FH and I are getting married in December, I will be 23 and he will be 29. We want kids but it won’t happen for at least 3-5 years because we are young and not ready for the commitment that children are. We aren’t in any rush and I’d like to be in a better place financially.
We have a mortgage now and will be taking out more money in the next year or two to renovate our apartment. It means that for the next 5-10 years things will be pretty tight financially, but we need to renovate before children (non negotiable). I also want a new car before then because I want a bigger and safer car before we have kids.
I’ve been looking at getting a new car soonish because I want to give my current car (2012 Hyundai) to my sister to learn on it when she gets her license next year. I was initially thinking I’d keep the car for longer and only get my new car when we are closer to having kids, but I’m worried about having 3 big financial commitments when going on maternity leave - I want 1 year off and our government pays $650/week for 18 weeks under our entitlements (it covers our mortgage as is without the extra loan with a bit left over).
I started thinking instead that I’d buy my new car now and this way I can pay it off fully before having kids so that there is one less financial obligation to worry about. I feel like it’s a little backwards but I think the logic makes sense? Does it?
How have you all managed lots of expenses and maternity leave?
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