I don't have a lot of money, but I do have a lot of love and time
January 16, 2011 7:46 AM Subscribe
I'm 29 and my partner is 31. We want to start a family. We don't have a lot of money, but we're doing OK. Details inside.
posted by Rocket26 to Work & Money (45 answers total) 16 users marked this as a favorite
I'm trying to work through all this, so bear with me! Basically, I'd love to hear thoughts on raising children without a lot of money. Here's my version:
My partner and I have been together since our early twenties and are still going strong. We're both community-minded, creative, fun, hard-working people. We both like kids. Neither of us have a steady career path yet.
We've talked about having kids for a few years and quite a few of our friends are youngish couples with children. This past year the urge to have a baby has grown steadily stronger.
Except, I always thought I'd go to graduate school or have the whole career thing figured out before I was ready to have a baby, but that hasn't happened. I actually did go to a fairly prestigious graduate program for a while when I was 25 and then left after realizing it wasn't a great fit for me. For the record, I'm glad I did, because that's not a line of work I want to be in at this point. (social work, mental health, therapy)
But back to the baby. I think we're ready even though neither one of us makes a lot of money. He's an assistant teacher at a private school and teaches guitar lessons, and I've been picking up freelance writing and marketing work for the past year. We're doing better than scraping by, but we don't have a lot of savings or anything. I probably could have saved more this year, but I did some traveling, spent money on home improvements, bought a car, etc (a used car, but new to me!) I'm frugal and pretty used to living on whatever I have at the time.
Both of us have college degrees and are resourceful people, but due to the area of the country we live, the recession, and our overall dispositions, neither or us have launched into full-blown careers yet. I think we both envision running a business, maybe together some day.
We built a house on my parents land a couple years ago and have a really amazing living situation. We're paying back a loan, but at the rate we're at, we could pay it off within 5 years.
I guess I'm looking for assurance.
A) Is it OK to have kids even your finances aren't completely 100% up to snuff?
B) What's up to snuff anyway?
C)If you had a child when you were still in the beginning stages of your career, how did it change the course?
D) If you were raised in a home without a lot of money but a lot of love and support, how was that?
I really do love working and making my own money, and have worked since I was 16. So I do think it's important to me to have some version of a career. (Whether that's continuing to freelance, running a business, or working a regular 9-5 job.)
I'm beginning to think we should go ahead and have a baby while we have flexibility in our lives, even if our careers and finances are still unfolding. Any feedback from people who have had kids while still figuring their finances and career would be great!