If the rumours are to be believed, no one thinks they can afford a child until they do. Okay, it can be a struggle, but there’s no accounting for how far you can make money stretch when you need to. Sadly, the more children you have, the harder things get. Understandably, that can lead to doubts about affordability before you’ve even settled on the decision to expand your family.
While money worries shouldn’t stop anyone from having the family they want, it’s essential to consider whether you’d all struggle to account for another child. Before you let yourself in for a world of stress, answer these questions honestly, and see for sure whether your finances could stretch to this task.
# 1 – How much would you need to spend upfront?
Upfront costs in preparation for the birth and newborn essentials are often the most significant parenting hit. After all, this is when you have to buy everything from scratch. Some parents even face IVF treatment costs and other such extras at this stage. And, unsurprisingly, all of this can break the bank. You may find, in fact, that weathering this storm is only possible if you’ve thought ahead and preserved some of the things you’ll need. Couples with savings may also be able to cope. But, for others, it’s vital to be honest about how high this initial hurdle is, and what it would take to overcome it.
# 2 – Would you need to make any significant changes?
Kids are a significant lifestyle change themselves, but you should also consider whether bringing another bundle of joy into the world would require extreme changes elsewhere. Affording this shift won’t be too tricky if you’ve got a bedroom going begging, for instance. But, if you don’t have that space, you face further expenses such as moving or renovating. Ask yourself, then, whether a child would fit into your life as it stands, or whether you’d have to pay big-time for necessary changes. Then, consider how much value you’d be adding to your property against how much you’d need to spend upfront to make your final decision.
# 3 – Do you have the option of expanding your finances?
Ask yourself, too, whether you can expand your finances to meet the needs of a growing family. The ability to earn more will, after all, allow for a pretty smooth transition, while an extra child with the same amount of money could be a struggle. If one or both of you can work extra or charge more, then there’s certainly scope for a new addition. If, however, your finances are set to remain stagnant, at least for the time being, then you may need to reconsider your options.
Should money stop you from having a child if that’s what you want? Perhaps not. But, asking yourself these questions at least opens your eyes to the financial reality you face, and the steps you’ll need to take to keep on sound monetary footing.