Post # 1
Everyone’s situation and decisions will be different, but I am just curious. What were/are your finances like while TTC?
Personally, we are waiting a few years. It’s mostly because of finances and a little because we have a few career and travel goals in mind. If we had a baby today, we could make it work, but it wouldn’t be our “ideal” situation.
- We have very solid incomes for our area. We make $105,000 combined, which is about two times the median household income for our area.
- We have about $5,000 in savings (Definitely not ideal. We just bought a home and used a big chunk of savings for a down payment. We are aiming for $18,000 in emergency savings, which would be about 6 months emergency expenses. That will take about 5 more months to build up.)
- We want to have an additional $10,000 saved up in savings for anticipated baby expenses (i.e., medical, newborn items and child care).
- We still have about $24,000 in student loans combined left to pay off. But it should be paid off in 3 years at our current rate of payments.
- We owe about $1,800 on a 0% interest credit line from some furniture purchases, but that will be paid off in July 2015.
I know things don’t always go as planned, but having these general guidelines in place does make me a feel a little more financially secure and comfortable with TTC once we meet it. Our plan is to start TTC in about 2 1/2 years, so we will see where we are at that time. I know lots of people will say, “there is never a perfect time to have a child” or “you will never be fully prepared,” but the reality is, there are definitely worse times than others.
For those who have/are/or will TTC in the future, what was/is your financial situation/plan?
Post # 3
Our plan was simple– be able to afford a kid. We bought a house that we could afford, live well below our means, and had about 6 months living expenses when we started. We have old cars that are paid off (and cash to replace them when they die) and the only debt I have is student loans that are eligible to be forgiven. We max out our retirement and are anxious to have the tax savings for babies (my loan payment is tied to our income).
The only income related goal was for me to get a promotion before trying. The promotion is moving slower than molassess and we jumped the gun. We waited until it was officially in process, but it hadn’t been signed yet. That will help pay for day care.
Post # 4
We just started TTC this month (and already got a BFP!) and we are just about where I wanted to be….almost all revolving debt is paid off besides about 1500. DH’s car will be paid off come January. I have some student loans but I’m not worried about them since they are minimal. We plan on saving over the next 9 months and hopefully will have about 15k in savings by the time baby I sborn. We have really good health insurance so shouldn’t have a very large out of pocket for birthing expenses.
I voted- we are very close to where we want to be 🙂
Post # 5
We are NTNP right now, not full on TTC. We know that their may be medical issues on my end (POS), and DH is already 32 and would like to not be too old when our kids graduate, or when they get married and have kids of their own. We didn’t want to put off children, but I would prefer us to be on a bit more stable ground. DH collected a lot of debt in law school, basically taking out the max loans he could. We can aford it now, but it would mean cutting back our lifestyle (getting rid of cable, no more eating out.) We are both okay with that.
For “real” TTC (charting, actually going to a doctor to get tested) we are going to wait at least 2 more years for me to get through part of grad school (which we will be paying as I go for much as possible) and us to have a good chunk of debt paid down.
Post # 6
We are in decent shape. We rent, but our living expenses are extremely low since our place is part of my husband’s compensation (family business). We make about $115K combined (give or take depending on bonuses), which is low for our demographic in our area, but the apartment is worth at least another $40K of pretax income so things could be much worse. My student loans and our car loan will be paid off at the end of next year, and we have no revolving debt. We’ll be paying off my husband’s student loans for a while, but at least they are low interest. By the time our baby is born in May, we should have between $20K and $25K in savings. We are priced out of the home market anywhere we would consider desirable in our area, but as long as we can keep slowly building our savings up to equal a sizable down payment in a normal housing market until we are ready to move elsewhere, I feel like we’ll be fine.
Post # 7
Still TTC. We’re not where I would like to be, but our only debt is some on a CC (unfortunately not a 0% interest) and then our mortgage. We’re in a house we can afford, all three of our cars are paid for (we only buy used and pay cash for them) and we’ll be selling DH’s old car so that will help build up savings. I’m in a job where I can work from home and still watch the baby without needing to take unpaid leave. And our health insurance will cover 100% after deductible so that’s very helpful too, especially with my medical issues (endometriosis and PCOS – I’m averaging 1 surgery a year for corrections and scar tissue removal). So, it’s not ideal but we can make it work pretty well.
Post # 8
- Wedding: October 2011 - Bed & Breakfast
Our finances were where we wanted them to be, and then TTC threw us a curve ball. We had $10k in savings earmarked for TTC, which would have covered the surgery we were told that we would need. Now that surgery is off the table and IVF is our only hope, that $10k won’t even cover the cost of 1 cycle. So we will be going into debt just for the possibility of getting pregnant rather than wait and save up, because that wait would diminish our odds of success. Time is not on our side. :/
Post # 9
We are okay with where ours our – could they be better? of course.
We are 9 weeks, and have about 5 months of living expenses (bare minimum, though). We’d like to up it another 10k by birth of the baby (and we’re on track to do so, barring any major emergencies). Though, we do max out our Roth IRAs (both of us) every year. We could save more quickly if we stopped that, but we’re not willing to do so.
We also have 6 figures in an online investment account, but do not plan on touching that at ALL, unless something extremely dire happens.
On the other end, we have a mortgage, and student loans, but have manageable monthly expenses on both of those, so we’re not super concerned. We do need to run the numbers, because I want to take some unpaid time off when the baby is born, and then we have to factor in daycare, so that is a consideration we have to take.
Post # 10
Been TTC for almost a year and are absolutely skint as. At the end of the day, however, we’re still in an economic depression… the worst for over a generation. Things may never pick up, and if we waited then we would never have kids. At the moment we can pay the mortgage, bills, and feed ourselves. That’s as good as it gets and pretty good going too, I think!
Post # 11
- Wedding: July 2012 - The Gables Inn, Santa Rosa, CA
We started TTC yesterday and we aren’t quite where we want to be, but we’re close. Our income is close to yours, I have double the student loans but they’re at 0% because the money came from a family member.
We have about $7,000 in insecure debt that will be paid off by the end of the year, and $10,000 in savings which I’d like to triple before baby arrives and I stop working for a few years.