Would you rather pay down your debt or save up for nursery care and maternity leave?

Question

I am struggling to pay my debt down, I am saving money, but debt is not making progress. I feel lost with baby being here in 4 months and I feel I get my debt down but worry about maternity leave. (Not counting on work or govt helping- hear it’s a hassle) Ca, USA

Answer

If you're going to have no money during maternity leave, hang onto your extra cash for now. In the grand scheme of things, we're only talking a few months.
If, on the other hand, you're going to be ok during maternity leave, take a chunk of your savings and use it to pay down your debt.

Answer

Sorry, I misread your poll and thought you meant nursery as in a room for baby, so I voted debt. I actually think building your savings for leave and childcare (and emergencies) is a way smarter move given this economy and your pending arrival.

Answer

I initially answered the poll to pay down debt, but after reading your post I’d save it up. You only have 4 mo to go and you don’t know what expenses may arise.  Stash it & then after baby is born, if you have extra, than throw it at your debt!

Answer

We skipped nursery completely for all my kids so we paid off debt with my first baby.

Answer

Maternity leave. Hands down. I used my total FMLA both times (ended up 16 weeks this second time) and I have zero regrets. This is the only time my babies will be that little. Debt and work can wait if you’re not having to scrape money together to make ends meet. If you’re struggling to pay bills before maternity leave, that’s a different story.

Answer

It depends on your situation. I knew that I was not going to be returning to work due to the cost of childcare for two children so we worked on paying down our debt so that I could afford to stay home. We ended up paying off three loans and it allowed me to actually leave work sooner than I thought I would be able to. If you know you are returning to work after maternity leave and you need to build a savings in order to pay bills during that time I would focus on saving your money. The debt can be paid off slowly but your capability of paying the bills is  more important.

Would you rather pay down your debt or save up for nursery care and maternity leave?

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