Baby Budget

[tripods68]

Jim,

Have you thought about consolidating your debt (two cars, 2nd mortgage) into one loan through refi? Is this cost effective to you?

[zetta]

Definitely need a clothing allowance for your wife. The maternity clothes can only be worn for anohter month or two (if she can even stand to look at them anymore!), and it's likely to be at least nine months before she can wear most of her pre-pregnancy clothes. (I'm still 10 pounds over after almost 3 years!)

I spent $50-$100/month on clothes and other misc baby items (babyproofing gates, etc.) the first year.

[disneysteve]

$1,020/month on car payments!!

Have you reviewed your life insurance? Now that there are 2 children to provide for, you may both need to take another look at how much coverage you need.

Do you intend to start any college savings?

Do you know what, if any, medical bills you will have to pay for all the pregnancy and delivery stuff?

[sounderella]

Once your wife is done with the maternity clothes, you can sell them on ebay.....there's a big market (no pun intended) for them there. That's what I did. Plus that can add back to her clothing allowance for new clothes.

I also second the life insurance thought. That's a biggie.

[jIM_Ohio]

Daycare-

I am working 2nd shift once babies come home (1-10 pm)
Wife will do client visits in morning and work from home in afternoons.

Debt- wife's car is a lease. She puts around 25k miles on car per year. That part of budget is considered fixed until she changes jobs.
2nd mortgage is ~50k@30yr fixed and truck will be paid off in 2 years. I'd prefer to keep terms of the loans. We have a bigger priority on increasing the EF than than paying off the debt.

We each have 300k term policies. We also each have 25k of permanent insurance as well.

I am considering dropping whole life once I get EF to 6-12 months expenses. 300k is enough to fund day care expenses and similar. Maybe we need more (500k), I will think about it.

Wife is already wearing pre maternity clothes. The clothes we have were borrowed. There is a children's place outlet with a 2.99 rack where we can spend $300 and get enough clothes to fill the closet.

[stressedmama]

$300 is to much for diapers. I currently have 2 kids in (diposable) diapers right now and spend right at $100 per month for both. I buy diapers at Aldi and they work great (but they only sell size 3, 4, 5).

I also use Parents Choice (Walmart store brand) formula....much cheaper. They sell organic, regular, soy, lactose, etc. Between (store brand) formula and baby food I spend about $110/month for one kid.

I agree with the others comments about needing a clothing budget and doctor/medicine/copay budget.

[disneysteve]

Originally Posted by jIM_Ohio

We each have 300k term policies. We also each have 25k of permanent insurance as well.

I don't recall how much each of you earns. I know the total is 66K but how is that split? If you were to die, would 325K be enough to support your wife and kids at least until they are adults? That's about 18K/year for 18 years (plus interest).

It may or may not be enough. Just run the numbers and make sure.

[checkthebudget]

Here is a suggestion: If cable is an option in your area, kill the land line and the satellite. Use cable and Skype voip. Skype will cost you $3 a month for unlimited local and long distance. I get cable and high-speed internet for about $60 a month. So losing the landline and direct tv will save you close to $100 a month ($1200 a year!)

[LuxLiving]

Diapers / Formula:

Many store tags will tell you how much an item costs per ounce, per pound or by some other unit of measure. Don't forget to comparison-shop by unit price and save.

For example, a pack of 40 diapers costing $13, runs 33 cents per diaper, whereas a box of 144 diapers costing $35, runs only 24 cents per diaper.

That small difference of 9 cents may not seem like much, but changing a diaper six to eight times each day, equals a savings of $16 to $22 per month. Double that for twins and you've got a nice little amount to tuck away in the 529!

[noppenbd]

Originally Posted by LuxLiving

Diapers / Formula:

Many store tags will tell you how much an item costs per ounce, per pound or by some other unit of measure. Don't forget to comparison-shop by unit price and save.

For example, a pack of 40 diapers costing $13, runs 33 cents per diaper, whereas a box of 144 diapers costing $35, runs only 24 cents per diaper.

