Budgeting for a kid?
Discussion
Did anyone do this before becoming a parent and if so what figure did you put on needing per month to add a kid into the mix? I'm at that age i really need to say now or never for me (33) but i don't want life to become a real financial struggle. As it currently stands i live very modestly with hardly any extravagance and this means i have an extra £500- £1000 per month spare which i was hoping would normally cover the extras of having a baby.
Is this a comfortable amount or would we sink pretty quick? I literally have no idea what it costs apart from assuming we would not have my partners wage for a few years?
PS I already have a comfortable mortgage and we have a spare room doing nothing, so house wise i wouldn't need to move any time soon. Beyond the mortgage i have no debts.
Is this a comfortable amount or would we sink pretty quick? I literally have no idea what it costs apart from assuming we would not have my partners wage for a few years?
PS I already have a comfortable mortgage and we have a spare room doing nothing, so house wise i wouldn't need to move any time soon. Beyond the mortgage i have no debts.
Edited by BuzzBravado on Friday 8th April 10:44
Edited by BuzzBravado on Friday 8th April 10:46
Think the main factor would be child care costs which can be horrendous. If you are lucky that your Mrs doesn't work or you have grandparents that don't mind looking after him/her then it's really just clothing nappies and a travel system. It gets dearer when they want the latest console/games, designer trainers etc! You will also get family allowance or whatever it's called thesedays.
We've got a 15 month old little boy and in terms of costs I'd say in his first year it was about £100 a month after we'd bought the initial bits like furniture, pram and car seat - how much those cost is up to you... We spent a fair bit on the furniture and about £700 all in on the car seat and pram as a complete set. Mothercare aren't the cheapest place always but when you know damn all (and you do at this point in the show!) their advice is worth every penny.
Our boy started nursery in January this year and his fees are £42.50 a day and that seems to be average where we are - middle class villages between Leicester and Nottingham. He goes 3 days a week and we both pay most of the fees in childcare vouchers which takes about £100 a month off the nursery bill. Your food bill does go down though as they eat at nursery on those days which saves a bit. Our nursery also includes nappies and wipes in the fee but that's a bit unusual.
Looking at your spare income I'd say you'll be fine. Having a baby is incredible, nothing like I expected. I never thought I'd be spending 45 minutes on the floor blowing raspberries to make a tiny human laugh but the first time they do something it's so special and so amazing. Good luck whatever you and your partner decide to do... We did budget first before deciding and most of what we budgeted we over estimated. Also accept you will buy a ton of crap you didn't really need!
Our boy started nursery in January this year and his fees are £42.50 a day and that seems to be average where we are - middle class villages between Leicester and Nottingham. He goes 3 days a week and we both pay most of the fees in childcare vouchers which takes about £100 a month off the nursery bill. Your food bill does go down though as they eat at nursery on those days which saves a bit. Our nursery also includes nappies and wipes in the fee but that's a bit unusual.
Looking at your spare income I'd say you'll be fine. Having a baby is incredible, nothing like I expected. I never thought I'd be spending 45 minutes on the floor blowing raspberries to make a tiny human laugh but the first time they do something it's so special and so amazing. Good luck whatever you and your partner decide to do... We did budget first before deciding and most of what we budgeted we over estimated. Also accept you will buy a ton of crap you didn't really need!
As has been said, to a certain extent, it's up to you how much it costs. Initial costs such as pushchairs, cots etc can be quite hight but their maintenance costs aren't hideous........... except for nursery. My son is at Nursery for 3 days a week and it costs us just over £800 per month so bear that in mind.
Things are as expensive as you want to make them.
We hardly ever bought clothes for our kids as relatives/friends passed down hardly worn items from their kids.
Other things can be bought 2nd hand or not bought at all as they're not really needed.
All sorts of people with varying(or no income) manage it. It is a drain but well worth it.
Don't discuss financ s before "making" one though, it doesn't exactly set the right mood
We hardly ever bought clothes for our kids as relatives/friends passed down hardly worn items from their kids.
Other things can be bought 2nd hand or not bought at all as they're not really needed.
All sorts of people with varying(or no income) manage it. It is a drain but well worth it.
