If you are planning a family, then it is important to prepare in all sorts of ways including financially. Children come with all sorts of additional expenses which will continue to increase as they grow until they leave home (and sometimes beyond). Therefore, you need to think about how you will manage this increase in costs.
It is important to think about what income you will have coming in when you have the children. If both parents are working full-time then this may need to change when you have children. One may give up work, both may work part time or you may find another alternative to make things work. However, there is likely to be a reduction in income for a household, either because one or both parents are earning less or there may be increased spending by way of someone providing childcare. Therefore, you will need to think carefully about whether you will be able to manage like this.
Saving in advance
It can be a good idea to be prepared by saving money in advance of having a family. Putting some money aside can be a good idea especially if there will be a reduction in money coming in until the children are at school. Even when they are at school, they will not be outside of the home for as long as parents that are working full-time so they may still need some care. It can therefore be a good idea to see whether you can put some money aside to cover the cost of this. Working out how much you will need will be difficult, but you should be able to estimate how much you are likely to need. It might just be the case that you decide to save as much as you can so that you accumulate as much money as possible.
Reducing general spending
It might be wise, especially once you have the children, that you reduce your general spending. You will still have to buy essentials, but if you give up some of the luxuries you buy then this could help. You may have to anyway, as it is hard to go out at night, eat out, have holidays and experiences when you have young children. You might also decide that rather than buying yourself new things, like clothes, shoes etc, you would rather spoil the children. However, it is important to make sure that you do not overspend and justify it by spoiling the children. It is lovely to buy them things, but they will not suffer form not having all the latest trends and fashions as long as you entertain them and provide them with the basics.
It could be possible that you can earn more money before you have children so that you can save up more easily. It might be that you can take on a second job, work more hours or whatever so that you can accumulate more money. This is not always easy and sometimes not even possible, but it is an idea worth exploring.
So, it can be wise to start by being aware that children are expensive. Then if you can think about how your income and expenses will change, this will enable you to plan better. The more that you can save up, the better you will be able to manage. This means that you will be able to afford more of what you need and manage more easily while your income is reduced. It is a good idea to plan as much as you can so that you can cope better. Having children takes a lot of adjustment and you do not want the stress of managing money to interfere with parenting.