How do you know you're financially ready for another baby??

Question

I have a 10 month old baby, but I want to have another as soon as I can. Unfortunately, I'm not sure I'm in a financial position to do so. My husband works 2 jobs (one is per diem and doesnt make many hours) so he's looking into a third to get more hours. He doesnt mind it. He is also going to school full time.
I have been working in a situation where I could bring my child, but I have to quit as my child is getting too mobile to be safe in the workplace. I have started my own at home business but it hasn't yet taken off.
We aren't in any debt, and we have health coverage. But we don't make much more than about $25-30K a year (between the two of us). We rent and we don't have a lot, but we have all the basics and many nice things too. I always wanted my children close in age, but I'm afraid that having another could possibly put us in financial problems if there are complications or whatever. Please give me your input!

have a 10 month old baby, but I want to have another as soon as I can. Unfortunately, I'm not sure I'm in a financial position to do so. My husband works 2 jobs (one is per diem and doesnt make many hours) so he's looking into a third to get more hours. He doesnt mind it. He is also going to school full time.
I have been working in a situation where I could bring my child, but I have to quit as my child is getting too mobile to be safe in the workplace. I have started my own at home business but it hasn't yet taken off.
We aren't in any debt, and we have health coverage. But we don't make much more than about $25-30K a year (between the two of us). We rent and we don't have a lot, but we have all the basics and many nice things too. I always wanted my children close in age, but I'm afraid that having another could possibly put us in financial problems if there are complications. May I mention that my hubby is planning on becoming a pharmacolologist and school will be a LONG time!

May I mention that my hubby is planning on becoming a pharmacolologist and school will be a LONG time!

Answer 1

I think that there isn't one person on this planet that is financially ready for a kid. No matter how much money you have or don't have doesn't matter. The more money you have the more you are likely to spend the same goes for the less money you have. If you think you can swing it then go for it. If you cant then wait. No one can answer this question for you as no one knows exactly what it is like in your situation. Only you do. Weigh your options talk to your husband and sleep on it. Then decide. GOOD LUCK.

Answer 2

Children are such wonderful blessings, but it is our responsibility as parents to provide for them. If your husband is trying to take on a third job, I would say hold off on having another child for now, especially since he is also going to school...children need their parents around and if he's already busy for the better part of the day, then just wait til he's done with school, in a better job and a little more financially sound...you never ever want to put yourself in a position that you may question whether or not you can pay the rent, buy food...etc...consider that you'll have to start saving from now to put some money away for their college fund...etc...just food for thought...but good luck. If you really would like another child, try out a foster child...the state usually gives you some money to provide for the child so you wouldn't have any out of pocket expenses...

Answer 3

If you breastfeed, use cloth diapers, and cloth baby wipes, you will save a lot of money and it may be possible(and don't forget about that baby shower!). Sometimes being frugal makes you able to have more of the things you want, like babies!!! It really isn't that hard, if you still have your first child's toys there's something else you won't have to worry about. Other things you can pick up at garage sales. Heck, if you have a girl I would give you any of my daughter's clothes she's outgrown! Besides, in the long run, kids don't really care whether they had expensive clothes or toys. All they care about is that they come from a loving home and family! Good luck with your business, your family, and your decision to have another child! Wish you and yours the best!

Answer 4

This is really something only you and your husband can decide. You and him should sit down and figure out what your expenses would be like with another child, and don't forget to consider the time you'd need as well. like maternity leave, the fatigue caused by caring for a newborn, more sick days since any illness is probably going to go to all family members.. etc stuff like that. Is it that important to have children close together? My brother and I were close (18 months apart) and all we ever did was fight. So closeness in age isn't guaranteed to make them get along better.

In any case, I applaud your forethought into actively thinking about the needs of your family and trying to make an intelligent decision. Good luck!

Answer 5

Wait until your husband is done with college or until your home business takes off. I think you should try to be in a position where you can buy a home before you have a second child. Financial stress is one of the number one reasons marriages end. It is better to have fewer children more spread apart in a less stressful home then a lot of children growing up where they never see their father because he works all the time and their mother is stressing about how to make ends meet.

Answer 6

You and your husband should sit down together and figure out exactly how much a month you spend on your baby now, and how much you have extra in the same time period. Leaving some space for financial setbacks, see if you have enough now to keep up with everything, especially if you're going to have to leave your current job. Remember, though, the most important consideration here is whether or not you and your husband will be able to spend enough time with each other and with your children.

Answer 7

Having kids is one of life great joys, however you spend a hell of a lot of time paying for it. Don't get me wrong i would not have it any other way, but what my kids used to cost me when they were young compared to how much they cost now that they are teenagers is just not comparable. One is going to university next year and both boys race motocross with the youngest being very talented at it. It costs heaps but i wouldnt stop him from trying to live his dream. So dont think about if you can afford it now, but if you can afford it long term. You also have to count into it the fact of how much happiness a child will bring to you and at times how much heartache.

Answer 8

i don't think anyone is every really financially ready for a baby, but when the baby comes you cut down a little on certain things to afford a baby. Babies can be expensive but fun, so you don't go to the name brand stores, you can still dress the family cute if you look for bargains, or you don't good to the grocery store that packs your groceries for you, you go to the grocery stores that you save money and pack your own groceries etc etc. So go ahead and have another baby, in my opinion children with sibling are lot more stable. GOOD LUCK

Answer 9

If you have even the slightest doubt, that means you are not ready. Try being a little patient so your husband can actually participate in raising your kids rather than working 3 jobs and going to school.

Answer 10

Wait before you have another child. Your reason for wanting another baby is relatively selfish giving your current situation. Focus less of having another child and more on providing a quality life for the one you have now.