The Baby Buffer: Most Couples Won’t Start a Family Until They Have Money In The Bank

We all know that babies are expensive and some new research today has revealed that typical parents-to-be usually have a ‘baby buffer’ of around €3,000 in the bank in order to help them cope when their bundle of joy arrives.

The research, which was carried out by Aldermore Bank, revealed that most of the money that is set aside is spent on buggies, cots and car seats. The rest provides a cushion for the potential loss of mammy’s earnings, if she was working before she gave birth.

The study also revealed that one in every two couples believe it’s super-important to start saving before you even think about having a baby. 48 per cent of the couples who were questioned as part of the study said they had set a financial figure that they wanted to reach before they even started trying for a baby.

But that’s not all. A quarter of expectant parents even set up a savings account for their new child before it arrives, so their college fund gets on track as early as possible.

“It is a wise move to start thinking about saving before you start to plan a family but it’s not always possible. The cost of having a baby can be a shock to the system, particularly the first time around,” said Simon Healy, a spokesman for Aldermore Bank.

“Not only do you have to consider the expense of baby equipment such as bugges, cots and all the other paraphernalia but you need to consider earning less whilst on maternity or paternity leave and even childcare costs if you are planning on going back to work,” he added.

"I'm going to cost you SO much money!"

A quarter of expectant mothers admitted that they had saved in secret before their child as born so they had their own baby buffer in place. Of that number 42 per cent said that they didn’t want to have to go ‘cap-in-hand’ to their partner while they were on a smaller salary. A further 27 per cent said that they used the money to treat themselves to small luxuries like haircuts and beauty treatments.

94 per cent of the couples survey also admitted that they had help from the bank of granny and grandad when their first child was born.

“It’s great that grandparents are helping out with some of the expense that a new baby can bring,” said Mr Healy.

“It was refreshing that rather than splurging the money on high-tech baby equipment, many respondents were simply wating some money behind them as a safety net,” he added.

What do you think? Did you have a baby buffer before your first child was born? Are you currently in the process of saving so you can start a family?