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

by Lindsay Hutton

Are you considering having another child, but are worried about the financial aspect of adding to your family? Raising a child is no doubt expensive, and while ultimately your decision might not be based on dollars and cents, it's still important to take stock of how another little bundle could impact your family, and find creative ways to make it work.

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Working mom on laptop with baby on lap

Monthly Income

It's no secret that the economy is struggling, so be honest with yourself — how secure is your monthly income? Do you have enough savings to cover six months of expenses should you or your spouse lose your job?

A second, part-time job might not sound ideal, but consider how far a second paycheck could go in terms of saving. If that isn't possible, look for creative ways to supplement your income, such as selling items online or babysitting.

Additionally, look for small ways to save money around your home, like using compact fluorescent light bulbs, utilizing your local library for books and movies, and creating meals at home instead of eating out. The savings will really add up!

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