Right Time to Expand the Family?

Dear Dave,

My wife and I are trying to pay down our debt. We've got a long way to go, and it's pretty scary sometimes. We've also started thinking that we'd like to have another child. 

We're not getting any younger, but we know this would prolong the time it would take us to get out of debt. Do you think we should wait until we're out of debt, or until we have most of it paid off?

Holland

Dear Holland,

The only time I tell people to let their financial situation dictate when to have children is when it's an extreme case. I mean, if you've got six kids and you want 20, I'd probably tell you to slow down and get control of your money first. Or, if you're sitting square in the middle of bankruptcy, it might be a good idea to wait a year or two while you straighten things out and get back on solid ground financially.

If everything else is within reason, and you're talking about a normal number of kids and a normal income, the idea that children will cause you to go broke is simply not true. It might slow things down a little if you're trying to get out of debt, but chances are it won't be anything earth shaking.

Generally speaking, I guess what I'm saying is when God wants you to have a kid, have a kid!

Dave