You may have personally delayed having children yourself or may know couples who are delaying parenthood into their late 30s or early 40s due to financial reasons, but the implications of starting later can be even greater because there is less time left on the horizon until retirement. Can you financially manage to keep your retirement goals on track while starting a family?
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The No. 1 thing you want to do is continue to keep retirement funding as a priority. Remember there are no loan programs for retirement, so whatever you do, don’t sacrifice saving in this category!
Assess where you are currently
Take a clear look at your financial picture and assess it before having a baby. Understand where you are. Pull out your budget and see how much income you will have available for things such as diapers, formula, and childcare. Assess your savings and if you will be able to maintain that savings rate once a baby arrives. Do you have any debts you want to knock out beforehand to free up income for the ongoing cost that comes with parenthood?
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