Dude, I will be a father for the 2nd time in 2 or 3 weeks and i am ´only´ 27. Actually i should´ve been father for the 3rd time but things made us make an abortion on the 1st one. ATM it was the best thing we could think but after we did, it turned to months of sadness and regret. So, I always tell everybody DONT DO IT. I was a little bit older than yourself when we did it, i had no job, had just a crappy band and our relatives didnt support us at all. But i still regret..
But Marcus said a very correct thing. Kids are expensive. Forget amps, forget guitars, forget most stuff you like to spend your money because kids are very expensive. I live in Brazil, so it fucks my pocket even more, but to give you the idea, there is diapers, health security, meds when your kids get sick, feeding, day care (No, your parents wont help you that much) or a nanny, clothes (and that goes fast...), school....and the list goes on. My first daughter is 2 years old and i still get frustrated due to the fact i often dont have money to buy something for myself or to the fact that I rarely play guitar these days.
Dont get me wrong - kids are a blessing. It brings so much good stuff to yourself. But you also should analyse your life and make your decision from that. Will you be able to properly raise your kid? Will you have support from your family (thats very important when we´re young and dont have an STABLE life) ?
So, try to think for a while on what you should do. I mean...think what will be best for the kid in the long term and make your decision from that.
Good luck.
BTW, my 3 kids were ´developed´ while my wife used birth control pills. Best advice I can ever give you ? even with rubber, birth control pills or a cement shield between your thing and the girl, ALWAYS spit it outside her (inside only on the mouth). Best brith control method EVER.