42% of New Parents Have No Money
Page 1 of 2 12 LastLast
Results 1 to 15 of 30
  1. #1
    Registered User Contrary Housewife's Avatar
    Join Date
    Mar 2007
    Location
    Kansas City
    Posts
    7,934
    Post Thanks / WTG / Hug
    Blog Entries
    75
    Rep Power
    57

    Default 42% of New Parents Have No Money

    Stop trying to organize all of your family’s crap. If organization worked for you, you’d have rocked it by now. It’s time to ditch stuff and de-crapify your world.

    If you're not using the stuff in your home, get rid of it. You're not going to start using it more by shoving it into a closet.

    Use it up, Wear it out,
    Make it do, Or do without. ~unknown

    A clean house is a sign of a wasted life. ~unknown

  2. #2
    Super Moderator
    Join Date
    May 2008
    Location
    not here
    Posts
    4,574
    Post Thanks / WTG / Hug
    Rep Power
    57

    Default

    Not the least bit surprised. I've personally seen it.
    ~Russ

  3. #3
    Registered User CPA-Kim's Avatar
    Join Date
    Jun 2009
    Posts
    1,027
    Post Thanks / WTG / Hug
    Rep Power
    17

    Default

    It doesn't surprise me.
    Kim
    The Lord will provide

  4. Remove Advertisements
    FrugalVillage.com
    Advertisements
     

  5. #4
    Registered User photogal06's Avatar
    Join Date
    Oct 2008
    Location
    Halfway between the Wolverines and the Spartans
    Posts
    432
    Post Thanks / WTG / Hug
    Rep Power
    14

    Default

    Doesn't surprise me at all...15 years ago, I was one of them. We had two very healthy incomes and less than $1000 saved when our dd was born. It wasn't the end of the world, and we're doing quite well now. I think for some of us, children are the incentive we need to start saving.

  6. #5
    Registered User
    Join Date
    Nov 2009
    Posts
    13,931
    Post Thanks / WTG / Hug
    Blog Entries
    25
    Rep Power
    87

    Default

    well,my kids are adults but we didnt save anything back then. There was no 5 yr. plan and emergency fund talk. You had a baby shower to help you along and the health ins. paid most of the bill. I doubt we had $500. the whole time we were having kids. It worked out.
    I am a little suprised people dont plan a little more today though.

  7. #6
    Registered User Spirit Deer's Avatar
    Join Date
    Feb 2009
    Location
    Boundary Waters, Minnesota
    Posts
    18,626
    Post Thanks / WTG / Hug
    Rep Power
    86

    Default

    People in prime child-bearing years are not usually at the top of the pay scale because they haven't had years to climb up the ladder at their jobs. So it makes sense to me that they won't have much money put away, especially if they have student loan debts or a new mortgage. They also might not have amassed the everyday things in life that middle agers often have, simple stuff like the equipment for a well-outfitted kitchen or furniture or a car, so they're spending on things they need.

    Lots of babies are also unplanned, no matter how good people's intentions may be or how much they try to delay things.

  8. #7
    Registered User Zoolook's Avatar
    Join Date
    Dec 2013
    Location
    NYC
    Posts
    125
    Post Thanks / WTG / Hug
    Rep Power
    8

    Default

    It isn't at all surprising, and there is a lot going into the mix here. If you think about it, the majority of new parents are between 20 and 35, and it's probably a fact that in general, a lot of people in that age-range have little or no savings regardless whether they're new parents or not.

    When you add in the traditional advice; go to college (debts), buy a house (debt), make a nice home for your kids (debt), don't rely on your parents too much and (if you're from a very conservative or religious background) don't do any family planning, this is inevitable.

  9. #8
    Registered User
    Join Date
    Aug 2009
    Posts
    533
    Post Thanks / WTG / Hug
    Rep Power
    13

    Default

    Back in the day when we had our kids we were in the same boat. Had enough money to pay the bills and buy food and not much else. Some things never change and that is a shame.

