I'm going to be a dad - how much should I save up?

[Vonkhan]

Yesterday my gf found out that she was pregnant and we're thrilled about it

I'm 29 (turning 30 this June), she's 23 and we live in Brooklyn.

I have a decent full-time job with health insurance. She's works at a health spa.

We really don't have any savings, how much should we look at saving up?

Also, any advice reg. diet, stress, anything & everything for the next 9 months is appreciated

 

[Tweak155]

Good question I'd like to know the answer to...

 

[M0R0NI]

First Off Congrats!! It is great being a father! My best advice is to start saving something even if it is only $10 a paycheck and put it in an account for that child. The next bit of advice is to really concentrate on making your wife comfortable and meeting her needs this is a hard time for her and a bit of compassion and care on your part will go along way on the changes comming in both of your lives. Good Luck!

 

[aphex]

Congrats!

 

[meltdown75]

congrats :beer:

 

[MagnusTheBrewer]

The thing to realize is that you are not adapting your current life, you are starting a new one. All future plans are now in limbo. Congrats!

 

[Nitemare]

grats

*Please note, that the above post is to the best of my knowledge in direct compliance with Forum Guidelines

 

[MrChad]

Get sleep now while you still can and enjoy weekends with free time. Get your GF on prenatal vitamins and go with her to the OB appointments.

The biggest thing you'll need to figure out is whether or not your GF will quit her job and stay home or whether you'll need daycare. Day care can be very expensive (especially in the city), so start researching that now. One thing that my wife and I did was start placing her entire paycheck in savings and living just off of mine for a year. That helped us get a better idea about what it would be like to live off of a single income.

 

[Mursilis]

Congratulations, and there's no set figure for what you should have saved up, other than "more is better". Never hurts to have a little extra money hanging around in case of emergency. One thing (among many things) you'll need to consider is child-care, since you both work. It's not too early to start checking out your options. Best wishes!

 

[sdifox]

err, save all you can, kid is very expensive. I have a 3.75 year old...

 

[Mr Pickles]

Dude, way to lock down someone 6 years younger then you before you are 30!

Edit: grats on kid too..

 

[AmpedSilence]

1 millllllllion dollars **moves pinky to mouth**

but seriously, congrats! :beer:

 

[SmoochyTX]

Congrats! As far as how much to save up? You should save as much as possible.

 

[judasmachine]

all of it. your life is no longer just yours.

 

[WingZero94]

Schedule

1. Decision on Marriage (this will affect your insurance)
2. Decision on Childcare
3. Get into Doctor
4. Get ready for the shock of your life.

 

[pnad]

Pfft, having a child had very little impact on me financially. I think the biggest 'expense' was furniture (crib etc). Diapers and formula aren't free, but don't cost $300 a week either.

 

[Modeps]

Originally posted by: judasmachine
all of it. your life is no longer just yours.

Yep. Also be prepared to take a back seat to everything... you are no longer equal. You are a means to an end now. Not that its necessarily a bad thing, I really don't mind, but your life as you know it, is over... and if it isn't, you'll probably not be with your SO for much longer after.

 

[hanoverphist]

Originally posted by: Tweak155
Good question I'd like to know the answer to...

my kids are 10, 10 and 13... id love to know how much to save up. so far, its been a matter of "everything".


srsly, start a college fund asap, and make sure you always have some ready cash for things you dont normally run out of. i went into fatherhood when my wife and i were both pretty young, both worked mediocre jobs and lived paycheck to paycheck, with the only actual savings account coming from the tax return once a year. only thing i really regretted was not starting the college fund back then, a late start on that made it a bit harder to build up later on. now that im looking at 3 years for a car and 5 years for 2 more cars, as well as high school and then college costs, it makes me feel like im right back in the beginning.

 

[TheSlamma]

LOL, you should save up a nest egg wether or not you have a kid. Oh wait.. this is America.. nevermind live check to check.. even with the kid.

 

[Injury]

Originally posted by: judasmachine
all of it. your life is no longer just yours.

Sounds kinda blunt but it's kinda true.

Not to strike fear into you or anything, but it's definitely time to reconsider every purchase you make because it's hard to tell how much a kid is going to cost. Some things you will get lucky on, (IE: Friends and family having old baby stuff that they no longer need) and other times you'll just see your paycheck burning the second you get it.

If it were me, I would set budget ASAP and try to clear out whatever debt you can in the first few months, save the last 2/3rds.

I think you're already on the right track by seeking advice from your peers. In my limited experience from family members the hardest thing is that no matter how many books you read, no matter how much advice you get, it's never enough. Kids don't come with a training manual.

The best advice I can give is that you shouldn't be afraid to seek advice from your parents and don't be afraid to say you need help. If you have a good relationship with your parents then it's fair to say they must have figured things out and can surely help you.

Congrats buddy.

 

[Hannover]

Save everything that you can.

My wife is due 7/6/08 and we're already getting hit with increased expenses.
She's going to a high risk clinic due to her age & other health factors and it seems like (even with insurance) we're spending 100-200 per week on appointments, tests other crap.
I'm also doing some home remodeling projects before the baby get here and that will add up to a nice sum, even when trying to do it on a budget.

All impulse spending has come to a complete and immediate stop.

 

[illusion88]

save up 400,000, because that is the average cost of raising a child in the US

 

[JulesMaximus]

Just enjoy the experience and try not to stress out.

Prepare as much as you can but really I would just try to budget for the expenses like diapers/food/clothing etc.

Oh, and Congrats! :beer:

 

[Mxylplyx]

If you both need to work, you need to be calling daycare centers NOW. Those places often have waiting lists of up to a year.

Say goodbye to your regular bar friends if you have any. Going out to drinking holes will now be a special treat on the weekends, instead of the norm. If your GF, hopefully soon to be wife, stays at home while you work, prepare to work your day job, and then come home and take over her job. If you act put off when she attempts to hand over the baby after you come home from what you think was a rough day at the office, prepare to be yelled at.

I could go on and on, but that will do for now.

 

[Mxylplyx]

Originally posted by: illusion88
save up 400,000, because that is the average cost of raising a child in the US

I think this is bullshit, and yes, I have a child.