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Anyone else worried about money?


Forum: July 2013 Playroom

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  #1  
November 8th, 2012, 07:28 AM
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Hubby has a good job, but my income is sparse/almost non-existent. Our health insurance just went up to $1,500 a month, PLUS a $2,000 deductible.

We've already got two kids (have no idea where we'll fit a third one in the house... guess the older ones will be sharing a room). I've kept *most* of the baby things... we'll have to buy a few items. With this being our third kid, we won't have a shower or anything. I breastfeed, so I know in the early stages the baby won't cost too much. Mostly diapers (and I actually have a stash of cloth diapers that I used with my first kid if it comes down to that).

But I'm still worried about money. The public schools here are terrible, so we were planning on sending the kids to private school. Can't afford that with three kids, though. Guess I'll be homeschooling. And if this turns out to be a boy (unlikely), I can't exactly be dressing him in pink all the time. lol Fortunately, we have a vehicle that has a third row, so at least we don't need to buy a new truck.

I've been obsessing about how we're going to afford everything. Anyone else worried about this?
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  #2  
November 8th, 2012, 07:38 AM
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Not really, we will figure out how to make it work. My husband finishes school next Spring and will have a really decent job. We are in a tiny 2 bedroom right now. The oldest two are in bunk beds and the youngest is in a crib. The baby will sleep in our room for the first yr or more. The house is too small for us but we will stay here to save money since we stay here for free. We will be able to save a lot of money towards a bigger house and pay off everything. We also home school and I love it To save money we use cloth diapers and wipes, I breastfeed, and we make our own baby food. And my mom always wants to throw me a baby shower so I am sure we will not have to worry about clothes for the first year.
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  #3  
November 8th, 2012, 07:50 AM
Shea131's Avatar Peyton Rylee's Mommy!!
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Money is always a worry at our house whether a new baby was on the way or not. We will make it work, always do, and so will you. Not really another option, ya know? Try not to worry too much but I know that's way easier said than done!
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  #4  
November 8th, 2012, 08:19 AM
tela's Avatar Platinum Supermommy
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Location: PA
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of course! i always worry about money! i worry mostly about daycare. i am the bread winner. DH is currently a WAHD to our 3 y/o (this only started in august when our long-time in-home daycare provider moved out of state). i know he can't handle a baby FT. right now we are super comfortable, but adding at least $1000/month for daycare is going to stretch us quite a bit! i'm hoping for another boy so we won't have to buy too much new stuff. our swing broke (it was the only way DS napped for 14 months), so we'll def need a new swing. i also BF, so that should save $. then there is the long term. my parents stressed education and had the funds to send all 3 kids to the college of their choice. i want to do the same for my kids. but that means saving nearly 400K in less than 18 years!
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  #5  
November 8th, 2012, 11:13 AM
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Yep, I definitely worry about long term financial stuff like college for the kids and retirement for us. Also, if we have a girl, we have to figure out whether to renovate or add a bedroom on to this house, or to move. In the nearer timeframe, we're starting to think my son would be better off with some preschool next year, even if I am at home with a baby. We hadn't really planned on that cost, so it might mean dipping into savings. I'm not sure what to do professionally when I do go back to work (probably in 3 years), so that adds to the uncertainty of it all.

Quote:
Originally Posted by writergurrl View Post
Hubby has a good job, but my income is sparse/almost non-existent. Our health insurance just went up to $1,500 a month, PLUS a $2,000 deductible.
Wow, is that through an employer? Ouch. Makes me feel lucky.
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  #6  
November 8th, 2012, 11:20 AM
LeslieRN72's Avatar Veteran
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Location: Indiana
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I don't know if it's too late to start an HSA (health savings account). We estimated our out of pocket costs for next year so we could put the appropriate amount in an HSA.

If you don't know about it already, it's money that is put into an account that is exempt from federal income tax and used to pay your out of pocket medical expenses for a high deductible health insurance plan. More people really should take advantage of them when they are aware they will have high medical expenses in the following year.

