@Box hauler,
Opinions vary on this particular subject as we have seen in past posts. Here’s my two cents....
Having, and properly raising a child
IS a full time job. So your original question should be something along the lines of, “Can you help me figure out how two full-time, employed, working people can handle three full-time jobs?” THIS is the question that need an answer.
The numbers don’t lie and the math doesn’t work out. Something’s got to give and someone has to sacrifice. In MOST cases, the child is the one that takes the loss or sacrifices. Day care or family, as mentioned above, are great resources but they are to augment you and your wife, NOT to replace either or both of you.
Without splaying your lives out on a table, I’m making general statements here: If you both hold jobs because you NEED the money (food, rent, utilities, etc...), then reconsider. If you two are in a financial situation wherein you can’t afford to NOT both work full time, then don’t have a child. If this is the case, then this isn’t a good time for you to take on an additional financial and emotional responsibility.
If you are both working to “get ahead” (savings, retirement, vacations, etc), then save, contribute to your accounts, and take the vacations you want NOW. Enjoy your time and build on your relationship as a couple; practice getting pregnant. NEVER try to work and save until you can “afford” a child because you never will see the numbers in your accounts that you want.
After you vacation, THEN one of you step back from full time status and have a child. The rewards you gain from raising your own child pales in comparison to any financial gain. No matter how much money you make in your lifetime, your greatest legacy will not be the money you leave your child, but rather the child you leave.
As I stated before, this is my two cents. Along with this, I am reminded that I only get a penny for my thoughts. Therefore, I’m losing money every time I “speak”!