Dear Dave,

My wife and I are in our 20s, and together we make about $80,000 a year. Our first baby is due in early 2022, so being debt-free has become a top priority in my mind. Right now, we have two cars. The one I drive is paid off and has a lot of miles on it, but it’s in really good shape. We still owe $30,000 on the other one, and the rest of our debt is about $90,000 in student loans. My wife puts 40,000 miles a year on the other car traveling for work. I talked to her the other day about us moving down a little in car, but she’s particular about what she drives. I even found out she has her eye on a newer vehicle that costs about $48,000. I don’t know what to do. Can you help?  

Zach

Dear Zach,

Okay, let’s start slow. I’m glad you’ve seen the wisdom in getting control of your money and getting out of debt. That’s the first step toward financial peace.

Now, where the car thing is concerned, there’s not a chance in the world I’d do this. And honestly, I don’t give a crap what your wife is particular about. You guys are broke! You’re up to your eyeballs in debt, and now she’s talking about buying a $48,000 car—when you still owe $30,000 on one—then putting 40,000 miles a year on it and destroying its value quicker than you can say “fast.”

This whole idea and attitude is dumber than a rock. Absolutely not! You may have seen the light where your finances are concerned, but it sounds like your wife is still in the dark and needs to grow up some. You two should have a long, serious talk about things, and get on the same page financially—especially with a baby on the way. Your family’s future depends on it.

I hope I wasn’t unclear.

—Dave

* Dave Ramsey is a seven-time #1 national best-selling author, personal finance expert, and host of The Ramsey Show, heard by more than 18 million listeners each week. He has appeared on Good Morning America, CBS This Morning, Today Show, Fox News, CNN, Fox Business, and many more. Since 1992, Dave has helped people regain control of their money, build wealth and enhance their lives. He also serves as CEO for Ramsey Solutions.

Dear Dave,

My husband and I are both 29, and we have good jobs that allow us to bring home $100,000 a year combined. Recently, we began talking about starting a family. We live on a budget, but we still have about $15,000 in credit card debt and student loans we’re working hard to pay off. Do you think couples should wait until they are debt-free to have children?

Missy

Dear Missy,

You and your husband are chipping away at your debt, and that’s a good thing. It sounds like you two are determined to get it paid off and take control of your finances. You’re also making pretty good money, so keep up the good work!

Ok, so the truth is kids can be expensive. From medical costs and diapers, to childcare and beyond, it costs money to raise a family. But here’s the thing: If you let money alone, or the perfect financial situation, determine whether you have kids or not, you may never have them. Now, would it be easier from a financial standpoint only to wait on having kids until you’re debt-free and there’s a huge pile of cash in the bank? Sure, it would. But children are worth more than any amount of money. If you love each other and want to be parents, and you’re mature adults in every other area, don’t let this debt stop you. 

A child isn’t going to derail your journey to financial peace. Having kids might cause you to press pause for a while on some financial matters, or slow your pace a little bit, but as long as you both stay focused and determined to manage your money wisely, chances are things will work out fine.

Just don’t make the mistake lots of parents do—especially first-time parents. Many of them think they have to run out and buy a new, "safer" car, spend a fortune on a fancy crib, or buy all things baby from some overpriced boutique. Do you get what I’m saying, Missy? Why buy a brand-new, $400 stroller, when a friend or relative has a perfectly good, barely used one they’re willing to give you?

It’s easy to get carried away spending for a baby. But children will be just fine as long as they have food, clothing, shelter—and most importantly—loving, caring parents. God bless you two!

—Dave

* Dave Ramsey is a seven-time #1 national best-selling author, personal finance expert, and host of The Ramsey Show, heard by more than 18 million listeners each week. He has appeared on Good Morning America, CBS This Morning, Today Show, Fox News, CNN, Fox Business, and many more. Since 1992, Dave has helped people regain control of their money, build wealth and enhance their lives. He also serves as CEO for Ramsey Solutions.