I highly recommend you talk to your financial advisor and employee benefits department/health insurance company to get all the fine details and see if this is a good option for you.
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  #7  
November 8th, 2012, 11:27 AM
LeslieRN72's Avatar Veteran
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Quote:
Originally Posted by tela View Post
i'm hoping for another boy so we won't have to buy too much new stuff. our swing broke (it was the only way DS napped for 14 months), so we'll def need a new swing.
After two boys, I have all boy's stuff. Why do girls need to wear the colors pink and violet 24/7? If I have a girl she will be wearing most of her brother's hand-me downs. It would be a waste not to use them and spend money just so she can be frilly. I prefer the money spent on pink go into in our Roth IRAs and 529Bs.
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Everybody has their own way of doing things and raising their children. No one way is better than the other. The end product will be the same no matter what path you take, and never let anyone make you feel otherwise.
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  #8  
November 8th, 2012, 12:00 PM
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Quote:
Originally Posted by Lynn87 View Post
Not really, we will figure out how to make it work. My husband finishes school next Spring and will have a really decent job. We are in a tiny 2 bedroom right now. The oldest two are in bunk beds and the youngest is in a crib. The baby will sleep in our room for the first yr or more. The house is too small for us but we will stay here to save money since we stay here for free. We will be able to save a lot of money towards a bigger house and pay off everything. We also home school and I love it To save money we use cloth diapers and wipes, I breastfeed, and we make our own baby food. And my mom always wants to throw me a baby shower so I am sure we will not have to worry about clothes for the first year.
You sound like superwoman! I am going to be looking for advice from you for sure!!!
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  #9  
November 8th, 2012, 12:15 PM
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Originally Posted by babieseverywhere View Post
You sound like superwoman! I am going to be looking for advice from you for sure!!!
LOL...thank you I just try to make the best out of what we have. No use dwelling on what we can't change right now.
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  #10  
November 8th, 2012, 12:20 PM
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Who doesn't worry about money???
I bought a minivan with baby #3, so we are good on cars.
We are going to switch from daycare to a nanny on January 1 of this year, a nanny is actually cheaper with 3 or more, and it will mean that DH doesn't have to buy a new car for days he is hauling kids back and forth to daycare.
I need a new breast pump, but from what I understand this is covered under the affordable care act along with the storage bags.
Our carseat and stroller look pretty shop worn after 3 other kids, and 7 years, we debated whether to replace it for baby #3, and didn't, so we may spring for a new travel system.
We are switching to DH's insurance which is cheaper than mine.
I already have 2 boys and a girl, so I have clothes for all types. If it is a girl, I make my own bows and headbands, so we can update the frilliness for cheap.
Eventually when they are all in school, the 4th kiddo is free LOL.
My biggest worry is our house. 1500 sq. ft, technically a 2 bdr. 1 bathroom. The attic (6 ft. ceiling, no heating or cooling, no insulation) is finished. Right now, DS, 6 has 1 of the downstairs bedrooms and DD, 3 has the other. It has always felt weird to me to have little kid son the first floor while I was upstairs, but little bladders need to have the shortest path to the bathroom. I anticipate that we will move DS who is 1 in with DD. DH and I will still be in the attic with baby as we always have (we use space heaters and window AC units). The biggest issue is the growing line outside of our 1 bathroom. It is particularly bad now that I am in there with MS for a good portion of every morning and evening LOL.

DH and I are currently taking a Dave Ramsey financial peace course, when we get to the end of the 9 weeks, we are going to reevaluate our total debt and spending ability to figure out if we can buy a larger house before this baby comes, or if it is going to be longer than that, if we can afford $20,000 to finish our basement and include a bathroom.
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  #11  
November 8th, 2012, 01:24 PM
TerriLF's Avatar Super Mommy
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Of course. We got rid of ALL of our baby stuff except a crib and rocker so we will be starting pretty much from the beginning. Our house is big enough but our guest room / new nursery really needs to have new windows and touched up here and there which will close a few thousand. I will probably end up staying home after this baby until all the kids are in school which will cut our income big time. We will just have to see how things go..Insurance is cheap for us right now $300/month through my work with a $1000 deductable but if I am going to stay home after the baby comes that will go WAY up..
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  #12  
November 8th, 2012, 02:18 PM
pearlica's Avatar Mega Super Mommy
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We are fairly comfortable but have a lot of big expenses coming up. We want to buy our first house in March, I need a new car around the same time and then new baby in July...there goes all our savings!!
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  #13  
November 8th, 2012, 02:43 PM
PrettyMommy's Avatar Mega Super Mommy
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Money has been a constant up and down for us since my husband lost his 6 figure job 4 years ago. We have made it work though and continue to do so while adding to our family so I'm certain we will be fine. I was laid off 3 months after giving birth to our daughter and we decided I would just stay home after that with the kids. It's more cost effective then trying to pay a sitter. We plan to home school since the school system sucks here also and I think it's just generally better. We plan to buy a van in January with our tax return so that takes care of seating since we are already past capacity when our older two are here with us. Don't worry though hun, things will work out. And I'm having a shower even though it's my 5th. I had one with each and every child. I think each baby should be celebrated and deserves a shower no matter which number they fall in. And if it's a boy you will need things so you should consider having one anyway.
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  #14  
November 8th, 2012, 02:51 PM
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Quote:
Originally Posted by Aramsamsam View Post

