I have kids. A simple rule of thumb is you never have enough money for kids. So don't worry and live your life.
Be responsible. Make a budget. But don't delay having kids for money or you never will.
If you pay your loan payments what happens to your budget based on kids and or time off work for kids.
Pslf really helps out. Your income and payment go down based on maternity leave.
Thanks, we have a strict budget that we are adhering to but good idea with throwing a baby in and seeing what would have to change. I’ll have to do some research on average costs and stuff like that but I appreciate your comment.
Non finance advice here, but sometimes, life throws you a curveball and you end up not being able to have as many kids as you wanted. Financial wise advice, the most expensive years are the first 3 because daycare is an arm and a leg.
Is there a reason you need to save for a house now? I would just keep aggressively paying down the student debt while you start your family in the apartment, and worry about a house fund after that’s cleared. No reason you can’t have a kid in a 2 bed apartment.
Our area is going downhill and our building is being sold. After the next year rent will be raised significantly so if we have to pay more we’d rather be earning equity and move to an area that’s safer.
You may find these links helpful:
- [Student Loans](/r/personalfinance/wiki/studentloans)
- [Student Debt Relief Megathread](/r/personalfinance/comments/wxme1a/student_debt_relief_megathread/)
- ["How to handle $"](/r/personalfinance/wiki/commontopics)
- [Debt](/r/personalfinance/wiki/debt)
*I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/personalfinance) if you have any questions or concerns.*
If you're only talking a year, that's not too bad of a wait. If you're asking which way is better financially, obviously paying off loans and savin for a down payment is better. (Though if your loans have a low interest rate, like 3%, then not as important.)
But personal finance is personal to you and a large family is important to you. It might be better to start now in case there are issues, you'll have longer to figure it out. If your jobs are stable and your loans are manageable, then maybe start not worrying about not trying?
Have you looked at prices of baby stuff (big and daily items) and see if you can afford it along with your other bills?
Thanks for your comment, I have not begun looking at baby costs! But I will and see how that factors with our current budget.
The highest rate on his loans is 5%, currently doing the snowball method on our extra payments. Our jobs are stable in industries that are having increased demand so we feel confident in staying in our position.
If your marriage feels ready for kids, start having kids. I had my first at 29, second at 31. I’m very thankful! I recovered from pregnancy easily. We did not have fertility issues, but if we did starting at that point would have given us time.
I was still frugal and we met all our financial goals.
I’d try to have kids now. You’re never in the right spot, and you never know how long it will take and what will happen. You also have 9 months from the date of conception to get finances in order. Being pregnant isn’t expensive, and you’d be amazed what you get done under the pressure of a 9 month timeframe.
Never hold out. You will always find a reason not to start. But the joy is worth what happens in the next 18 years and beyond. What happens if you run into issues and it takes you 5-6years to get pregnant? Student loan debt will be there but you can always prolong that debt. I went back with a 2&4 yr old and finished at 25yrs old. Didn't plan on being divorced and single at 32 and fully supporting 2 children. But I managed to buy a newer home and pay student loans and a mortgage and raise 2 kids in competitive sports with zero support. Where there is a will there is a way. My 22 year old daughter is now driving my 2007 Honda til it dies. :-) don't wait.
Pay off the loan. It ultimately makes no difference if you are pregnant at 30 or 32 except for your financial situation. Kids are a blessing but also stressful. If you can minimize financial stressers you will enjoy the experience much more.
You’re still pretty young so, no reason to rush things unless there is a medical issue. There’s really no “right time” to have kids. That said, if you can have your financial house in order first that will avoid a lot of stress. Personally, I prefer to be in my home prior to pregnancy. We moved ~6 months after our 2nd was born and it was really tough. We also struggled a bit financially when my kids were little. You pile that on top of all that’s required when you have infants/toddlers…it takes a real toll.
You’re in a better spot than many who start families and I think you’d be ok.
The biggest consideration you didn’t touch on is returning to work. If there’s even a *chance* you’ll want to stay home I’d hold out for another year, pay off more debt, and build a true 6-9 month savings.