Don't discuss financ s before "making" one though, it doesn't exactly set the right mood
TBH, never noticed a difference. what you find, instead of spending on yourself, you just spend on the kids. how many shoes / trainers / jackets / clothes does a man need anyway ? ( 31 x jackets at the last count ! )
tip for you though, don't go crazy buying baby clothes. all they wear and need are baby grows for the first year. I wouldn't like to think what we have hanging in the wardrobe, unworn. at least another 3 jackets I could had with the money
tip for you though, don't go crazy buying baby clothes. all they wear and need are baby grows for the first year. I wouldn't like to think what we have hanging in the wardrobe, unworn. at least another 3 jackets I could had with the money
Costs vary, the sky is the limit!
Most stuff can be bought used (often scarcely used), especially in the early months (they grow so fast). Bulk purchases of nappies, formula etc on Amazon. They don't eat much at first.
Ikea can provide everything for furniture at very reasonable rates and it's well designed (e.g. a high chair is £18).
The big running costs are then nursery fees which vary hugely (esp London) but expect £30-£55 a day outside of London... so £600 min per month for full time, which can typically be from 9 months old.
Once at school, you are into the normal clothes/kit/etc and the higher holiday costs...
For me 9 months to 4 are the highest, then I guess a lull until 18+...
Most stuff can be bought used (often scarcely used), especially in the early months (they grow so fast). Bulk purchases of nappies, formula etc on Amazon. They don't eat much at first.
Ikea can provide everything for furniture at very reasonable rates and it's well designed (e.g. a high chair is £18).
The big running costs are then nursery fees which vary hugely (esp London) but expect £30-£55 a day outside of London... so £600 min per month for full time, which can typically be from 9 months old.
Once at school, you are into the normal clothes/kit/etc and the higher holiday costs...
For me 9 months to 4 are the highest, then I guess a lull until 18+...
I think you should be OK, PROVIDED you dont need loads of daycare or start working less to take care of the kid, that was the real killer for us, 3 days daycare for two kids was €1000 AFTER subsidies (2K before), and that still meant i had to work 90% and the mrs 80% to only need 3 days.
Other returning expenses such as baby formula, baby-food, diapers and clothes arent too bad, think 100-150 a month tops, save up for bigger one-time expenses for stuff like the baby-room, bed, stroller, car seat etc... and off course college in two decades time.
Other returning expenses such as baby formula, baby-food, diapers and clothes arent too bad, think 100-150 a month tops, save up for bigger one-time expenses for stuff like the baby-room, bed, stroller, car seat etc... and off course college in two decades time.
It's like weddings, you hear of people spending thousands but you can do it on the cheap if you're sensible and the experience is just the same.
For example, our pram/pushchair is a nice Silver Cross Surf, retail with all the extras is the best part of 800 quid, got our one off ebay in mint condition for £160 and I don't worry about taking it through the woods and getting it covered in mud etc. My sister in law has insisted on buying everything new, they found that their first £500 pram wasn't very versatile so have ended up buying another £500 pram to replace it in the space of 6 months.
Most of the gadgets that are pushed on new parents are a waste of time and money, just get stuff you really need- all these bottle warmers, funky blankets, things that go under the matress to check they're still breathing etc, its all marketing BS.
In the first year they go through clothes like anything, so rather than buy everything new we have been getting a few nice bits then buying bundles from local parents buy/sell groups on facebook, all the stuff hardly gets worn before it gets grown out of so it doesn't look like they're wearing old tat.
Obviously breast feeding is free so that can save £20-£30 a week depending how hungry your kid is but it doesn't always work out so can't rely on that. The baby food jars and pouches are expensive but with a little bit of effort you can make home made baby food that is virtually free and you know there's no crap in it. Our little boy never really liked pre-prepared baby food anyway. Now he eats the same food as us though (he's 99th %ile for height and eats like a rugby player despite only being 1) we have noticed our weekly food shop going up just because he get's through so much fruit and veg.
At the moment he is working out pretty cheap, we are very lucky though that my wife can afford to work part time and our parents are local and love looking after him so childcare costs aren't an issue. I imagine when he gets older and needs school uniform, new shoes every 3 months etc. it will be a very different story!
For example, our pram/pushchair is a nice Silver Cross Surf, retail with all the extras is the best part of 800 quid, got our one off ebay in mint condition for £160 and I don't worry about taking it through the woods and getting it covered in mud etc. My sister in law has insisted on buying everything new, they found that their first £500 pram wasn't very versatile so have ended up buying another £500 pram to replace it in the space of 6 months.
