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How can we afford to have kids??

Hi, my husband and I have been talking about ttc soon, but we are worried about the costs. We both work full-time and make about $6,300 per month.

That seems like enough money, but we currently pay $1,500 per month on mortgage and taxes and $1,700 per month on student loans (for the next 9 years), taking a big chunk of our monthly income, leaving just enough money for utilities, groceries, car payment ($300), gas per mo, car insurance, etc.

I looked up costs of child care in our area and it looks like all infant care is about $800-$1,000 per month. After looking at these numbers we were devastated...and that doesn't even include food, diapers, pediatrician, etc. I don't see how we could ever fit this in our budget as long as we have student loans to pay for.

If anyone has any advice on how they afforded their first-born and got by then I would really appreciate it. I am really upset and just need some advice.

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Anonymous

Asked by Anonymous at 11:43 AM on Sep. 2, 2009 in Money & Work

Answers (16)
  • Down-size. We make 4500, 400 mortgage, 2 car payments=550, atv=90, plus living expenses and daycare.
    Anonymous

    Answer by Anonymous at 11:52 AM on Sep. 2, 2009

  • If you wait until you can afford it, you will never be able to...no matter how much money you have, you will find somthing to spend it on rather than save for a child. Best advise is what PP said...try to downsize or refinance.
    Jademom07

    Answer by Jademom07 at 11:53 AM on Sep. 2, 2009

  • yep down size. Do you really need a house that has that kind of mortgage payment.
    Anonymous

    Answer by Anonymous at 12:03 PM on Sep. 2, 2009

  • If you wait until you can afford it, you will never be able to...no matter how much money you have, you will find somthing to spend it on rather than save for a child. Best advise is what PP said...try to downsize or refinance.

    I agree 100% !!!!!!! Figure out a budget that you can stick to and it should help EVEN if it means not buying brand name things and driving nice cars !
    baby1love

    Answer by baby1love at 12:41 PM on Sep. 2, 2009

  • We waited until we were 30 and could afford it.
    Anonymous

    Answer by Anonymous at 12:46 PM on Sep. 2, 2009

  • Hi--this is the poster of the question....
    Our house is pretty modest--just a 3 bed, 2 bath home 1800 sq ft. The mortgage is $900 which is what you'd pay for a 1 bedroom apt in our area. We live in Houston so we have to pay more for insurance and property taxes which makes up the remaining $600 of the mortgage payment.

    We were considering moving into a 1 bedroom apt to pay off some debt and then ttc. There are only two problems with that, 1) we have a 70 lb lab, 2)we'd have to wait like 3-5 more years to pay off enough of it to make a difference. Do you think that's a good idea?

    I agree with 2nd poster too though, that if we wait until we can afford it, then it will never happen. :( I'm just worried that we'll wait too long...I wanted to be a young mom, but I guess it's just not economically feasible.

    I drive a 2 yr old Honda Civic, hubby 11 yr old truck. All our expenses are budgeted each month according to Dave Ramsey.
    Anonymous

    Answer by Anonymous at 12:48 PM on Sep. 2, 2009

  • Poster again--If anything it sounds like we need to move into a 1 bedroom apt or wait until we are 30-35. Any more advice would be appreciated. Thank you everyone for your help!! I kind of knew what the answers would be, but sometimes you just need to hear it from someone else.
    Anonymous

    Answer by Anonymous at 12:52 PM on Sep. 2, 2009

  • The best advice I can give you is to move outside the city, and if that isnt possible wait until you pay your car off, thats $300 a month you will have to spend on a baby. I'm assuming you will have a baby shower, get some raffle tickets, and tell guests to bring a bag of diapers to enter for a chance to win a door prize. My daughter is wearing a size 3 diaper and we just started buying them 2 months ago. We have a couple packs of 4's but she dont need them yet.
    Also, once your car is paid off, put the money you would have paid in a savings account. Save up enough for you to be off of work, an emergency for the car, house, and Other, and if you dont already have health insurance, get some. Learn how to use coupons to shop, stock up on sales, and start buying baby stuff a little at a time. Get rid of things you don't need such as DVR or TiVo, and cut your cable bill, and b more aware of your other expenses. Good Luck
    mumma28

    Answer by mumma28 at 1:30 PM on Sep. 2, 2009

  • Sorry to say, but live like you're poor, buy off brands, talk to your student loan banks and see if they can lower your payments. I had a friend that worked 2 jobs to save for a baby. There are ways to do it. I understand your bills, but I think you might be living outside your means a bit. We would kill to make $6,000 a month...we would be all set, AND we live in Michigan.
    mumma28

    Answer by mumma28 at 1:33 PM on Sep. 2, 2009

  • Thank you everyone! I think it's just going to take some hard work of paying down all these loans!! We have been working on the budget for the past year and managed to pay some of it off. I think we will try to cut out some unnecessary items. I think ideally it's going to take at least 5 years with all those things cut out. I'm going to work on paying off my car first, and then apply that money to my next lowest student loan, and so on until we are more comfortable . At that point we will ttc.

    Without the student loans and car payment we will have $2000 per month! We would have more than enough for a baby then. :)

    It's going to take more time than I wanted, but that's what I needed to hear. Thanks for all the advice.
    Anonymous

    Answer by Anonymous at 1:53 PM on Sep. 2, 2009

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