When to Start

posted 3 years ago in TTC
  • poll: When to have a baby - Wait for small debt to be done? Or start trying right after we're married?
    Start Trying after wedding! : (17 votes)
    46 %
    Wait until 2015 and parents move up to help with daycare costs : (14 votes)
    38 %
    Wait until all loans / car / credit card are paid off : (6 votes)
    16 %
  • Post # 3
    Hostess
    10902 posts
    Sugar Beekeeper
    • Wedding: June 2011

    @pkeenan1229: I think you know when the time is right. A few people have said to me “there is never a good time to have kids”. Listen to your gut instinct.

    Post # 4
    Member
    11668 posts
    Sugar Beekeeper
    • Wedding: November 1999

    @pkeenan1229:  it’s really only a question you guys can answer. For us, we didn’t feel comfortable having children until we had a sizable amount of savings. Luckily the wedding gifts helped speed that process up for us! 

    Post # 5
    Member
    681 posts
    Busy bee
    • Wedding: February 2013

    @pkeenan1229:  IMO, instead of looking at it as ‘wait until all debt is paid’ or not, look at your monthly flow.  You sound like you have a good plan for paying it off, and are also able to put a little aside as well.  Adding in the financial changes that a kid would bring (do you want to stay home, lowering or loosing an income?  Daycare (assuming you don’t wait till your parents can do it)?  Diapers? etc), would you both still be financially comfortable?  If not, wait it out, or do some budgeting to pay it off faster.

    Post # 6
    Member
    3625 posts
    Sugar bee
    • Wedding: July 2013

    @pkeenan1229:  if it was me, I’d pay off as much debt as possible before the wedding, use any wedding money for debt, then spend 6 months paying off as much as possible. Live frugally now-‘ cut any corners you wou with a kid. You will make a huge dent. Then TTC while continuing to pay down your debt and save. You don’t want to wait forever,  but 6 months can do wonders financially.

    Post # 7
    Member
    3344 posts
    Sugar bee
    • Wedding: April 2013 - Rhode Island

    At the very least, pay off your credit card debt.  That is the absolute worst kind of debt to have.  Pay your minimums on all other debt while you put the most money you can towards CC debt.  Once you pay it off, continue paying your monthly statement balance every time so you won’t accrue CC debt again in the future.

    Post # 8
    Member
    2243 posts
    Buzzing bee
    • Wedding: January 2012

    I don’t get the “only paying minimum payment” thing for credit card debt… IMO your better off paying things off sooner & getting a different loan in case of emergencies.

    Totally agree that babies are only as expensive as you make them. Particularly if you can mitigate the cost of daycare. I bought everything I need myself (my shower was cancelled) for a total of 700$. We got tons of stuff off craigslist & were handed down clothes. I plan on breastfeeding & cloth diapering so the next year shouldn’t be too pricey.

    Post # 9
    Member
    1549 posts
    Bumble bee
    • Wedding: June 2013

    A few notes…. If ur parents are planning on moving in 2015 then you being pregnant will nudge them even more toward that decision.  So I’d compromise on all 3…. Don’t try for a honey moon baby but don’t wait a year for our parents to move. Give it 6 month s after the wedding. And in that time budget and knock out as much debt as possible…. But atleast get rid of the credit cards. If you plan on being in debt forever then why try to get rid of it first… You should strive to never need debt again…. You may not be able to achieve that but that should be a goal… Especially if you know its a problem with kids. How much savings do u have? Could u take part of it to help pay off credit cards or something. It would save u money with the interest rate on credit cards. 

    Post # 11
    Member
    3989 posts
    Honey bee
    • Wedding: October 2011

    We are a couple that knows that we’ll probably never feel financially stable.  So we decided to “go for it” and make it work. We have a chunk in savings, but not a lot in comparison to other people.  But a lot of people make it work on a lot less.

    Post # 13
    Member
    3989 posts
    Honey bee
    • Wedding: October 2011

    @pkeenan1229:   It hasn’t so far, but I’m still only 17 weeks along.  Unless you count us buying a house and well, that’s put a HUGE dent in our savings, haha.  But that would have happened either way.

    Everything we don’t get at our baby shower we will buy second hand.  This includes clothes, furniture, and baby gear.  We’re minimalists anyway, so it’s not a change of habit for us. 

    Post # 14
    Member
    2243 posts
    Buzzing bee
    • Wedding: January 2012

    @pkeenan1229:  And about half of that 700$ was my breast pump & accessories, so if you’re ambitious you could definitely spend less!

    Daycare is tough to save on. I’m going to be staying at home but if I HAD to work, there are government run daycares here (for everyone, regardless of income) that cost 7$/day. I’ve never heard of anywhere else that has a program like that though… My MIL is also a SAHW (former SAHM) and lives walking distance from us, so I know if we were in a bind it would be a pleasure for her to watch our kids.

    Post # 15
    Member
    1549 posts
    Bumble bee
    • Wedding: June 2013

    @pkeenan1229:  The point of using savings toward debt is only a temporary measure so you can save more later. If ur not going to activally save or payoff your debt after that then its point less. But don’t keep 20k in the bank and be paying 18% interest on 5k for a year…. Just pay the darn thing. Or your just throwing away like 100 bucks a month in interest for no reason. You need savings but credit card debt is the opposite. So depending how much you have in savings and how much CC debt… it might make more sense to use part of the savings for debt and then use income to rebuild savings. Look at the interest charge on your CC and multiply that by how many months it will take you to pay off. 

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