Can I afford to start a family?

moneyonmymind

Hi. thought this title was clearer as it basically asks what I want to know. Please read my thread 'cant stop thinking about money' as that says everything. I would really appreciate some advice from people who have done it.

Thanks

moozie_2

For ease of reference, this is the thread the original poster refers to: http://forums.moneysavingexpert.com/showthread.html?t=314254

Thought I'd post this as it may get confusing when the page moves - which happens a lot!

chocaholic110

Hi, I am really not one for advice. Luckily there are lots of clever people on here who are and they will be along soon.

Perhaps if you posted a SOA people could suggest ways to clear your debt faster. My debt was far higher than yours in August when I joined but have managed to cut it a lot thanks to help from here.


Also (and just my own opinion) - there will never be the right time to start a family - if you waited till you had enough money you might wait forever! Plus I don't think you mentioned your age -that could also be significant in your decision.

Anyway, just my ramblings. If you're looking to clear your debts you're in the right place. Hope to read more from you soon.

moozie_2

Right, I've read your other thread moneyonmymind.

First of all, welcome to the site :T Well done on dealing with your debts and now living within your means.

Secondly, it would help if you could post a statement of affairs - a list of all your incomings, outgoings, debts with APRs - and then we can look at making savings.

I have no children and they are not on the plan at the moment so I don't know how people manage but I do know that planning in advance, goes a long way

Good luck!

astonsmummy

From what i have read,
I would concentrate on trying to reduce your debt before starting a family, if as you say, you cant afford to give up work yet you cant afford nursery fees, does'nt that answer the question for you?
Having a baby can be stressfull and expensive, i think you should try and sort out other aspects in your life first, this probably sounds harsh but as a lone parent surviving on benefits at the mo i know exactly how hard and expensive it can be, the last thing you want to be worrying about is wheere the money will come from for the next lot of nappies.

savvykaz

Hi and welcome
I too would have to agree in reducing your debt before starting a family. We have one dd (aged 12) and just after she was born my husband went self-employed. The next two years were exceptionally hard money-wise - I returned to work part-time and my mum looked after dd, but we still struggled. Having a child adds a lot of extra pressures anyway without money being an issue, so get married and have a few years together first - BTW how old are you both? Young enough to wait 2 or 3 years?

CFC

I don't think that there is ever a 'right time' for children. You do need to factor in your age and if you and your partner are getting 'marginal' then you might need to go for it now if you want them. You can't buy children if you're too old but have plenty of money, after all.

Mrs_Sparkle

It depends on how old you are. I'm 30 weeks pregnant at the moment and take a look at my signature- I'm certainly not debt-free or anywhere near. But if I waited till I was debt-free I'd be in my late '30s and panicking about whether I was still able to conceive.

We need to see your SOA really before we can advise you. For example hubby and I both earn an above-average salary and can afford the mortgage payments, nursery fees and still keep up the debt payments. There won't be much room for luxuries though and my days of buying 3 pairs of shoes on a whim are definitely over. I've made lots of changes in preparation for the baby- cutting down our grocery bills and selling stuff on eBay. I've also bought loads of baby stuff second-hand (I LOVE eBay) and have been given other stuff so I haven't spent as much as I could have done kitting the baby out. I'm also building up a stock of cloth nappies so I don't have the cost of disposables to deal with.

No easy answer I'm afraid- kids are expensive and you need to work out whether you're ready to make the necessary sacrifices.

pollyanna24

We're in the same boat really, trying to decide if we can afford kids. We've been together 7 and a half years now, so think we wouldn't be rushing into anything.

Our problem is not debt (well it is really I suppose) just the mortgage is quite high cos we live near London. We are overpaying as much as we can and hope to be in a better position when we are 27 and 28 in a couple of years time.

gettingitsorted

I personally think money should not be a factor when think of starting a family. Its more to the fact when you are mentally ready. I would be quite happy to never have any money and die being in debt than not have my children. If you want a family go for it don't worry about money you will always find a way to get by.

pollyanna24

People always say you "get by" when you have kids and I believe we will when we decide to have them. Just want a couple of years of the mortgage under our belt before we have them. We would have kids in a shot, but 27 sounds like a good age me thinks.