Wow, is that through an employer? Ouch. Makes me feel lucky.
Yes. My husband is a Physician Assistant with an Orthopedic group. You'd think medical people would have good health insurance, but that's never been the case. In all the places he's worked (ER, Urgent Care, Orthopedics) his health insurance has always been more expensive and crappier coverage than what I got when I worked as an editor for a magazine. Ironic.
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  #15  
November 8th, 2012, 02:53 PM
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Yes. However, we will make it work. The older 2 are going to have to share a room for now but we will hopefully eventually add on. We have tons of girl clothes and we have relatives who I am sure we can get some hand me down boy stuff. I breastfeed so that helps, and we will start buying diapers around 5/6 months pregnant so that will help offset the cost later.
It all works out, not always easy but worth it
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  #16  
November 8th, 2012, 03:04 PM
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Ehhh. Not really. I'm pretty blessed with working in sales because I make a lot for the relatively small amount of time that I work, and I have a lot more control over my income since I work for myself. My fiance also has a good, solid job. We'll be changing a lot of things to accommodate our growing family (new house, bigger vehicle) but I know we'll make it work. And considering that I breastfeed, cloth diaper/wipe, make my own babyfood, and babywear I have a knack for making newborns pretty cheap .
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  #17  
November 8th, 2012, 03:10 PM
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We are comfortable now. We have a 3 bedroom house and only one child so we will convert our guest room into a nursery. Guess the inlaws get the couch!

$790 a month on daycare will be the big thing. We already started saving so hopefully we will be OK. It's huge expense but it will be SO worth it!
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  #18  
November 10th, 2012, 06:19 PM
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My spouse and I will be pretty tight a well. I'm the major breadwinner and my husband is a student working part-time. we are also financially supporting my in-laws who live in Cuba. However, we're used to living on tight budgets and we're also not the type of people that need to have all the best and newest gadgets. we are perfectly happy with hand-me-downs.

we are going to be fairly *cozy* in our 1-bedroom apartment. Toronto is one of the most expensive cities in North America, so we're trying to postpone getting a 2-bedroom apartment for as long as we can. we'll share our room with the baby for the first year and then will probably move to a larger space.

we are also thinking of bringing my in-laws from Cuba for a visit once my maternity leave is over. I think that if you factor in the plane tickets, insurance, food, etc... it'll cost about the same having them here for two or three months than it would for daycare. we'd break even, but at least my in-laws will get to spend quality time with their grandchild.
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  #19  
November 10th, 2012, 06:49 PM
FyreMommy2B's Avatar Mega Super Mommy
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We're military so I'm not to worried about insurance as that's always covered cost of having a baby. I've been pregnant every year since 09 so we still have all of our baby stuff like tummy time mat, swing, 2 pack n plays, my breast pump, & I have a very expensive stroller (Valco TriMode EX) which can seat 3. Once the baby is older I will upgrade to a decent double umbrella stroller for the youngest ones. We have mostly everything so I think the main expense will be clothing as I got rid of all my 1st year sizes.

We have a MOP swap at our church where I'm sure I can pick up anything else I need plus I plan to breast feed and cloth diaper as much as I can. If we have a boy I have plenty of friends with boys who are saving their 1st year clothes for me and we will convert my photography studio into his room. Otherwise the new baby will sleep in our room the first year. If we have another girl I will more than likely move one of the big pieces of furniture (their Armoire) into their closet and move the baby into their room eventually so they all 3 share a room for a while until we get a larger house when my husband makes Master Sgt.

I'm sure we will make it work. I'm a SAHM and going to school to finish my bachelor's degree but I'm dropping down from FT to PT and figure we will Homeschool also! We need a mini-van though so our car situation doesn't currently fit a 3rd child so we will be buying that this Spring after our tax return comes in or possibly in April.
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  #20  
November 10th, 2012, 07:01 PM
Kiam's Avatar Mega Super Mommy
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Money is always a little tight here but we make do.

For us, I think a lot of the burden will come off our shoulders (or not) in January when we get our lease renewal, we may be offered a 5 year lease, and if we are offered that, it would just make things so much easier. It means the rent can't go up for 5 years, and we don't have to worry about the house being sold from underneath us.
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