New - Trying to find some advice...

JKH2010

Hi!  I'm 24 and recently married.  My DH and I have both ALWAYS wanted to be parents so we're a bit anxious.  My issue--how can we afford a baby?  I know you can never really afford one, but between our mortgage and INSTENSE student loan bills (private schools), we barely have anything left over at the end of the month.  How do we fix this?  Right now, I can't even fathom how we will find extra money for monthly day care costs.  Any advice on how to work our budget?  I'd really like to start building a baby fund, but something always comes up.  And I can't ask friends because none of my friends are either a) dealing with both parents-to-be having significant debt or b) doing it completely on their own without the help of rich parents.  Any advice would be great--I just really want to bring the baby into a good environment and not constantly feel like we can't keep our heads above water.

Dr.Loretta

I would wait at least a year or 2 and aggressively pay down debt before TTC. It's one thing to have *some* debt and have a baby, but quite another to feel like you're barely treading water even without a child in the mix.

It may seem intimidating, but I would also suggest lurking and/or posting on the Money Matters board on the Nest. The ladies there are very helpful in giving advice on resources (books, websites) to look into, looking at a budget you post and showing where you can cut back, and giving advice on ways to focus on paying down your debt so you can do other things in your life.

GL

JKH2010

Thank you so much for the advice!  I have b een on the Money Matters board for a few hours "lurking".  I appreciate it

cburitz

Read "Total Money Makeover" by Dave Ramsey. And sit down and work out a budget... cut out the 'extras' like Starbucks, etc.

DH and I use cash for spending money.... anything leftover at the end of the week goes into our Vacation Fund. It's a motivator to both of us to not spend much because otherwise, we will not be taking a vacation next year!

MrsTank

cburitz:

Read "Total Money Makeover" by Dave Ramsey. And sit down and work out a budget... cut out the 'extras' like Starbucks, etc.

DH and I use cash for spending money.... anything leftover at the end of the week goes into our Vacation Fund. It's a motivator to both of us to not spend much because otherwise, we will not be taking a vacation next year!

 

This! Definitely this!!! DH and I were given this book as a wedding gift and it has helped us in sooooo many ways! GL