Welcoming a second child will affect your finances, but you can keep costs in check by following some simple family budgeting tips.
No doubt about it: Welcoming a second child will affect your finances. But you can keep your family budget on track by following these tips:
- Don’t feel the pressure to move: If you have a small home, your kids may be able to share a bedroom until they’re older.
- Resist the urge to buy a bigger car: If your current vehicle can safely accommodate your growing family, consider sticking with it while you save for another.
- Shop around for child care: Some providers may offer discounts for multiple children.
- Recycle as much as possible: Reuse things like strollers and car seats from your first child (if they aren’t damaged, recalled or expired), and save on clothing by using hand-me-downs.
- Save money on groceries by buying in bulk: Buying food and diapers in bulk can save money.
- Consider bundling insurance: While life insurance and health insurance costs may increase with a second baby, you might be able to save by bundling policies with a single carrier.
- Take advantage of tax credits: Counter extra expenses by taking advantage of child care tax credits and exemptions.
Try our budget calculators to plan and manage your budget and get more tips to plan for your growing family.
