POLL: Where were you financially when you started TTC?

posted 2 years ago in TTC
  • poll: How were you financially before you started TTC?
    6+ figure savings + own house with little mortgage : (15 votes)
    9 %
    Own house with debt and mortgage but 6+ figure household income : (79 votes)
    48 %
    Renting but with savings and working towards owning home : (29 votes)
    18 %
    Renting and little savings but working towards owning a house and savings : (24 votes)
    15 %
    Other - comment! : (17 votes)
    10 %
  • Post # 31
    7905 posts
    Bumble Beekeeper

    Darling Husband and I would fit that second category in the poll. I would caution about the generalizability of the poll though. Especially in polls about finances on weddingbee, it definitely skews higher than the general population. 

    Also, why do you need an investment property to be ready to have a child? 100k in the bank is also a pretty lofty goal for a lot of people. Even the home ownership thing isn’t really a must have. If those were truly important criteria, there would be hardly anyone with a kid. 

    Post # 33
    2021 posts
    Buzzing bee
    • Wedding: September 2013

    We each have six figure salaries, six figure savings in the bank, my husband technically works from home, we have a mortgage with half to go, we have car payments, no more student loan debt. Childcare is $1000 plus per month. We have a 18 month old and due with #2 in October. Having our finances in order was extremely important to us before TTC. 

    Post # 34
    863 posts
    Busy bee
    • Wedding: February 2017 - historical mansion

    MrsJumboKappo :  Yikes! That is crazy. It takes you over an hour to go 19km?? What a nightmare. My commute is about 45 mins each way because I go against traffic. Going the opposite way would be a lot worse. Well, good luck! I hope the housing market gets a little better in your area. Where I live there is a major shortage of starter homes or affordable condos. Everything that is getting built is “luxury” and way over-priced for not very good quality In My Humble Opinion. In the suburbs, they are only building “McMansions” (big, ugly, tacky, expensive houses) and in the city it’s all these over-priced luxury condos that are small and wouldn’t really be good for kids anyway. 

    Post # 35
    1018 posts
    Bumble bee
    • Wedding: April 2017

    We will be TTC next month. We are currently renting – because we are very picky and taking our time buying a house we both really want. We both have 100k salaries and a deposit saved, but Darling Husband has a mortgage on a house he bought before we were together and I have 150k in student loan debt. Far from ideal but we are 35 and 37 so can’t delay TTC any longer.

    Post # 36
    331 posts
    Helper bee
    • Wedding: October 2016

    I chose “Own house with debt and mortgage but 6+ figure household income” as the closest to our real situation. We definitely don’t make 6 figures, but we live in a low-cost area of the midwestern US where housing costs are extremely reasonable. No debt other than our mortgage, a decent emergency fund but not a huge amount of non-retirement savings; we used most of our cash on hand, beyond the emergency fund, for an oversized down payment to give us an extra low mortgage payment.

    If we lived in a place with a housing bubble, we’d definitely have just kept renting with the oversized savings in place for the future, but here we were able to find a home we love that (thanks to the big downpayment) has a monthly mortgage payment about what our rent was on our old one-bedroom apartment.

    Post # 37
    901 posts
    Busy bee
    • Wedding: August 2014

    We had bought a house 2 years prior, put more than 20% down.  The average home price where we’re at is 465k though!  No debt other than the mortgage.  We both have really good retirement savings due to pensions through work.

    Post # 38
    416 posts
    Helper bee

    Iowa family here (I say that because home prices/salaries in our area are NOWHERE NEAR comparable to those in the poll and most people responding to this post):

    We are both 28, I make 45k, Darling Husband makes 45k, we have about 30k in 401k, no other “big” savings, house originally cost 50k and is about 3 years from being paid off, I have 15k in student loan debt and 15k left to pay on my Suburban, and I am currently 5 weeks pregnant with no worries about our financial future once baby arrives.  We have focused on paying off debt instead of saving and I stand behind that decision.

    There’s no point in comparing all of this information and making people feed bad about their lives unless you can be sure that everyone that responds lives in the same state/area.  The biggest, most beautiful, extravagant houses in my area are between 400k-500k, yet some of you are saying that a 1 bedroom cost 500-600k, if that helps show the inequality of these comparisons. Also, childcare is around $10-15/day here.

    Post # 39
    5111 posts
    Bee Keeper
    • Wedding: December 2014

    tommywantwingy :  Same. But then I remember that the vast majority of the US will never have six-figure savings or six-figure household incomes and somehow they’ve made it work with supporting children. I guess you do what you gotta do. 

