Can we afford another child? UPDATED

[Anonymous]

I have gone through and summed everything up. We want to add to our family. Here is our income and bills. I am not getting any younger we have a 4 year old son and are both in our early 30s. We want another child and feel as if we are running out of time.

In the next 10 months
Income Monthly: $1768
Morgage Monthly: $1038 includes electricity and water.
Car Repayments Monthly: $120
Phone/Interent Monthly: $60
Car/Transport monthly: $200
Clothing/shoes monthly: $50
Food monthly: $200 monthly

We receive medicaid since I lost my job (thats why we are on a low budget). We have $4000 in savings that we will not touch unless life or death.

That is all we spend our money on^ We dont have any other bills or debt. We have no credit debt, study loans.. its all been paid off before our son came into the world. Left over is around $100 depending on if we have needed new clothing or not, Less on the cars or more ect. Our income will rise to at least $2136 monthly in November (DH signed a contract with his fathers family business) leaving us with around $300 left over monthly.

I think we can do it! I will breastfeed like my last (unless I medically cannot), I co-sleep and bath, cloth diaper, baby wear and dont use strollers, I will start making baby foods and I am going to start a veggie garden.

 

[Anonymous]

Babies themselves are relatively inexpensive.

They gradually get more expensive as they grow up.

Also, a bit of financial smartness on your end: don't save for their college if you haven't started saving for your retirement. The kids can always get a loan for school, but you can't get a loan to retire.

[Anonymous]

With your income I'd say no.

Your house note is way more than 50% of your income.

[bowribbonmama]

There are still other expenses you have to take into consideration.
Bringing another child into your home when you only have $100 extra each month is irresponsible.

[Anonymous]

And it would only be difficult for a few years because once the babies are in school you will probably get a job to help financially .. I say go for it!!! 

[LovelyMommy24]

I would say no. But hey, it's not my life and some things are worth more than money.

[Anonymous]

Quoting bowribbonmama:

There are still other expenses you have to take into consideration.

Bringing another child into your home when you only have $100 extra each month is irresponsible.

[bcoll]

 I wouldn't. I know how fast they grow, and how much more expensive they become. $300 isn't much to have left over. A car repair, birthday, or christmas would break the bank. :(

I know it's not my life or choice though. Good luck whatever you decide mama.

[Anonymous - Original Poster]

 Pregnancy is 9-10 months by that time I would have at least $300 left over monthly

Quoting bowribbonmama:

There are still other expenses you have to take into consideration.
Bringing another child into your home when you only have $100 extra each month is irresponsible.

 

[Anonymous]

You only have $730 a month left after mortgage. No, you cannot afford another baby.

[Anonymous]

honestly, I don't think you can afford it and I would not do it, but that is me.  I only had my first child in my early 30s, you are not running out of time.  I also made sure that when I did have a child, we could easily afford it.  Your mortgage is way up there for you income as well.