At present stage, my partner and I have a 6 month old child and are financially fine (not living a lavish life, just getting by). My partner wants a second child, and my only concern is financially if it's possible, and if others have experience in the matter.
Of course, the entire expense of a toddler is beyond me at this stage, as my child is still very young. I have had a look at the finances we currently have and I do not believe it would be a wise decision, but again, these are estimations:
Income Salary Fortnightly: $1,609.34 ($38,624.16 yearly) Note: No Government assistance is taken into account at this stage Expenses Netflix (Monthly): $20.00 ($240.00 a year) Internet (Monthly): $99.00 ($1,188.00 a year) Rent (Weekly): $365.00 ($18,980.00 a year) Groceries (Fortnightly): $300.00 ($7,200.00 a year) Electricity (Quarterly): $350.00 ($1,400.00 a year assumed) Water (Quarterly): $250.00 ($1,000.00 a year assumed) Car (Weekly): $100.00 ($5,200.00 per year, not taking into account servicing and parts) Fuel (Weekly): $50.00 ($2,600.00 per year assumed) Phone (Monthly): $100.00 ($1,140.00 per year)
For clarification, I live in Brisbane, Queensland - Australia.
Of course there are things that can be mitigated (electricity, water, Netflix) but there are also a number of expenses not on this; baby nappies, clothes, shoes, doctors, medicine, toys etc. that are under the "$150.00/w grocery allowance".
Running with these numbers, I would find myself to be over-expended by $323.84, which is a safe number to assume family tax would be more (Present stage we're getting $56.00 per week). Running under the assumption my partner would get a part time / full time job would mitigate some expenses further; higher family tax, but also the incursion of daycare.
My biggest concern here is whilst trying to have a second child and completing the family, we're not correctly equipped financially to support our child. The first two years of his life would be quite a struggle as we'd not want him/her in day care by then.
Whilst I understand that logically the numbers are indicative that it should not be done, I was wondering how others are able to do it (if possible), and if they've lived off less an income? I do want another child, and I would of course find a secondary job, but what other factors would one take into consideration with this move?
My partners suggestion would be that it's best to get the second child out of the way, when they're both close in age, and we then work on both chasing our careers once they're in day care. Sounds fair, but that's a hell of a tight budget to accommodate.
FWIW: I did not post this in Finances as it's not entirely about that. I mean, a second job shouldn't be too hard to come by, it's more a question of as a parent, and starting a family, is it safe/a good move?