Bible Money Matters

Christian personal finance

Menu
    • About
    • Archives
    • Contact
    • Close
  • Making Money
      • Popular Articles

        • 50 Ways To Make Money: Maximizing, Creating And Increasing Your Income
        • 10 Weird And Unconventional Ways To Make Money
        • Making Money With A Blog (e-Book)
        • 10 Places To Sell Or Trade Your Unused (Or Broken) Electronics
        • Ways To Make Extra Money Series: 20 More Income Generating Ideas From Our Readers
        • Making Side Income Can Help Blunt The Impact Of Becoming A One Income Family
        • Earn Cash Back With Discover it® Credit Card
      • Recent Articles – Making Money

        • Best Sites Like Fiverr To Make Money As A Freelancer
        • 13 Of The Best Independent Contractor Jobs
        • 25 Of The Best Gig Economy Jobs
        • How To Make Money Blogging: Turn A Blog Into A Business
      • Categories

        • Making Money
        • Investing
        • Retirement
        • Jobs & Work LIfe
        • Money
        • Income
    • Close
  • Saving Money
      • Popular Articles

        • 50 Easy Ways To Save Money Every Month
        • 10 Weird And Unconventional Ways To Save Money
        • 10 Practical Ways To Save Money And Increase Your Net Worth
        • How To Save Money On Just About All Of Your Regular Monthly Bills
        • Ways To Watch TV Without Paying An Arm And A Leg For Cable TV
        • Save Money On Your Hospital Bill - Just By Asking
      • Recent Articles – Saving Money

        • How To Save $100k In 7 Practical Steps
        • Stairs App Review: Save And Invest To Earn 4-6% Interest
        • Honey Review: Save Money Automatically When You Shop Online
        • 9 Convincing Reasons Why You Need An Emergency Fund
      • Categories

        • Saving Money
        • Frugality
        • Planning
        • Finance
        • Saving For Retirement
        • Savings Accounts
    • Close
  • Banking
      • Best Rates For 2019

        • Best Credit Cards
        • Best Savings Accounts
        • Best Mortgage Rates
        • Best CD Rates
        • Best Brokerages
        • Free Credit Scores
      • Recent Reviews

        • TradeStation Review: Commission Free Stock And ETF Trades
        • Firstrade Review: Commission Free Trades on Stocks, Crypto, And Options
        • Cadre Real Estate Investing Review: Commercial Real Estate Investing
        • Axos Self Directed Trading Review: Invest, Trade Stocks For Free
      • Categories

        • Bank & Software Reviews
        • Investing
        • Credit
        • Banking
        • Mortgage
        • Insurance
        • Family Budget
    • Close
  • Recommended
  • Video
    • Close

Should Your Finances Be In Order Before Having Children?

By Jason Price 12 Comments - The content of this website often contains affiliate links and I may be compensated if you buy through those links (at no cost to you!). Learn more about how we make money. Last edited April 27, 2010.

Share6
Pin
Tweet3
Share
9 Shares

You might be surprised by my response to this question.  But in general, I don’t think you should plan having children around your finances or financial situation.  In other words, I do not think finances have to be in order to have children.

Now I know there are some exceptions in which a child couldn’t receive the medical care or food needed  for survival if there wasn’t some sort of firm financial foundation or income.  But then again, by whose standards of living am I basing that statement?  There are people with children in other parts of this world without the standards we’re accustomed to having.  Although there are struggles, many children survive fine.

Quick Navigation

  • Why your finances don’t have to be in order
  • Do finances fit anywhere into the picture of having children?
  • Lifestyle adjustments
  • Emergency savings
  • Insurance
  • One household income
  • Reduce or eliminate debt
  • Pray
  • Final thoughts

Why your finances don’t have to be in order

Okay, so back to my initial thought.  Why do I feel this way?  Simple…

Having children is a blessed part of life.  If you’re considering starting a family let me tell you there is never a perfect time to do so.  Truthfully, the only perfect timing is God’s timing.  If you use finances as an excuse you’ll certainly find something holding you back.  A financial excuse could also block God’s plans for you as it relates to children.

Let’s just consider for a moment you have no debt and your emergency savings is fully funded.  You could still conclude you don’t have your retirement fund established , or perhaps your home paid off.

No, there is not a financially ideal time until perhaps you’ve reached the point of financial freedom and all financial goals are achieved.  But even at that point, I suppose you could reason you don’t have enough time and resources for children because you’re focused on giving to others.

