How much on money speny on baby is too much
Hi, recently we had a baby girl 👶 and are ovet the moon and enjoying our early parenthood.
I have noticed that we have been a lot of money on things (toys, dresses, accessories etc..) ~1lakh till now.. 20k for clothes, other accessories ~70k (crib, car seat, stroller, dining chair, baby carrier, breast pumps etc etc..) during these initial days..
All products in baby category are super expensive (talk about muslin clothes) and kids quickly outgrow them, making them irrelevant (our daughter is just 20days old and whatever the rompers we got for newborn is already to tight for her).
How do you convince your wife that something is too expensive and not worth to buy? Whenever I have given hints on this, she mentions that you spend money on this and that and we shouldn't "kanjoos" when it comes to baby👶.. My wife is not ready to buy second hand items or use items from relatives (at least things like accessories not clothes).
I can easily afford all this (>1cr CTC), but when do I start things about spending excessively?
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Inflation is a bitch. You will need more money down the line for education and other expenses. Best to be conservative. You never know when calamities unfold.
I hope you have a decent sized emergency fund at least.
you’re earning more than 1cr and spent just 1L on your child and think thats too much? Would you be asking this question when buying a 35L car? That one day its not gonna be used anymore so lets just buyan i20. Why in the world you wanna buy 2nd hand items when you are earning 1cr! Firstly in new born babies risk of infection is too high. What do you wanna do with all your money if not give the ammenities to your kids. 1L is nothing, I have seen people spend that much in one go on a birthday party. One day everyone is gonna die and all the money that one keeps saving will be used by others.
I think many of the items are of luxury and not a necessity. Can easily save money. (We kind three types of breast pumps: hand pump, simple electric for dual side and a hands free one. ~10k in total. You see the point?)
Both of us are born in middle-class family. I also worry that, when we go to her parents' home after few days, she may keep same expectations and my in laws aren't that rich and they are too proud to let me pay.
Wait till she gets to pre school and school.
It’s just 20 days . You have become a parent ! and for a mother it is bound to happen. (Especially if you spent lavishly pre kid as well).
What are you earning for if not this.
But yes, maybe buy 1-2 sizes bigger to fit for next few months of that helps.
We always planned for two kids.. hope we can preserve and get to most of the items for 3-4yrs and use it for next baby 👶!
Congratulations!
How have you not signed her up for JEE/NEET coaching yet! Don't delay, you're late as it is /s
On a serious note, do check the item qualities, a lot of these are way overpriced, and designed to not last very long. Loose, long lasting clothing over a fancy looking use-and-throw one, well, unless she's already an "influencer" on socials.
Check this article - Dated but i found useful - https://www.adityabirlacapital.com/abc-of-money/how-much-does-it-cost-to-raise-a-child-in-india#10
When we were blessed with a son, gifts came pouring in from friends and families. Mostly, these gifts are sufficient to last a couple of years. We for one did not buy a single cloth or toy for my son till he was like 1.5 years old. I shared your wife’s enthusiasm as well but my wife convinced me that a lot of these purchases are unnecessary. We did buy first hand essentials like car seat and breast pump but these are one time expenses and should not be bought second hand. We also got hand me downs from my / wife’s nephews, no shame in doing this first few months when that baby is growing like anything.
In hindsight, all those clothes and toys that we got as gifts are now just taking up space. We could have done with lesser. I would say spend well on the items that will last like a stroller, crib, car seat, etc. The remaining can be moderately managed.
You should know that a baby is crazy expensive and the love towards it and giving it the best drives you forward. Please stop being a miser and give your girl the best you can!
Congratulation! And shut up, ur CTC is 1cr. Listen to the wife and spend money on the baby