai surrogate mother and her biological father.

Couple denied IVF over parenting concerns

A mother of six has been denied access to IVF treatment in order to have another child over concerns about her parenting skills.

The book that promises to put your children to sleep

Exhausted parents from around the world are singing the praises of a "miracle" book which promises to put even the most restless child to sleep in just minutes.

5 things every parent who feels guilty needs to know

Parenthood can make you feel bad, but you're not alone.

Royals criticise 'dangerous' attempts to photograph Prince George

The British royal family criticized paparazzi on Friday for what it called their increasingly dangerous attempts to photograph young Prince George.

'No jab, no play' rule to cover Victorian kindergartens and childcare centres

"Anti-vaxxers" face not being able to send their children to childcare centres or kindergarten if they refuse to have them immunised.

15,000 birthing kits on their way to developing countries

Giving birth in a hospital surrounded by medical experts is tough enough, but some women deliver babies without a clean sheet to lie on.

Photo of premmie 'too graphic', fundraising site says

When their son Jacob was born at just 27 weeks, Christina and Jeff Hinks were thrown into an uncertain world.

The latest Bugaboo collections: cool chevron and runner prams

Bugaboo sure likes to keep things fresh, and with the Australian spring/summer season coming up, there are two new Bugaboo pram releases.

Making room for two in the bed

Mum's room or their own room? Cot or bassinets? Deciding where twins will sleep can be tricky.

 

FREE TICKET

See Hi-5 LIVE in Sydney!

Get your free ticket to The Essential Baby & Toddler Show and save $20 - 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.