Getting older and financial obligations

iVillage Member
Registered: 11-23-2009
Getting older and financial obligations
16
Sat, 11-28-2009 - 8:48pm

I'm facing enormous student loan debt and had to quit my job to move to Virginia for my husband's job which now pays all the bills including rent, but I need to find a job to make student loan payments. I just graduated with my Masters Degree after getting booted from the program I was originally working toward and so I am going through a major career change. As it stands, when I do find a job, most if not all my paycheck will go toward student loan payment. My husband and I both plan to start trying in May or June.

I'm also 33, and am told that after age 33 your chances of having a child are significantly reduced. I am determined to start trying to have a child this summer or before I turn 35, regardless of if I have a job yet (though I would be surprised if I don't have a job by then) because I'm afraid if I keep waiting it will never happen. Any success having a child under limited financial means/any of you going through the same thing?

"God bless the whole wide world" -unknown

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iVillage Member
Registered: 11-23-2009
Sat, 11-28-2009 - 8:59pm
Oops, wanted to say sorry because I just realized this thread would be more appropriate in the planning and beyond section.
"God bless the whole wide world" -unknown
iVillage Member
Registered: 04-29-2006
Sun, 11-29-2009 - 10:45am

Hi, have you introduced yourself before? Sorry if you have, I don't remember. I'm Becki, 24 and my hubby Paul is 25, and we're WTT until probably sometime next year. Nice to meet you!

Finances are our main concern too. We make enough to get by right now, but not much is left over put anything away. If I had a baby and went back to work, daycare would take up at least half my income, and if I didn't go back, I'd have no income. We can pay for our regular expenses right now, but until we can afford the month-to-month expenses like daycare and baby's health plan, we have to try and save up.

Best of luck finding a job soon! I know how hard it is, and I know lots of people out of work right now. What's your field?



Proud CL of Waiting to Try
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iVillage Member
Registered: 10-20-2007
Sun, 11-29-2009 - 5:15pm

Just wanted to let you know I'm in your same boat age wise. I am also struggling with when to conceive.. although I still have my job, finances are a concern due to our lack of savings. I plan on trying next summer too.. Hopefully the eggs won't be too old.. LOL

Cindy

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iVillage Member
Registered: 05-11-2005
Tue, 12-01-2009 - 9:09pm

Hi and welcome :)

No one is ever truly financially ready for a child. If you and DH can make it work, including student loan payments, on just his income then go for it.

I graduated with my BS in May of 2007, July of 2007 I found out I was pregnant, started my job September of 2007. Were we ever in a bad financial situation. We made it work though. As long as food will be on the table (or in the bottle), a roof is over your heads and the bills are paid then you will be fine.

It was scary wondering if we would be able to make all our payments the six weeks I was out of work but it was ok. The big thing is to make it work with one income if you can, if you have a second, great! BANK AS MUCH AS YOU CAN. It will come in handy.

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iVillage Member
Registered: 11-27-2009
Fri, 12-04-2009 - 7:11pm
I am in no way discouraging sound financial planning for a child but I will shed a bit of light as a BTDT parent. I was 23 and literally broke when I had my first dd. Sometimes I don't know how we made it through but things always had a way of working themselves out.
iVillage Member
Registered: 04-04-2007
Fri, 12-11-2009 - 2:22pm

Babies and toddlers don't cost much if you are willing/able to:
- breastfeed
- cloth diaper
- use hand-me-down or second-hand clothes and toys (check if there's freecycle network in your area if you don't have friends and relatives to hand things down).

The main "expense" for us has been my loss of income as I haven't gone back to full time work. However, I do work part-time from home and this might be an option for you as well. If hubby's pay can cover your regular expenses, a work from home job could go towards paying off your student loan.

Good luck whatever you decide!

iVillage Member
Registered: 05-20-2009
Mon, 12-14-2009 - 11:21am

Well, you never know what could happen in the future.

sweets35
iVillage Member
Registered: 01-12-2008
Mon, 12-14-2009 - 6:23pm

Drive by poster here:

Some things to help you out to see if you can finacially do this. Put your paycheck in savings each month and not touch it to pay monthly expenses. Get used to living on the one income now. Also, pay off any debt that you have, car loans, CC, and any other debt that you can.

Save up money now, for the Carseat and essentials. We put 100 back a month when I was pg. We had extra and bought stuff we didn't need. Something to consider, cause this is where I have my problems, babys cloths are CUTE! I love to buy them. I'm controlling myself and its taking a lot of self control.

Another idea, and set up and "allowance" for you and your DH. This is the "blow" money and doesn't need to be accounted for.

We took a pay cut when I quit my job to move also. I didn't go back to work cause I was PG with DD. We just moved again, and we are on a tighter budget. Its surprising the things that you can go without (execpt the cute baby cloths!) We don't eat out anymore, both stopped smoking, don't buy endless video games or movies. We enjoy staying home and playing with DD.

I hope that helps!

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iVillage Member
Registered: 12-13-2007
Tue, 12-15-2009 - 12:22am

I'm also a drive-by poster.

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iVillage Member
Registered: 04-08-2008
Tue, 12-15-2009 - 12:44am

Yes, it really is a tough decision when money is tight and you are older. I had my DS at 35 and everything was financially fine. Then we bought a bigger home, I took a new job that had more deductions (big pension plan and stuff so my pay cheque is a lot smaller) and then DH lost his job. Our plan was to have baby #2 so that they were 2 years apart. After 6 mos of hemming and hawing, I decided that at 37 I just couldn't wait any longer. I got pregnant again. We have looked at everything and realized that when we subtract the daycare here from our expenses, we can get by easily on $500 a month from DH. So he has been looking for PT eve & w/end jobs. So far he's had 1 interview and a lot more leads than when he was looking for FT work. We also only have one car - I ride a bicycle and am able to pull a trailer with DS if needed. That saves lots of money.

You have a couple of years before the situation becomes as dire as mine :) But I guess what I'm pointing out is that there are sometimes more options available than meets the eye. Not sure what your field of study is - but if it can be weekend/evening work the money you will save on daycare could really help pay off those loans! And you could look into ways to start making money right away like freelance writing, paper routes, etc just to keep money coming in and the debt declining instead of rising!

Good luck,
Dee

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