You just found out that you are going to be a parent soon; there will be a million and one things to worry about, getting the financials in line will help to reduce the amount of stress that you have to go through. Other than budgeting for the costs, you will also have to consider managing your insurance requirements and emergency cash buffers. Also if one parent decides to stop working and take of the baby full time, you have to consider if the family can survive on a single income.

 

Dual Income versus Single Income Household You also have to think about whether both parents still want to work or one parent decides to stay at home to take care of the child. Dual income may alleviate a lot of the financial burden, but it comes at the cost of time spent with the child. A single working ......