Cost of Having a Second Child

It's a BoyFor those of you who don’t know or don’t follow me on twitter you probably aren’t aware that I am expecting my second child. Yesterday we had a visit with the doctor and we discovered we will be having another Boy. My wife wanted to have another boy and I was also leaning in that direction. My children, so far, are the only ones that I can think of which have a chance at carrying on my families name so I have now doubled my chances.

While many people wish for that perfect family with one boy and one girl it is financially beneficial to have two of the same.  We have crates of old clothes lying around our house, some completely unworn, which we can use to for the new baby.  Additionally it is going to save you in time costs. You don’t have to learn anything new to deal with.  Not to mention two boys means no wedding costs just a couple of honeymoons.

Whether you have two children of the same sex or not I recommend not throwing out anything which you would think might be useful later. You are going to see a significant cost decrease between the second and the first child regardless. If for no other reason than you are going to know what gimmicks and junk you don’t need to pay for.

As we progress through our adventure of having a second child I plan to provide regular updates related to the actual cost of having a second child. Right now the only costs we have incurred have been for prenatal vitamins and costs related to prepayment for delivery.

Right now we are at:

$599.43 with plenty more to go.

Photo: (revjim5000)

{ 6 comments… read them below or add one }

1 MLR April 10, 2009 at 10:04 am

That is awesome, congrats again in case you missed it on Twitter 🙂

My co-worker, unfortunately, was in the middle of our health plan elections when his wife got pregnant. Whereas she was added because of their marriage he had not chosen to update the coverage to a better plan.

So right now he is sitting on the cheapest plan and is fronting 30% of most of the pregnancy costs. Ouch.

I guess the one cost you won’t be able to offset is that darn formula and diapers, eh? 🙂

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2 Kyle April 10, 2009 at 10:07 am

We are going to end up paying a lot more for medical costs with this one than we did with our first. We got pregnant with our first child right before open enrollment so we switched to the best coverage, we weren’t so lucky this time so we are on the hook for 20% I think.

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3 The Weakonomist April 10, 2009 at 10:22 am

That is so great. You should probably name him weakonomist

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4 Mike April 10, 2009 at 10:35 am

Congrats! As someone without a child but who has a zillion nieces and nephews, the process just seems very daunting and expensive!

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5 Baker @ Man Vs. Debt April 10, 2009 at 10:40 am

Congrats on the incoming addition to the family!

Right now my wife and I only have one child. We would like to wait around 2 years and be completely out of debt for the second one. It’s interesting to read a post like this as it always gets my brain turning for what we would go through if we ended up having a second child sooner than expected!

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6 Sun April 10, 2009 at 11:42 pm

Congratulations! Our two daughters are two years apart and I can tell you the second will cost much less than the first.

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