Family planning: This is how much money you should have saved

Do you want to have children and are currently wondering how much money you should actually have in savings? Thoughts like these are part of it. After all, you want to make sure that you can do justice to your child financially.

But how high should the reserves be before I start family planning? You can find out more about it here.

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This is how much money you should have before you want to have children

In order to answer the question of how much money a couple should have saved before planning to have children, it is worth first taking a look at the costs that you will incur.

First and foremost is this which, depending on the situation, can be quite expensive. Especially in view of inflation and the high cost of living, the costs for baby cots, changing tables, baby monitors and clothing are not to be despised.

Seaan idealis currently the average cost of initial equipment for a child3.350 Euro. ThisThe amount should therefore be at least availablein order to be able to finance the initial equipment.

In any case, up to the age of 18, a tidy sum will be collected for the offspring. LoudFederal Statistical OfficeCouples with one child spent an average of 3,593 euros per month in 2018. Of this, 763 euros went to the child. This corresponds to around 21.2%. If you assume this average value, you would be around 165,000 euros by the age of 18.

More informationYou can find information on this topic here:

The average monthly expenses for a child are certainly a realistic value that should be taken into account. As life progresses, additional costs arise, for example for kindergarten, school materials, school trips, etc. Later there are expenses for hobbies, pocket money and/or expenses for a smartphone. The wishes don't get any cheaper either. Even though children may not cost that much in the early years of life, it can become even more so later on.

Expenses only up to the age of 18?

Of course, you should also take into account that you won't run out of expenses overnight once your child turns 18. Depending on the situation, the offspring will continue to live at home for a few years, study and may even need financial support in the first few years.

If parents earn too much, there is no BAföG, for example, and parents are obliged to finance their kids' initial education (source:Consumer advice center). You should definitely take all of this into account if you want to plan costs in the long term.

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If you go by the average ones21.2%, you should be sure that you have at least 1/5 of your net income leftto have enough money for the child. Of course, it is difficult to set a general amount here, as the expenses and costs are largely individual.

Child benefit and co.

The state also helps families financially so that they can support themselves. Families with children are entitled to parental allowance, child benefit, and depending on the case a child allowance, as well as benefits from the education and participation package, social benefit and maintenance advance. Which benefits you receive exactly depends on your individual life situation and income.

As a rule, you set aside around three to six net salaries in reserves as an emergency fund. Do you have this?At least an emergency fund has been saved and enough money for initial equipment, you are probably on the safe side. In any case, it makes sense to list your household income and expenses in detail and calculate how much money you need each month for your offspring.