Most of the gadgets that are pushed on new parents are a waste of time and money, just get stuff you really need- all these bottle warmers, funky blankets, things that go under the matress to check they're still breathing etc, its all marketing BS.
In the first year they go through clothes like anything, so rather than buy everything new we have been getting a few nice bits then buying bundles from local parents buy/sell groups on facebook, all the stuff hardly gets worn before it gets grown out of so it doesn't look like they're wearing old tat.
Obviously breast feeding is free so that can save £20-£30 a week depending how hungry your kid is but it doesn't always work out so can't rely on that. The baby food jars and pouches are expensive but with a little bit of effort you can make home made baby food that is virtually free and you know there's no crap in it. Our little boy never really liked pre-prepared baby food anyway. Now he eats the same food as us though (he's 99th %ile for height and eats like a rugby player despite only being 1) we have noticed our weekly food shop going up just because he get's through so much fruit and veg.
At the moment he is working out pretty cheap, we are very lucky though that my wife can afford to work part time and our parents are local and love looking after him so childcare costs aren't an issue. I imagine when he gets older and needs school uniform, new shoes every 3 months etc. it will be a very different story!
Edited by lufbramatt on Friday 8th April 11:11
Thanks guys. I remember my parents REALLY struggling but i need to remind myself that was a different situation. I remember my mum having to pay for things out a bottle bank. Its a mental scar i have trouble not impressing onto my own visions.
I *THINK* we could get get by on my wage only for a few years which would cut out childcare, but it would be a push.
I *THINK* we could get get by on my wage only for a few years which would cut out childcare, but it would be a push.
lufbramatt said:
Our little boy never really liked pre-prepared baby food anyway. Now he eats the same food as us though (he's 99th %ile for height and eats like a rugby player despite only being 1) we have noticed our weekly food shop going up just because he get's through so much fruit and veg.
Ditto here. For weaning you can just batch cook and do loads of small portions. From about 10 months ours just ate smaller portions of our food and still does. Bit fussier recently (3) but that's a control thing...You don't need that much for when they're born.
Have enough baby grows for two per day (just in case you need them) and muslin squares/bibs. Buy just one set to start with prior to the birth. Our youngest ended up in premature baby clothing so it was a while until he squeezed into newborn.
A few cheap hat things. Bond socks are great as our young kings couldn't remove them
A simple pram/pushchair is enough. We used an Out n About which cost £200 and folds small enough to fit in a Mini One
A steriliser plus 12 bottles (it is overkill but means you never run out if your baby decides they want a random feed and reduces time cleaning)
Pots to put pre-measured powder into (makes it easier for those 0200 feeds)
Buy milk powder in packs of two. Again means you never get to a point of thinking "f
k, we've ran out"
A few blankets to swaddle them in
A few packs of nappies. They'll use about 5-8 a day to start with.
For bathing we used a bath sponge. You don't need a dedicated baby bath for the thirty seconds they're in there.
Don't bother with a Moses basket, the baby will grow out of it in a couple of weeks and just leave you with more clutter. We used a travel cot for ours until they were ready for a proper cot.
You don't need cuddly toys, music systems etc at first. They're happy to eat, poop and sleep (lucky if in that order)
Dummies are a maybe. Our first refused to use them but our second found them comforting.
a cheap monitor is sufficient to listen for when they wake.
Unfortunately if mum-to-be gets involved with a supermum group they'll convince her she requires thousands of pounds worth of baby kit. You don't.
P.S I gave up work to stay with the little ones. My wife earns more and has the cooking ability of a £1 Chinese microwave so it was safer for me to be at home
the cost of having them stay at a child kennelis horrendous 
Have enough baby grows for two per day (just in case you need them) and muslin squares/bibs. Buy just one set to start with prior to the birth. Our youngest ended up in premature baby clothing so it was a while until he squeezed into newborn.
A few cheap hat things. Bond socks are great as our young kings couldn't remove them
A simple pram/pushchair is enough. We used an Out n About which cost £200 and folds small enough to fit in a Mini One
A steriliser plus 12 bottles (it is overkill but means you never run out if your baby decides they want a random feed and reduces time cleaning)
Pots to put pre-measured powder into (makes it easier for those 0200 feeds)
Buy milk powder in packs of two. Again means you never get to a point of thinking "f
k, we've ran out"A few blankets to swaddle them in
A few packs of nappies. They'll use about 5-8 a day to start with.
