Parenthood is a practice through which both gender and class are created. Drawing on longitudinal qualitative interviews, this article explores how these processes unfold during the initial phase of parenthood. Analyzing Swedish first-time parents’ plans and actual outcomes regarding parental leave, three main motivations emerge: promoting gender equality, bonding with their child, and creating a meaningful life. However, parents in blue-collar occupations seem to distance themselves from the rhetoric of Swedish gender equality policy. For them, parental leave is less about equal opportunities in family and work, and more about solidarity and collective responsibility. A further distinction arises between viewing parental leave as a way to enjoy the present and as a future investment – an idea echoed in recent Swedish family policy. These ‘social distinctions’ contribute to the formation of different existential mottos that shape parental engagement. Moreover, depending on their cultural and economic capital, and their positions within occupational fields, parents develop varying strategies to align the practice with their wishes. In this context, real freedom diverges from statutory rights. The limits of decommodification within the Swedish parental insurance system appear to affect both the most and least in-demand groups in the labor market.