There’s a story circulating out on the web about how more couples are waiting to have kids due to the poor economy.

According to the story:

As the financial crisis reverberates through Wall Street, Washington and beyond, it is taking a personal toll on couples who are making the painful decision to postpone starting — or growing — their families. Once hopeful about their ability to provide for children, prospective parents are now filled with gnawing doubts as jobs vanish, retirement savings dwindle and housing prices fall — even as the cost of having and raising a child rises.

Historically, economic downturns tend to reduce the number of children born in the U.S.  In fact, the story said the post-war fertility rate low of 1.7 was in 1976 — my birth year. Maybe that has something to do with my utter disregard for economic events when it comes to childbearing.

Then again, I became pregnant with my third kid long before the stock market took its nosedive, before the first major bank failure and before the bailout bill. I had figured we were probably in a recession. And it was no secret that my job is insecure given my trade.

Honestly, I doubt the official declaration of a recession, or even a job loss would have changed my mind to have a third kid. I’ve never been one of those “wait to have kids until I’m ready” kind of people.

When does “ready” happen, exactly? A person can lose a job at any time. Financial curve balls can be thrown during the best of times. That’s why you plan and live within your means.

In some ways, I think tough times help to cement what matters most in life. For me, family is part of that equation.

I’m definitely more of an “I want to have kids and it’s not always going to be easy” kind of person. I figure if people could raise kids during the Great Depression, during world wars, in Minnesota without plumbing in the winter, then my kids can probably stand to (gasp!) share a bedroom in a 1500 square foot house in the city.

Given our solidly middle class status (I’m a journalist, my husband works for the state), I can only chuckle at people who say having a third child is a status symbol of the rich. How about of the frugal (or possibly the insane)?

I don’t mean to discount how pricey it can be to raise a child. The figures from the USDA on cost of raising a child are terrifying. The cost of quality child care rivals a mortgage. Diapers are a pretty penny. And if your survival income is unstable because of the economy, it may make sense to wait.

But I also think the baby industry in this country has gotten out of hand and that you can safely equip your household for baby through Craigslist and hand me downs. The list of what you “need” before you give birth is absurd.

My son wore his share of his sister’s clothes during his first couple of years. I detect no damage, although (cue mock horror) he did ask for pink icing on his 3rd birthday cupcakes.

As for saving for retirement and college, sometimes you can’t afford to fund everything to the max.  But I think it’s OK to make those choices. Having a family, like managing your money, is all about juggling, trade-offs, and sacrifice.

This entry was posted on Friday, December 12th, 2008 at 4:05 pm and is filed under family finance. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.