Connected: Starting a Family Amidst the Rising Cost of Living
With the cost of living reaching new heights, Hatty and Scott describe their experiences, goals, and concerns with navigating a shifting economy – all while preparing for the arrival of their first child.
The Couple
Hatty (27), an executive assistant, and Scott (26), an electrician in the mines, both live in their own home in Lochinvar, NSW, and are excitedly awaiting the arrival of their first child.
The Situation
There are few periods in life more exciting (and uncertain) than the road to starting a family. With the added pressure from the current global and national economic situation – which is now affecting most Australians – both Hatty and Scott have had to prepare for some adjustments to their lifestyle in order to navigate the road ahead.
The Goals
Over the past year, there had been talks of a pool, upgrades to the shed, and an investment property for Hatty, with a few longer-term goals such as moving out to Nelson Bay or buying an acreage at Paterson. While the long-term plans are still there, some of their shorter-term ideas have been put on hold.
The Fears
With stable employment and solid support networks, the pair describe themselves as “lucky,” though are still concerned about the idea of heading into a recession or even higher costs of living while juggling maternity leave and starting a family.
Having met when they were both just 5 years of age – their earliest memories consisting of “cubby houses and tree-climbing” – Hatty and Scott have known one another for over two decades, and have a story to be proud of:
The pair attended the same preschool and primary school, building a strong friendship before moving on to different high schools. Hatty then moved away to Lismore to study teaching at Southern Cross University.
A health complication eventually brought Hatty back to the Hunter Valley, where she needed to undergo several radiography scans. The radiographer for some of these scans just happened to be Scott’s mother, Leesa, who then urged him to reach out.
“We went out for a coffee to catch up,” Scott recalls, with Hatty adding on that the rest was history.
In terms of getting onto the property ladder, Scott and Hatty both acknowledge that it was a combination of hard work and a good support network.
“We were definitely lucky,” Scott says. “We both had work, and we also lived at home, which we’re really grateful for.”
“Definitely,” Hatty agrees, but she clarifies that Scott still “worked really hard,” often working scores of hours of overtime each fortnight.
“It felt like I didn’t see him for a year,” she says. “He just put his hand up for everything – night work, overtime, relief shifts.”
“I was tough at times,” Scott admits. “But you sort of have to do what you can to get your foot in the door.”
Thankfully, all that hard work paid off, and Scott had soon secured a block of land out in Lochinvar, as well as a building contract through McDonald Jones Homes.
And then the pandemic hit.
“There was a brief period there,” Scott recalls, “that I desperately wanted to sell. I’d locked into everything, and we were reading all these stories in the news about how the housing market could plummet. It was pretty scary.”
Though the market defied those “doom and gloom” headlines and rose by 40% in many areas – leaving both Hatty and Scott thankful that they didn’t sell – it was still far from an easy ride.
“We were lucky in that our employment was stable and that we could live at home during the build – that was really a huge help – but we had to be extra careful with Hatty’s recent health scare.”
This health scare – the same one that had reunited the two – came about when Hatty contracted Influenza A, resulting in pneumonia, organ failure, and a two-week coma.
“All the stars aligned,” Hatty half-jokes about the experience. “I just got really unlucky.”
She remembers waking up “totally paralysed” as a result of the virus infecting her muscle tissue. “I had to learn how to walk again, how to swallow properly, and my lung capacity is still only at 56%.”
“The lung damage was a big unknown for us when the pandemic all first started,” Scott recalls, “And it contributed to a fair bit of stress.”
Thankfully, the public health measures enacted by the government and the extra precautions they took paid off, with Hatty’s only hospital visits being check-ups and scans.
But just like Hatty’s health scare left lasting implications, so too did the pandemic.
The economic hangover the world is currently enduring, which began with supply chain backlogs, has now culminated in a surge of global and national inflation – and an uncertain outlook for many Australians.
“We’ve definitely adjusted our lifestyle, plans, and goals,” Scott states. “From holding off on installing a pool or upgrading the shed to just being a bit more sensible with our spending money.”
Though there are still long-term plans to purchase an investment property and then eventually move to Nelson Bay or out to an acreage in Paterson, the pair have effectively “tapped the brakes” on a lot of things.
“At the moment we’re just focusing on building up a bit of a financial buffer, so we don’t have to worry so much about things like getting sick, or injured—”
“Or pregnant,” Hatty adds with a laugh. “We’re trying to prepare for maternity leave, too, as well as all the extra costs that come with having a baby. We like having nice things and going out for dinner and stuff like that, but a lot of that gets a bit harder to justify with a little one on the way.”
When asked for advice they would give to people either looking to get into the market or currently feeling the sting of inflation, both Hatty and Scott had some excellent tips:
“I think it starts with your goals,” Scott begins. “Working out what you want to achieve and a rough timeline around it can be instrumental in employing the right systems and habits to get you there. It’s important to be both ambitious and realistic.”
“And being aligned on those goals, too,” Hatty adds. “You have to both know what you’re working towards so that making sacrifices doesn’t cause friction.”
On top of that, the pair recommend leaning on your support network as much as you need to, and doing so as early as possible:
“If you’re building or renovating, do as much as you can yourself,” Scott says. “From the deck, shed, and turf to the flooring, electrical, and sliding doors in the alfresco – we did whatever we could ourselves and asked friends and family to help with the rest. We probably saved nearly $40,000, which is huge.”
Looking toward the future, both Hatty and Scott have done enough research to be confident in their overall position, though are still worried about the potential for a recession and the resultant implications.
“We’re pretty lucky in terms of our employment,” Scott admits. “I think most Australians are lucky in that regard. But having a baby at the same time as a recession could get difficult.”
“We already see a lot of people in the community struggling,” Hatty agrees, “even family and friends. So I guess that always reminds us to be grateful, and that we can push through if things get difficult. We also have a big support network.”
Initially, reactive ideas were thrown around such as moving back home (where Scott bravely sneaks in a joke about his mum’s cooking being better) and renting their place out.
But both Hatty and Scott are now comfortable staying where they are and enjoying the home they worked so hard on.
“We try not to think of it as an investment anymore,” Scott explains. “At least in the short term. It’s our home.”
“We’re really proud of all the work we’ve done, too,” Hatty adds. “And, just to clarify,” she continues with a laugh, “his mum’s cooking is better – it’s really good.”