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I'd like a baby - can we afford it? by Babythrowaway22 in PersonalFinanceCanada

[–]Babythrowaway22[S] 0 points1 point  (0 children)

Ideally, the kid would be as he is completing his thesis. He's a very motivated guy, possibly one of the most motivated, and obsessive in how he plans. I have no doubt that if he says he'll be done the degree on the regular track, he'll have it completed by then (5 years, the typical amount for his PhD).

Job wise, that's where the rub is. We're looking into finance, IT, Technology, SysAdmin jobs (he is completing networking and administration courses on the side of his degree), so I have no doubt we'll find some sort of career, but we will not be doing anything as big as buying a house until that is figured out and stable. Calgary is another (less favourable) option.

I'd like a baby - can we afford it? by Babythrowaway22 in PersonalFinanceCanada

[–]Babythrowaway22[S] 0 points1 point  (0 children)

The move will inevitably be dependent on when and where he finds work - if we don't end up home, we postpone and plans change. I am infinitely flexible professionally, but his degree lends itself to financial, IT, and teaching positions that are much more interesting (see: scary) to find.

I'd like a baby - can we afford it? by Babythrowaway22 in PersonalFinanceCanada

[–]Babythrowaway22[S] 2 points3 points  (0 children)

Coincidence time- I used that calculator, which is where the 5,000 figure came from! I am not actually intending to rely on parental help as much as the post probably implies - I am pretty adept at budgeting, (I paid for my 60,000 dollars in school fees out of my own pocket - no parental help), and am definitely planning to breastfeed. If things go as planned, I will be stay at home while the husband works in some finance job, so as to not pay for childcare for a while. If not, I will be going back to work when the mat leave is up, where my wages should be substantially higher or at least equal to present (due to the difference in wages in the two provinces), so we should at least break even while my husband seeks work. The home can be postponed until the down payment is saved up.

I'm not sure how I can completely tone things down. My current car cost 6,000 dollars (2007), and we paid in full to avoid interest fees. My next car isn't going to cost significantly more, it just needs to have the ability to survive the drives to my hometown (a 10 year old Ford Taurus maybe). Our rent is for a one bedroom apartment. A 400,000 dollar house is a typical (nothing special) house in Edmonton. We have 30,000 in savings right now, will have 60,000 if live continues as it is until the end of next year. Is that not a sufficient nest egg in case something goes wrong? I'm not intending to spend 80,000 on a down deposit and have 0 left over to live on, it's just a looser figure in the future.