# Can we afford to get married and to have kids



## Scared! (26 Apr 2008)

Age: 36
   Spouse’s/Partner's age: 30

   Annual gross income from employment or profession: 40000 
   Annual gross income of spouse: 22000

   Type of employment: e.g. Civil Servant,  self-employed  
Private sector employees, non professionals.
In general are you spending more than you earn or are you saving? No

   Rough estimate of value of home : 300000
   Amount outstanding on your mortgage:  297500
*What interest rate    are you paying? *4.9 Tracker, repayments after TRS approx 1250

   Other borrowings – car loans/personal loans etc:Nil

   Do you pay off your full credit card balance each month? Almost always.
   If not, what is the balance on your credit card? Nil

   Savings and investments:22500 approx

   Do you have a pension scheme? Yes, current combined funds value about 70000. Employers more than match contributions up to 6%
   Do you own any investment or other property? 
    No
   Ages of children: None yet.

   Life insurance: Employer provided


*What specific question do you have or what issues are of concern to you?*We are fairly frugal and saving 500-800 between us per month. Hoping to have cheap wedding next year (up to 10K including honeymoon). We are also hoping to start a family within the next few years with my partner staying at home for the first few years. Looking for some advice and hear experience of anyone in similar situation.


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## television (26 Apr 2008)

Yes. good look. 66000 seems good enough. your doing all the right things. and im sure your income will go up also.


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## Scared! (26 Apr 2008)

Just worried about the (single income) future, i.e, when partner leaves her job to look after kid(s?). I guess we'll keep saving and build up a bit of a nest egg for the next few years so that when she does leave her job we have some sort of cushion. I'd hate to have to get a second job !!!


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## ccgirl (26 Apr 2008)

You seem to have a very responsible and practical approach to the situation and hats off to you for that. If money becomes tight perhaps she could mind another child etc... in the meantime you are certainly on the right track money wise with saving and planning. Best of luck


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## television (27 Apr 2008)

And where do you live cause that is important. I mean Dublin is expencive as hell. west is more reasonable. But you are in a good financial position where ever you are. if you are careful with ur money moving forward that is.


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## Scared! (27 Apr 2008)

Hi CC and TV,Thanks for your replies and encouragement/reassurance.
We live and work in the midlands btw so cost of living is not as expensive as the Dublin region.


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## Complainer (27 Apr 2008)

Just curious to know what your mortgage term is, as the repayment amount seems low in relation to the size of the debt?

What could you do to increase your income, e.g. promotions or training or extra qualifications?


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## Scared! (27 Apr 2008)

Hi Complainer, 35 year mortgage, just over 1 year completed.
I guess I could make a few extra quid at weekends through a small business if I really wanted. I finished a diploma (they are calling them ordinary degrees now) last year part-time and don't plan to go back to do the real degree until next year. Unfortunately there is not a lot of scope for promotion where I work, but I could look for a better paid job in the future.


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## Mpsox (28 Apr 2008)

you should also remember that you will get the childrens allowance and the €1000 from the government, all of that is worth €2980pa for the first kid
Secondly, you should be able to transfer your wifes tax free allowance to yourself, that should also help with the tax side of things
Based on your income you may be entitled to the medical card, and you should check this out

Lastly, you could follow the Eddie Hobbs approach to weddings and ask for cash gifts only. I know it sound a bit mercenary, but it actually makes it easies for the guests and you don't end up with a house full of china ornaments and bed sheets


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## bacchus (28 Apr 2008)

Scared!,
Very similar thread here, may be worth having a read.


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## sully (28 Apr 2008)

I doubt if you could afford them without it having a very adverse reaction to your household income. without the proper figures its very hard to judge but currently on a 2 income household without kids you are only saving 500 to 800 a month. why does this vary so much? a kid would easily swallow this saving every month and thats with taking into account the tax implications. you would definitely be hoping for help from the government here in that you would hope to get a medical card and other supports. 

You don't say who is staying at home with the kid so i presume its the person with the lower salary? does this person need to stay at home is there family support where you live can the person work at least parttime and get free babysitting.

have you talked to others that have kids and have costed how much a kid costs them per month. Does the person staying at home plan to go back to work when child is school-going age? and what are they going to do to be more employable at that stage. it could be a great way to get an education and then get a well paying job.

I reckon if its a straight up answer then i doubt if you could afford to have a kid. But if you really want a kid then with a lot of sacrifice you will of course be able to afford it. It depends on what is important to you.  I think you would be better off waiting a few years and saving like crazy but you would want to be be putting away alot more money than 800 a month and have consistent savings. again its very hard to know where all the rest of your income is going to without the full details?? Obviously assuming that she is not main earner and is 36 if she is then it will be harder to wait however if she is only 30 then she has plenty of child bearing years ahead of her you would assume!!


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## Scared! (29 Apr 2008)

Hi sully, savings vary a lot from month to month as we are not long in our house and inevitably we have to get some item of furniture or have a job, e.g.,tiling etc., done.We could probably save 1K per month when these things are complete. We both have VHI from our jobs and will look into medical card and FIS entitlements, if any. The original post states that my partner (age 30 and earning 22K) hopes to stay at home for the first few years. No nearby family to help with babysitting.


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## moneygrower (29 Apr 2008)

Go for it! We are on one salary with a baby and have never been so well off! 
We were spending a fortune on coffees here, pints there and pizzas in between. Seemed quite modest at the time but it all ads up. We still go out by the way just not nearly as often, probably enjoy it more when we do.


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## shoppergal (29 Apr 2008)

Once you have the wedding over with and paid for why not try living on just your salary and put away your partners salary. That will give you a feel very quickly as to whether it's possible on a long term basis.


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## And76 (30 Apr 2008)

moneygrower said:


> Go for it! We are on one salary with a baby and have never been so well off!
> We were spending a fortune on coffees here, pints there and pizzas in between. Seemed quite modest at the time but it all ads up. We still go out by the way just not nearly as often, probably enjoy it more when we do.


 
God fair play to you how did you manage being better off? Do you have a mortgage?


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## Mpsox (1 May 2008)

I have to agree with Moneygrower, I'm in the same position. We save money because we cut our commuting costs because my wife is not working, she's not spending the couple of € you spend every day in the staff canteen, drink on a Friday lunchtime and all that, and because we have a smallie, we are going out far far less. We had to role back on some savings such as share save schemes and AVCs we were doing, but it's not been a problem


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## Mr DT (1 May 2008)

If getting married and having kids was a purely financial descision then not many would do it!!

But it's not. You will survive, your life style will have to adapt. You look in a strong enough financial position compared to most.

If marriage and kids is what you want, go for it! Life is way too short!! Changing your life style and controlling you finances will become the next challenge life with throw at you, but don't let that stop you.


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## Scared! (4 May 2008)

Thanks everyone for their reply's and advice/experience. I look forward to getting married and starting a family(just practising at the moment)and hope we are in a good financial position but I guess money is not everything and we will survive, just as many others do. All the best folks.


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