Young Australians have revealed their struggle to find the “perfect time” to start a family during the cost of living crisis, but older workers say the problem is of their own making.
A 24-year-old woman recently shared her dilemma about having children with her partner when the couple barely has $2,000 at the end of the month despite having high incomes.
She earns $100,000 a year while her boyfriend earns $75,000 and the couple have just bought a two-bedroom house for less than a million dollars on the outskirts of Sydney.
“We have high incomes for our age and have been saving since we were 17 to get a big deposit so we could buy the place. We both have college degrees and have worked really hard at our careers so I’m exhausted,” she shared on Reddit.
‘We pay $5,500 a month on the mortgage, $500 on other bills (city hall, water, electricity, insurance) and then another $500 on groceries.
‘Then we pay for the car, registration and other small fees. We barely have enough to save. If we’re lucky, we have about $2,000 a month left, assuming we don’t make any leisure purchases.’
The young woman was stunned to learn that it cost her more than 70 percent of her income just to survive.
“We’re not that close and I don’t think there’s anyone our age who is. We’re just getting by right now. We’re not great, but we’re getting by just fine on our own.”
Young Australians have revealed their struggle to find the ‘perfect time’ to start a family during the cost of living crisis
She added: “The only problem is that we want to have children, but I can’t imagine whether it’s feasible for us or anyone else to do so, especially in today’s economy where rents and mortgages are astronomically high.”
The young woman said she did not want to work for the rest of her life or have her children grow up in a home where they did not have access to what they wanted.
‘I want my children to live comfortably, not in extreme poverty. I want to be there for them, not have them constantly in daycare.
‘I’m working hard at a second job, doing everything I can to make extra money on top of my $100,000 income, but it’s still not enough.
“The truth is that only rich people can have children. It’s heartbreaking.”
The Australian Institute of Family Studies estimates that raising a child costs $170 a week, which adds up to $8,840 a year or $159,120 by the time they reach age 18.
Sydney’s median house price rose 11.7 per cent in the year to February to $1.396 billion.
House prices in the capital are out of reach for a person with an average income of $98,218 because even with their maximum borrowing capacity, this person could only buy a $639,000 house.
Many agreed and sympathized with the young woman’s plight.
“There is a deep sickness in our society: people cannot have children for reasons other than free will and lifestyle interests,” said one.
“It’s not a sprint, it’s an endurance race, and you’re just starting out and you’re doing a lot better than most people,” said another. “Don’t be relatively wealthy and yet unhappy. Have your kids. It will be worth it if that’s what you really want.”
Others claimed the couple made a mistake by buying an expensive home in Sydney.
“I’m single and earn a little more ($75,000) and I bought a nice four-bedroom house for $380,000. Just don’t live in the capitals and you can have money to live as you want,” said one.
“Buying a million dollar property at 24 in one of the most expensive cities in the world in terms of cost of living is a situation of one’s own making,” echoed another.
A 24-year-old woman recently shared her dilemma about having children with her partner when the couple barely has $2,000 at the end of the month despite having high incomes.
‘You’re paying all your expenses with $2,000 to spare each month and you call that struggling?’ one asked.
One of them questioned the young couple for describing their situation with the word “poverty.”
‘Please don’t use the word poverty to describe your situation or any situation your children may find themselves in. You have a stable career, you earn that kind of money and you live in Australia where, at worst, the government will still take care of you. You obviously have no idea what poverty is.
‘Yes, kids are expensive. When we had two in daycare, it was about $40,000 a year. We’re teachers, so we don’t have a huge income. And daycare and after-school care (which we now have for our oldest) are just one of many costs.
‘My advice is to get everything from Facebook Marketplace. Don’t worry about buying new things, there’s no need. Baby stuff is expensive.
“There is never a perfect time to have children. Save as much as you can and then you will have one. You will find a way. Unless you were born rich or got lucky with an investment, your dream of “spending on leisure” is just that.”