If the question “Should I have another baby?” has crossed your mind more frequently, this article is for you. It’s only normal to be puzzled by this question after your firstborn, especially in the economy we are faced with these days.
This may be a difficult question as there are a variety of emotions at play and a lot of logistics and financial aspects to consider. Preparing for another baby is mostly a question of considering finances if you think about it. Here, we explore all the things to consider and ponder before you decide to welcome another family member into your home.
Childcare
Childcare costs are one of the more hefty factors to consider when considering having another baby. Sure, food and housing are also expensive, but childcare is a completely new and large item to include in your budget for a new baby.
Depending on where you live, you will need to fork out an additional $650 to $1500 a month for childcare. This is not a light sum, so be sure you have this money available before considering making your family larger.
Food
We all need food to survive, and depending on how long a mother decides to breastfeed will determine how much money needs to be allocated to a baby’s food expenses. Baby formula can cost between $1200 – 1500 in the first year of a baby’s life, and after about six months from birth, they will also start nibbling on solid foods, so there’s that to consider, too.
Housing
Yes, you may already be paying for housing, but if you’re going to be adding another child to your home, then you may need to consider getting a bigger place if the current home you are living in is not big enough to house more people.
This may only be necessary further down the line as youngsters can share rooms when they are young, but this is still something to take into account as it may have a profound impact on your budget.
Healthcare
Healthcare will have a significant impact on your finances when you decide to have another baby. The cost of childbirth, prenatal care, and potentially postnatal care all need to be considered. You may also need to consider the cost of fertility treatments if you struggle to conceive.
Baby and Child Expenses
There are a lot of costs involved when having another baby, and these include all the things they need in their first year as well as when they are growing up. To name a few expenses, there are diapers, nurseries, baby beds, car seats, etc., to consider in the first few years.
As they grow up, you will need to consider things like toys, clothes, shoes, bicycles, and so much more. It is impossible to list everything, but you get the idea.
College
Yes, college may be many moons away from newborn babies, but since it’s such a massive expense in the US and a lot of other countries, it would be in your best interest to consider this before having another baby. It’s not crucial to set up a college fund for them, but it would help them immensely in the future and potentially make their lives a lot easier.
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