Having a baby or adding more children to the family is a big decision - and there are some major financial implications to this life milestone. On today's episode, we're sharing our own experience of the financial planning considerations we took into account when deciding if we wanted children - and how we financially prepared once we knew we wanted to have a baby.

We discuss the practical considerations, from health insurance to cash flow and emergency funds, as well as how kids might impact your long-term financial plan (and whether or not those are tradeoffs you want to accept).

We also look at - regardless of where you fall on the having-kids or child-free debate - you need to create wiggle room and the ability to make an unexpected left turn int oyour financial plan (as well as how to do just that).