How much money do you need to save before you have a child?

Posted by Fitz Villafuerte under Personal Finance on November 13, 2011

Me and my wife have been married for almost a year now and is thinking of having a child. But we don’t want to be financially burdened once my wife gets pregnant and we have a child.

So how much money do you think is safe to have in the bank before we decide to have a baby?

Thank you.




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2 Responses to “How much money do you need to save before you have a child?”

  1. Orlando Gracia, Jr says:

    In terms of finances, no specific savings are necessary to have on hand once a couple decides to have a baby. What is vitally important is that the couple’s current earning capacity copes with the additional increase in their monthly expense once they learn that they are pregnant until baby comes out.

    Maybe for the birth but that can be done in a span of nine months once they learn that they are pregnant. These can range from Php 15000 to 150000 depending on the hospital or clinic they choose. Average would be around Php 60,000. This amount will go down if the mom pays her SSS contributions regularly since she can claim for birth benefits. If the 60,000 for the birth is divided into 8 mos, they need to save Php 7,500 pesos per month for that.

    The pre-natal check-ups are not that expensive. Php 250-400 for the check-ups (free if the mother has health insurance). That is only once a month for the first 7 mos, twice a month for the 8th month and weekly for the 9th month. Php 1200-4000 for the ultra sounds (around 2 to 3 in total) but some of these are optional. There are necessary laboratory fees that can range from Php 900 to 2,000 depending on the clinic they go to.There are vitamins and milk for the mother but again, these are expenses that can easily be incorporated and some are not necessary if the mom eats right.

    For the babies things, these need not be really expensive and can even be bought used. Or they can ask them from their relatives or friends. As reference, they need a crib (Php 5,000), stroller (Php 2,500), a minimum of 6 milk bottles (Php 400 per bottle), baby clothes and linings.

    Especially for the first year. The required vaccination is already around Php 3,500 (6 in 1 vaccine) every 2 mos with 3 doses for the year. The optional vaccine is more expensive at around Php 7,000 (PCV and Rota Virus vaccine) every 2 mos with 3 doses for the year. Milk would cost you around Php 800 to 1600 per can and you need to buy this around 3x per month. The diapers cost around Php 400 which needs to be replenished twice a week.

    The main important thing is that the couple is emotionally ready to bring forth a baby into this world. Keep in mind that their lifestyle will drastically change when they have a baby. It really is not a question of readiness in terms of finances but a question of readiness to be parents. Parenthood is more than the amount of money you have in the bank, it is a vocation for life.

  2. Shopper_reg says:

    nicely put

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