Having a family can be expensive; you’ve got more mouths to feed, a bigger house to pay for, and a lot more little expenses that stack up as the months go on. And most specifically, a new addition to the family can cost you a lot of money. Of course, that won’t come as a surprise, seeing as you’ve brought a baby home before now!
However, when you stack up the costs of a new baby on top of a child you’re already caring for, how will your budget look at the end of the year? Well, let’s do a little research on that; here are some things to remember when it comes to putting together a savings account for expanding your family.
Budgeting for Before the Birth
Make sure you’re always aware of just how much prep needs to be done before the new baby is even here! You may have forgotten if it’s been a few years since you had your first child, and now would be a great time to reacquaint yourself. Pregnancy can take a lot put of the mother, as well as the rest of the family, and some treats here and there may be needed to keep everyone feeling good.
And maybe you should think about potential costs too? These are expenses you might not have had to think about before, but will for the next baby you want to come along? Because a lot can change in a couple of years!
Something like IVF is a good example of something to consider here; if you want another child, and you know you can budget to take care of one, make sure you know of the best providers around you, and the average costs. This is a great fertility clinic to visit if you’ve been trying for a while and had no success - take a look at a few websites like this one to get a ballpark figure.
Within the First Year
The first year is usually the hardest. Of course, you can pull a lot of old items out of storage here - things your older child has outgrown but you’ve held onto in case of another baby in the future.
Determine what’s still in good shape, and what needs upgrading. Most of all, if you still have a cot to use, be sure to buy a new mattress and other bedding for the new baby, to ensure it’s safe and sterilized.
Clothes can be another big expense within the first year, as babies grow fast in the first year! You’ll be needing new bottles and tops, new pacifiers and unchewed toys for your rapidly developing baby, and who knows what the price of the local baby swimming class is these days!
All in all, a second child can cost you upwards of $13,000 per year, and even over in the first year. Make sure you’re ready for this kind of expense, and have prepared accordingly for the hike!
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