New Dad - how did it change your finances and what was your approach?

[stonefrogg84]

@thomasmoore Nappies, formula/feeding supplies, clothing. Babies dont cost a lot. Putting on a show for other parents does though

 

[resjudicata]

@christine7788 I would really research into whether your spouse returning as early as 12 months is worth it when you add up your child being constantly sick, one of you having to constantly take leave etc. Not to mention childcare fees and outsourcing things like meals and cleaning because you’re time poor. Can’t get those early years back

 

[maxsteel]

@resjudicata You forgot in your "is it worth it" the keeping continuity in your career. At the hight of our childcare/out of school care bills, me working have us around $100 extra a week to if I wasn't, and we were getting government assistance. However, 10 years out of the workforce (from the birth of my eldest until the youngest turned 5) would have completely diminished my earning capacity. Those few years of sacrifice are reaping the benefits now.

 

[jerwilli33]

@maxsteel and widening the super gap, too.

 

[christine7788]

@maxsteel Spouse has reached the “top” of her career. Financially would still come out on top weighing up daycare vs returning to work.
Whether worth it working vs missing out those early milestones is a different matter altogether and is an individual choice eg. Seeing their first smile/first time saying mama or papa.

My career is still on the upward trajectory (financially and career progression wise) so would still need to be committed full time.

 

[maxsteel]

@christine7788 12 months maternity leave means you will not miss out on these. Options of part-time work for 12 months after that in most awards means a good balance can be had for many

 

[ocdandme]

@resjudicata Man we got so lucky I had so much leave balance cause of covid but when my kid went into daycare we/she was sick and unable to go to daycare at least everyfortnight

 

[christine7788]

@ocdandme Ain’t that the bloody truth! Daycare is a cesspool of germs.

 

[shaunmarsh007]

@christine7788 Live like you earn 40k less that what you are on

 

[planets]

@christine7788 Have a 12 month old and another on the way. We were DINK up until 30 without a care in the world.

Half way through the first pregnancy I asked for a 40% pay increase. I got it. We then sold off our "Fancy" for us house and have bought land to downgrade. It's worked well as there is no rush to go back to work for my Wife.

 

[berkeleytribe]

@christine7788 25 days a dad at the moment, can't say really. Taking 2 months LSL but will likely stay at home till September or November. Wife wants me off for 6 months which gives me the financial heebie jeebies, especially given we've got a land and construction loan coming up as well as an mortgage. We both have income coming in but expenses are up with all the baby related accoutrement. Only getting paid 38hrs on LSL when I normally bring in an income from 50hrs is a bit noticeable.

 

[chin]

@christine7788 The wake up every hour - we went through that with our 1st until she was 20mths. 10-15 times a night … every.bloody.night and then up at 5am like clock work!
Financially we had saved approx $30k to allow my wife to take a full year off whilst still managing to pay a modest mortgage