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I am embarrassed to write this. But, this is my life and I want to talk about it: Planning for baby and paying off debt.
Where’s the balance, what’s the priority? Talk to me. 😀
Our lovely and perfect-in-every-way daughter Terin was born in 2017. She now coming up on a year old and the time has flown by! In some ways, I feel like I just had her.
I’m a planner and we have a debt to slay, as you know. I’m thinking about planning for baby No. 2.
I’ve been so focused on parenting Baby Terin that I haven’t really seriously talked about Baby No. 2 with James. I said immediately after birth that I could do it again. While I talked about it often, I wasn’t serious. Now that its time to think about it more, I’m nervous.
Some of the variables of planning for Baby No. 2 that come to my mind are:
Dollars and Cents of Planning for Baby and Debt Payoff
Some of the big questions I’m wondering about is
- when would be a good time to focus on Baby No. 2 while paying off debt?
- would it be easier to wait until we’re done with the mortgage before delivering #2?
At the start of our debt payoff, we planned to pay off the house by July 2021 before I turned 30. Through hard work and a bit of luck, we’ve shortened our estimated payoff date range to sometime between December 2019 and July 2020. If we cleared most of our emergency fund and kept a tiny amount of cash, we could pay it off closer to December. To do that, though, we’d have more risk since we’d have less cash. If we keep it as is, we’d be done naturally by July 2020.
Added to the mix is also: James took a licensing exam for his job. If he passes, he might get a raise this year that could be as much as $8,000. The higher his raise, the quicker we can pay off the debt. Also, the sooner Baby No. 2 could debut. We’ll know more in a few months. I’m praying we get good news.
A final and big aspect of the money side of pregnancy is where I’ll deliver. I birthed at a birth center and it was everything I hoped it would be and more. I’d like to do it again as long as I have an uncomplicated birth and am healthy enough to do it. Unfortunately, our insurer doesn’t cover birth center deliveries or the midwives at the facility. Birthing there would cost $8,000. :/ I’d like to find a creative alternative so I can keep birthing at the birth center while having it covered. I don’t want to add an $8,000 medical bill to our load on top of everything else.
My Health and Well Being
Motherhood is hard. It has demanded every ounce of energy, perseverance, strength and love from me in an indescribable way. My body has physically changed and isn’t what it once was. I’m not complaining; I like my new body. I just want to prepare for Baby No. 2 so that they get the best I have to give.
Right now, I feel the kind of tired that only moms understand. It’s e x h a u s t i n g. It would be great to give myself time to parent Terin without breastfeeding. Some extra sleep would be appreciated. Giving 100% as a mom starts with taking care of my health and wellness.
Terin as a Sister
Age difference is also a factor. What’s the best age difference between children? We like the idea of kids being closer in age, but not too close. James wants to get the sleepless nights done sooner rather than later. I don’t blame him. Terin makes us pretty tired. 😀 Having not had two children before, I’m not sure how it’ll go. Jealousy, double diapers, alternating naps… what challenges should I take? I’ll probably have them all at one point.
Planning a baby around this debt payoff seems a little ineffective. Yes, we’re planning on debt payoff in 2019 or 2020, but a lot of life can happen between now and then. No matter when the house is paid off, the age difference between our kids is permanent. In the grand scheme, this mortgage payoff is very small.
At this point, I think it’s too early to make any big decisions. I’m enjoying Terin and waiting until we have more clarity has its benefits. Being in this time of my life is so different from any other time. I’m dead tired at the end of the day. But the days go by so fast. There’s many tiny moments that are so special that outnumber the cries and challenges of motherhood.
If you’re a planner parent, did you space out kids?
If you haven’t had a child, would you leave $3,000 in your accounts if it meant your debt was paid off?
Share with me in the comments what you’re doing.