(Closed) Were you 100% debt free when started trying for children?

posted 6 years ago in Family
Post # 2
414 posts
Helper bee

If we waited to be debt free, there wouldn’t be any kids.  Trust me, from my own experience, don’t wait until the “right time”, sometimes it never comes.

Post # 3
1364 posts
Bumble bee
  • Wedding: March 2016

I’m pretty sure almost everyone has a mortgage or rent payment so I don’t count that. We are talking about adoption right now as I can’t have any kids but we’re still trying to decide. We are 100% debt free as far as cars, credit cards, loans, etc. I think that it’s nice to be debt free and creates less stress but for many people it just isn’t realistic.

Post # 4
845 posts
Busy bee

Ain’t no body 100% debt free.

Post # 5
3162 posts
Sugar bee

View original reply
mle812:  We are actually waiting 1.5 years partly due to financial goals we want to accomplish. Our goal is to pay off about $50,000 more in debt (total $65,000) from student loans, our 2nd mortgage (from an 80/10/10 loan) and car loan. 

In addition to paying the debt off, we are also simultaneously saving up to 6 months living expenses and $5,000 for a baby fund. Our plan is to replace our “debt payment” with child care expenses.

While I agree there is no “perfect time” to have a child, there are definitely better times than others. I know too many people who feel like they are drowning financially with children. While children cost a lot, there are ways to plan and prepare to some extent.

I don’t think a couple needs to be debt free when they have children, but it is definitely wise to live within their means and budget for it. Otherwise, they will likely have a lot of stress regarding finances and it will be harder to get it under control once children arrive.

Post # 6
1048 posts
Bumble bee
  • Wedding: October 2014

We have a mortgage and car payments and are trying to conceive. Unless we win the lottery that won’t be changing in the next few years.

Post # 7
76 posts
Worker bee
  • Wedding: July 2016 - His parents farm

We are in a pretty good spot, and will be totally debt free within the next 2ish years, right around when we will be TTC. No mortgage, no vehicle loans and neither of us went to school so no debt From that. Just saving to build our home!

Post # 8
8516 posts
Bumble Beekeeper

We’ll have a mortgage by the time we have a kid, but that’s about it. I don’t really consider that as debt that hangs over my head since our mortgage payments will be manageable on only one of our salaries (even though both of us will continue to work after the baby).

I am a huge supporter of being financially ready to care for a child before bringing one into this world, but that can mean so many different things (including having debt of some kind). There’s no set formula.

Post # 9
1051 posts
Bumble bee
  • Wedding: December 2014

Nope, plus situations can change all the time. Things come up, people can lose their jobs. As long as you can support yourself enough with a home, health care, food and life’s needs without going broke every week then that’s good enough for me. Ironically a lot of my savings are now going on fertility testing so there’s never a guarantee in life.

Post # 10
1044 posts
Bumble bee
  • Wedding: June 2015

I’m definitely in the “no right time” camp but my husband and I plan to have only a mortgage hanging over our head when the time comes. We’re going to save save save for the next year or two to make it as big a down payment as we can and then go for it.

Other than a house one day, we have both managed to live our lives debt free. We’re both pretty frugal and I’m definitely a budgeter so we live within our means. Life I said though, we’ve been lucky for sure. We both had help with school and never had credit cards and alway buy what we can afford. 

With that being said, had life been different for us, we may have made different plans for the future. 

Post # 11
3102 posts
Sugar bee
  • Wedding: November 1999

There is never a time in your life that is as “stress free as possible”. You might as well search for the holy grail. Things happen that your can’t predict, that’s life.  We had a mortgage and loans when I had my first child (who just got married). We have no regrets, it was as good a time as any and we’re glad we didn’t wait.

Post # 12
6375 posts
Bee Keeper
  • Wedding: July 2013 - UK

Like PPs say, this really depends on what you consider debt. I don’t know anyone who is both a) pre-menopausal and b) mortgage free, for starters! DH’s and my parents don’t have mortgages, but they didn’t pay them off until they were well into their forties or fifties, either…. and my father is the most sensible person I’ve ever met when it comes to money.

That said, we’re one of those couples who doesn’t really do debt. We’ve got no money, no savings, and we’re just generally really skint at the moment, but we’re also years ahead on the mortgage, for example. I would never get a car loan… I believe that if I can’t afford it outright, I simply shouldn’t buy it (the house being the only exception to that rule). I have student loans from my very first degree, which I completed about 10 years ago, but I’m also not in repayment because I’ve never earned more than the repayment threshold. DH has a personal loan of a few thousand pounds, and some minor credit card debt. That’s pretty much it. We would have to be in way more debt than that to have put off TTC!

Post # 13
79 posts
Worker bee

My fiance and I have about £10k debt not inc our mortgage. Right now we are paying it off at a steady rate and having a wedding which is well below the national average but it does worry me what happens when we want to ttc. Fiance is of the opinion that we muddle through but I want to clear as much debt as possible and get some savings behind us before we do. This could be another few years but im not sure want to wait till then. So I imagine we will be ttc with some debt still remaining.

Post # 14
244 posts
Helper bee
  • Wedding: September 2013

View original reply
mle812:  We waited to be mostly debt free. We actually found out that we were expecting the same week that we paid off our student loans. We had intended to pay off our loans and then have a bit of time before we got pregnant. We didn’t expect for it to happen on the first try, but it did! 

My hubby is an uber planner, so he’d probably like to be in a safer place financially, but he does take comfort in the fact that Dave Ramsey says not to put family planning on hold because of debt. *Nerd alert*. LOL 

Post # 15
6301 posts
Bee Keeper
  • Wedding: September 2012

For the most part. Our student loans were paid off last year, our only “debt” is the mortgage and my car. We still have daily bills like insurance, cell phones, and household bills. We were very fortunuate to be in a situation to pay off our HUGE student loans last year, thanks to a major major major work bonus DH got. Had it not been for that, we’d still have student loan payments the size of most people’s mortgages. 

While I don’t think there is ever a “right” time to have a baby – there are certainly bad times. I think if you’re emotionally ready, but also able to pay your bills and not be totally paycheck to paycheck, now is as good of time as any. A friend of mine got laid off about a week after she found out she was PG. She was pretty stressed about it, but we had a long chat. It’s like I told her, it’s super easy to get caught up in all the “wants” surrounding a baby – fancy nursery, lots of gadgets, tons of clothes, etc. For many of us, we were raised without a lot of that stuff and we made it just fine. Babies are expensive, there’s no way around it, but they’re also only as expensive as you let them be. 

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