If you’re a millennial, you’ve probably been asked when you’ll settle down and have kids. Unfortunately, it’s a common question that often comes with much pressure. And, if you’re not sure if starting a family is right for you, it cannot be easy to know how to respond.
Many millennials delay having children until they feel more financially stable. For some, this may mean waiting until they’re in their 30s or even 40s. Other reasons why Millennials are delaying starting a family include the challenges of balancing work and family life, as well as personal preferences.
However, it’s important to remember that there is no “right” time to start a family. The decision is unique to each individual and should be based on what’s best for you, your partner, and your future children. Here’s an in-depth look at why many millennials are delaying starting a family.
Financial Instability
The cost of raising a child is no joke. The average middle-class family spends about $12,000 annually on child-related expenses—and that number doesn’t even include the cost of college tuition.
For many Millennials, the high cost of starting a family is too much to handle. In addition to expensive childcare costs, many young adults also have student loans and other debts to pay off. As such, it’s not surprising that many Millennials delay starting a family until they feel more financially stable. For some, this may mean waiting until they’re in their 30s or even 40s.
Work-Life Balance
In today’s day and age, it’s not uncommon for both parents to work full-time jobs outside the home. For many families, this is necessary to make ends meet. However, working long hours can make it difficult to find quality time to spend with your partner and children.
Millennial parents often want to spend more time with their kids than their parents did—but they can’t because they’re too busy working. As such, it’s not surprising that many young adults are hesitant to start a family until they feel they can strike a better work-life balance.
Personal Preferences
Last but not least, many Millennials don’t feel ready to have kids—that’s okay! Parenthood is a huge responsibility, and it’s not something that should be taken lightly. Some young adults want to wait until they feel emotionally ready to become parents, while others want to experience various aspects of their lives before settling down. There is no “right” answer here—it truly depends on what you want out of life.
Ultimately, the decision of when (or if) to start a family is unique to each millennial. If you’re unsure about starting a family, don’t let anyone else tell you what’s best for you—trust your gut and do what feels right for you, your partner, and your future children. However, if you want to start a family now, here are some tips to help you get started.
How Can Millennials Afford Families?
Move to an Affordable Location
Despite the financial challenges, there are ways for millennials to afford families. One option is to move to a more affordable location. The median home price in the United States is currently $454,000.
But in some parts of the country or other countries, you can find homes for less than half that price. Likewise, you can search for affordable real estate in other countries like Australia. Homes are much cheaper there, and can be a great place to start a family.
Change Your Living Arrangement
Another option is to get creative with your living arrangement. For example, according to Trulia, the average monthly rent for a one-bedroom apartment in the United States is $1,225. But if you’re willing to live with roommates or rent out part of your home on Airbnb, you can significantly lower your monthly housing costs. Similarly, living in an urban area with good public transportation. You may be able to save money by selling your car and relying on public transport or ride-sharing services like Uber or Lyft.
Talk to a Financial Advisor
Finally, you can talk to a financial advisor if you’re feeling overwhelmed by the cost of starting a family. A financial advisor can help you create a budget and plan for your future expenses so that you can start planning and get on track financially. Whether you start a family today or in the future, it’s essential to feel confident and prepared before taking the plunge—and a financial advisor can help make that possible.
While many challenges are associated with starting a family as a millennial, there are also many ways to afford it. Following the tips above, you can take the first steps toward building your own family.
