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starting a family with debt and no savings

(60 Posts)
pinkmallow Sun 05-Apr-15 12:52:05

is this totally irresponsible?!

Nolim Sun 05-Apr-15 12:54:08

Will you be going further into debt if you start a family?

pinkyredrose Sun 05-Apr-15 12:55:41

No just do it . The government gives you money when you have a kid, you'll manage.

Flissity83 Sun 05-Apr-15 12:56:59

We were in debt and had no savings, but we made sure we had enough to ensure we didn't get into more debt by lots of planning and budgeting. It's been hard and at times very tight but will sacrifices it's worked out. Have a plan regarding work and childcare and have a back up plan should your circumstances change and you will be ok.

Movingonmymind Sun 05-Apr-15 12:58:04

I know enough sensible, low mortgaged people with good savings in their 40s with failed ivf to say dont risk waiting sad

BIWI Sun 05-Apr-15 12:59:36

How much debt? Are you managing to pay it back? What happens if you get pregnant and go on maternity leave? Will you be able to afford to continue to pay the debt off?

Too many questions to answer you properly.

Lyinginwait888 Sun 05-Apr-15 12:59:45

I did it and I really wouldn't receommend it. It makes everything so hard.

Actually I think most people have loans and ccs though so you wouldn't be abnormal!

How much debt do you have, what's your annual income? When would you be debt free?

BIWI Sun 05-Apr-15 13:00:35

And bear in mind that it's not just loss of earnings you have to think about when you're on maternity leave, but it's also an expensive process having a baby - all the paraphernalia, even if you keep to just the real basics, will be costly.

bereal7 Sun 05-Apr-15 13:02:46

Yes

NerrSnerr Sun 05-Apr-15 13:09:14

It depends on how much debt and how much money you have left over after repayments. Also depends on what maternity leave package you'd get.

LIZS Sun 05-Apr-15 13:09:26

It will only add to the stress and take the shine of what should be a nice period of life. Unless time is short get on an even keel first.

SoonToBeSix Sun 05-Apr-15 13:13:46

It depends a few grand on a credit card is fine. A 20k loan not such a good idea.

pinkmallow Sun 05-Apr-15 13:17:38

thanks for all the replies, its £2700 on a credit card, no other debt and have recently turned 30

RVPisnomore Sun 05-Apr-15 13:20:09

Can you afford to support a child, if not then I would say don't do it. Get yourself out of debt first and then have a baby. Otherwise you will never get out of debt.

Viviennemary Sun 05-Apr-15 13:20:25

It depends. If you can realistically manage then just go ahead. If it means you'll lose your home or become bankrupt then no. But on the other hand if you are in debt with no children to provide for then won't you be in further debt once you have children. It's a decision only you can make. How quickly can you pay off your £2700.

Littlemonstersrule Sun 05-Apr-15 13:22:58

You have a good few years yet, pay off the debt and get some savings behind you. Childcare is expensive and if you are already using credit to fund the two of you it will be far more when there is three.

pinkmallow Sun 05-Apr-15 13:24:53

I'm not using credit to fund us, nothing goes on the card it is just being paid off

SukieTuesday Sun 05-Apr-15 13:25:48

'You have a good few years yet.'

Ask your mother. Mine was through the menopause by 40. I was through it by 35.

pinkmallow Sun 05-Apr-15 13:26:46

I could pay the debt off by the end of the year but it wouldn't leave much each month

LIZS Sun 05-Apr-15 13:27:11

Would it be realistic to stop spending and pay it off at say 100 a month. If you waited then 18 months to ttc it would be clear before ml. If you are still accruing debt in the meantime it will only worsen with a baby.

pinkmallow Sun 05-Apr-15 13:30:22

just want to clarify again I am not accruing more debt only paying it off!

Viviennemary Sun 05-Apr-15 13:33:30

It also depends on how old you are. If you are 40 plus then you should get going but if you are in your 20's pay off the debt first.

Littlemonstersrule Sun 05-Apr-15 13:34:28

Find out the cost of childcare and pay the same amount of the debt monthly, that way the debt gets cleared and you get to see if you can manage to pay childcare and have enough left over to meet the childs other costs.

pinkmallow Sun 05-Apr-15 13:34:29

im 30

LIZS Sun 05-Apr-15 13:34:37

Aim to pay it off this year and live off less in the meantime, you would need to review the budget with a baby in the equation so now is a good chance to look at where savings could be made.

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