  10. #9
    Registered User brenda67's Avatar
    Join Date
    Feb 2005
    Location
    paradise
    Age
    52
    Posts
    3,478
    Post Thanks / WTG / Hug
    Blog Entries
    1
    Rep Power
    27

    Default

    Why would that surprise anyone? EVERYTHING is so expensive in general then add kids in the mix even being frugal only goes so far.
    Wife to Keith
    Mom of 3 boys

  11. #10
    Registered User nodmicks's Avatar
    Join Date
    Sep 2004
    Posts
    6,988
    Post Thanks / WTG / Hug
    Rep Power
    44

    Default

    We had no savings when we had the first child in 1993. We were busy trying to just pay, the rent and buy baby stuff. We never thought a thing of it back then.

  12. #11
    Registered User CPA-Kim's Avatar
    Join Date
    Jun 2009
    Posts
    1,027
    Post Thanks / WTG / Hug
    Rep Power
    17

    Default

    I reflected on this post a bit because I have no children. When I was in my 20s and even into my 30s, I felt invincible. I went to college full time and worked full time as well as had an active social life that included travel. I remember "needing" only 5-6 hours sleep. My body felt great. The last thing I thought about was having huge amounts of cash on hand. Back then I made choices that I would not have made today, or even in my 40s. Fortunately, I landed a job with short- and long-term disability, a pension, and a decent wage. Even with this great job and benefits, an accident in 2000 left me partially disabled and with chronic health conditions. Our "good health insurance" denied my claims from Mayo Clinic and I ended up cleaning out my 403b. In retrospect, I should have declared bankruptcy. Had I know in my 20s what I found out in my 40s, I would have been more frugal. I would have made better choices in my day-to-day living.

    So I do understand. Maybe having a child would have changed my decisions; maybe not.

    I do see many young people changing. My nephew lives on half of his income and his wife works three days a week. They have a baby. They save a lot and they are in their mid-20s. They "get it." Some of my students "get it"; some do not.

    The collective knowledge and experience that I have found on this forum has inspired me to recommend it to my students. It's not enough to have the education and credentials. You must be committed to integrate it into your financial life.
    Kim
    The Lord will provide

  13. #12
    Registered User LynnLC's Avatar
    Join Date
    Apr 2007
    Posts
    1,009
    Post Thanks / WTG / Hug
    Rep Power
    22

    Default

    Some adults still dont have savings & rely on elderly parents for things. Its insane.

  14. #13
    Registered User eofelis's Avatar
    Join Date
    May 2007
    Location
    Colorado
    Posts
    182
    Post Thanks / WTG / Hug
    Rep Power
    13

    Default

    I'm on a local Freecycle page on FB. I often see posts from young women asking for this or that, saying they are pregnant and have no money, and asking "can you deliver it to me as I have no transportation either". I cringe a bit at all this but I don't know their real story.

  15. #14
    Registered User Lora88's Avatar
    Join Date
    Dec 2007
    Location
    new jersey
    Posts
    1,030
    Post Thanks / WTG / Hug
    Blog Entries
    1
    Rep Power
    20

    Default

    Since I know many middle aged adults who dont have 1000 dollars I am not surprised at all. I think its a very sad state of affairs when people allow themselves to get into these situations.

  16. #15
    Registered User josantoro's Avatar
    Join Date
    Dec 2011
    Location
    Vermont
    Posts
    1,698
    Post Thanks / WTG / Hug
    Rep Power
    16

    Default

    It's too bad there isn't something that people could take where they could prevent births until they were ready for a baby. Maybe someone could invent it, call it "birth control" or something like that. /s

Page 1 of 2 12 LastLast

Similar Threads

  1. Telling your parents they are wrong about money hurts.....
    By VictoriasImage in forum Debt Reduction & Money Management
    Replies: 17
    Last Post: 04-20-2013, 06:32 PM
  2. sibling joint ownership of parents house - life use for parents question - long story
    By frugal is fun in forum Debt Reduction & Money Management
    Replies: 14
    Last Post: 03-18-2013, 12:12 PM
  3. Replies: 2
    Last Post: 01-15-2006, 04:58 PM
  4. New parents' top 10 money mistakes
    By SHOPGIRL in forum Debt Reduction & Money Management
    Replies: 4
    Last Post: 01-09-2006, 01:17 AM

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •