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4 Signs Your are Finances are Ready to Start a Family


So on to the good stuff. Here are a few questions we asked ourselves and that we think could help in deciding on a timeline for starting a family:

1. Are we on a path to debt-freedom?

While it’s not necessary to be debt-free before having children, you should have a plan for becoming debt-free, and be on an active path of paying off debt, especially consumer debt.

2. Do we have a fully-funded emergency fund?

What does “fully-funded” even mean? Here’s a post all about it, but in short, do you have three to six months’ worth of expenses saved up?

3. How much will it cost for us to have a baby?

How much will your health insurance cover, and what will you be responsible for? What is your deductible and max out-of-pocket, and are you prepared to pay it if your baby has an extended hospital stay?

4. How will our finances change once we have a baby?

Will we both keep working? Will one of us stop working altogether? Who will care for our baby if we’re both working, and how much will it cost?

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