Post # 1
37k in student loans
combined salary of 200k – Darling Husband makes about 115k
5k in savings
living in Canada so medical expenses are free.
Ages: 27 and 30
want we both want kids but we are worriers and feel like we need all our ducks in a row first, but maybe that’s just our anxiety!!
Post # 3
@MissGeeBee: I suggest that you need a much larger savings account before you start planning a pregnancy.
It is suggested that you have six months worth of basic expenses in an emergency fund at all times. $5000wouldn’t go very far if one of you lost your job.
Post # 4
I wouldn’t mind the loan and renting, but I’d want savings of at least 3 months living expenses (really, for me, more like 6-9 months). Bascically, I’d want to be sure we’d all be okay if your or your husband lost your job. So I guess that depends on your monthly expenses.
Post # 5
nope not with 5k savings.
Post # 6
@julies1949: You said it as I was typing!
Post # 7
@MissGeeBee: I’d definitely want more in savings than that. But if you are on a combined income of 200k then unless your living expenses are like those of the Kardashians it shouldn’t take too long to save up more :-). We earn maybe 150k combined and can save quite a bit each month (and it’s not cheap to live in Australia these days) plus pay a mortgage etc.
Post # 8
- Wedding: March 2012 - Pelican Grand Beach Resort
That’s an incredible income. I’d start TTC now and also start building your savings, but geez, we have no savings and our combined income was 1/5 of that with no insurance when we got pregnant (not on purpose) and everything has worked out just fine.
Post # 9
@MissGeeBee: I live in Canada and health care isn’t free. We pay a lot of taxes, which makes it far from free. Aside from that, I agree with PPs that your savings isn’t enough of a cushion for me. Your husband makes the bulk of the income and you couldn’t live off savings for very long if he stopped working for whatever reason.
Lots of people have kids with way less though so it depends what quality of life you want to have and provide to your children.
Post # 10
Depends on your living expenses and how much you can save each month. Can you live off husbands salary? And what the debt is for. Is it high interest credit cards? Or school? Credit cards? I’d pay it off first. School? Eh, not a big deal. 200k salary doesnt mean much if you’re still living paycheck to paycheck. If that’s the case, I’d wait. If you’re saving or able to pay down the debt quickly, then I’d just start.
Post # 11
@MissGeeBee: 200k combined, that says it all. We manage with 3 kids on less than your DH’s income. (Australian dollar is almost identical to Canada). You’re ready.
Post # 12
If you TTC now and get pregnant right away, you still have 9 months to save. Good advice I’ve heard is to live off of only one income (or one income plus what you’d be getting for mat leave) for the duration of your pregnancy and sock away the savings from the other income.
Post # 13
I would feel VERY comfortable getting pregnant with those circumstances.
Post # 14
a bigger emergency fund would be ideal, but you’re in pretty good shape overall, and you could postone for ages and still not be in the perfect situation. Go for it. Good luck!
Post # 15
thanks for the feedback bees! We did have over 25k in savings but we put it onto my student loans… our #1 goal was to pay down debt.. it should be all paid off by the fall… and then our focus would be on saving
Post # 16
@MissGeeBee: Congrats on paying down your debt!
I would wait until you have 6 months of living expenses in savings just in case someone lost their job.