How far do you take achieving financial goals before making the decision to have a child?  I don’t think there is a good answer and therefore, I don’t believe you can ever apply what I refer to as a financial child birth formula.

Do finances fit anywhere into the picture of having children?

While I don’t think finances should deter or stop you from having children, I do think there are some wise financial things to do in order to prepare.

Lifestyle adjustments

The best approach to prepare for having children, in my opinion is to focus on adjusting lifestyle.  Ultimately, I believe people should have children and adjust their lifestyle accordingly.  By adjusting lifestyle you can still make progress towards financial goals and enjoy the blessing of having a child.

Perhaps you’re diagnosed with a condition that required additional expenses to treat each month.  You might be forced into a lifestyle change in order to continue to make forward progress with paying off debt, etc.  The same approach holds true with having a child.

Emergency savings

You can either build an emergency savings, or create a separate cash savings for children.  Having cash on-hand is helpful.  There are many expenses that come up that are sometimes unplanned with young children.  Having an extra savings fund available to draw upon from is helpful in those cases.

But guess how much emergency savings I had when we had our first child?  Zero, yes, zero.  It would have been helpful, but it’s not necessary.  Again, a lifestyle adjustment would ideally allow you to build an emergency savings while raising children.

Insurance

Buy the most insurance you can afford.  As the father of two young children, I can tell you that you will want the best coverage that fits within your budget.  You might be able to save on insurance premiums later, but good coverage early can help cover pregnancy, delivery, hospital and other medical costs.

One household income

Live off one household income.  I feel very blessed my wife and I made the decision when we did to sacrifice and learn to live off of my income.  It took some adjusting (again lifestyle adjustments), but we made it work.  As an aside, I love the fact that my children are able to spend each day with my wife.  This is an opportunity for my wife to instill into them our Christian values.

Reduce or eliminate debt

Of course, it’s helpful to reduce or eliminate debt.  Looking back, we paid off debt to make living off one household income possible.  But if you’re unable to pay off debt prior to having your child, you can look to cut out big expenses which might include driving used versus new.

Pray

Finally, set everything aside and just turn to God.  It may be within God’s plan for you to have a child now.  And even if your finances are not in order you have to be open and responsive to God’s plan for your life.  You have to trust He will provide.

Final thoughts

Don’t sacrifice having a child, which is one of the rich’s blessings in life, over accomplishing financial goals and having a perfect financial situation.  Remember the path to financial freedom is a life-time journey.   Life will bring many new things along the journey.  Certainly, we have to take wise steps to prepare, but most importantly we have to learn to adjust and modify our plans around these blessed events.  And of course, you can still achieve financial freedom with children.

What are your thoughts on having your finances in order before having children?

Related Posts

  • Save, Save, Save Before You Have Children

    Did you save intensely before you had children, or do you find yourself facing sticker shock? Here are some financial things to consider before having…

  • Should You Pay Off Debt Before Having A Baby?

    I've been reading a lot of  discussion lately surrounding the topic of having kids, and whether a couple should wait to have children until they…

  • 5 Growing Expenses To Expect With Older Children

    The older kids get, the more expensive they become. How can you handle the increased financial pressure that comes with tweens and teens?

Share6
Pin
Tweet3
Share
9 Shares
Last Edited: 27th April 2010 The content of biblemoneymatters.com is for general information purposes only and does not constitute professional advice. Visitors to biblemoneymatters.com should not act upon the content or information without first seeking appropriate professional advice. In accordance with the latest FTC guidelines, we declare that we have a financial relationship with every company mentioned on this site.

This article is about: Budget, finance, Money

About Jason Price

Lead tech projects by day - write about money at night. I'm on the journey to financial freedom so I can give more of the resources entrusted to my care. Read more at jasonrprice.com or connect with me on Twitter.

Comments

    Share Your Thoughts: Cancel reply

  1. Peter Anderson says

    While I certainly think it’s a wise decision to have your finances in order before having children, I don’t think it’s something where you should NEVER have children if you’re not 100% debt free and working off a budget. I do think having a child should be a wake-up call for many that don’t have their finances in order – to tell them that it’s time they should think about getting them straight.

    My wife and I are blessed to have been able to get out of debt, have a 9 month emergency fund saved and able to be saving for retirement. We’ve also been living off of one income for some time, so if my wife decides to stay home (most likely), we’ll be ready for the reduced income. Now that we’re expecting our first child (2 months away!) we’re so happy that we were able to get financially ready before the little guy came into this world!

