You read that right. $2200 per month. Most people don't take into account that having a baby also means only 55% (in Ontario) of your income for the next 12mths. Can you survive on that? For several years, you have lived a pretty decent lifestyle of good food, good wine, lots of entertainment, etc. But when you have a baby not only do you have much less time for those things, you also have much less MONEY for them! Several times I've watched "Til Debt Do Us Part" and the couple hadn't taken into account the (temporary) loss of income when they had a baby. They continued to spend as they had before the baby - including their housing expenses.
Probably the best advice I've heard in years is "make sure you can live off one income" (thanks DAD). This is true in so many ways; not only when you have a baby. What will happen if one of you loses their job? "I'll just get a new one" doesn't always cut it. The economy isn't at its best so finding a new job - for the same money - isn't always an option. How long do you think it takes to find a job? The average: 6-8weeks. Can you survive for that long on just one income when you're not used to it? It can be difficult!
Recently, I came across a great series of blogposts that actually take you step-by-step on how a family of 6 people live off $2200/month. Crazy, I know. But they do it! I found it absolutely fascinating of how this couple does it. They don't cut corners but more eliminate the UNNECESSARY things. Unfortunately, there's no wine in the budget (boo!) but they manage. Coo dos to this family for making a difference. She shares some great ideas of how to save on Groceries, including meal planning, and without using coupons. The Peaceful Mom shares her ups and downs of living the frugal life. This doesn't make her cheap in anyway - it makes her SMART!
The economy has been very unpredictable. One can hardly say they have job security! Don't be discouraged if you're already pregnant. Just start thinking about expenses of a baby. I refer back to my post about having a Baby Budget. There are great links that will give you an idea of how much a baby actually cost. Of course this is just approximates based on your personal preferences on brands of diapers, formula or breast feed, solid foods, etc. All you need is a little planning and possibly some adjustments, but living off $2200/mth is completely feasible!
How have you had to adjust financially after having a baby?
Do you have any tips?
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