If you’re fairly confident you’ll return to work, know that daycare is by far and large the highest expense, especially for multiple kids, and it may very well hinder your ability to buy a home in the *near* future. Daycare exceeds mortgage for a shocking number of people (at least in my circle).
Thanks for bringing that up, I have no intention of staying home with the kids. I like my work, I have a hybrid schedule and so does my husband but I do plan on taking the full time allotted which does include a few weeks of unpaid time off. Our goal is to use our hybrid schedule so we have someone at home with the baby at all times and utilize in laws, but of course that could change if they are busy, etc etc. So you’re right it would be good to be prepared and have some extra $$ saved for that ready to go.
We started this way - I work hybrid and my husband works irregular hours/days (he’s not “shift” work).
We ultimately ended up doing daycare fulltime (well, 4 full days a week, anyway) as it was/is easier logistically and we want consistency for our toddler.
That may or may not be the case for you, but I wouldn’t discount needing/wanting childcare outside of the home/family at some point down the line and being prepared for the pricetag.
I’m getting into personal advice, but I also want to say good for you for wanting a career, too. I have always wanted both, and there are people who will try their hardest to make you feel guilty about it. Don’t let them. You got this!
Thank you :) yeah now the social media algorithm is showing. Me a lot of “mom” content and it seems like a lady can’t win. You’re either neglectful for working or lazy for staying home 😭
yeah before we start trying we will do some due diligence and see what the pricing of daycares and schools are in the area to see if we could afford it. Part of me thinks yes bc how much we are saving, we would just have to ease up on the gas for savings.
MCOL here. Daycare is at least 8k per kid for the 1st 5 years. then there is everything on top. My recommendation is to put money towards a home (at least a 3 bedroom) and a really nice trip for you guys. Your life will never be as free again after kids. Plan on making a home purchase after the year is up (unless you get another good price) and repeat. Start on kids at 30.
I have kids. A simple rule of thumb is you never have enough money for kids. So don't worry and live your life. Be responsible. Make a budget. But don't delay having kids for money or you never will. If you pay your loan payments what happens to your budget based on kids and or time off work for kids. Pslf really helps out. Your income and payment go down based on maternity leave.
Thanks, we have a strict budget that we are adhering to but good idea with throwing a baby in and seeing what would have to change. I’ll have to do some research on average costs and stuff like that but I appreciate your comment.
Non finance advice here, but sometimes, life throws you a curveball and you end up not being able to have as many kids as you wanted. Financial wise advice, the most expensive years are the first 3 because daycare is an arm and a leg.
Is there a reason you need to save for a house now? I would just keep aggressively paying down the student debt while you start your family in the apartment, and worry about a house fund after that’s cleared. No reason you can’t have a kid in a 2 bed apartment.
Our area is going downhill and our building is being sold. After the next year rent will be raised significantly so if we have to pay more we’d rather be earning equity and move to an area that’s safer.
You may find these links helpful: - [Student Loans](/r/personalfinance/wiki/studentloans) - [Student Debt Relief Megathread](/r/personalfinance/comments/wxme1a/student_debt_relief_megathread/) - ["How to handle $"](/r/personalfinance/wiki/commontopics) - [Debt](/r/personalfinance/wiki/debt) *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/personalfinance) if you have any questions or concerns.*
If you're only talking a year, that's not too bad of a wait. If you're asking which way is better financially, obviously paying off loans and savin for a down payment is better. (Though if your loans have a low interest rate, like 3%, then not as important.) But personal finance is personal to you and a large family is important to you. It might be better to start now in case there are issues, you'll have longer to figure it out. If your jobs are stable and your loans are manageable, then maybe start not worrying about not trying? Have you looked at prices of baby stuff (big and daily items) and see if you can afford it along with your other bills?
Thanks for your comment, I have not begun looking at baby costs! But I will and see how that factors with our current budget. The highest rate on his loans is 5%, currently doing the snowball method on our extra payments. Our jobs are stable in industries that are having increased demand so we feel confident in staying in our position.