    Reply
    • Jason @ One Money Design says

      Pete, I think you summed up my thoughts well. I think I buried this statement in the post – “While I don’t think finances should deter or stop you from having children, I do think there are some wise financial things to do in order to prepare.” I like your thought on it being a “wake-up call.”

      Anyway, there just isn’t a perfect financial situation to reach before you have children and I hate to see that deter people.

      Your situations is ideal. You’ve obviously made some very wise choices in the management of your money.

      Reply
  2. Torrey says

    Jason,

    This is an interesting post. I agree with you that finances don’t have to be pristine before starting or growing your family.

    With that said and since this is a Christian based PF blog, there are a lot of low income families starting and/or growing families with little or no money. I know you elude to this in your second paragraph.

    The end result to the money woes is trusting that “God” will provide for them, depending on assistance from others or the government.

    On the other side of the coin, a family could always come up with an excuse to why they’re not financially ready to proceed with a family.

    Very good post and discussion.

    Reply
    • Peter Anderson says

      Having grown up in a household that didn’t have a lot of money (my father worked at a food shelf ministry. Ministry doesn’t pay well as a rule), I’ve seen how a family can have a loving successful environment, even when living on a lower income. I’ve also seen how many low income people who would come into the food shelf had bad financial situations and little hope for improvement – often because of family histories of drug use, abuse and a variety of other detriments. Money is only one of a good number of problems facing these many low income families that I saw. The ministry my father worked with was able to help them in getting them adequate food to eat, and helping to clothe them, and even some were helped through classes held at the food shelf – but quite often they weren’t in a position where they wanted to improve their situation – or going off of public assistance and getting a job would have meant less income coming into the house. It really is a tough situation to look at, and not one I have any good solutions for.

      In any event, I know many or most of these low income families didn’t plan for having children before it happened, and in many cases continue not to have a financial plan even after having children. As a Christian I think a lot of these heart issues could be improved through faith in Jesus Christ – and living in his example – and even if money issues aren’t solved, at least family life could be improved.

      Reply
  3. kt says

    i take the complete opposite stance. i think that finances should be in order before having a baby. this is because of something that i read in the proverbs that goes something like “till your lands and then build your house”(i don’t remember which one it is exactly

    (Editor’s note: I believe the verse is Proverbs 24:27 – “Do your planning and prepare your fields before building your house”).

    From my understanding the holy scriptures tell us to first take care of the important things in like like finances and the like before settling down. while i don’t mean that you should be rich, i think that ones finances should not be a cause for sleepless nights.

    Reply
  4. Kristin - Certified Financial Planner says

    As a Certified Financial Planner focused on new and expectant parents, you’ve hit right on my area of expertise!

    I meet many new clients who call me (sometimes a bit panicked) weeks before their baby is due. However, having a baby (especially your first) is such a life changing event that it’s hard to really comprehend and internalize what the lifestyle and financial impact is going to be before you actually become parents. I find that those couples that come to me with a 3 – 6 month old baby are best positioned to understand how parenthood is starting to effect their finances and what decisions and areas they want to address.

    The one area I strongly advocate that all expecting parents address is to put a will in place. While no one wants to contemplate the worst, things do happen and you don’t want the courts to decide what is best for your baby. It only takes a couple meetings with a lawyer to get this vital task done, and you’ll have peace of mind that your wishes will be properly carried out.

    Reply
  5. Miranda says

    I think the key is “lifestyle adjustments”. In the end, having a child is a big commitment. Can you you adjust your lifestyle to provide the proper care for your child, whether that entails emotional care, financial support (food, shelter, etc.) or time. In the end, there are some things you have to be willing to give up in order to have a child, and you have to be willing to be a little less selfish. I think those lifestyle adjustments, and a willingness to make them, are more important than a mere accounting of whether you have enough money, by the world’s standards, to have children.
    Miranda´s last post ..Review: Retirement Calculator at VestingPoint.com

    Reply
  6. ChrisFM says

    I think this is a great post, for many reasons (more than I can comment on, and will have to distill in a future post of my own). I am erring in favor of not having your financial house in order before children is alright. But, (and that’s a BIG but) some serious lifestyle changes must be put into place when that baby arrives.
    ChrisFM´s last post ..What is Frugality? (and Why You Should Care)

    Reply
  7. Kevin@OutOfYourRut says

    The problem with getting our finances together before having children is that in a way it makes finances more important than children. It’s good to have some semblance of control over finances before having kids, but if that becomes the primary criteria, few people would ever have kids.

