Copying financially...

[GemGems125]

Well if you look at previous threads you can tell I've been contemplating another baby, my third. This has been going on since before my youngest was born 3 1/2 years ago. It doesnt disappear. Im always researching, looking at ways we can afford it. Finally convinced my oh and he is adamant it all work out... I agreed, booked for coil removal - end of the month.

Bam! I'm hit with doubts and second thoughts.. Im going to put a bit about my situation below. Honestly tell me in this situation would you have another.

We don't earn a lot - take home after tax around 2500ish. Bills come to 1500ish. Plus then we would have to take into account childcare 400. Put aside for food and say 200 in savings for bigger expenses (holidays, Xmas, car stuff etc etc)

This leaves us with an additional 250 pcm for bits n bobs, clothes' days out etc. We can downsize a few bills and have a maximum 350-400pcm.

But would that be enough? As the kids get older it could potentially increase as I only work part time. A few bills that I am currently paying won't be an issue but then there may be more....

Cheers if you have read this far.

I couldn't live on that so I would stick with 2. I am rubbish at budgeting though, if you are very good and careful you might be able to make it work.

You'll always find a way to afford it, but I guess you just need to decide if you want to be ok every month, or scrimping and watching every penny. That's a hard way to live, which might mean you end up focusing so much on managing money that you don't get to enjoy the kids as they grow up.

A lot of women focus too much on the future child and not enough on the impact on the living children. If you are going to be pushing them into a life of no treats / holidays / fun then I personally wouldn’t do it.

I think that yes you could afford it but it would require some full on budgeting and organisation skills if you still want to afford luxuries. I do think you would be spending a lot more of your time thinking about saving and money then you do now. If you do decide another child is for you then start the downsizing of bills and money saving you mention now so when baby arrives, you have a cushion.

Good luck

I suppose it depends if it's more important to you that your current DCs live comfortably or if you'd rather they had a sibling.

DCs are cheap until about the age of 11. After that, it all gets horribly expensive so even if you're working more hours by then, the money will just disappear, believe me! By then, they need mobile phones, computers, secondary school uniform which is much more expensive than primary, secondary school trips / supplies, loads more food to eat!!, bus travel to school, adult prices on holidays/day trips, expensive hobbies etc.

If they go to university, will you want/need to help them pay for rent/food/living expenses while they are there? I'm currently subsidising DC at university to the tune of many thousands a year. Yes, they work in the holidays, but it's still not enough to pay rent etc.

Personally I'd rather live comfortably with two than struggle financially with three, but of course plenty of people would make the opposite decision. It's up to you.

we have 4 and it's very expensive ! They do costs a lot more as they get older although I guess childcare costs reduce and you can potentially earn more. All ours are teenagers now and they cost a lot. The 3 boys are all tall and take mens size shoes and clothing and have done from about the age of 13. We've just paid £300 for a 2 day school trip to Paris for one, £100 on a winter coat for our dd and £1300 to pay our eldests University accommodation for the term. Of course not all these are essential but are things we want to do for our kids to give them good experiences and help them out. Then there's driving lessons , first car etc - again not essential but things we want to help with the cost of. My two eldest boys have part time jobs so they pay for a lot themselves.I do think you need to think long term and also factor in that as you get older health can decline and you may not be able to work as much as you'd like 9 certainly the case with me).

Cheeries101, I think that is the big question - how is going to affect my 2 girls... I know I can manage and I'm pretty savvy with money. Have learnt to be as had the first unplanned and husband as made redundant weeks after she was born. But the big question is will it affect them to much....

Blessthekids. That would be good but that won't change until 10 months away. But with our current income and life style we can save about 2000 before baby would be here. But that's not a big cushion.

I agree with above posts, it's a hard decision. I am just able to afford for my children to have driving lessons and then helped towards a car and insurance as even with working pt around A levels, DD couldn't have afforded it all. She is now a confident driver a year on and I'm pleased I was able to afford it. Some of her friends would love to learn to drive but their parents can't afford to help.

As said, there are the out of school activities, sport or music, all getting very expensive, the trips, the clothes that are not on sale any longer, the holidays where you don't get the 50% off for children etc...

It's a difficult choice to make as it's lovely to have two siblings.

We bring in more than that but have stopped at 2 mostly for financial reasons. I don't want us to just get by, I want holidays, nice cars, comfortable savings, nice clothes etc...I know that sounds materialistic and I guess if I really, really wanted a third child I'd probably over come those materialistic urges, but having a third would be more my biological urges, not for the good of my family.