- 3 months ago
- Wedding: August 2019
Darling Husband and I are working through our 2020 plan right now. And the biggest thing on our cards is starting out TTC journey in the second half of this year. I plan to go off the pill in May/June, hoping to fall pregnant sometime between June-November. Of course that could just be a pipe dream and these things happen when they happen – I have no context at all on this as it’s our first, but we’re cautiously optimistic we won’t have any issues with fertility/health etc.
My point is – TTC for us starts in mid 2020. Woo!
I’ve run the numbers, and with DH’s income alone we should be able to live quite comfortably on his base wage (he does get about $10-20k in bonuses per year, but best not to count that as it’s insecure income), bar the big bills (rates, car registration etc – about $10k per year) and any unexpected expenses. I likely will still be a contractor by then which means no Parental leave, don’t even qualify for the government scheme as I don’t meet income eligibility.
If it were you, what kind of savings buffer should we have? I plan to take 6-8 months off work. Darling Husband will then take over, as he gets 3-4 months paid parental leave. At 12 months the plan is to have bub daycare/with grandparents.
Now we don’t have a stupid expensive wedding to pay for, we can comfortably save about $50k-$100k from now until the baby is born (this is excluding the costs to set a house up for a baby – furniture etc – which will be separate) – but if it were you, would that be enough? Could you breath easy with that amount behind you, knowing you only have one income? I don’t have any context. I don’t want to struggle, or be constantly worried about money. We need to start thinking of these things now, so we’re well prepared!
I don’t even know how much of an increase on household expenses I can expect with a baby – I keep hearing they’re expensive though!!!
As I’m a contractor, I don’t have a guarantee that when I’m ready to go back to work, a job will be waiting for me. I’m lucky that I work in a high-demand industry, but it’s not secure work. So there’s that big question mark as well – even if I’m ready to go back to work, will there be work for me? Another factor we need to weigh up.
We have good health insurance, own our own house and only have the mortgage to pay. Savigns will be in an offset account to save us on interest. Both of us will have our student loans (HECS) completely paid off.
ANy help would be appreciated!