My wife and I have some exciting news to share – we are expecting our first child! We’ve known about this for some time now, but we wanted to wait awhile before announcing it to our friends and family, then I waited awhile longer before announcing it here. Needless to say, this will be a huge change for us, but we are both excited about becoming parents for the first time!
Changes are on the way!
I’m sure that can easily be rated as the understatement of the year! Aside from a lack of sleep once the baby arrives, I’m sure the rest of my life will change as well. There will no longer be a quick trip to the grocery store – the trip that used to take 30 minutes round trip will take 30 minutes before we get out the door. Sleepless nights will be the norm, I’ll worry when our child gets sick, and I’ll wonder if I’m being the best father I can be. I’m sure I’ll worry more in the first three months of our child’s life than I have in the past 3 years. And I can’t wait. Because that also means I get to watch our child grow up. I get to teach our child and help form a new life. I don’t think there is any greater responsibility than that. But those aren’t the only changes coming our way…
Changes to our personal finances
Our baby’s arrival will mean big changes for our finances as well. For starters, we are currently a two household income, or three if you count my small business. But once we have our child, my wife will quit her job to become a stay at home mom. Thankfully, we’ve been planning for this since we were married and we have a plan in place.
Shortly after we were married, my wife resigned her Commission in the USAF, and took a lower paying job that offered a different challenge, and more importantly, increased stability. It was a big pay cut, but in the end, we decided that our quality of life was much more important than money.
This time the decrease in pay will be much larger, but now we have an additional income from my small business. In addition to our income situation, my wife and I have eliminated all consumer debt – the only thing left is our mortgage, which is a reasonable amount. We have also spent the last few months working on building our emergency fund. We want to have plenty of cash in the bank because I am sure many unexpected expenses will come with our little bundle of joy!
I’m sure there are a lot more things that I could write about how this will affect our personal finances but I will save those, and some articles about how my wife is dealing with her pregnancy at work, for future posts. For now, I’m off to spend some quality time with my wife.