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Can You Afford to Have Another Child? 8 Financial Questions to Consider

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Daycare

If you already have a child in daycare, you know the expense can be staggering. Adding another child to the roster even from the same family rarely gets you a discount. The average cost of daycare for one child in the United States is around $11,500 a year, or just under $1,000 a month. Prices can be almost double the average if you live in a city or in an area of the country with a higher cost of living.

Look for creative ways to cut down on daycare costs. Ask a relative to watch your child one day a week, look into nannysharing with a neighbor, or talk to your employer about flexible hours so you can overlap childcare with your spouse. All of these options can mean big monthly savings.

For some people, having more than one child in daycare is more expensive than a second income provides, so you may want to look into whether having one stay-at-home parent is a better financial decision. Use our calculator to see if you can afford it.

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