Comment: Congratulations + advice

Our daughter is 7 months old now.

o Cloth diapers are a huge money saver. You can purchase gently used as well to save even more.
o Research vaccines. Aluminum toxicity via vaccination in infants has never been studied per the research I've done (i.e. get Al free vaccines where possible).
o Garage sales + gifts will help curb costs for major baby expenses (crib, stroller, car seat, etc.). Be sure to coordinate a baby shower with friends/family that would be blessed to give.
o Stay engaged as a Father.
o Solicit help from family + friends. Babysitters are worth their weight in gold.

To help with nighttime sleeping, make sure you give the newborn a FULL feeding (keep them awake to eat until full), and run the cycle as follows: eat, awake time, sleep. This helps the child get into a good routine and our daughter was sleeping through the night (~5-8hrs straight) just shy of 1 month. Small or snack feedings will make the child want to eat every 2 hours...

Some resources:
Baby Wise
http://www.amazon.com/On-Becoming-Baby-Wise-Nighttime/dp/B00...
Shepherding a Child's Heart (later on during adolescence)
http://www.amazon.com/Shepherding-Childs-Heart-Tedd-Tripp/dp...
Vaccine Book
http://www.amazon.com/Vaccine-Book-Decision-Parenting-Librar...

For the degree, I'd contemplate what your 5 year plan is going forward. What kind of job will this education help you land? Is it worthwhile? What other things alongside an education can you do to improve your situation? Just encourage some reflection there. Most people don't use their degrees after graduation, but it does help them get in the door for an interview, which is important.