Bills and a baby?

Me and my fiancee both have big bills. We%26#039;re talking about kids after we get married in a year. We%26#039;re both 23 will be 24 next year. We want between 2 to 4 kids. We make $2,500 a month and pay about $1,000 a month in debt. Not including rent for our apartment. My fiancee wanted to refinance his loans but he hasn%26#039;t paid it down enough yet. He owes the bank about $12,000 in loans. I can%26#039;t get a loan because my credit sore is 515 (recently passed credit card debt). Should we pay most of our bills down before we try to have a kid? What is the most you should have in debt when you have a kid? How do I fix my credit score?

Bills and a baby?

I can%26#039;t tell you how many days I wish I had done just what you suggest - be in a financially comfortable place before having kids. My husband and I were both 21 when we had our first son 13 years ago. I had minimum wage job and he did too. Now, 4 kids later, I wish wish WISH I would have waited at least until I had a better paying, more secure job.

Our credit is in shambles because we got deep into debt to try and make ends meet and to %26#039;keep up with Jones%26#039; %26quot; and my husband is now filing Chapter 13 Bankruptcy just to keep our home. I don%26#039;t blame one ounce of our troubles on my children and I love each and every one of them but it would be nice to be able to provide them with the %26#039;extras%26#039; that kids their age enjoy - especially my 13 year old.

Sometimes you can%26#039;t plan life, it just happens. However, if you have the forethought to be careful and try to get your ducks in a row, I think your family will be much more relaxed and happy.

Bills and a baby?

Family planning shouldn%26#039;t involve finances. This will lead to regret and resentment. Since most marriages end due to financial instability, I would highly recommend waiting to get married for 1 extra year and in that time focus on getting your %26quot;sh!t together%26quot; with regards to finances.

Remember, getting married isn%26#039;t cheap or free for most people and that may lead to more debt.

Refinancing the loans is a good idea IF you are trying to get a lower interest rate. But with loans for as little as $12,000 that won%26#039;t make that much of difference. I would focus that energy on a part-time job as the interest savings would be barely 1 month%26#039;s working a part time job.

You can never predict the immediate future, I would just work on a good budget, stick to it, get disciplined, live within your means and you will be alright.

Bills and a baby?

Obviously you do not want to struggle financially when you have a baby, babies are very expensive! I would definitely recommend getting your debt maintained before having any children, maybe even before getting married.

The best thing for you to do for your credit score is pay down as much debt as you can. Get this book called %26quot;The Money Book For the Young, Fabulous, and Broke%26quot; by Suze Orman. It has ALOT of good information in it and for me it was very motivational when it came to paying down debt. Debt sucks and you definitely don%26#039;t want any..or alot, when you have a baby to worry about and take care of.

Bills and a baby?

How is borrowing money going to pay down debt?!?!?!

Call all of them and work out a payment plan and try to get your interest lowered or stopped.

Then, make the minimum payments on every one of them. On the lowest dollar value, put all your extra effort toward paying it off. Once it is paid off, then roll that extra money to the next largest balance. Continue this snowball until all your debts are paid off.

You probably need to cut your expenses back to the bare minimum. Get rid of cable, cell phones, internet, etc. Lower your electric bill, gas bill, water bill, etc. Don%26#039;t eat at a restaurant until your debts are under control. Take a sandwich for lunch. Cancel the gym membership.

Try to increase your income by getting a second job. If you have a car with payments, get rid of it, and buy a good dependable used car for CASH.

Go to the library and get %26quot;The Total Money Makeover%26quot;. Read it and follow it carefully.

Go check out Dave%26#039;s website as well.

www.daveramsey.com

Personally, I would have no debt and an emergency cushion of at least a month%26#039;s expenses. If you can;t get out of debt, how could you afford to add on the expense of a baby? Unless you have extra money leftover, you can%26#039;t afford to add more expenses!

Pay off all your debts, save up at least $1,000, but preferable much more, then think about kids. The birth and delivery alone will cost you at least a grand out-of-pocket. You will have at least 6 doctor visits the first year and at least four rounds of shots. Diapers will run you $15 a week. Formula will cost you another $20 to $30 a week (assuming you don%26#039;t nurse). DON%26#039;T go into it in debt.

DON%26#039;T buy Suze Orman%26#039;s book. She has a deal with the credit agencies. Everything she says is pretty much a paid comercial. She does not have your best interest at heart.

Bills and a baby?

First start working on paying down your debts separately. Don%26#039;t combine your finances until you are married. After you are married the finances are combined there is no more yours or mine only ours. Be sure you are the same page about money. I recommend Dave Ramsey%26#039;s Book %26quot;Total Money Makeover%26quot; it might change your life. Your local library should have it. Make sure you are ready to have kids after you are married. You don%26#039;t have to wait till you have paid off all of your debt but I would recommend having a well padded emergency fund in place. After Mother and baby are home safe and healthy you can use most of that money towards paying towards your debt. The rest should stay in your emergency fund.

On the other hand think about this... wouldn%26#039;t you feel better bringing your children into the world once you are debt free?