For bathing we used a bath sponge. You don't need a dedicated baby bath for the thirty seconds they're in there.
Don't bother with a Moses basket, the baby will grow out of it in a couple of weeks and just leave you with more clutter. We used a travel cot for ours until they were ready for a proper cot.
You don't need cuddly toys, music systems etc at first. They're happy to eat, poop and sleep (lucky if in that order)
Dummies are a maybe. Our first refused to use them but our second found them comforting.
a cheap monitor is sufficient to listen for when they wake.
Unfortunately if mum-to-be gets involved with a supermum group they'll convince her she requires thousands of pounds worth of baby kit. You don't.
P.S I gave up work to stay with the little ones. My wife earns more and has the cooking ability of a £1 Chinese microwave so it was safer for me to be at home
the cost of having them stay at a child kennelis horrendous Edited by Crush on Friday 8th April 11:21
Childcare aside, it needn't be that bad.
When we had our first (have a 4 year old and a 18 month old) we got a lot of hand me down clothes from friends/family who'd outgrown them. kids clothes are often barely worn so much of that stuff was like new. We also got bombarded with help from the grandparents to be so I don't remember who bought what but I don't think we spent a load on furniture, buggies etc. We were lucky in that regard but it's a fairly common scenario.
Nappies, food etc aren't going to break the bank.
Childcare costs were a little hard to stomach. When we had our first, my mrs went back to work three days per week and nursery fees came in at about £600 per month. It was more than our mortgage at the time! I don't really remember ever struggling though, we just didn't do many of the things we used to do like nice meals out or frivolous holidays and admittedly put less away in savings. It was no big sacrifice in hindsight though.
Childcare vouchers took some of the sting out of costs. They're worth looking into.
Child benefit helps a little too if you qualify.
When they're 3, they'll get a few hours of free childcare per week.
When we had our first (have a 4 year old and a 18 month old) we got a lot of hand me down clothes from friends/family who'd outgrown them. kids clothes are often barely worn so much of that stuff was like new. We also got bombarded with help from the grandparents to be so I don't remember who bought what but I don't think we spent a load on furniture, buggies etc. We were lucky in that regard but it's a fairly common scenario.
Nappies, food etc aren't going to break the bank.
Childcare costs were a little hard to stomach. When we had our first, my mrs went back to work three days per week and nursery fees came in at about £600 per month. It was more than our mortgage at the time! I don't really remember ever struggling though, we just didn't do many of the things we used to do like nice meals out or frivolous holidays and admittedly put less away in savings. It was no big sacrifice in hindsight though.
Childcare vouchers took some of the sting out of costs. They're worth looking into.
Child benefit helps a little too if you qualify.
When they're 3, they'll get a few hours of free childcare per week.
BuzzBravado said:
Did anyone do this before becoming a parent and if so what figure did you put on needing per month to add a kid into the mix? I'm at that age i really need to say now or never for me (33) but i don't want life to become a real financial struggle. As it currently stands i live very modestly with hardly any extravagance and this means i have an extra £500- £1000 per month spare which i was hoping would normally cover the extras of having a baby.
Is this a comfortable amount or would we sink pretty quick? I literally have no idea what it costs apart from assuming we would not have my partners wage for a few years?
PS I already have a comfortable mortgage and we have a spare room doing nothing, so house wise i wouldn't need to move any time soon. Beyond the mortgage i have no debts.
However much money you have spare, it will cost all of that and a little bit more.Is this a comfortable amount or would we sink pretty quick? I literally have no idea what it costs apart from assuming we would not have my partners wage for a few years?
PS I already have a comfortable mortgage and we have a spare room doing nothing, so house wise i wouldn't need to move any time soon. Beyond the mortgage i have no debts.
Facebook groups have also saved us an absolute fortune, a couple of weeks ago we bought a bundle of 15 items for a fiver, a lot of them were Next so decent enough quality and look like new. As has been said, there is no point buying new clothes as they spend so little time wearing them you will be wasting your money.
Bullett said:
I think most of it's been covered but as an additional point.
Nights out. You won't be doing any to start with but unless you have relatives or friends who will help out that adds £50 to a night out.
Joining the local parents group (post natal group) is good for a network and as the kids start to play together you can trade evenings/babysitting. Also you get to talk to other parents who are going through the same stuff (e.g. sleep deprivation)...Nights out. You won't be doing any to start with but unless you have relatives or friends who will help out that adds £50 to a night out.
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