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  1. #1
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    Default Financial Planning for second child

    HI

    My son is 4 mo now and has been more expensive than ever imagioned!

    Just wondering if anyone has any advice or budget ideas for planning for a second child?

    Thanks

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    Thats a good question. I'd like to know too!. It is tough especially if you go from a double income to just one income. It's all about knowing how much money goes in and how much goes out and what your left with. The great thing about preparing for another baby is that they can have the "hand me downs"...i know it's not a good word, but they can use their big brothers old toys, cot, car seat ect. So setting up would not be so bad.

    My mum gave me great advice she said "It's not overly exspensive when you have the second baby, it's when they both get older and start school. Thats 2 sets of school shoes, 2 sets of text books to buy, 2 sets of school fees and/or extra curriculer atcivities etc." So what my mum is saying is that you pretty much double up everything.

    How you budget for that? hmm depends on your income and how savvy you are at saving and budgeting. Im sorry im not too much of a help Good Luck

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    buy kids clothes second hand or get hand-me-downs. keep all your nursery furniture and use it for the 2nd bub. use cloth nappies - you will save a few $$$ there. and if you use osfm nappies instead of a sized system you will get more use out of them. learn when to shop and where. make your own baby food. put a small amount away each week into a special account that gets high interest. use that for school expenses (and start it when the child is born)

  4. #4
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    MissSteph is offline Proud young mother to 2 beautiful children
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    Hi.

    Once you get the initial items out of the way ie double pram, second car seat, another cot, second high chair etc it's not TOO bad (till Christmas lol). After that, all you need to fit into your budget is money for nappies, formula if not BFing, wipes then solids when bub starts solids.

    Shop at baby and kids market, eBay etc and start buying things on sale. We bought a booster seat instead of a second high chair (can get them cheap at kmart or big w). We bought a single bed for DD so DS could use the cot (longer use out of single bed than a cot so obviously cheaper in the long run). We borrowed a second change table from a friend (our main bathroom can't fit a change table in it so the kids have 1 in each of their rooms). We bought a second hand carseat, great nic for $100. We had a spare set of drawers so use them for DS.

    The end of financial year sales will be on soon so I would start buying then if I were you.

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    Thanks for the great ideas

    DS is only four mo and will being heading back to work when he turns 1.

    I would love another child but DH is not so sure so am wanting to put into place a savings plan so that when i broach the subject in a few years will have a nice lil sum.

    DH is set on us getting into our own house so that is where most moeny goes and am on maternity leave for next 8 mos.

    Any ideas on a ball park figure to afford two bubs plus mortgage etc?

    most thigs we get are secondhand and might be able to keep some stuff but DH will not be keen on that as i said before he might not want another child...


 

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