Are you ever financially ready to have a child?

[dangle90]

I know it's normal but I'm worrying!

[Tootsiepops]

We were, but then I was 36 by the time we had our daughter

[sentia]

I still don't feel financially ready and I'm pregnant with number two and nearly 40!

[MrsCharlieD]

I'm sure you can be but we worried we weren't. As it turned out we just had to adjust our spending habits (a lot) and we have coped OK. I often dispair though at what I was spending my money on before starting a family. I could have saved thousands!

[NerrSnerr]

We were as financially ready as we were ever going to be. We had just bought a house and I had paid off my overdraft and credit card. We don't have lots of money with nursery fees being high but we manage to stay in the black.

[NameChange30]

I think the ideal scenario is to own your home (well, with a mortgage, not own outright!) rather than rent, and to be debt-free (apart from mortgage and student loans). But there are plenty of people who have children in less than ideal financial situations and they manage.

Do you want to tell us more about your situation?

[melibu84]

I think it's harder to be financially ready these days, what with soaring house prices, and it's easier to get into debt! I know a few people who got married and bought a house before having kids, but even they would say they never felt fully prepared.

[barefootinkitchen]

My DP was v anxious about being financially ready, owning own home, no other debts etc, so didn't start ttc until I was 37 - which was a worry. All turned out fine so feel fortunate. Similar worries about affording a second, so we stopped at one. Some people don't worry about being financially ready at all and just assume they'll manage and probably do.

[Heatherbell1978]

With DS1 yes - we were 36, good jobs and owned a 2 bed flat in town with small mortgage. We were saving a lot at the time and I had a nice big 'baby fund' for buying lots of stuff and helping if we needed while on mat leave.
I'm 38 and pregnant with #2 now. We've moved into a bigger house so mortgage has more than doubled and DS1 will stay in nursery while I'm on mat leave. Even so we're still able to comfortably afford for me to take another year off. We won't have the big baby fund but obviously have a lot of stuff already from DS1 and we aren't planning any holidays or big expenses while I'm off. We spent a lot on baby classes with DS1 but I'll be searching out the free classes this time around.

[dangle90]

Well we're almost 27, not trying to conceive just yet we are waiting another few months.
We earn roughly 17.5k each, have a mortgage, DP is debt free but I have debt on my car that I pay monthly which is quite a lot. it will be paid off in 3 years but I can't bring myself to wait that long until we start a family as we feel ready now and it's all I think about.
Thanks for all your advice everyone

[DollyBarton]

Yes, we very much were financially ready. I was always a saver and a planner, my DH too. And we both have good jobs/careers.

[scaredofthecity]

No I don't think so. Ds1 was a surprise and we were saving hard to buy. We had to put our plans on hold but just bought our first house now, he is 19 months. It had definitely been harder this way round but we still managed it.

[Sparklesilverglitter]

Yes we were very much financially ready, I've just had my first at 39.

I don't think you need to be completely financially ready if you Don't have a lot of debt, have a stable home and are good with budgeting the money you do have then I then I think you must just cope and adjust your life a little

[dangle90]

Yeah I'm hoping we will just manage and live within our means. We have stable jobs and a stable home, people manage in worse situations than us I suppose!

[Oysterbabe]

Yes with the first one. When we (God willing) have a second and they're both in nursery, things will be a lot tighter. I'm sure we'll make it work!

[furryminkymoo]

I saved like stink whilst pregnant, had £7k in savings but still ran out at the end of mat leave.

[BadToTheBone]

I was but then I was 34, lol. Sadly, consequently I'm not going to be financially ready for retirement! Lol

[NameChange30]

You have stable jobs and a mortgage, which is the main thing.

I do suggest that you consider whether you want to be married before you have children. It can and does affect your earning potential, obviously if you stop work to be a SAHM, but also if you take maternity leave (as most women do) and/or go back to work part time instead of full time. Personally I wanted to be married before children, for the financial and legal protection. It doesn't have to cost much at all if you just go to the registry office, although many people want a wedding or at least a small celebration which obviously does cost money.

Even if you don't get married, it would be a good idea to share finances once you have children. Could you partner help you pay off your car loan more quickly?

[dangle90]

We do share money at the moment, he pays the mortgage so I can use more of my wage to page off the debt. Doing overtime at the mo so hopefully be able to get it paid off sooner than we think.

[NameChange30]

That sounds good

FYI, when you have a baby, you will be entitled to Child Tax Credits if your household income is under about £26k (which it will be when you're on maternity leave - SMP is discounted, if I remember rightly).
www.citizensadvice.org.uk/benefits/children-and-young-people/child-tax-credit-overview/

[dangle90]

Oh really, I went on the calculator before but it said we weren't entitled to any but I never thought to put in my wage when on mat leave, so thanks for that

[Obsidian77]

Hi dangle I'd recommend you book a session with a financial advisor to work through the details of your specific situation. 27 is relatively young, you could probably wait an extra year or so if you had to?
I thought we were financially ready for kids but we're struggling at the moment. I'd do a lot of things differently if I could.

[NameChange30]

Yw There is also child benefit of £20.70/week which isn't loads but every little helps!

[Floralnomad]

We were , we had a nice house with a small mortgage ( thanks DH) , I worked pt nights ,we had no other debts although large outgoings ( 3 horses on full livery) , because of my working arrangements and the fact that I have never needed much sleep we didn't need any childcare . I had my first dc at 26 , DH was 33.

[Evergreen17]

We are expecting our first. We dont own a house. I also dont consider this a must at all. My parents didnt own their first house until I was 12? They had 4 children. It is perfectly possible to manage without owning.
We are debt free though. I managed to pay all my student loans and credit cards and DH doesnt have any.
Where there is a will there is a way. I am 35 and I would advise to start as soon as you are ready as a couple but, unless you are both unemployed and with debts, not to wait too long.
You both have jobs and no debt apart from the car.

[lovelyupnorth]

We became ready once we found out. Cut our cloth accordingly and was amazed how much we wasted each week before Dds