Do you consider yourself financially ready?

SleepingBeauty79 · January 2014

Did you TTC if you had credit card and student loan debt?

stina76 · January 2014

Honestly I don't think I will ever feel financially ready! I think I will always have worries about retirement/college expenses, etc. I really think that is why we waited so long to have kids. I really wanted to try to make sure we could maintain our current lifestyle post-baby (not that ours is an extravagant lifestyle by any means, hehe!!) And I don't know many people who don't have student loans! There are always going to be people who have it way easier financially and others that have it way harder. I think we just have to do the best we can! : )

Beachgal72 · January 2014

Oh we are as financially ready as we will ever be. It did delay us for a time because both DH and I work for ourselves and had to feel financially established, but we finally decided there is no such thing as the "perfect" time. And we do have credit card debt and a mortgage.

rae_dylanzmom · January 2014

My thoughts are that there are lots of people who live their lives carrying debt. By your measures, we are in good shape. That said, my DH started a new business last year and it is going well, but not thriving like we expected it to be doing by now. So by that measure, I'm not very comfortable.

Financial security means different things to different people (retirement accounts? savings? life insurance?). For us, life insurance was something we never had.... and it's been a relief for me having it in place. (It took until our DS was 2.5, so I'm not bragging about it.)

Great topic!

DTNZ4Ever · January 2014

We are more financially ready this time around then with DS. We will be credit card bill free by May of this year. DS2 will be born in March and won't start DC until June so we will be able to afford 2 in DC and keep DS1 at our center for before and after care this fall when he starts kindergarten which we both felt was best.

We both have student loans, mortgage, car payments but we will be able to start saving a lot more once May hits. We want to move and actually have a back up fund.

roxyu · January 2014

We waited to have #3 until now to time it with DD#1 being in free Pre-K. We would not be able to afford 3 in daycare, well we could but we would eat ramen noodles for lunch and dinner every day! I told my husband that having our family is way more important than extravagant vacations and fine dining.

kelley72 · January 2014

No I don't... my dh has been out of work for almost 8 months due to health concerns. He may not be able to go back we are uncertain at this point. You can plan and prepare and then life happens... We have all of what we need, some of what we'd like so we are ok. Best wishes for you in your journey

All I know is when I'm on my deathbed I will not regret having a child

lizok22 · January 2014

We waited so long for this reason. first we needed to save to get married. then we got married. then we saved to buy a house. then we decorated/fxed up the house. then we tried for the baby. but apparently i am in the minority because people on my baby board are very young, just out of college, just married, tons of debt and seem to have no worries!

MommyAtty · January 2014

lizok22 said:

We waited so long for this reason. first we needed to save to get married. then we got married. then we saved to buy a house. then we decorated/fxed up the house. then we tried for the baby. but apparently i am in the minority because people on my baby board are very young, just out of college, just married, tons of debt and seem to have no worries!

Us too! We were married 15 years before having our first baby. And we are odd in our families. Both of us have nieces and nephews whose kids are older than ours. They think we are nuts for waiting and being "old". We think they are nuts for having kids before they are educated, can provide at least basics, and not have to rely on the kindness of others. That being said, I'm terrified of being poor, so I never feel completely secure or financially ready.

ladylisalt · January 2014

I feel like when #2 comes this summer we will have to buckle down a bit. Vacations will def. be on hold. We have been fortunate enough to pay for ft daycare for DS and still live within our comforts. Now 2 in ft daycare at $2400 a mos. makes me more nervous. I would of waited a little longer to stretch #2 out but didn't know how long it would take us so I took the chance. The benefit is that my children will be closer in age.

I was fortunate enough to pay off student loan last year(took me 10 years) but now have a car payment for several years. We have a mortgage, high insur. due to living in the city, etc. but like many posters said, its difficult to ever be ready. I am also a believer that you should have children but not have too many if you can't afford it and by that I mean, you will need hand-outs etc. I see it a lot within family and community so that's why I am opinionated. Sorry, if I sound crass, just throwing my 2 cents in.

desertmouse39 · February 2014

We were aware of our financial situation before getting pregnant the first time - made it a point to pay off credit card debt, started working within an actual monthly budget, but we also bought a house and I have tons of students loan debt, so... we weren't sitting on piles of money but we did feel prepared. Unfortunately, my husband has been working to get a new business grown and sold and this has been a real roller coaster and we are not where we had hoped to be, income-wise, given the ups and downs of a start up. I'm expecting #2 at the end of March and we are sweating the $$ a little bit more this time around.

Agreeing with everyone else, waiting until you are perfectly ready might postpone ever having children and so, if you want a family, at some point you have to close your eyes and jump. Children don't need designer clothes, private schools and groceries only purchased at Whole Foods. They need love, stability, safety, clothing, food and shelter and all the love you've got to give.

:x

ladylisalt · February 2014

desertmouse39 said:

We were aware of our financial situation before getting pregnant the first time - made it a point to pay off credit card debt, started working within an actual monthly budget, but we also bought a house and I have tons of students loan debt, so... we weren't sitting on piles of money but we did feel prepared. Unfortunately, my husband has been working to get a new business grown and sold and this has been a real roller coaster and we are not where we had hoped to be, income-wise, given the ups and downs of a start up. I'm expecting #2 at the end of March and we are sweating the $$ a little bit more this time around.

Agreeing with everyone else, waiting until you are perfectly ready might postpone ever having children and so, if you want a family, at some point you have to close your eyes and jump. Children don't need designer clothes, private schools and groceries only purchased at Whole Foods. They need love, stability, safety, clothing, food and shelter and all the love you've got to give.
:x

Last paragraph is well said!

MrsL2B · February 2014

No, we're definitely not financially ready. The recession was not kind to us. But we've seen so many friends with so much less manage, so we figure if they're doing ok, will be ok too.

dragonfly711 · February 2014

Nope, with me having over $100,000 in student loans we will never be ready but I will be 40 next week and hubby 42 2 weeks after so we need to get going since we will probably only have one little one.

ChrisB · February 2014

Nope! I don't think we will ever be financially ready to have a baby. We'll make it through just fine..just like everyone else

olenkapdx · February 2014

I am actually in the worst financial shape of my life right now. I am making half the money I used to make and SO makes 1/3 of the money he used to make. I left my last job, as lucrative as it was, because it required travel 2 weeks of every month and I knew there was no way I could do that and have a child. Life is a trade off I guess! We will be fine.

dragonfly711 · February 2014

I will be 40 next Saturday and hubby will be 42 at the end of Feb. I have over 100,000 in student loans that I can't pay since the job I am at pays nothing. If I wait to have that paid off I would be dead before I had a baby.

That being said, we will make due. Hubby does not have any student loan debt. I even went back to school to become a teacher thinking I would be making more $$$$. Nope, I make about the same as I was a being a veterinary technician. Stinks big time and I am working an hour from home. Looking for a job closer to home for Sept. So so hard to get a teaching job in NY.

We live paycheck to paycheck and I only get paid once a month!!! THings are so tight!!!

Do you consider yourself financially ready?

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