Married with kids

“When are you having children? How long do you want to enjoy your honeymoon?” These are among the awkward exchanges heard by “Single Income, No Kids” (SINK) & “Double Income, No Kids” (DINK) during family gatherings.

Some married couples choose not to be parents while others put off having children due to busy careers or unstable financial situation. Some who gave up on having their biological children may explore the option of adopting children.

Most SINKs & DINKs are concerned with their old age without children to support and take care of them. Retirement, along with the dream of having children are not matters which could be easily discussed, even among the couple themselves. But brushing these valid concerns aside yet still having them on the back of your mind can be stressful.

The arrival of the “bundle of joy” marks the beginning of a series of costly decision making. How will it affect my current financial situation and also going forward?

  • How much does a reliable babysitter / childcare cost?
  • Should we buy insurance plan for our children?
  • Can we survive on a single income so that the wife stays home to take care of the kids?
  • Should we send our children to private schools and how much would that cost?
  • What type of tertiary education can we afford to provide our children?

Needless to say, the couple has less flexibility in managing their finances than before.

  • Husband & wife could argue more due to the different opinions surrounding how to raise children & the cost involved.
  • Many suppress their dreams of having a larger family, in view of the rising cost of living.
  • Parents often delay planning for their children’s tertiary education cost and find it too stressful later as the day draws near.
  • More financial challenges are involved in raising a child with physical / learning disability.