Financial implications of having a 2nd

[ShuffleCase]

Hello,

We currently have 1 child and are unsure if we should have a 2nd. Both of us would like to have another, but our main reservation is financial.

Sticking with 1 child we will be able to start building some savings now that they are getting the free childcare hours as our childcare costs are set to plummet. By the time our child is a teenager we will be financially comfortable and can help with uni costs if they wanted to study.

If we have a 2nd child then we will be unable to save much over the next 5 years due to a combo of maternity leave/childcare costs and potentially me dropping to part time for a year or so while they are young. However there is a good chance my husband could get promoted which would mean we could afford the extra childcare costs more easily. Of course he might not, and age isn’t on my side so can’t necessarily wait until he gets promoted to start TTC.

I would love a 2nd and the only thing giving me reservations is the financial side. Anyone been in a similar position and able to share how they came to a decision?

If you really want another then you just make it work financially

• no one says you have to take all the maternity leave on offer
• no one says you have to go part time
• take a 10 year loan out to cover the 3 years until you get 30 hours so spreading childcare costs over a much longer time period lowers the monthly cost

We stopped at one, not only for financial reasons but it was a factor. Everything is SO expensive these days, and it's not just factoring in the childcare. Children are bloody expensive for a long time!