Pete Wentz hopes his baby daughter will "balance out" the testosterone in his house

Pete - who has three-year-old Saint with Meagan and nine-year-old Bronx with his ex-wife Ashlee Simpson, as well as two male dogs; Bear and Bowie - said: "We have a lot of testosterone in our house. I see my friends who have daughters, and it seems like a whole different kind of love that they have for each other, so I look forward to that being a completely new journey. Hopefully it'll bring some balance to our home!"

For now, the 38-year-old star is busy on a world tour with his band mates and they are set to release their seventh studio album 'Mania' at the end of this week.

He explained: "I think we have more to say. We were never really a partying band, so that aspect never changed; it never really existed -- we were always pretty dorky. Time is the ultimate thing: We don't have as much time. When you're in your 20s and have zero responsibilities, you can be on tour forever."

However, Pete has admitted being on the road "makes you appreciate your life at home -- and be present" because he and his family can only rely on FaceTime.

But when the band are touring the US, the children and Meagan join him on the road.

He added: "Kids love tour buses; it's like riding around in a video-game truck."

And, although he's got a highly successful career, Pete believes he's remained grounded because his children just see him as the guy who makes pancakes.

He said: "The kids just think of me as the guy that makes pancakes or runs around in the backyard with them, which is grounding in the best possible way."