Preparation for your first child is not a task to be take lightly. Amount the physical needs of the child, their emotional needs as well as their financial needs must be catered for.
Is the preparation for the second or the third child any different from the first child? Trent at the The Simple Dollar has some nice advice on how to prepare for the second arrival in a frugal manner.
For one thing, the on-going family expenses will be increasing. Therefore, planning on to the deal the change is key. Apart from the obvious items such as the medical bills, clothing etc, it is worthwhile to investigate the other part of your life that will need to be change and how much that will cost to change it.
- If your car is not of the right size, you may need a purchase a larger car. It is also true that the current house you are in may not be larger house enough.
- One of the parents being a full-time home maker. This will affect the household income. Being a full time home maker is a very personal decision, but sometimes the key reason may be due to financial reasoning. EG, unable to afford to put that many child in child care.
- The work hours of the bread winner may have to be reduced to give more support to the full time home maker.
- Increase in your life or income protection insurance, this usually means an increase in the insurance premiums. I believe that this particularly important as the number of family members has increased and the new addition's welfare must be looked after.
- Ensure that your emergency fund is changed to ensure that it covers the new arrivals.
Photo credit: Joe Zlomek
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