    Considering the cost of raising kids, how much money would EVER be enough??? Any time one money need is satisfied, another inevitably takes it’s place.

    Health is another factor. Just because you can have children now, doesn’t mean you’ll be able to have them in five or ten years when your finances are straight. Delay could translate into never.

    Money should never be the utimate measure of all things. Heck if it were, none of us would ever do anything! Sometimes we just need to go forward and have faith.
    Kevin@OutOfYourRut´s last post ..Why Fuel Economy Still Matters

    Reply
  8. David Leonhardt says

    While I would never think that finances is a basis for deciding on kids, it almost goes without saying that you should have your finances in order before having kids. And after. And during (although, best not to think of finances wile “having” kids – it will spoil the moment).

    In fact, having kids is a good reason to get one’s finances in order, as if anyone needed that as a reason.

    But, when push comes to shove, having kids pretty much knocks all of our finances out of order anyway.
    David Leonhardt´s last post ..White Paper – why small business needs SEO

    Reply
  9. David/yourfinances101 says

    I would give this a resounding “no”.

    You could easily find yourself waiting for the rest of your life to have kids.

    Parenthood is far too wonderful an experience to miss out on simply because you are not completely debt free.

    Having children of course means a whole host of new financial obligations but it can all be done if you really want to and it is more than worth it.

    Reply
  10. Money Illusions says

    Having ones finances in order prior to having children would of course be ideal, but on the other hand probably unlikely for many. Plus, it’s always healthier for both the Mother and child to go through pregnancy at an earlier age.

    I think the toughest lesson most households have is failing to learn to have their priorities in order, which affect them financially. For example, instead of buying a new car, purchase one that’s already lost much of it’s depreciation, and who needs a new cell phone with the fanciest gadgets every year? Realistically, no one needs that. Simple choices financially, make big differences later, with or without children.
    Money Illusions´s last post ..QuiBids Strategy for Stretching Your Money

    Reply
Previous Post: Early Retirement: Important Rules To Remember
Next Post: The Choices We Make Have Consequences. Change Your Life One Decision At A Time
Discover Investment Platforms

Popular Posts

  • 21 Easy Ways To Earn Free Amazon Gift Cards
  • 10 Best Free Tax Filing Services And Software Online
  • 21 Apps That Pay You Real Money Fast
  • 17 TV Apps And Live TV Streaming Services To Watch TV Free
  • 30 Legit Online Jobs That Pay Well
  • 37 Easy Ways To Get Free Gift Cards
  • How To Get Free Stock
  • 40 Easy Ways To Get Free Money Fast
  • 21 Places To Read Free Books Online
  • 24 Legit Online Jobs
  • 17 Best Work From Home Jobs: A List Of Legit Online Jobs That Pay Well

Recent Posts

  • How To Save $100k In 7 Practical Steps
  • How to Save Money When Remodeling A Home
  • How To Hire A Contractor For Your Remodeling Project
  • Remembering 9/11 Years Later: Where Were You On That Fateful Day?
  • TradeStation Review: Commission Free Stock And ETF Trades
  • Firstrade Review: Commission Free Trades on Stocks, Crypto, And Options
  • Cadre Real Estate Investing Review: Commercial Real Estate Investing
  • Best Sites Like Fiverr To Make Money As A Freelancer
  • Axos Self Directed Trading Review: Invest, Trade Stocks For Free
  • 30 Quotes About Easter And Resurrection: He Is Risen!

Disclaimer

The information contained in BibleMoneyMatters.com is for general information or entertainment purposes only and does not constitute professional financial advice. Please contact an independent financial professional for advice regarding your specific situation.

In accordance with FTC guidelines, we state that we have a financial relationship with some of the companies mentioned in this website. This may include receiving access to free products and services for product and service reviews and giveaways.

Any references to third party products, rates, or websites are subject to change without notice. We do our best to maintain current information, but due to the rapidly changing environment, some information may have changed since it was published. Please do the appropriate research before participating in any third party offers.

Amazon and the Amazon logo are trademarks of Amazon.com, Inc. or its affiliates.

We respect your privacy: Privacy Policy.

Thanks for visiting!

Bible Money Matters - Seen On These Sites and more..
Bible Money Matters is a personal finance, entrepreneurship and investing community. Give more, save more and live more.

Copyright © 2023 · Bible Money Matters | Sitemap | Advertise | Privacy Policy