How do you know when you are financially ready to have children?

Question

I'm 25, my wife is 20. We just had a house built, and have two new cars...right now we are living pretty much paycheck to paycheck with only a little extra left over...so how do you know when you are financially ready to have children? My wife would like to start a family, and so would I. (we have been married for almost 8 months now, together almost 5 years)

Answer 1

sounds like your having a nice life...but i mean if ya want kids i say go for it.....i have 2 girls and my life has not felt so complete....right now my husband and I are living paycheck to pay check....we are both 20....and i am a stay at home mom....and we are doing fine...you take a chance but in the end....you are glad you did do it

Answer 2

I dont think you are ever financially ready to have a kid. They just kind of come along and you figure it out.
It is helpful if you have some sort of medical insurance that will help with the costs related to pregnancy.
Loot at what you spend money on and it is all necessary. You have the house and the cars all that seems to be missing is a baby. You have been together long enough to have some confidence about the longevity of your relationship.
That being said, your wife met you when she was 15. Has she had a chance to experience all the things she wants to do. What about college? What about being able to legally drink in a bar? Are both of you really ready for the challenge of raising a kid. It isn't an easy job and it takes a great deal of time. What are you going to do for childcare after the baby is born?
Look at the expenses you have. Do you bargain shop? Are there ways you can cut costs? Do you have a lot of credit card debt? Do you and your wife currently have maritial problems due to money? If you do, and there is a baby coming, then expect the problems to escalate because there will be even less money to go around. A kid is a life long committment--- just like marriage. Only you know if your marriage can survive the financial pressure of having a child.

Answer 3

Maybe.... You Can Get The Richest Parents Who Haven't A Clue How To Care For A Baby And Focus Their Lives On Careers And Give The Baby To Live In Nanny's.... Or You Could Be Financially Stable As Soon As The Baby Is Born But Just Look Around.... Not Many People Are Comfortable With Money Right Now.... X

Answer 4

That's a funny question! If you wait until you are financially ready, you just might never have any. Maybe you all might want to reconsider priorities in the future, you sound a bit materialistic. New house, new cars, etc. Could you have bought an older house and settled for used cars? That might have helped you out a bit financially. If you do have children will you be doing the "weekend parenting" thing because they have to be in daycare (which btw costs an arm and leg today so you better have good jobs) all week? Things to think about. My husband and I have been married for almost 11 years and have yet to own a "new" new car, or own a house. We have accepted base housing to save money, and lets just say base housing isn't pretty or roomy...and we have a used van and a used SUV, and that's fine by us because we have three beautiful daughters and I can be at home with them. It's all up to what is important to you and your husband...I think it's time that you and your wife sat down and reprioritized honestly. Best wishes!

Answer 5

You guys are too young!

You will have nothing left over from your paycheck after kids and most likely go into debt and will find it almost impossible to get ahead with all those expenses.

I dont understand why people are saying you can never be financially ready for kids. Of course you can..but not living paycheck to paycheck.

Answer 6

Sounds like alot of debt. I suggest getting at least one of those cars paid off before you have a kid. A baby will add alot of stress to you, wanting to earn good money and take care of your family. I'd say wait a year and put all your extra money into getting 1 car paid off. Once that is done, then start thinking of a family. It would also be a good idea to get a couple thousand dollars in savings, for a rainy day or something unexpected. Before having kids, ya'll need to discuss how many you both want. And do ya'll want her to be a stay at home Mom or is she going to keep working? If she wants to stay at home, then you both need to start weaning yourself off of using the money she earns. Get where ya'll can survive on just your check, and use her check to double up on the car payments. Look into childcare in the local area and find out how much it would cost. Then compare the cost of a daycare to how much she earns. If she only ends up earning a few dollars per hour once the daycare, work clothes, and gas is subtracted, staying at home could be the better option. Since ya'll sound like you want to be prepared, then I hope you both plan ahead and go into this with a strategy. Learning how to live on one check can actually give you more extra money, since you learn how to budget and spend wisely. So think about all that, and decide as a couple what you both want before having kids. Then you'll not be caught unprepared when the pregnancy test is positive.

Answer 7

You will know you are ready to have children when you do not worry about such things as money. Your commitment to your spouse is important, but if having two new cars is more important for you, perhaps you should wait to have kids until you are more mature and realize what planning and sacrifice children require. It's the most wonderful thing in the world to start a family, but you don't want to feel that your kids got in the way of your "lifestyle". Wait until you are mature enough to know what is important.

Answer 8

Well...how bout doing up a budget. Once you have the baby your extra costs will be about $37 a week for Diapers and wipes, Another $40 or so for formula and other basic necessities. I don't see why everyone says it is so expensive. Enjoy the lifestyle you have. Do not have kids right now. Wait a few more years. You owe it to the kid. Male sperm is good forever and she can have a kid anytime between now and the next 14 years. No need to rush. Trust me kids change everything.

Answer 9

If you wait until you are "financially ready" you'll find yourselves in your late 30's wishing you had started sooner. No one is ever completely ready to have children I think. As long as you are ready in your hearts go for it.

Answer 10

You are never financially ready. Question is if you are ready to make sacrifices. If so, then things will work out>