Monday, September 12, 2011

Can We Afford a Second Baby?!?

We are thinking about having another baby.  Lil Punk is 2 now and we think we might be ready.  But can we afford another one?  I know that we can afford the cost of diapers, food, clothing, etc.  The thing that I don't know if we can afford is daycare.  For Lil' Punk, we pay around $500 per month.  Can we really afford $1000 a month in daycare costs?

Should I even be asking this question or should we just go for it and make the finances work later?  I certainly can't put a price of the joy that Lil Punk brings us and we do want another baby.  We do need to be able to afford another child though. 

We could make it work but it would put a lot of things on the back burner, like building a house. 

Are we overthinking this? 

9 comments:

  1. Would your current daycare provider give you a second child discount? Can you utilize an FSA for daycare expenses? If not, there's a child tax care credit available too to help offset costs. I would make a budget and just see how things look on paper with a possible number 2. Personally, I think you are in much better shape, financially, than most people having children. You would definitely be able to make it work.

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  2. OMG, I love that you call your child LilPunk. Anywho, I'm not a parent, but I believe that daycares usually have discounts for having multiple children in the same program. So the total bill for two kids might be $800 instead of $1000.

    You can also have handmedowns for clothes, toys, furniture which will save a lot. I think rather than money, I think you should think of time. Do you have the time to give the same amount of attention as you did for Lil Punk (and continue to do so) with another child present?

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  3. I know it isn't romantic... but planning for expenses you know will happen is smart.

    finances cause so much strain on a relationship that to have a game plan before hand will do so much for your sanity down the line...

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  4. I think planning is smart, but I also think that people can make it work...and based on my limited knowledge of your finances, I think that with the impressive amount you've been able to save you can afford another child. Good luck!

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  5. I am with lbc - if it is something you want - you will make it work - and I would check on the second child discounts... plus, it won't be too long that you will have 2 in day care... you have to figure that LilPunk will be 3 by the time the baby is born so 2 years & off to kindergarten with a cheaper daycare bill

    have you given any thought to staying home for a few years?

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  6. I have a bundle and I must admit they are expensive but worth every penny. If Lil punk brings you that much joy already imagine how much more a second one will bring.

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  7. I feel that by you thinking about it financially alone, you are in a better place then the majority of people out there raising children. I don't have any children so I can't really say anything on the finances behind parenting, but to me if you could make it work, it sounds like it would be worth it if you guys really want another one. :) And even if you couldn't make it work now, you would. Thats how parenting rolls.

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  8. I don't think you can over think having another baby. That being said, I have no experience with babys and their costs.

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  9. Children are never good financial decisions. This being said I have 3 and am so happy I do!

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