1. Monthly Income
Needless to say, the most important consideration when planning the second baby is your monthly income. Try to be as honest to yourself while answering how much you are actually left with by the end of the month. This simple question is adequate for most couples to know whether or not they can afford another child.If you can supplement your income in some ways, are expecting a promotion, or have a working spouse, another baby might make financial sense.
2. Your House
While you might not have experienced any kind of trouble in your one-bedroom home with your first baby, you will definitely need more space if you are planning to have another child. While the initial years can still be fine, additional space will be required once your baby grows up along with his/her sibling.After monthly income, your current house is the next important factor in family planning that you should consider if you are planning for a second child.
3. Securing Child’s Future
It is essential to start saving and investing for your child's future as early in life as possible. If you are financially savvy, you might have already planned a few things for your first child. You will be required to go through all of it again with the arrival of your second baby.Apart from child future plan, you will also be required to increase the cover of your health insurance plan and invest in life insurance (if you haven’t already) to keep the health and finances of your family secure.
4. Can You Afford Another Child?
There is no wrong or right answer to the question of whether you should go for a second child. It ultimately depends on what you and your spouse want and how you plan your life to be in the future.But as finances play a vital role in our lives, it is better first to attain financial stability and then think about having another baby.
Keep the child planning tips mentioned above in mind as they can help make the decision easier.
* Terms & conditions apply. The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances.
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