- March 15, 2024
- Posted by: legaleseblogger
- Category: Related News
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Seeking Advice on Improving Financial Situation Before Starting a Family
[A simple but realistic chart showcasing financial details for someone preparing to start a family](https://preview.redd.it/5kmwclfg49lc1.png?width=1200&format=png&auto=webp&s=f9ae37f64fa7bc8d5b6cd68e1c14a84dda1a1b8a)
#### Introduction
Here, I am looking for advice on how to enhance my finances over the next approximately 1.5 years before embarking on the journey of starting a family. I appreciate constructive guidance and suggestions on areas where I can make improvements.
#### Additional Context
I am a 35-year-old female, married, and the financial details provided pertain only to my income and bills. My spouse earns slightly less than me and takes care of various expenses not included in this breakdown. These expenses include home taxes, insurance, HOA fees, car insurance, utilities (such as power, water, internet), and vacation costs. We have investments in our 401(k)s, an emergency fund, home equity, and stock options, which I will discuss further below.
#### Finances Overview
Between my spouse and I, we have a combined total of $85k in our 401(k) accounts, $15k in an emergency fund, and approximately $35k in home equity. Additionally, I possess stock options valued at $75k at the current state of my company, with future potential for growth or loss. Any future payouts from these options will be allocated towards mortgage payments and retirement savings.
On the debt front, I currently owe $330k on the home, $35k on my car, $45k in student loans, and $45k in credit card debt (interest-free until Spring 2025). My spouse manages his car debt and a small amount of credit card debt personally.
#### Future Plans
We are planning to start trying for a child in around a year. My goal is to eliminate my credit card debt by the time I hope to conceive. Post-credit card payoff, I intend to divert the approximately $3,000 per month towards clearing a significant portion of my remaining student loan debt during pregnancy. Following childbirth, I plan to allocate around $1600 per month towards childcare costs, with the remainder going towards paying off my student loans and car loan completely. My spouse will bear other child-related expenses, excluding daycare, like healthcare expenses.
#### Personal Philosophy
While striving for financial stability and debt freedom, I also value enjoying life experiences rather than solely focusing on wealth accumulation. I have spent the past decade exploring the world and have no regrets. However, I am now committed to improving my financial standing before welcoming a child into our lives.
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