Would You Choose Starting a Family or Debt Freedom? | Budget Bestie Ep45 | Budget with Ira

[@julieb6680]

I just found your channel and I admit I watched all 45 videos of Budget Bestie. These videos are super helpful and I hope you continue. I think credit is so easy to get but so hard to get rid of. These videos just show that with a good plan, one can get out of debt and start using income to do things that can bring you joy and just live life❤❤❤ Thank you Ira. What can I do to keep these videos coming, if anything?

[@TheAussieDollar]

You used beautiful language and communication while discussing this budget with such a sensitive topic. Nothing but praise 👏💛

[@Pandefly]

If you're going to clear the debt first, you should try to clear the interest free one first. Look at the contract, but a lot of those interest free loans have back interest of what's not paid off (and sometimes the whole amount) when the interest free period is up. If you don't pay it off before the interest period starts, it could balloon very suddenly. Always check the contract to make sure 💛

[@SammiJoUk]

Great Video Ira. Personally, I would clear the debt. Like Ira said, even after the debt is clear you will absolutely still have time. Children are so expensive! My son is 15 and I only cleared my debt when he was 13. I was on debt all the way through and it was not fun. The worry, the sleepless nights, the panic that you wont have enough. It’s….awful. If I could go back, I would definitely of cleared the debt first. Good luck to the Budget Bestie!

[@anuvakeva969]

💛

[@Chatty-KathyBudgets]

💜💜💜 Happy Sunday! Great video! 💜💜💜

[@stephanieparker624]

Good Budget Bestie. I am glad you had two scenarios depending on what the higher priority is for this person. Like someone else stated, if they could get a side hustle to bring in more money, even temporarily, they can pay down debt even quicker and then can save more for fertility treatments. Whatever route they choose to go, I wish them best of luck!!💛💛

[@DeidresBudgetingJourney]

I’m working to be debt free as I know the money can make bigger goals come true instead of paying debt. Children always cost so if you can get in the habit of saving not paying debt I’m sure it’ll be easier. Best of luck to them on their journey. 💕

[@LarissaSantos-yr9mr]

You are really treating us 💫 love budget bestie

[@bpennington148]

If having a family is the higher priority for the budget bestie then I would definitely do scenario 2 but there are definite advantages to following scenario 1. By being debt free they free up more money to save for the treatments. 💛💛

[@niab933]

Agree with others on clearing debt first. It will get overwhelming fast particularly when child is involved as not just fertility costs but also upkeep of having a child and things you would need when they come into the world. Also does the £100 for doggo include vet subscriptions etc if not I’d do a sinking fund for that and a car maintenance one (for things like tyres). Not sure if LISA worth it when you own house and have a pension. So personally that £20 could go towards doggo sinking fund. Other options are exploring equity in house to cover costs of those house debts. If you have equity (wild card option) you could pull some out to clear debt immediately and focus on fertility.

[@e.victoria5151]

💛 Well done on appreciating this with such respect. As someone who also has no plans on starting a family, I imagine, if that was my goal, it would be my sole purpose in life and I think you provided this person with plausible options.

[@fionaturner461]

💛😊

[@CirisHoard]

Everything will be 100% easier if the debt is cleared before bringing a baby into the world. With the person's age in mind and having that feeling of doom when it comes to having a child; I can understand why they might be more towards starting a family. However, it's important to ask yourself the questions - if you focus on family first, can you afford the baby and then becoming debt free etc? When a child gets brought in, you will also be savings for stuff related to the baby too; that be a new sinking fund from new clothing, to toys and having some type of emergency fund. This is also your journey, you have to do what is right for you and the possible future child! Whatever or whichever you choose, if you figure out a plan on your own, but you have got this either way! A 3rd but less realistic option (this holds a lot of stuff in mind etc) is maybe find away to make a little extra a month that you could put towards one or the other. If you work your basic Monday to Friday 9 to 5, then see if there are any jobs around that are looking for weekend staff, even if it's temporary for a few months. As I said, this is an unrealistic option as so much needs to be taking into account, your mental health, if there is anything like that available where you live, if you even have the time to do something like that and for many people this isn't realistic at all. But it's also something people forget they can possibly do, so it's just a suggestion. This is something me personally, if I was in the situation of two important things that I might feel needs to be hit on the head as soon as possible, but again this is your journey and I hope any advice. 💛💛💛

[@budgetbetterlife]

Not sure where this person lives but I wanted to share my personal story. I struggled with infertility and needed to go through IVF and had no idea how I would come up with all of the money associated with it. I found out through a friend that there were companies that offered health insurance that covered most or all of the costs of IVF. I looked into it and chose to work for Starbucks, I worked two jobs for almost a year, one of which being Starbucks to get coverage and ended up paying significantly less in deductibles than if I paid fully out of pocket. Hopefully this story can help someone on their journey! ❤

[@Tinasbudgeting]

Nope would definitely clear the debt before starting a family - but then again I don’t really care about having a family.

[@vlwbug1986]

If you are reading the comments 36 isn’t too old for fertility treatments. Lots of people can and do have healthy pregnancies after 35. I was 35 when I had my son conceived via IUI. I would say go with either a hybrid pay off the credit card and then focus on IUI. Or plan 2

[@anuvakeva969]

My friends mom was 46 when she give birth her last daughter😅

[@mythreesons000]

💛 Happy Easter IRA,

[@trisarahtops8928]

I'm torn on this one! The unpredictability of the fertility journey would make me lean towards option 2. Having said that, clearing debt before trying to conceive would put them in a stronger position before bringing a baby into their life, considering they'd presumably only have their maternity pay as an income source, and childcare is expensive. I like what others have said about bringing in extra income. Do they have a spare room they could rent out for a little while to bring in extra money, for instance? Whatever they decide, I wish them lots of luck- it sounds like they've had a rough time of it lately!

[@dragoneye454]

It's so weird. Me and my husband were literally having this conversation last night. We are both 36 and looking at adoption instead of IVF but we also are debating debt or kids first

[@latanyaneal4070]

❤ good evening how are you doing today ❤

[@bindiboo1]

Paying car tax monthly costs more, so I'd keep the sinking fund and pay it off annually. The debt needs to go before you have kids because kids cost a fortune. I'd use about 2 grand of the savings because once the debt is gone, you could soon replenish the emergency fund and you'll never get the same interest on savings that the debt has/or will have.

[@callygunney2685]

🧡

[@charityw2023]

💛💛💛💛

[@janetturner4300]

Clear debt first .. Also they have no life insurance listed.

[@pennybaker6077]

Having children is making more debt

[@Daniel-iy4zy]

I wonder how quickly this person’s debt will go away just with the minimum payments alone, as potentially this person might have more to throw at IVF savings via the passage of time? Not to mention potential income increases… I hope they can have their baby 🥹❤️🫂