Does having 2 kids vs just one make a big difference on finances?

[neighbourschmeighbour]

Just wondering what people’s experiences have been and whether the second has impacted on finances that much, or not made much of a difference?

Yes but not as much as one or three does... also depends on how you manage your budget eg we passed down most things so until they reached teens I wasn't buying 2 usually. (Dd2 has got her own back as she passes things onto her sister now, she is bigger but shrinks things in the wash!)

Im all for sensible family planning but when it comes to a second I would go with your heart not your head however remember twins do happen!

Yes it does although i found in the early years you pass clothes and toys down so that does save a bit. Teenagers are expensive especially when you add in cars, phones and support for uni.

like other posters have said, double(ish). Some things can be shared or handed down, ie computers, devices, toys, bikes etc. sometimes food can but split, for example, if I was making a cottage pie I would still be buying the same size packet of mince.
i think there’s a lot set up for families of 4, like family tickets etc which cost the same as 2 adults and one child.
but yes, two lots of swimming lessons etc.
my friend with one child went on holiday and her child could share their room, whereas I had to book anther room etc.
But having said that it is more expensive I love having two kids, and my kids love having each other. My DH is an only child and seeing the kid’s relationship with each has made him feel like he’s missed out.

I have one and I can therefore afford for her to have the life style that I want.

However, if I had two I expect I'd manage.

One thing I find is that life in general is easier with one. People will gladly look after her, have her along at things etc.

Short answer: Yes.

Apart from nursery fees, children get progressively more expensive as they get older. So music lessons for 1 child= £20 pw. Music lessons for 2 children= £40 pw... Ditto swimming, ballet, football, school day trips and residentials, going to the theatre/cinema/zoo etc etc.

Holidays, you will need to pay for an extra flight and possibly an extra hotel room, cottage with more bedrooms etc.

It's true that the second child might be able to re-use toys and some clothes bought for the first child (especially if they are the same gender), but the cost saved pales into insignificance compared to the extra costs above^^

You might also need a bigger house...

Yes! Of course.

Pretty much doubles.

Activities, school trips, days out, hobbies- all the stuff that actually costs.

Yes you might be able to pass on clothes but that’s not a huge part of it.

It does but not as much as you’d think (nursery fees aside). Food costs are similar making it for three or four. Clothing can be passed down. It’s the teen years it makes most difference as there is an expensive patch between 16-20yo.

How can food cost the same? They eat loads!! We are now doing 3 adult and 1 child portions. Two teens means you are feeding four adults in the house.

Yes, we notice a big drop in our food bill when DS is away at uni. Our water bill went down by 1/4 too.

With the driving our dc didn't expect us to pay but it's something we wanted to. Our parents paid for us.

My dc do both have part time jobs but as others have said they make less per week than the cost of a two hour lesson. You'd be lucky to find a driving instructors who would do one hour lesson anymore. Certainly the ones round here don't.

Basically the cost of two children is pretty much double the cost of one, especially if you have different sexes. Very little has been passed down since age 5 ish bar the odd coat.

Food costs are similar making it for three or four.

not for growing teens. mine eat a lot. plus they take packed lunch.

Need to factor in things like after school clubs, holiday clubs etc if you both working. Activities etc

We only have one so can't comment on if it doubles, but teen years are expensive and DS just off to university so having to help finance that (although he has worked to build up some savings)

I thought so

@SoftSheen holidays are definitely not cheaper with 1 child. I holiday every single year and DS has been adult fair since he was over 2. It can't be that bad like some people are listing other wise people surely wouldn't have the 3 or more kids never mind 2 DC. OP could get help with childcare costs too.

True.

I think people do sort of suck up the costs of 2 because it’s a typical family unit. You see at our school it’s much more common for the families of 3 plus to have a sahp as presumably it’s the childcare that becomes a killer with 3. More people probably should think about it and make a conscious decision re the lifestyle they want. We have stopped at 2 because I think our lifestyle would change too much with 3. For others that threshold will be from 1 to 2.

This does make sense. I think people might not even consider having one if it’s money that’s the decider as they just must think, most families of 4 make it work

Cost of one child x2

Eh, your example makes no sense.

If DS has been adult fare since he was 2, then 2 children would be 2 x adult fares, which is obviously twice the price.

@Mysleepisbroken there's always one clever cloggs. I should know as I often search holidays. People often get a free child place, how it works out with the cost of the hotel room is different from 2 adults to 1A and 1C. It's not necessarily double the dare for 2 kids and 1A.

Fare**

One to two 20 month apart made little difference. Our 2 to 3 babies were twins. Dh is a painter, I'm an accountant. I had to give up work. 30k+for childcare was not feasible.

I see that! It’s so expensive

I think it depends on your lifestyle?

There are loads of low income households with multiple children. They manage but their priorities may be different to a high incomes household with 1 child.

Im currently pregnant with second baby (woohoo!). I’m super excited. We’re probably classed as middle income for where we live (north).

we’re not worried about finances.

But we have a lot of family support so don’t have to pay for childcare. We also live in a 3 bed terrace rather than a semi, so a small mortgage. We have 2 old cars bought in cash rather than finance so no car payments.

We can probably afford 1 foreign holiday and 1 long weekend away a year with 2 kids.

we probably won’t be paying for uni fees or whatever but that would be the same for 1 child. Depends on our circumstances at the time. I wouldn’t base my family planning around it. Neither of us had it paid for us and it was fine.
Rather than gifting a house deposit we’ll let kids live at home rent free to save for one. Would be the same if we stuck with 1 unless we came into big money.
We will pay for driving lessons as that’s an essential for expanding life opportunities. But they won’t be able to do lessons at the same time anyway as 20 months apart, so not x2. More like a long drawn out x1.

Kids have saving accounts for birthday/Christmas money and also we put in a couple of quid every month. It’s not a priority saving but more a ‘nice to have’. So they’ll each have a few grand each by the time they’re adults. It’ll be nothing like a house deposit but a nice small nest egg.

However another household would find saving a house deposit for their kids an essential or covering university fees, private education etc. So they’d only have as many kids as they could pay a house deposit for.

I also choose to work 3 days a week and have family for childcare. So doesn’t impact 1/2 kids.

Another family may both work 5 days a week and use nursery. So finances would massively differ from 1-2.

'Money isn't everything.
Then aim for that and the finances find a way.' @Stormyforcast

This shows how different we all are. I feel completely the opposite in that we are having just one kid - because money is extremely important.

As a result of stopping at one kid, I am likely to never stress about money and will live a sort of carefree life when it comes to finances. My son will have a great education, amazing memorable holidays and experiences, flying business class and going on regular ski holidays. I will not be scrambling for money for his driving lessons, and will support him financially through Uni. He has a holiday home he can invite his mates over for weekends.

I have chosen this instead of struggling for money for the sake of a sibling they might not even get on great with.

We are not having a second kid purely for financial reasons, as I want to give my only one to have an outstanding childhood (and adulthood), which we wouldn't be able to afford if we had a second.