What does everyone believe to be a necessary amount of money stored/saved for once you have your first kid? What about a 2nd or 3rd? This would probably be helpful information to share.....

This is something that I would be curious to find out. I am not far away from having children of my own. I haven't given much thought to the amount of money one should store away for after your child is born. Anyone?

Hi Everyone! I don't believe there is a right amount. In spite of any planning my oldest was born severely disabled. Our medical bills that first year were well over $200,000. 20% out of pocket. 2nd baby no planning. 3rd baby more planning and we had twins (unplanned)! LOL! Then I have a friend, that planned and saved... enough to cover expenses the first 10 years of the child's life and now found out they can't have children. (They are seeking other options.) The one thing I do regret is not thinking about the children's future sooner. Like starting accounts for them etc.... Never too late though. Just my .02 for conversation. Nice to meet everyone! Joyce

Kids happen. No planning necessary. The chinese have a saying - something about kids bringing wealth. I think it is because you get more organized/discipined (hopefully.) I started a 527 for my daughter at birth and hell or highwater put at least fifty bucks in per month. College covered. If she gets a scholarship, I can use the money to take a painting class in Italy! When planning for child - make sure you have insurance that will cover your DR of choice. Done.

I'm with you, sallysmith. There is no perfect tiem or amount for a kid - you'll never really be ready, it's always a bit scary to think of it. You just make it work.

Yeah, I talked to a good girlfriend. She said that they haven't saved any for all 6 of their kids before, and they are doing just fine. I guess you learn to make your money go farther, probably a great lesson to learn.

Heya sallysmith, check here:www.mommytalk.com/forum/showthread.php?t=56 ... to get an idea of the money needed.

Wow, that was great. So informative. Thanks for the information, now I just need to start making more money. : ( It's all worth it.

My dad said it best when he told me that no amount of planning will ever prepare you for your first, second, third, etc. There will never be a perfect time in your life or the right amount of money in your bank account. After our first son was born I told my husband that before he was born I felt like there was an emptiness inside me. Then he was born and now I now that having our kids is the best thing in our lives that we never knew was missing until after they were here. Our children make everyday worth getting up for. Who can resist a two year old, blonde haired, blue eyed baby that comes in first thing every morning and wraps his arms around your leg and says "Mommy, Daddy, I love you"? Not me.

Very good point Raine!

I agree with Raine. It's nice to plan, but you never really know all of the expenses until you have one. Well worth it though.

We had nothing put away for when our kids were born (we have 2 now and would like to have 3 or 4, so we expect to do this once or twice more). We started a bank account for my older daughter as soon as I was able to get there and all her birthday and Christmas money goes in there. I haven't opened one for my son yet. We also do UPromise, which is really minimal, but it's money that will eventually help out, ever so slightly.

Raine, great point and you put tears in my eyes. I can see Amber doing that. She is barely one year old, and every morning when I get her up, she gives me the sweetest hug. Her head is on my shoulders, her arms around me, and she makes an "awwww" sound. It is the greatest gift she can give me each morning and after every nap.

I have had 3 kids now and none were planned especially the first one I was still in high school. We are just doing fine with not saving any $$$ before they were born and they get everything they want and think they need. I have their grandparents do saving bonds for their B-Days & other holidays and that works out great!! And we have a account set up for them and they earn their own $$$$ by helping out, so later on in life they will relize how it is out there without thier parents. And one more thing my parents had no $$$ for me when I was little and it just taught me to work harder on my goals!!!

Ya, we didnt save either. We were also young when our daughter was born. I'm not sure if it is possible to really save for kids. I guess having $$ put away is a good thing whether you are having kids or not. We have always been people that take things as they come. We arent very good at planning ahead on much of anything. Plus with kids I dont think you can ever really be prepared.