Financial Affordability & Children

Had a great weekend, and loved spending Halloween taking my God Children trick or treating(I wish I could put up pictures).  On Halloween(before I took my God Children trick or treating) I had deep discussion with a friend of mine who is engaged to be married and who is really anxious about having children.  The conversation centered around how much she believes she needs to make in order to have children ASAP.  She believes that all you need is love, a steady paycheck(even if it’s slightly above minimum wage), shelter, and supportive family and friends. I agreed but also stated that she should at least make enough to afford the basics, and to also provide a good solid foundation for the child. This was a hard pill to swallow for her because admittingly she isn’t at all financially prepared for a child–like most young twenty somethings she has student loans, debt, and a below-median salary which doesn’t really afford her many luxuries and also barely keeps her afloat. Her fiance is in a similar position. Needless to say when she found out I was taking my God Children trick or treating I could sense in her voice that the topic was a very sensitive point for her–knowing that she wants to have children, hearing about me spending time with children, but also being aware that she isn’t in the position(realistically) to have children. She claims that at 24 her biological clock is ticking and that it depresses her that she isn’t able to have a child(sooner rather than later).

Later on that night, after I was done trick or treating I talked to my best friend(the mother of my God children) about the conversation I had with my other friend(the one who is engaged). She was on the side of my “engaged” friend. This is probably because she had her children with the idealist approach that all you need is: love, a steady paycheck, and support. Yet she is very much struggling right now and isn’t at all where she thought she would be financially. So listening to these two give their opinions about why you don’t need to be completely “stable” before having children was really intriguing to me. These were some of the reasons that they believed that having a kid even when one isn’t completely financially prepared is okay:

1. Babies don’t need very much(they only need love)

2. Hand-me-downs, used baby furniture, and baby showers are good enough for covering the basics (in other words, she won’t have as much out-of-pocket expenses by relying on these things).

3. She can build wealth later on(she already has her degree and is in the beginning of her career).

4. She can cut corners the first 4 years of the baby’s life(i.e. breast feeding instead of buying formula, using clothe diapers, living in an apartment, relying on family members to watch the child to avoid daycare costs, and so on).

5.  You can never be financially prepared for a child.

 

All of this sounds nice and I’m now on the fence. A part of me thinks that is possible for a financially unstable person to “wing” it by doing the things listed above though another part of me(the more cynical side) feels as though this sort of thinking is far too idealistic and does the parent and the child a disservice.

What is your opinion?

 

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