Post # 1
Money is something people rarely talk about in real life so I wanted to find out from the ladies who planned, where they were financially before they started TTC.
Own house (apartment or a house?)? How much savings? Combined household income? Any debt?
I really hope I do not offend anyone with the poll options – I tried to be as diversified as possible…
Post # 2
DH earned $80k in the 2016-2017 financial year, I earned about $10k (studying full time & part time work).
We’ll have well over $20k in savings by the time we have a baby. We have one car loan ($12k) and a credit card that will be paid off in just over a year.
Currently renting (lived in this house 3.5 years) in an expensive city, we are saving to move interstate near DHs family and plan to buy a house where the repayments would not be more than what we pay in rent now. The thought of having to borrow $500k+ for a shitty or tiny unit/house in our current location makes both of us feel sick!!
Post # 3
we own a house, no debt except our mortgage.. we have an excellent combined income.
and then it cost us our life savings and 2 years of fertility treatment to have our son.
now we went through IF treatment again and am pregnant with #2 and also have a car payment since we bought a minivan.
Post # 4
We should be TTC right after our wedding (9/18). We will own a home by then, currently have no cc debt, my car will be paid off (Jan), and we should have a comfortable savings (thinking 20k by then after we pay for the wedding and the down payment on the house). We also make a combined 190k a year.
Post # 5
- Wedding: February 2017 - historical mansion
MrsJumboKappo : I voted for “Renting but with savings and working towards owning home” because that is our current situation, but I also own a condo that is too small to live in for the two of us so I rent it as an investment property. So I’m kind of between the second and third options. BTW, this poll is not going to be all that relevant if it doesn’t include geography. If we lived in another area of the country, we’d easily be able to afford a house, but we are in a very expensive area (Massachusetts), and there are not a lot of starter homes on the market, and everything is selling for over asking price. Between the two of us, we are in the 6-figure salary range, but that does not go very far in our area of the country. So, yeah, we are TTC, but I definitely get stressed thinking about money…
Post # 6
apostrophecatastrophe : true!!! We also live in a city with median property price of $1m. It’s stressful just thinking about it. I wasn’t quite sure what people consider “ready” to have a baby.
I am 31 and DH is 35, we have a combined income of approx 160k and have savings (this is another thing – what is considered a comfortable amount?) and majority of it is for the house deposit which we put aside.
My family seem to think you can never be fully ready and I need to relax a bit. I always thought we needed at least a house we own, an investment property plus cash savings of at least 100k in case of emergency but I dont think my fertility can wait
Post # 7
- Wedding: Cathedral of the Immaculate Conception/The Gallery
We own our home (well, we have a mortgage on it), have very limited, managable CC debt, we each have a car payment (family appropriate vehicles), and, the big one is my significant amount of student loan debt. We have a combined income of about $160k and a decent amount in savings, (a few months of expenses).
I am currently 6weeks pregnant with our first. Would we like to have less debt and more savings? Sure. But we live in a fairly low/moderate COL city, DH’s job has room for significant growth, and we’re just doing the best we can. It’s not perfect but it’s where we’re at and we feel comfortable enough. Baby may not have a Restoration Hardware nursery or a Bugaboo stroller, but (s)he will be loved, safe, and well taken care of.
Post # 8
We own several homes (rental properties), have no debt other than a mortgage and a student loan I’ll get forgiven and have five figure savings at this point. We also have great incomes and are very frugal. We try to save and invest about 55% of our take home pay.
My husband is a chief financial officer so he eats, breathes and poops finances.
it wasn’t always that way, though. Last year I got serious about my finances, paid off a lot of debt and vowed never to live above my means like that again. I wear hand me down clothes (at 33!), we coupon, we’ve been given a lot of free baby things and we don’t have the biggest and nicest home. We live in Portland and are lucky to even have a home in the inner part of the city.
Post # 9
- Wedding: February 2017 - historical mansion
MrsJumboKappo : Wow, median $1 million? Are there any cheaper areas just outside the city? We figure our first house won’t be exactly in the area we’d ultimately want to live, and some areas (i.e. the nicest parts of Boston and Cambridge) are never going to be within reach, but at least we have one or two suburban towns that still have some houses in the 500K range. I feel like no amount of savings is ever going to feel “safe,” but I’m 36 so we don’t really have a choice. :/
Post # 10
We own a house, make under 6 figures, and I have loads of student debt. But we live comfortably.
Post # 11
We own a house with a mortgage, have truck payment for a vehicle we just got last month, and I have about $6,000 left in student debt. We don’t quite make 6 figures, but we live in a low-cost area in the midwest so we’re doing fine and save a good amount each month, and we have a pretty strong savings/emergency fund. We are currently TTC, have been for almost a year. Hoping it happens for us soon! I always remind myself that even when it does happen, we still have 9 months to prepare and work harder to save extra for baby expenses.
Post # 12
We are still renting and while we have plenty in savings and are continuing to build our savings at this point it’s not specifically for a house as we won’t be buying for several years.
My husband is in a PhD program and I’m an adjunct instructor so we make well under 6 figures but we don’t live in high cost of living area. We live comfortably.
We have no student loan debt, no CC debt, and one car payment. So very minimal debt.
We are planning to TTC next year.
Post # 13
When we started ttc we had a combined income around 110k. Owned a home (financed) and had about 10k in savings with our only debt being the home and small student loans.
Post # 14
MrsJumboKappo : Your level of readiness sounds like it goes way beyond mine. DH and I haven’t started TTC, but we’re planning to start next year. The wait time is because we’re moving countries next year and I’ll be transferring offices and I need to make sure that I’m in the new office at least 1 year prior to the birth to get maternity leave (can anyone guess the country…). As soon as I’ve been in that office for 3.5 months, we’re TTC!
Financially we will be renting, with good jobs (well into 6 figures), and saving for a down payment. Our lifestyle will adapt to baby’s needs so we’ll prioritize education/day care costs over monthly savings and our house budget.
My “minimum threshold” for having a baby would be knowing I have medical coverage & maternity leave, finances to afford necessary living costs (scaled back if needed), daycare costs, be able to max retirement contributions, and that we have a comfortable 6 months emergency fund in savings. If we had debt (we don’t currently), I’d have to be able to make those monthly payments.
Luckily we’ll have all that plus be comfortably putting money away for a house. We’ll probably be in a financial position to buy and move right around baby’s arrival (assuming TTC is relatively speedy).
Post # 15
- Wedding: March 2017 - Outside in Paris
We bought our house outright so we had no debt when we started TTC. We both do well.