Baby vs. Debt

Penpop · 11 September 2008 at 9:41AM

Hi,

I'm a newbie here so hello everyone.

As the title suggests: Should I wait for OH debt to be cleared before we start planning for a family? We have been together 3 years, and living together for 2. He owes £5,500 on 3 credit cards (2 of which are 0% and will be cleared in about 12 months) and 1 loan (should be cleared in about 6 months). In total he pays approx £460 p/month on this. I have 1 credit card with a balance of £475, which again is on 0% card and I am paying £45 a month, making it cleared in 10 months time. Another thing is I have car finance which is £184.10 p/month also which has 3 years left.

We are currently renting and pay £500 p/month - everything included. But due to reasons we will looking for somewhere else in about 6 months time.

So my question is really should we wait to start trying until the debts are cleared? or should we start now as if i were to get pregnant straight away most of the debt would be cleared by then anyway?

What have other people done?

Thanks in advance

Hell_Dans_Un_Handcart · 11 September 2008 at 9:55AM

Going on maternity leave is a strain on anybody's finances. If your debt will be cleared in a year, I'd suggest waiting six months or so before you start trying for a baby. Having children is stressful and if you can do anything to make it easier - such as making your financial situation more comfortable - then I would do so in a heartbeat.

mell242 · 11 September 2008 at 10:07AM

Ideally it would be best not to have any debts at all but do bear in mind that it can take time to get pregnant! Then you have 9 months of actually being pregnant whilst still working for 7/8 months of that time and still being able to pay off debts.
It's not something that you can time perfectly really.
You say that you are going to be looking for a new place to live in 6 months. Why don't you wait until then and see how much you'll be paying for that first?
Good luck with whatever you decide though

tinypawz · 11 September 2008 at 10:12AM

I always say 'must do' is a great master!

It is unlikely that you'll (plura -

) get pregant immediately, so you'll have an extra time cushion.

Soon after the baby is born, you and your oh will barely leave the house, you'll be so amazed by this wee person that you created.

Also don't forget most employers pay a portion of maternity leave on full pay, you'll also start getting Tax Credits and child benefit.

After saying all this, you MUST do what you feel comfortable with.

Good Luck and keep us updated....we really are a friendly bunch.

also try www.mumsnet.com and www.netmums.com for all things baby!

Oldernotwiser · 11 September 2008 at 10:15AM

Surely it's not just a question of getting out of debt, but of getting some savings behind you? It's also a bit worrying that you're thinking about this without knowing where you'll be living after the baby's born. I'd wait until you have a secure place to live and a couple of thousand in the bank before you start thinking about this, by your information this should only take a year.

ginvzt · 11 September 2008 at 10:40AM

Oldernotwiser wrote: »

Surely it's not just a question of getting out of debt, but of getting some savings behind you? It's also a bit worrying that you're thinking about this without knowing where you'll be living after the baby's born. I'd wait until you have a secure place to live and a couple of thousand in the bank before you start thinking about this, by your information this should only take a year.

I don't agree with the part about having to secure the place to live. We are renting at the moment and we are trying for a baby. We have been trying for almost a year. In that time, we changed jobs, sold our house and moved to completely new are where we are renting. We could buy a house, but haven't found one and we are not going to rush and buy something just because we are trying for a baby. You have 9 months of pregnancy to move somewhere more suitable, although I think that is it best not to leave till the last days. We wouldn't be able to live where we are now if we had a baby, just due to the lack of space. We would just rent somewhere more suitable or, if a suitable house comes up, buy.

One thing to consider is can you live on one salary, your OH's? Don't count on employer paying you full pay during the maternity leave, as if you don't come back (for whatever reasons) you will need to pay it back, most likely.

Penpop · 11 September 2008 at 10:47AM

Thank you. I agree with the last comment of not having to have a home secured as you have 9 months to think about that. After OH debts are out the way I would say that yes we could live on his wage but I def would be returning to work after the baby was about 7 months and SIL has agreed that, seeings she doesnt work and has just had a baby herself, that she would be more than happy to take care of baby during the day whilst we work, we both work for my fathers business. I realise that I may change my mind by the time it comes down to it but these are my thoughts at the moment.

Oldernotwiser · 11 September 2008 at 11:00AM

ginvzt wrote: »

I don't agree with the part about having to secure the place to live. We are renting at the moment and we are trying for a baby. We have been trying for almost a year. In that time, we changed jobs, sold our house and moved to completely new are where we are renting. We could buy a house, but haven't found one and we are not going to rush and buy something just because we are trying for a baby. You have 9 months of pregnancy to move somewhere more suitable, although I think that is it best not to leave till the last days. We wouldn't be able to live where we are now if we had a baby, just due to the lack of space. We would just rent somewhere more suitable or, if a suitable house comes up, buy.

One thing to consider is can you live on one salary, your OH's? Don't count on employer paying you full pay during the maternity leave, as if you don't come back (for whatever reasons) you will need to pay it back, most likely.

By "secure" I didn't necessarily mean buying; the OP said they'd have to move in 6 months and I felt they'd be better waiting until they'd found something suitable for a family, with a reasonable chance of a longish tenancy agreement. This would also mean that they'd know how much rent they'd be paying out which would help the post baby budgeting.

mell242 · 11 September 2008 at 11:09AM

I too think that you should wait until you know where you will be living. We are currently renting our property and as I said previously we are expecting in a few weeks. I don't think there is a need to own your own home either in order to start a family. We are at least £500 per month better off renting than paying a mortgage every month. I would rather have more disposal income to support my family than be struggling to get by just so that I can say I own a home.

ginvzt · 11 September 2008 at 11:18AM

I didn't say you have to buy a house. I merely said, that if we were expecting a baby we would simply rent something bigger. But, if the right house comes a long we do have an option of buying as well.

Penpop · 11 September 2008 at 11:28AM

Thank you everyone, just to clarify - the debts are OH's, he would still be working full time to cover this, and my card would be clear by the time anyway and with my car finance I would be able to keep up with payments for that during maternity leave.

Baby vs. Debt

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