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How much money should I have saved for my baby?

I am young and don't have much money. But I can offer enough. :) I can pay my bills and still have some left over. same with my DH. My question is, how much is a good amount to have put in a savings account for my newborn. How much did you use right away? Did you wish you would have saved more?? Look forward to your answers ladies. thanks :)

 
tasha94952

Asked by tasha94952 at 5:14 PM on May. 26, 2011 in Money & Work

Level 13 (1,195 Credits)
This question is closed.
Answers (5)
  • Do you mean money for baby items or for college or what?

    For baby items, I would say that you can do almost everything you need for $500-$750, and then you will need to save enough to cover your expenses during your leave.

    For college, I have tried to save at least $1000 per year per child, but that is just me. That way I know there will be at least something there when they need it entering college...but I don't think it is my responsibility to pay for it all.
    Mom-2-3-Girlz

    Answer by Mom-2-3-Girlz at 5:36 PM on May. 26, 2011

  • You need to educate yourself on costs:

    Breastfeeding is free, formula costs hundreds of dollars.
    You can get used cloth diapers (freecycle, thrift shops, etc.) for free, or close to it; you can spend hundreds of dollars on diapers.

    Clothes: new vs. second hand

    And so on...
    rkoloms

    Answer by rkoloms at 6:17 PM on May. 26, 2011

  • I meant for baby items. thanks!! and that is a great idea for college expenses. I am going to start their college fund when both my babies have gone into elementary school. :)
    tasha94952

    Comment by tasha94952 (original poster) at 5:41 PM on May. 26, 2011

  • I say save about 10% of your income each...so if you make $400/wk that's roughly $160 x2 it's $320 a month not sure how far along you are or how much ou make but 10-15% should be a good amount. I never saved anything just bought as I needed other then the big ticket items..everything else is a monthly or weekly purchase...diapers,wipes,clothes.. ,but it is a good idea to have an emergency fund if you can in case...
    happymama02

    Answer by happymama02 at 8:56 PM on May. 26, 2011

  • The only things I bought new were car seats. I got the cribs clothes etc second hand in almost new condition. Plus the cost of say 2 mo worth of diapers and formula. I think I spent about 400 on my first and maybe 200 for the others since I already had the crib and stuff.
    My_3_Babies

    Answer by My_3_Babies at 9:08 PM on May. 26, 2011

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