That small difference of 9 cents may not seem like much, but changing a diaper six to eight times each day, equals a savings of $16 to $22 per month. Double that for twins and you've got a nice little amount to tuck away in the 529!

In this vein I wanted to reiterate Amazon's diapers. A 216-pack of size 1 Pampers Swaddlers is $46 with free shipping, coming out to 21 cents a diaper. How much are Walmart's diapers, and are they as good as Pampers?

[billy1980]

I think that is a nice complete budget. It has opened my eyes to hoe expensive children are!

Surely your petrol prices will increase shortly however.

[sounderella]

I feel Walmart's White Cloud diapers are better than Pampers. Pampers always leaked. They're cheaper too. Right now I'm buying size 5 diapers and they come 92 to a box for $15.99. So that's like 17 cents a diaper. Of course the smaller you go in size the more you get for that price. Kroger brand is good too.

Like I stated before though, Member's Mark (Sams Club) diapers are a better deal and same quality.

[LuxLiving]

Start watching for children's meds on special at your local CVS or Walgreens.

[SnoopyCool]

Increased laundry prices?
Diaper wipes in the diaper bill? Along with Desitin?
Dr copays?
Eventually - babysitting?
At some point you'll change out carseats 2x - from toddler to booster.

Cheerios. You will, eventually, add about $100 to your grocery bill per month just for Cheerios.

[LivingAlmostLarge]

Diapers I thought you had to trial different brands because different babies fit it differently? My brother went from pampers to huggies to something else before they got one that didn't leak.

[MonkeyMama]

Originally Posted by LivingAlmostLarge

Diapers I thought you had to trial different brands because different babies fit it differently? My brother went from pampers to huggies to something else before they got one that didn't leak.

It depends how particular you are. Likewise, leaks are less of a problem after year 1. I think people stick with the expensive brands not realizing they are not necessary after a while. Babies are very leaky early on. LEss leaky with age.

Generic has always been leak-free for us (though we didn't use on infants since they were cloth diapered mostly).

[MonkeyMama]

Originally Posted by jIM_Ohio

Homeowners is once per year, due in January.
disposable diapers will be used- we can afford it and it is simpler for wife and I.

I just had to add there is NOTHING more complicated about a diaper service. Not to push it, but just to put it out there that diaper service means you get to use cloth exactly like a disposable. (More to educate everyone - not to direct it at you). Plus there usually is considerably savings when it comes to more than one child.

I argue it is simpler since they come to your door and deliver fresh diapers every week. No diaper shopping. We paid way more than disposables for the convenience and for the cloth diapers (disposables just disgust me).

Sorry, just my frustration at trying to explain diaper service to people and constantly be told, "but that's too hard." ???? You throw dirty diapers in a bag and set them outside once a week. NOT hard. Oh yes, and we are no longer in the age of safety pins to hodl diapers together. Velcro is the 21st century choice (you don't now how many people have told me they wouldn't use pins - ??)

Costs could be offset by not needing more trash service, also.

My PSA on diaper services...

[DebbieL]

I think that your wife may find doing her appointments in the morning and working at home in the afternoon a bit difficult by herself with twin babies in the house. You will have to keep us updated on how that's going. Good luck

This is such an exciting time. I'm a couple years older than you, but I have a 15 year old (had her at 22). I do miss those sweet times when she was a baby/toddler. Enjoy.

[disneysteve]

Originally Posted by LivingAlmostLarge

Diapers I thought you had to trial different brands because different babies fit it differently? My brother went from pampers to huggies to something else before they got one that didn't leak.

This was certainly true for us. We switched brands a few times as she grew. What fit well and didn't leak in one size became a problem when she grew into a different size. It had nothing to do with brand or price. Sometimes we used store brand. Sometimes we used brand name. There was definitely some trial and error each time size changed.

[LivingAlmostLarge]

How does it work with cloth diaper service? What's the cost Monkeymama? Is it really cheaper than disposables? Or are just doing it yourself clothes the only cheap way?

And my friend changed diapers like disneysteve based on the size of her baby.