Reply to How Do We Know if We Can Afford a Kid in the DMV?

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[quote=Anonymous]You absolutely do not need to spend 2k for quality childcare in the DMV. We sent our first daughter to an amazing home daycare for about 1300 per month in Northern Va before she started preschool at 2 1/2 for which we pay about 1450 per month.  It was about 15 kids with four caretakers and was the best of both worlds in my opinion (the routine and structure of a big center daycare with the love and comforts of a nanny share i.e. healthy home cooked meals, no turnover etc).

With that said, even 1300 a month on the lower end for childcare is going to be a big expense at your income level.  Do you foresee any way to increase your incomes in the next 2-3 years?  Likely, if you don't start trying until 2022, you won't actually get pregnant for 2-3 months assuming you're young and healthy so you won't actually HAVE the baby until 2023. A LOT can change in 3 years.  I'd focus on getting your HHI up a couple grand by then.  Then I'd say you'd be in a good spot.

We had our first baby when we were making 125k (I was in grad school at the time so not working). That was 3.5 years ago and we absolutely made it work.  We bought a starter home around the same time and lived on about 8k per month with a PITI of 2700k.  It was tight initially but we were comfortable.  Once I started working again when my daughter turned 1, we started sending her to daycare.  We now make a HHI of 300k not including bonuses, so like I say, a LOT can change.  Planning and budgeting is a good thing but also if you wait for the perfect timing, that may never come.  We have had several friends who did that and decided they were 'ready' finally in their late 30s and found it VERY difficult to have kids at that time, one couple had to do IVF and one couple ended up adopting.

Also, in terms of the house/school district, you have a LONG time before you need to worry about kindergarten and public school.  With 7-8 years until then, I'd look for a good starter home in an area that's appreciating in value.  You can upgrade once your first kid reaches school age.[/quote]

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