“There’s never going to be a good time to have a baby,” my sister told me as we drove to my mom’s with her toddler in tow. “You just have to do it now.” This was after I told her one of my many excuses why we are not having kids right now, “we just can’t do it financially at the moment.” While she may be a little biased (she wants me to have a baby…yesterday), she does make a point. Kids are expensive. And we’ll probably never really feel like we can afford one. However, we are getting a few things in order to make the financial shock a little less painful if and when we finally decide to have a baby.
#1 We’re Saving Money
As previously mentioned and with emphasis, kids are expensive. Oh my gosh, they are expensive! And I’m not even talking about diapers, formula, and baby equipment. I am talking solely about daycare. I can’t believe how expensive it is. On average, it’s about $1,000 per month. That is a big cut to our income, which will make it harder to save. So, we’re doing it now while we can.
#2 We’re Paying Down our Debt
On top of saving money, we’re also paying down our debt. This should help free up some money each month. Being new parents to a baby is stressful enough, we don’t need financial stress from our debt to add to it. We have a ways to go before all of our debt is paid off. But we’d like to get at least some of it (credit cards and my car) paid off before bringing a baby into the world.
#3 We’re Mastering Our Budgeting
Becoming homeowners brought a slew of new (and higher) bills and other costs. We have to get used to our new budget. Before we add even more costs to our budget, we need to get used to living on this one for awhile. Once we can do that, we can see where we have wiggle room, where we can eliminate some costs, and how much more money we will need to make in the future.
#4 We’re Finding Ways to Cut Costs
We became pros at cutting wedding costs, now we’re tackling regular costs of living to help us save money and pay down our debt. Once we find new ways to cut costs, we’ll have a little more wiggle room in our budget for other expenses.
#5 We’re Spoiling Ourselves (a Little)
While we are working on our finances, we’re also rewarding ourselves and enjoying the ability to buy things for ourselves. We know that we won’t be able to buy a few frivolous items when we have a baby that will always have more important needs. So, we are spoiling ourselves while we can. It’s helping us enjoy our time as husband and wife and as a family of three (plus our dog!).