If your marriage feels ready for kids, start having kids. I had my first at 29, second at 31. I’m very thankful! I recovered from pregnancy easily. We did not have fertility issues, but if we did starting at that point would have given us time. I was still frugal and we met all our financial goals.
I’d try to have kids now. You’re never in the right spot, and you never know how long it will take and what will happen. You also have 9 months from the date of conception to get finances in order. Being pregnant isn’t expensive, and you’d be amazed what you get done under the pressure of a 9 month timeframe.
Never hold out. You will always find a reason not to start. But the joy is worth what happens in the next 18 years and beyond. What happens if you run into issues and it takes you 5-6years to get pregnant? Student loan debt will be there but you can always prolong that debt. I went back with a 2&4 yr old and finished at 25yrs old. Didn't plan on being divorced and single at 32 and fully supporting 2 children. But I managed to buy a newer home and pay student loans and a mortgage and raise 2 kids in competitive sports with zero support. Where there is a will there is a way. My 22 year old daughter is now driving my 2007 Honda til it dies. :-) don't wait.
Pay off the loan. It ultimately makes no difference if you are pregnant at 30 or 32 except for your financial situation. Kids are a blessing but also stressful. If you can minimize financial stressers you will enjoy the experience much more.
You’re still pretty young so, no reason to rush things unless there is a medical issue. There’s really no “right time” to have kids. That said, if you can have your financial house in order first that will avoid a lot of stress. Personally, I prefer to be in my home prior to pregnancy. We moved ~6 months after our 2nd was born and it was really tough. We also struggled a bit financially when my kids were little. You pile that on top of all that’s required when you have infants/toddlers…it takes a real toll.
You’re in a better spot than many who start families and I think you’d be ok. The biggest consideration you didn’t touch on is returning to work. If there’s even a *chance* you’ll want to stay home I’d hold out for another year, pay off more debt, and build a true 6-9 month savings. If you’re fairly confident you’ll return to work, know that daycare is by far and large the highest expense, especially for multiple kids, and it may very well hinder your ability to buy a home in the *near* future. Daycare exceeds mortgage for a shocking number of people (at least in my circle).
Thanks for bringing that up, I have no intention of staying home with the kids. I like my work, I have a hybrid schedule and so does my husband but I do plan on taking the full time allotted which does include a few weeks of unpaid time off. Our goal is to use our hybrid schedule so we have someone at home with the baby at all times and utilize in laws, but of course that could change if they are busy, etc etc. So you’re right it would be good to be prepared and have some extra $$ saved for that ready to go.
We started this way - I work hybrid and my husband works irregular hours/days (he’s not “shift” work). We ultimately ended up doing daycare fulltime (well, 4 full days a week, anyway) as it was/is easier logistically and we want consistency for our toddler. That may or may not be the case for you, but I wouldn’t discount needing/wanting childcare outside of the home/family at some point down the line and being prepared for the pricetag. I’m getting into personal advice, but I also want to say good for you for wanting a career, too. I have always wanted both, and there are people who will try their hardest to make you feel guilty about it. Don’t let them. You got this!
Thank you :) yeah now the social media algorithm is showing. Me a lot of “mom” content and it seems like a lady can’t win. You’re either neglectful for working or lazy for staying home 😭 yeah before we start trying we will do some due diligence and see what the pricing of daycares and schools are in the area to see if we could afford it. Part of me thinks yes bc how much we are saving, we would just have to ease up on the gas for savings.
If you want kids, try to have kids! There’s no guarantee that it’ll happen in month one, so just adjust your living situation as life changes.
MCOL here. Daycare is at least 8k per kid for the 1st 5 years. then there is everything on top. My recommendation is to put money towards a home (at least a 3 bedroom) and a really nice trip for you guys. Your life will never be as free again after kids. Plan on making a home purchase after the year is up (unless you get another good price) and repeat. Start on kids at 30.