Engineering?
Answer:
I assume you mean that continuing studying instead of starting work will allow you more time to take care of a kid?
Try to find out more about the engineering industry where you are, or wherever it is you plan to work, specifically in your field of interest, e.g. manufacturing, defense, etc. All job markets are slightly different - you may find that employers don't place much value on higher degrees for the kind of work you are interested in, preferring a few years of experience instead. Or it may be the opposite - the only way to get the right answer which applies to you is to check it out - maybe you should ask a HR person from a company you're interested in.
From my perspective, a solid Bachelor's is a requirement for good engineering work. Unless you're interested in research firms or academia, postgrad qualifications are often not necessary.
Since time is limited, it is probably best to directly pursue your field of choice. However, only you can answer what your financial situation will allow with a baby on the way.
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