Keeping Costs Low When Welcoming a Second Baby

No doubt about it: Welcoming a second child will impact your finances. But you can keep costs in check with these tips:

• Don’t feel the pressure to move: If you have a small home, your kids may be able to share a bedroom until they’re older.
• Resist the urge to buy a bigger car: If your current vehicle can safely accommodate your growing family, consider sticking with it while you save for another.
• Shop around for child care: Some providers may offer discounts for multiple children.
• Recycle as much as possible: Reuse things like strollers and car seats from your first child (if they aren’t damaged, recalled, or expired), and save on clothing by embracing hand-me-downs.
• Buy in bulk: Buying food and diapers in bulk can save you money.
• Consider bundling insurance: While life insurance and health insurance costs may increase with a second baby, you might be able to save by bundling policies with a single carrier.
• Take advantage of tax credits: Counter extra expenses by taking advantage of child care tax credits and exemptions.

Learn more tips to plan for your growing family.