Transitioning From One Child to Two: Financial Implications
There are many factors that go into the decision to grow your family, and affordability is usually one of them. To determine whether or not a second child is financially feasible, you need to consider the costs of raising that child from birth through financial independence, which is hopefully when they graduate college. Here are a few of the largest expenses to evaluate.
Does Size Matter?
Housing-related costs (mortgage, insurance, and property tax) are the largest expenses for most families. In planning for Baby #2, ask yourself if you need (not want) to move to accommodate your growing family.