My suggestion is as follows:
Discuss your plan with your spouse & decide how soon both of you would like to have a child. Consider the time & financial commitments needed.
If you decide to proceed, start to set aside some money for the initial expenses. Inform both sets of parents of your plans & request for help if needed when you need it.
Plan, Budget, Spend & Save.
In Singapore, young people face similar challenges to start their families:
It is a challenge to get a house since prices are high and they are not easily available BUT many young people may start off by living with their parents to save money and to get support from their parents and their domestic helpers.
Education is also expensive and competitive. There is a lot of competition for places in our universities from talented foreign students. University education is of a high quality. In fact, the National University of Singapore & the Nanyang Technological University are highly rated in Asia.
Owning your own car is ridiculously expensive - more than 4 times as expensive in the developed world! BUT there is good quality public transport at reasonable costs - trains, buses, taxis & Uber.
Most young Singaporeans complete their studies & start work before they start their families. I believe the median age of getting married & starting families is 28 years.
I wish you all the best with your decisions. Life does not have a rule book.