and is that enough to cover taxes, bills (electricity, etc)

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Well saying you are lucky and find a place for 700 a month thats 8400 a year bringing you down to 41600. After all of your utlities and such that is going to drop to around 36000. Now two adults should easily be able to survive off 400 dollars a month for food if you are cooking meals and not eating out and such which is 4800 dollars and ill add in 200 to round it out and for the occasional fast food and the like. That is now 31000 before the child eats. A quick calculation off an online site (obviously not 100% accurate and such) puts the cost of rasing a child new born to 1 year of age at $10921.00 putting you down to 20079. That money there now has to go to gas which depending on where you are will change your total for me it would come to about $50 a week X 52 weeks = 2600 dollars. Now your left with 18000 and change but you have to think of starting to save for retirment, your kids education, other expenses like car insurane, car repair, and so on and so forth. So in conclusion yes it is possible but it would be a risky endevour

Here is the calculator i used
http://www.bankrate.com/brm/calc/raisechild.asp

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