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Switch from DINK to SIWK: How do people afford kids?
How do people do it? Firstly, I'd advise you to explicitly budget all taxes. The reason is because taxes get complicated when you have a child deduction. Not that raising a child is profitable post taxes, but it can change your perspective. SIWKs with high income get by just fine. The rest sacrifice. They buy less house, or rent. They drive more than 30 minutes to work every day. They work second jobs. They stop saving for retirement. And when they fail to save or plan, they borrow from family or rack up huge credit card debt. They don't buy the sweet new truck they were planning on. They cut cable and cook meals at home. They skip church, because they can't afford the tithe, and say it's because they don't have time, don't want their children to disrupt services, etc.  So right now, that "other" basket is looking pretty juicy, and the taxes can maybe be examined as well. But ultimately, if you're looking at a 30 percent hit in pay, that won't cut it. Mortgage + food alone is nearly half your budget!