Financial Tips for Having a Second Baby

If you are thinking about having a second baby, there are some financial tips we have you may wish to consider.

There is no doubt that a second baby is a wonderful experience for your family, but if your finances are rocky you may need to make some considerations before taking that plunge.

Having another baby is a big change for your family, so you may want to check out our tips on helping older siblings adjust to a new baby. These tips and the ones below will help you and your family to be more secure and enjoy the new addition to your family even more.

Are you expecting another baby? Check out these financial tips for having a second baby in your family. Get an idea on how to save money when you become a mom again.

Table of Contents

Financial Tips For Having A Second Baby

This post contains affiliate links and we may earn a commission if you make a purchase.

Decide if a parent is going to stay home with the children.

The first thing to consider if you are even contemplating having a second baby is whether you want to have your children at home with a parent full time or in childcare situations.

Sometimes preschool is a great option when they are a bit older, but in that first year, especially if you are breastfeeding, working outside the home can be tough.

If you are working full-time outside the home, it may be time to really consider if this transition is something you can handle financially.

Even if a job outside the home is still on the table, you also need to look at childcare costs. These can be anywhere from $75-$200 per week depending on ages and needs.

Make sure you have enough money in savings for unexpected expenses.

The best financial tips come in the form of a solid savings account. You need not just a little for emergency expenses, but enough to manage should income not be there for more than a few weeks.

This is especially important if there is no paid maternity or paternity leave with you or your spouse’s employment.

Making sure you can manage finances and still be home for at least the 6-8 weeks required post birth by most doctors is a major necessity for most families.

Repurpose what you can.

There are many items I would never reuse for a second child for safety reasons.

Things like older car seats or any toys that have recalls should never be used again.

However, blankets, clothing, cribs, bassinets and similar items can come out of storage and be used for the second baby to save tons of money.

Find out what your insurance covers in advance.

Little things like ultrasounds may not seem like a big expense, but when you have a high-risk pregnancy and have to have them much more often it can quickly add up.

Check your health insurance coverage for maternity, labor, and even new well child checks to make sure you are prepared for any co-pays or potential added expenses that could occur.

Pretend you already have a second baby.

When you are thinking about having a second baby, it is vital to prepare not just emotionally but financially.

One way to do this is to start preparing your budget by adding in expenses like diapers, formula (if not able to breastfeed), baby food, clothing, doctor visit co-pays and similar.

Take this money out of your regular budget and put into savings for 3-4 months at a minimum.

If you are able to have these fake expenses covered easily, then the addition of another baby should be easy to manage. If not, it may be time to evaluate your income, expenses and how to make it more manageable.

These financial tips are just what you need to consider if you are thinking about having a second baby.

Growing your family is a wonderful experience, but being financially prepared is a must for long-term peace and happiness.

Check out these other parenting tips:

Darcy Zalewski

Darcy is the founder of “Life With Darcy and Brian,” where she combines her love for education, board games, and crafting to create engaging learning experiences for kids. Her creative projects and writing have been featured in outlets like The Toy Insider, CafeMom, Mom.com, Parents.com, Country Living, and The Pioneer Woman.