Pregnant with Debt
When I was younger, I figured I’d have a baby when I was 24. Then, it became 25, 26, etc., and now I’m hoping to get to it before I’m 30.
What happened? Well, student loans, credit cards, cars, a house..plus, I wasn’t really ready until recently. So now that I’ve started seriously thinking about it, I’m not sure when the best time would be. And while I know there’s no “perfect” time, my husband and I have a goal of getting completely out of debt (including the house) within five or six years so we can explore lower-paying, more fulfilling careers.
Will having a baby ruin our plans? It might create a few detours, given the cost of daycare these days. But there’s no way we’re waiting five years for a baby. So our target date for the baby being born is December 2009, when we should have most (if not all) of our non-mortgage debt paid off. Then, I’m hoping my mom might want to watch the baby, since she only works part-time a few days per week. I’d like to pay her more than she makes now, but less than the cost of daycare. But I need to talk to her to see how she feels about it (although I hate the idea of people knowing we’re “trying” - it grosses me out).
I’m sure everything will work itself out. But I’d rather have a plan that goes awry than no plan at all.
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Great blog!
With a life changing event, such as having a baby, means having to be more financially responsible. Make sure BOTH parents have adequate life insurance coverage. The amount of your coverage should now reflect not only income, but the costs of daycare, having the surviving parent work less hours, hiring a housekeeper, etc. Talk to your broker as well as your friends who are parents about these changes.
Thanks for commenting!
Since my husband already has a child that lives with us, we have bought additional life insurance for each of us. One thing we haven’t done yet though is a will and trust, which is one of my resolutions for this year.