- My husband and I have been married for three years and have been discussing whether or not to have a child. Our combined income is around 75,000 baht a month. I think we are ready, but my hubby doesn't agree. He thinks we need to wait for at least three years to secure our income before having a child. I'm 37 now and in very good shape, but i'm afraid that if we wait until I turn 40 it will be too late.
He believes that we should have an income of at least 120,000 baht monthly to be able to cover family expenses and education until our child can stand on his or her own feet. He argues that I have no idea how much expense is involved in bringing up a child to have a good quality of education and life, but I don't believe this is so.Could you please explain exactly what expenses we should expect in raising a child with a good quality of life without the need for a middle-income family to struggle. This will help us settle the issue.
Thank you very much for your reply.
_ Ploy
ANSWERED BY... Teera Phutrakul, CFP, Chairman, TFPA You are both correct and it's a dilemma. As your biological clock ticks away, having a child after age 40 is a high-risk proposition. For example, the chance of a child being born with Down's syndrome increases from 1 in 1,000 to 1 in 100. So the "launch window" is closing fast. You need to talk this over with your husband about what is holding him back. Is it just the money or are there some other reasons that you don't know about?
Depending on your current family financial affairs, if you are making ends meet, I am sure a good financial planner can help you readjust to accommodate additional expenses. That said, your husband is correct to be concerned because the cost of raising a child is not cheap. According to research in the UK (www.guardian.co.uk/money/2010/feb/23/child-cost-inflation), the average cost of raising a child to the age of 21 has crashed through the 200,000-pound barrier for the first time (which works out to 10 million baht at today's exchange rate), with parents in England typically shelling out 9,600 pounds (480,000 baht) a year to feed, clothe and educate each new member of the family.
Admittedly, the cost of living in Thailand is much cheaper than in England but it is still a considerable sum.
Speaking from my own experience, keep your pre-baby shopping list to a minimum _ the shops will still be there after they arrive _ only buy things as and when you need them, particularly baby clothes because you will be surprised how quickly babies outgrow them.
If you are lucky enough to have friends and family offering to buy presents for your new baby, take advantage of their generosity. Plus, people like to know their presents will be used. Finally, if there is any chance junior will have a baby brother or sister one day, don't throw anything away. Equipping yourselves for your first baby may be expensive, but siblings are perfectly happy in hand-me-downs. I was the first born in my family and my brother did not seem to mind about using my second-hand stuff. Even if he did, he didn't say so.
The Thai Financial Planners Association is the Certified Financial Planner (CFP) trademark licensing authority in Thailand. It is a self-regulated, non-profit group of financial advisers and experts from various organisations set up to give advice to investors. Questions can be submitted through wealthcare@bangkokpost.co.th or the TFPA webboard, www.tfpa.or.th