How much in enough? - Page 2

michellect · 03-04-2008, 11:42 PM

Yes, we did. We chose to adopt children to create our family, so we wanted to have all adoption expenses paid for in cash when our first child was born. We also wanted to have very little (if any) debt besides our mortgage and an emergency fund of at least three months salary in the bank. We were really glad we made that plan because our DD was very ill as a baby and I ended up quiting work to stay home with her full time. Our DS was a HUGE surprise last March. We weren't fully prepared to fund his adoption, but we will get the tax credit back so it will work out at some point.
Michelle

changed4life · 03-05-2008, 09:55 AM

I think it' great to be secure and financially ready for children with an emergency fund in place; especially if mom is not heading back to work anytime soon.

I decided to stay home after my first child; we did not have a large emergency fund (only 3,000) and life still happened, dealings its little blows here and there. You always have to factor in pediatrician visits, diapers and formula if you're not breast feeding. I couldn't nurse for several reasons and my son needed a special pre-digested formula which cost us about $350-400 a month! I say be prepared and then some. You never know what life will throw you.

Kim · 03-05-2008, 11:41 AM

It took us awhile to conceive so we were ready in lots of ways. We had a house, money in savings, and a plan for me to stay home. We were also in our late 20s (dh was in his early 30s) and had been married for 6 years. However, that's us. We tend to be planners (sometimes at the risk of spontaneity) and like to have everything all lined up.

I would suggest thinking about your goals as to what you'd like to do (work vs. stay at home) as well as consider the impact on your lifestyle and then figure out if you can afford it.

I also find that sites that say how much a baby will cost usually OVER estimate. There's no way our kids cost $10,000 the first year. If you stick with Mommysavers (or get my new book, The Big Book of Baby Bargains) you will find all sorts of ways to raise happy children on a budget.

Good luck!!!