Debt and a baby

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  • jbkmum
    jbkmum Posts: 293 Forumite
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    I currently am not worrying about money, I've totally curtailed my habits - the debt wasn't due to not being able to afford to live but rather to a disgusting throwaway-consumerist lifestyle.

    The last few months have been life changing!

    I wouldn't have a child with 50k, but could consider it at 25k. We actually have kept every single item of clothing from our son, and the cot - there isn't much we'd need other than a new cot mattress, bedding and bottles.

    It would put a strain on our finances so its not something I want to do with such a high level of debt, was interested in other opinions because my husband is so keen on it
    £5000 left to pay on credit cards, down from 40k!!
  • Red-Squirrel_2
    Red-Squirrel_2 Posts: 4,341 Forumite
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    jbkmum wrote: »
    I currently am not worrying about money, I've totally curtailed my habits - the debt wasn't due to not being able to afford to live but rather to a disgusting throwaway-consumerist lifestyle.

    The last few months have been life changing!

    I wouldn't have a child with 50k, but could consider it at 25k. We actually have kept every single item of clothing from our son, and the cot - there isn't much we'd need other than a new cot mattress, bedding and bottles.

    It would put a strain on our finances so its not something I want to do with such a high level of debt, was interested in other opinions because my husband is so keen on it

    The age gap with your first child is worth thinking about, although they can be close even they aren't close in age, some things are easier if they are more similar in age/development etc.
  • enthusiasticsaver
    enthusiasticsaver Posts: 15,595 Ambassador
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    I think if you have accumulated that amount of debt with just one child you should wait. Even the monthly repayments would be enough to wipe out SMP and childcare costs are expensive. How old are you and how old is your first child?
    I’m a Forum Ambassador and I support the Forum Team on the Debt free Wannabe, Budgeting and Banking and Savings and Investment boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.
  • Anna1664
    Anna1664 Posts: 15 Forumite
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    Forget the debt and ask yourself whether you want another baby and whether you want it just 'yet' or whether you'd prefer to wait - nothing else matters much (apart from age.....and health...and how fertile you are....)
  • motorguy
    motorguy Posts: 22,477 Forumite
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    Anna1664 wrote: »
    Forget the debt and ask yourself whether you want another baby and whether you want it just 'yet' or whether you'd prefer to wait - nothing else matters much (apart from age.....and health...and how fertile you are....)

    Now that view scares me.... :eek:
  • frugalwin
    frugalwin Posts: 12 Forumite
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    If I were £50k in debt, I wouldn’t just wait to have a second child, I would forget about having a second child altogether. If the situation changed in the coming years, I’d revisit it, but in the meantime figure out how to be happy with what I’ve got (and how to get out of debt).

    Sorry, I hope this is helpful rather than just upsetting.
  • Red-Squirrel_2
    Red-Squirrel_2 Posts: 4,341 Forumite
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    frugalwin wrote: »
    If I were £50k in debt, I wouldn’t just wait to have a second child, I would forget about having a second child altogether. If the situation changed in the coming years, I’d revisit it, but in the meantime figure out how to be happy with what I’ve got (and how to get out of debt).

    Sorry, I hope this is helpful rather than just upsetting.

    Would you count mortgage and student loan debt? Because loads of people couldn’t have children by that standard!
  • Fireflyaway
    Fireflyaway Posts: 2,766 Forumite
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    I don't think the amount of debt is necessarily the problem, rather how it impacts you. If you have lots of debt but a big income then it's not so worrying as a medium debt with a small income. Is it just there in the back of your mind or do you ever find yourself with no money or unable to pay a bill?
    I'd do an accurate income and expenditure. Look ahead as well. Will you have 2 lots of childcare bills? Will both of you work etc?
    Having debt wouldn't stop me having a child unless I was in a really desperate situation ( in temporary accommodation or unable to always have the lights on or buy food).
    The essential thing for me would be to have an emergency fund ready. Protect yourselves.
    In short so long as you can get by I'd have a baby and carry on with the paying off debt.
  • Beckyy
    Beckyy Posts: 2,830 Forumite
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    I think it's a grey area. It depends how much debt, what kind, and if paying it without causing significant financial pressure will still be manageable with another child.
  • AnotherJoe
    AnotherJoe Posts: 19,622 Forumite
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    jbkmum wrote: »
    Would you wait til you were debt free to have a second child?
    I want to wait, husband doesn't.

    Debt: £52,418.66 Actual Paid: £359.52


    You'd have to wait 146 years.
    So waiting is not really an option. Are you planning to go bankrupt?
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