How much money need to be saved before having a kid ?
- Katherine WLv 72 weeks ago
Figure out how much time you would have to take off from work and how you would handle maternity costs and childcare. It differs for each country. If you're in a country with free health care and maternity leave, it would cost less. In America, I'd make sure you have enough to cover expenses while you'd be away from work, and then make sure you make enough to go back to work.
- JillLv 72 weeks ago
According to a 2017 report from the U.S. Department of Agriculture, the average cost of raising a child from birth through age 17 is $233,610.
- Anonymous2 weeks ago
A good rule for a savings account is to have an amount in savings that is equal to what you would earn in six months time. For example, if your monthly income is $4,000 - then your savings account should be $24,000.
The purpose of that savings account would be to support your family for six months in the event that something happens to your income. (loss of a job - medical issue that prevents you from working - anything that takes away your primary income). Most of the time, it would be possible to find another job in about six months in the event of the loss of a job. (or get called back from a lay-off)
The savings account SHOULD NOT be what you use to "have a baby:" Your income from paycheck to paycheck needs to be high enough to support you and support the needs of the baby. You shouldn't be dipping into your savings account to get things the baby needs. (unless you have the misfortune of having a child with special medical needs and it becomes a major expense to care for the child.)
The idea of the savings account is to maintain your home while you look for another job and to supplement unemployment income if you have lost your job. You can always save up some extra money if you want to for some of the expenses of having a baby. (cost of a crib, car seat, and other "baby furniture" can be saved up ahead of time. Cost of medical co-pays or deductibles can also be saved up.) But if your income isn't high enough to pay your rent (or mortgage) and any other basic monthly expenses and leave enough money for buying basic needs for a baby (like diapers and other baby supplies) then your income isn't high enough to have the baby and a savings account is only a temporary solution.
In a perfect situation, you would have enough in savings to cover six months of income and enough in savings to cover your insurance co-pays and deductibles.
Many, many families have NOTHING in savings and still manage to raise their children. Try asking your parents and grandparents how much money they had in savings when they started having children.
Someone once told me that if you wait until you think you have enough money to start a family - you will never start a family.
- rustbucketLv 62 weeks ago
For most people, it is how you spend it more than how much you have.
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- 2 weeks ago
Use your feelings