Why Are You Waiting To Have Kids Until You’re Financially Stable?

I read an article recently that centered around statistics that indicate Millennials (the generation born between roughly 1980 and 2000) are waiting longer to have children.

One of the main reasons they give for waiting is their financial situation. Or more specifically, how much debt they’re in or how much money they want to save.

More than any previous generation, Millennials are ladened with thousands of dollars in student loan debt and less initial wealth when they become independent.

The plan to wait at least a few years after graduating college to pay off loans, and settle into a career before having children. makes sense financially. But does it really make a difference?

Before making the decision to wait to have kids until you can afford them, make sure you understand the entire situation. Here are a few pros and cons.

financially secure kidsPro: More Time to Save Money

The longer you wait to have children, the more money you can save, and the more debt you’ll be able to pay off.

This makes sense because we all know children are expensive! Very little saving or paying off debt is likely to occur (without concerted effort) while raising kids, especially within the first few years.

A two-income household can greatly benefit from trying to live off one income, and stash the other in savings. This is smart not only to prepare for the budgeting constraints of one income, but to create a bigger savings cushion/dent in your debt before kids come along.

Con: Your Age and Health are Factors

On the flip side, having kids within the prime of your life is ideal, and your biological clock might not be in time with your financial goals.

Consider how much debt you have, and how much income you have to work with (in addition to the fact that you’re likely still building your career). You may still not be able to reach your financial goals before worrying whether or not you’ll miss your best window of opportunity for having children.

This is especially true with women, who often complain about feeling their biological clock ticking. The best way to deal with this challenge is to avoid an all-or-nothing approach to your financial preparedness for children.

Do the best you can to become financially stable, but it’s unlikely you’ll be exactly where you want. There’s rarely ever a perfect time to have a child. Accept that this is okay. After all, many other people are in the same situation!

Pro: Investment in Your Field of Work

Women who work on their careers…

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