Planning our future

I’ve had a slow week as far as posting goes, though that’s partly because my exams are nearing. I have been thinking a little bit about the future – specifically when and if we might have another baby.

I know that I want to have no personal debt before we have another child, and ideally I’d like to be paying off a home by then.

But the reality is, to have a baby I’d need a significant slice of time off work … and that does not fit with paying off a home.

I won’t even start earning a full-time wage until about 14 months time, and then if I fall pregnant, we’ll be without one again for at least 6 months (preferably a year).

I was further concerned that even if I did work for a year and then have a baby – meaning I would normally be entitled to 12 weeks’ paid maternity leave – under the terms of the junior doctor employment contract in my area, I wouldn’t be eligible for the maternity payments because they employ juniors on a one-year contract.

However, I’ve since found out that this doesn’t matter and I WOULD be eligible for paid maternity leave after my first year of work, so perhaps it is worth waiting a bit longer before having a baby (this would mean I couldn’t fall pregnant until early 2009, instead of early 2008).

This could mean a potential difference of about $12,000 (gross wages), and it would obviously make it much easier to maintain mortgage payments. I may also be allowed to take half-pay, extending the period of paid leave to 6 months, plus any accrued holiday pay can be tacked on to this period of leave too.

However, we had planned to have our second and probably our final child sooner rather than later, and I don’t think my husband will be keen to wait too long.

Anyway, this is great news … my hubby and I will have to have a chat about our future plans and see how we think things will pan out.   


1 Comment »

  1. […] debtfretter Posted something interesting today on sosickofdebt.wordpress.comRead this summary…. […]

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