Baby vs. debt free life

[MelliPaige]

I'm going to start off by saying we have the money right now to cover all of our bills and still have pocket money, so trying for a baby right now isn't unreasonable.

However I'm a major worrier, and I'm constantly (and unreasonably) scared my husband will lose his job, and as the main breadwinner that would devastate us.

Besides our monthly bills (utilities, Internet, etc.) we have 2 loans out; our car and house.

We are debating having a baby now or paying off those loans early and then trying. The car will only take a few months for early payoff, but the house will take a few years.

We are very stuck in the middle on this, so what would you do given the choice?
Pay off debt (about 4 years) or have a baby.

 

[babybear11]

Providing that all bills, loan repayments are paid and you still have money to live id have a baby now if your ready. I believe in the saying if you waited until you was 100% financially secure noone would ever have babies. We have 1 lo and pregnant again with a couple of things on finance. We pay our bill and repayments and still have money left over and were happy! X

 

[mammy2oaklen]

I personally would have a baby thats what i did we have enough money to cover our two loan repayments and credit card all bills and left over so we went with have a baby i could have paid it off/waited but it was the right time for us and now we r having anpther baby the main loan will get its final payment the money this baby is due only u know whether ur truly read if u can afford the payments and left over go for it babies really dont need as much as people make out my son wants for nothing hes extremely happy and healthy and has everything he could possibly need yes it would be nice to have a bit mpre left over for holidays etc but im also a sahm so i wouldnt change our situation

 

[alicecooper]

how old are you and your OH?

 

[ellismum]

We had debts when I feel pregnant and whilst they are manageable at the time, a few months mat leave and the increased costs made things very tight. We're not even contemplating thinking about #2 until the debts have gone. We don't need the added stress!

 

[My_First]

I would clear the debt personally. It's only a few months and a great feeling!

 

[MelliPaige]

how old are you and your OH?

20 and 23, young but wanting a baby sooo bad

 

[alicecooper]

how old are you and your OH?

20 and 23, young but wanting a baby sooo bad

I'm gonna advise the clearing the debts first in that case.
If you had been 30 and 33 I'd have said baby first, but you have time.

I know the waiting is hard, I really do get that, but patience is a virtue, and all good things come to those who wait, and all those other cliches that are actually sometimes quite accurate

 

[mojobear]

Maybe you could clear the car and leave the mortgage? If it would only take 4 years to clear your house loan, I am thinking it isn't too large and therefore, even if the worst should happen you could always extend it for a short time to make the repayments affordable. We only have a mortgage and although not well off by any means, cope ok with my husbands wage and me on a p/t wage. I know it would be lovely to be totally debt free but I would say the majority of people have a home loan/rent to pay and manage fine. You are young though so whatever you choose it will be fine…..

 

[Aoifesmum12]

I'd probably pay the car off if it'll only take a few months and then go for it. The biggest regret I have is letting money worries taint the memories of being pregnant and my LO being a newborn (we were financially stable by the time we had her but by then my anxiety had pretty much taken control as I was that used to worrying about being in debt) the majority of people can't pay off their mortgage until around 50 so that wouldn't worry me....I'd definately have some savings there for when your on maternity leave though...I don't know what we'd have done without ours.

 

[MrsRH]

work out first what your maternity package will be and if you can survive on maternity pay....... this may help your decision

x

 

[Mrs_Random]

We paid off one car whilst I was pregnant with our first but we still have finance on the 2nd.
We have actually just extended our mortgage - so won't be paid off until I am nearly 60 - but that's normal. Plus if keeps payments manageable.

We can manage on hubby's wage to cover all the bills then my mat pay covers food and other stuff.

We saved loads before I went on mat leave first time round too so we had extra cash if we needed if.

If we had waited until we were financially at a point I was happy I think we both would have been too old - I was 33 when I had my first as it was.

I am happy we waited until then though as we travelled a lot in our mid twenties which we couldn't have done with kids.

 

[leelee]

I would pay off the debts first as you are so young. To be mortgage and debt free while TTC would be amazing!

 

[NDH]

I wouldn't worry about paying the house off first, but due to your age I'd get rid of the other debts first.

 

[topsy]

We had 2 debt before we TTC the mortgage for our house and for our sofa (around £550 ish) we made sure we did the sofa was paid off and we also saved up and got a new kitchen and bathroom that we wanted and paid off straight away.

If we waited till our mortgage was paid off to have a baby, I would be around 47!

Good luck with what ever you decide to do.

xxx

 

[toffee87]

We have debt, but as long as we have money left over and are meeting at least the minimum payments, then I figure just go for it. I've done a spreadsheet for the loss of income on mat leave to see how we will cope. I wouldn't worry about paying your mortgage off early, but maybe your car if you're worried. x

 

[Jess137]

I'd be 60 before we could have tried, if we had waited till we were debt free to have a baby! Imo most people are never "financially ready" for kids, but you learn to make do. Money doesn't make a good parent.

 

[_Vicky_]

Ok I have to ask how do you ever get into thenposition where you are able to clear a mortgage at 24 and 27???? What does you OH do for a living and are there any vacancies? ;-)

Personally I would work out what mat pay you will get and decide then bu tbh if you have that much surplus each month you will be fine whichever way I happens.

Also can I givenyou some unsolicited advice from an old bird? I am 40 in a few months and without sounding patronising I really advise you to enjoy the good times financially speaking as there will be years when money is tighter as most people go through these lean patches. You can plan to a certain extent but never ever ever to that point.

Xxxx

 

[MelliPaige]

He works in a factory and he covers everything alone, so as soon as this other place down here starts hiring I will get a major pay increase and I can put every cent towards the mortgage...thanks for the advice

 

[Toms Mummy]

Wow! I wanna live where you are and work where you are if we could pay our mortgage off in 4 years!..... If I were you I wouldn't even worry about the mortgage or see it as a debt if it's only going to take you that long to pay off x