    We’re planning to start TTC soon. We own our home (with a mortgage) and have a bunch of student debt, plus car payments. Our income is less than $100k now since Darling Husband has decided to go back to school (luckily everything is paid for by the VA, so we’re not incurring more debt there), we have some modest savings. We figure it’s actually not a bad time given that Darling Husband will have more time off with school so we wouldn’t need as much childcare. I also have the thought in my head that if we have issues, I would like to know now when we can plan ahead to save for fertility treatments and such if they become necessary. 

    Post # 40
    634 posts
    Busy bee
    • Wedding: April 2015

    Took us exactly a year to conceive, and our circumstances improved in the interim. When we started, we were renting, Darling Husband was between permanent positions so just had a temp job and I was making about $95K, I think. We had one new car loan but had substantial savings. Started TTC at that time mostly due to my age and had our fingers crossed that the financials would improve.

    By the time I conceived, I was up to making about $102K and Darling Husband had gotten a permanent position that at the time was paying ~$57K. We’d bought a house and had about $15K left in savings after all the home-buying stuff, no credit card debt and had been chipping away at the car loan.

    Post # 41
    625 posts
    Busy bee

    Fiance earns 200K (but we live in a very expensive city, conversion rates put it about 100K by middle America standards), I earn 47K (I’m just not super career oriented. We’ve been talking about this since our first date, he’s okay with I it). We don’t own, we rent a very nice apt but since I don’t pay rent, I’m able to save for the first time ever. I currently have 25K between our joint account and my personal account and that’s growing with each paycheck. He has 75K saved of his money. We should be in good shape to buy a house in 6 mos-1 year. And the longer we rent, the nicer house we can afford when the time is right. We will likely start TTC right after wedding (very soon) while still renting but we could buy a 2BR condo right now. We’re just choosing to rent for a shorter commute, nice amenities and to save for 3-4 BR house. (Fwiw we could not afford to buy in the neighborhood we live in. So we’re choosing location over home ownership.)

    Post # 42
    3294 posts
    Sugar bee

    Out of curiosity, I just looked up current house prices in my ‘burb… Kind of wish I didn’t lol

    Median house price  $700k, and units $500k+ and they are going up very quickly 😭 has gone up at least $200k in 3 years!

    The suburb south of us has places sellling for well over a million dollars now on the regular. Hmn, I guess it’s a good thing we aren’t planning on raising a family around here anyway 😑

    ETA: We are about an hours drive out from the CBD of a capital city

    Post # 43
    282 posts
    Helper bee
    • Wedding: September 2015

    Well we werent TTC..it just happened.

    That said, we have been renting our apartment for less than 2 years, recently debt free (less husbands car payment). We own stocks and have money in a TFSA and both have solid pensions.

    Our combined annual income is about 95K. Husband is in an apprenticeship program so his income will continue to increase steadily for the next 4 years. We will be looking to buy a home in 2019 after I return from MAT leave.

    Post # 44
    488 posts
    Helper bee
    • Wedding: July 2016

    Darling Husband and I will start TTC in about 1 year and are preparing financially.  We recently bought our house, no mortgage. We have been spending a lot to get it ready for our move in later this month.  We plan to save each month for property taxes, insurance and for house maintenance expenses as though we have a regular 30 year mortgage.  We just started this, so the savings is pretty small.  Our goal is to get it up to $10k in the next 6 months.  That will make me feel comfortable in case we have any unexpected maintenance on our new “old” house.  

    On top of that we have about $50k saved in an account that is for emergencies only.  This would be used if one of us lost our job, fell ill, etc.  We have another $8k saved in our savings account that is used towards car maintenance, vacations, unexpected purchases.  We are hoping to get this closer to $12k in the next 6 months.  

    Ideally, when we start TTC we will have the whole house and its expenses under control with enough savings so I could have a longer maternity leave with the baby.  We both make a middle class income in a very expensive area, so I will have to continue to work at least part time. 

    Post # 45
    510 posts
    Busy bee

    MrsJumboKappo :  

    A primary focus for us before TTC was to be financially stable. That meant waiting until our late 20’s/early 30’s to start trying and to make sacrifices over the years to pay off debt/save money.

    I am currently about 5.5 months pregnant with our first and our situation is as follows:

    We live in a medium cost of living area.
    $160k combined income
    $215k remaining on 20 year mortgage
    $32k in car loans (will be paid off in 2 years)
    No more student loans and no credit card debt
    $30k in savings (about 6 months of emergency savings)
    We save 25% of income in retirement monthly

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