Is Your Household Ready For Another Baby?

No Mom ever forgets the birth of their first baby. Holding your baby in your arms for the first time is a moment of unparalleled joy. It’s the culmination of 9 months of planning, crying, spending, crying, laughing, budgeting, crying, speculation, catastrophizing, optimism and crying. Then you have those precious months of watching what was once a little clump of cells grow into a living, breathing, eating, sleeping (and yes, pooping) little human being with a personality all of their own. Every family has to make provisions, even sacrifices when their first child comes along but inevitably they reach a point where everything becomes manageable.

 

And then… the next one comes along!

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After all the planning and budgeting the first time around you’d think your second (or indeed third, fourth, fifth or sixth) would be a walk in the park… But you’d be wrong. Whether you’ve just found out you’re pregnant for the first time (congratulations), or just starting to consider the prospect of a second baby, there are some serious questions you need to ask yourself…

 

Is your home big enough?

 

Many people see the coming of a new baby as the time to start looking for a bigger place, and while upsizing can be a great adventure, it’s not viable for everyone. If you have your sights set on a bigger property, it’s important to be mindful of the additional expenses that come with a larger property. Using a mortgage calculator will help you to get an understanding of what you can expect in terms of mortgage payments but be sure to factor in taxes, increased heating costs and the like alongside your mortgage payments. It’s also important to factor in the hidden costs of the move itself which could include, conveyancing, surveyors, valuations, mortgage arrangement fees, realtor’s fees, broker’s fees and indemnity fees.

 

A move is a great way to mark the start of this new chapter in your life but for many it may not be practical. Many parents assume that children do better if they have their own room but psychologists suggest that children who grow up sharing are actually at an advantage.

Are your finances under control?

 

In these economically difficult times, the deck is stacked against new parents, and many of us rack up considerable debts through the course of raising our kids. The good news is that getting on top of your debt is easier than you might think. Juggling credit card debt, utility bills or rent payments  in arrears and loan repayments can be nightmarish, but consolidation loans can help to make these debts more manageable. Reducing different debts with different interest rates and repayment schedules into a single monthly repayment not only makes the debt more psychologically manageable but avoids making overpayments on interest.

 

How does your child feel about being a big brother or sister?

 

While your existing child or children will adjust to the change in circumstances whatever happens (though kids don’t react well to change so a bit of kicking and screaming is natural), it’s worth talking to them to gauge their readiness. Being open and honest about the changes to come and preparing them for the responsibility is the best way to avoid acting out or jealousy when the baby comes along.

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