With only one child it was quite easy for my wife to find a babysitter and go to work for a day or two when we needed the extra cash. Having a second child has basically rubbed that one out. Who wants to look after a 2 year old and a 6 month old for free?
Interesting. I'm sure the people I've heard from didn't take into account opportunity cost. Though I'd imagine this cost is mitigated quite a bit if one works at home and can pull off "double duty."
So yeah of the top of my head that's $1,500 we won't have to spend again. Clothes, bedding, books, toys, could easily add another $500. And this is just the first two years.
Yeah, so that's quite helpful not having to buy all that stuff again!
Same gender helps for reusing clothes.
Yeah, if we decide on having two, we were thinking mostly gender neutral clothing would keep costs down, too.
Health care expenses were doubled...
Haven't noticed much change in food expenses related to adding children...
As kids get older, though, there are different kinds of expenses--for instance, classes/camps or equipment to support their interests.
Okay, so the added expenses mostly seem to come from healthcare, childcare, hobbies, gifts, and education.
We're not saving for education,
per se, but will put money aside as an investment for early adult ventures. We'd want to set aside equal amounts, but that doesn't necessarily mean the "expense" would double. We could set aside less per child (say $30,000 per child) compared to what we'd set aside in an only child scenario (say $50,000).
We like the idea of "one gift" birthdays & other holidays, and instead doing something fun and low cost that they love to do.
As far as hobbies are concerned, when younger they can support it financially through the money they earn from household chores and, when older, through salary from their job(s). We'd support them in their hobbies in other ways by offering our our attendance, attention, and assistance.
Childcare shouldn't be an issue with us, but I'm stumped when it comes to healthcare (don't want to forego it; seems too risky).
What do you guys think of these? Do you have any other suggestions?