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  • FIRST POST
    • jbkmum
    • By jbkmum 30th Oct 18, 9:00 AM
    • 88Posts
    • 214Thanks
    jbkmum
    Debt and a baby
    • #1
    • 30th Oct 18, 9:00 AM
    Debt and a baby 30th Oct 18 at 9:00 AM
    Would you wait til you were debt free to have a second child?
    I want to wait, husband doesn't.
    Last edited by jbkmum; 30-10-2018 at 9:11 AM.
    Debt: £52,418.66 Actual Paid: £359.52
    Savings Target £1000 Actual Saved: £0
    My diary in Debt Free Diaries: £50k to £0
Page 2
    • AnotherJoe
    • By AnotherJoe 7th Nov 18, 11:23 PM
    • 11,444 Posts
    • 13,211 Thanks
    AnotherJoe
    Would you wait til you were debt free to have a second child?
    I want to wait, husband doesn't.
    Originally posted by jbkmum

    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?
    Please dont criticise my spelling. It's excellent. Its my typing that's bad.
    • motorguy
    • By motorguy 8th Nov 18, 8:20 AM
    • 17,849 Posts
    • 10,887 Thanks
    motorguy
    Would you count mortgage and student loan debt? Because loads of people couldn’t have children by that standard!
    Originally posted by Red-Squirrel
    A mortgage is debt against an asset. We all need somewhere to live.

    If the O/P has £50,000 of unsecured debt then IMHO they need to be addressing that rather than making the problem infinitely worse by having another child.
    "We have normality. I repeat, we have normality. Anything you still can't cope with is therefore your own problem."
    • motorguy
    • By motorguy 8th Nov 18, 8:24 AM
    • 17,849 Posts
    • 10,887 Thanks
    motorguy
    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.
    Originally posted by Fireflyaway
    If thats £50,000 of unmanaged high interest debt then i dont care if the O/P is on £150,000 a year, thats a severe problem thats going to take years to bottom out.

    If its £50,000 because its home improvement loans, or a student loan or £50,000 of a mortgage against a £100,000 house then i agree with out.

    A baby for most generally means 6 months to a year with a reduced or no second income = adding to the debt problem and a very expensive child to rear = adding to the debt problem.

    I think the O/P is right to be cautious.
    "We have normality. I repeat, we have normality. Anything you still can't cope with is therefore your own problem."
    • AnotherJoe
    • By AnotherJoe 8th Nov 18, 9:09 AM
    • 11,444 Posts
    • 13,211 Thanks
    AnotherJoe
    If thats £50,000 of unmanaged high interest debt then i dont care if the O/P is on £150,000 a year, thats a severe problem thats going to take years to bottom out.

    If its £50,000 because its home improvement loans, or a student loan or £50,000 of a mortgage against a £100,000 house then i agree with out.

    A baby for most generally means 6 months to a year with a reduced or no second income = adding to the debt problem and a very expensive child to rear = adding to the debt problem.

    I think the O/P is right to be cautious.
    Originally posted by motorguy
    It can't be the latter or they would have paid a lot more than £359 off it in a year.
    Please dont criticise my spelling. It's excellent. Its my typing that's bad.
    • andrewf75
    • By andrewf75 8th Nov 18, 2:42 PM
    • 8,165 Posts
    • 14,010 Thanks
    andrewf75
    Assuming you’re not very high earners who will be able to get on top of the debt quickly, I wouldn’t have the second child.
    • frugalwin
    • By frugalwin 8th Nov 18, 9:30 PM
    • 7 Posts
    • 8 Thanks
    frugalwin
    Would you count mortgage and student loan debt? Because loads of people couldn’t have children by that standard!
    Originally posted by Red-Squirrel
    A mortgage, no. Having a mortgage on a house is unlikely to result in a negative net worth in the same way as consumer debt. It's secured against an asset that is (hopefully) worth more than it, and the monthly payment replaces rent (which would probably be higher). I didn't expect I'd have to clarify this, but thanks for pointing it out.

    Student loan debt, again, no. It isn't really a debt, it's more like a extra tax on earnings over a certain threshold. When conventional wisdom is to not attempt to pay it off quicker than you absolutely have to, it's clearly not being treated like a normal debt. Again, thank you for bringing this up.

    I believe the OP is in the position of being in about £50k of unsecured consumer debt, which needs to be repaid regardless of her situation. In my opinion, considering another child is absolute madness.
    Last edited by frugalwin; 08-11-2018 at 9:36 PM. Reason: Clarification, grammar
    • Primrose
    • By Primrose 10th Nov 18, 12:57 PM
    • 8,404 Posts
    • 29,530 Thanks
    Primrose
    I thought the whole point of becoming a parent was to bring up a child in a stable and secure environment.
    I cannot imagine what is possessing your husband to think that bringing a second child into a marriage where you are already £50,000 in debt is to be giving it a good start. Your current child is already in jeopardy of losing a secure environment if sudden illness or redundancy were to overtake you.

    Immediate gratification of your desires is one thing if you can afford it but clearly you are not in this position and it will likely be some time before you have eliminated your debt, however it was caused.

    Will you really be able to sleep securely at night owing all this money having brought a second child into the world?
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