Research from The University of New South Wales (UNSW) Social Policy Research Centre concluded that child-raising costs have increased in twenty years. Researchers looked at expenses such as food, housing, clothing, goods and services, transportation, health and personal care, and education. Caring for children gets more expensive as they grow. Single parents and two-parent households should consider their finances and other things listed below when expecting a second child or planning a second pregnancy
The Costs of Expanding Your Family
Buying new clothes and baby gear can be expensive as parents prepare for a new baby’s arrival. Saving toys and clothes to pass from the first child to the second one can save money. Keeping cribs, high chairs, and strollers in good condition to reuse is a good idea for money-saving. Some supplies, like diapers and pacifiers, are better if bought brand new.
Car seats for newborns, infants, and toddlers are crucial to child safety, so parents might want to buy them brand new. Motor vehicles cause injuries to 116,000 children and claimed the lives of 675, all aged 12 and younger (Centers for Disease Control and Prevention, 2017). To find the best car seat for their baby, parents can visit the Best Car Seat Hub. Using this resource ensures parents will pick a car seat that suits their baby’s height and weight. Best Car Seat Hub provides location-dependent car seat installation guidelines and lists the best baby seat brands and styles. Parents can choose a suitable car seat for their older child, as well, to accommodate their growth.
Couples planning a second baby or have one on the way should consider if their house and vehicle can support a growing family. If they need upgrades, they should make a budget. Most parents may have found a daycare, babysitter, and family pediatrician upon the arrival of their first baby. Parents should estimate how these costs and medical expenses will increase with a second child, and how planned time off from work will impact finances.
Couples should examine their assets, savings, debt, and current and future expenses and determine if their life insurance will be enough to cover a larger family. If it’s not, they should consider getting a new policy.
Parents should research and compare various insurance policies until they find one that suits the health, medical, and financial needs of their families. Compare life insurance policies with iSelect. iSelect provides detailed information on life insurance policies and products offered by various insurers, tailored to parents’ preferences and priorities. This website saves policy-seekers the time and stress of doing research, giving them peace of mind that they will find a policy that fits their circumstances.
Agreeing or Disagreeing with Your Partner
The high costs of adding a new family member may make some people decide one child is enough. Relationships can become strained if one partner wants a second baby, and the other doesn’t. Partners shouldn’t try to please each other by going along with a decision they disagree with, nor should they force their partner to agree with them. Everyone must agree with such a big decision. Couples should discuss family expansion and find a compromise that works for them.
Preparing Your First Child for a Sibling
While the firstborn has no say in if or when a new baby arrives, parents should consider their feelings. Some children might think new siblings are exciting, but others might feel replaced.
When having another baby, parents should help their firstborn adjust to being an older sibling. Talking to young children and reading books to them on being a big brother or sister can help them understand their new role. Spending one-on-one time with older children can reassure them their sibling hasn’t replaced them.
Health Risks
Women of all ages and their babies have an increased likelihood of health risks when the conception of the second child occurs a short time after the birth of the first child. Mothers should consider health conditions they may have, and any complications they had during their first pregnancies. They should take care of themselves physically, emotionally, and mentally after the baby’s birth. Parents should try scheduling activities and naps for their children, so they can get as much time to themselves and rest when they can.
Baby Names
Thinking of baby names is essential. Parents have many sources to create names from, including family members, books, and movies.
The second baby will have a different name from the first one, and a distinct personality and temperament. When having a second child, parents should remember that their children won’t be clones. They can cope with changes in the family dynamic by learning what makes their children alike and different.
