How Does Having a Third Baby Affect Your Family Finances?

Today – How Does Having a Third Baby Affect Your Family Finances?

How Does Having a Third Baby Affect Your Family Finances?

Having a child is not a decision that you should rush into making, and it can be a considerable shock mentally as well as financially. While having a child comes with many benefits, there are many things that you should consider before starting your own family. However, what if you already have a child? Maybe you already have two children, and you are considering adding a third baby to your family?

Some of the costs that come with having a third child are easy to anticipate, whereas others may creep up on you. You may think to yourself that you already have a lot of the equipment and clothes that a new baby would need, and therefore it wouldn’t cost you as much money the third time around. However, it is important that you consider all the additional living costs. Even the smallest of additions to the family can cost a considerable amount. So, here is some information you need to know about how having a third baby will affect your family finances.

Housing

One of the first things that you need to consider when it comes to growing your family is whether the current house you are living in can facilitate another growing human. Research has found that housing costs make up around 30 percent of the costs that come from having children. You may find that your current home is going to be enough room for all of you, but if not, then you may have to consider moving to somewhere bigger. This is going to cost you a considerable amount of extra money each month!

Transportation

Getting around with three children isn’t going to be easy, and if you are already a family of four, then you are going to need a vehicle that has five seats in order for you all to be able to get around together. This will likely mean that you need to spend more money buying a new family car, not to mention the increase in gas costs. Research has found that approximately 70 percent of family transportation costs are due to having children. You may find that you need to buy a more practical vehicle and swap your current car for a minivan.

Savings

You are going to find it a lot harder to save money when you have an extra child to take care of. From housing to clothing, to food, the costs can seem endless, and the more children you have, the more money you are going to need to save. Therefore, it is important that you get the most for your money and keep a lookout for all the latest deals and offers. This can help you save money on the items you buy every day for you and your family. While you may only save a small amount of money on each transaction, the amount will soon start to add up and you will see the financial benefit.

Vacations

Most families enjoy a family vacation, but they don’t come cheap, and you can expect them to be even more expensive when you have a third child to pay for. From hotel rooms to family day passes at the local theme park, the costs can soon start to add up. However, this doesn’t mean that a family vacation is impossible if you have a third child. Instead, you will need to be more prepared and money savvy when planning.

While your finances shouldn’t be the focus of your decision to have a third child, it is important that you consider what extra costs growing your family will incur.

 

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