Can we afford to have a child?

It varies enormously depending on where you live and, above all, on childcare, which is usually the biggest expense in the early years. It's best to use a realistic estimate for your own situation and revisit it every year, since costs change as your child grows.

If you're expecting parental leave or reduced hours, yes, add how much income would drop per month. If not, leave it at zero and the simulation will only account for expenses.

There are child benefits and tax deductions (federal and state) that can offset the cost. We don't include them since they depend on your situation. Think of them as an extra cushion and look into what applies to you.