Planning for a 2nd one

[phoebe_lim]

Mummies,

Me and my hubby planning for a 2nd one....But we are worried abt our financial....Currently both of us are working...and nanny is looking after our gal who is 13mths old....

If we were to have a second baby, I would quit my job and stay home to look after both of them...so abit worried abt our financial part...dunno can cope anot....

Any advice from anyone???

 

[joeichen]

Mummies,

Me and my hubby planning for a 2nd one....But we are worried abt our financial....Currently both of us are working...and nanny is looking after our gal who is 13mths old....

If we were to have a second baby, I would quit my job and stay home to look after both of them...so abit worried abt our financial part...dunno can cope anot....

Any advice from anyone???

i think u have to do ur calculation 1st.
E.G
1. How much u & ur DH earn per mth? e.g urs-$1500 DH-$1800 total $3300 (nett)
2. How much did u spend on juz diapers n milk powder for ur 1st child per mth? e.g per tin of milk powder is abt $30-40 (depend on brand) diapers abt $60 per mth. Total 4 tins of milk min = $120 + $60 diapers.
3. Can u send ur DD to childcare by 18mths? (If ur income is a muz to the family).
4. Hw much r u paying the nanny?
e.g Nanny per mth is abt $600, childcare per mth is abt $200-300 with subsidy (depend on childcare). Total max amt is abt $900. Is ur salary much more than tat? If yes then can consider tis way, if no then u will have to quit ur job for 2nd child.
5. Can any1 else in family help? (in taking care of the infant) FYI, infant care is abt $600 after subsidy.
6. ur DD current expenses? Diapers n milk powder?
All above r only basic requirement which exclude medical fee, labour charge, extra activities charges, extra food charge (e.g fish for porridge, ceral for milk)

Hope I'm not too loso.

 

[phoebe_lim]

Joeicheng,

Thanks for sharing....wow after reading wad u wrote, i more stressed...

hmmm...my nanny is $650 per month and sad to say is none of our family or relatives can help..so we can only rely on ourselves....

i was thinking of looking for jobs or things i can do at home as additional income...and at d same time, i wil have time for my kids..

 

[76esther]

Hi Phoebe

Glad to hear that u are planning for a #2.
I am a mother of 3 (2 gals and a boy).. my #3 was conceived "accidentally".
my hub and i were initially worried whether we can cope financially.
And surprisingly, we managed to scrap through.. keke..
guess you would need to manage ur expenses carefully.
With a 2nd child, the govt gives him/her a $ to $ baby bonus account.
ur elder child can use that to pay for her child care fees. this would mean that u only need to pay 6mths sch fees for 1 year of sch.

dun worry )

 

[BbpHir3]

Hi Phoebe

Glad to hear that u are planning for a #2.
I am a mother of 3 (2 gals and a boy).. my #3 was conceived "accidentally".
my hub and i were initially worried whether we can cope financially.
And surprisingly, we managed to scrap through.. keke..
guess you would need to manage ur expenses carefully.
With a 2nd child, the govt gives him/her a $ to $ baby bonus account.
ur elder child can use that to pay for her child care fees. this would mean that u only need to pay 6mths sch fees for 1 year of sch.

dun worry )

since phoebe_lim #1 is 13months, when #2 is born, they can use each other's CDA account... n cash gift actually helps for the first 18-24months (that is to sae every 6 months got additional $1k lahz).. by then, #1 would be able to go playgroup liaoz.. so i dun think u need to worry...

u dun need to worry too much.. wat i did was draw out a finacial plan.. den add every possible scenario.... including: if i m 2 go back school, if DH lose his job etc etc.. meaning a financial plan tat includes exp for preg, 5 years down the road, 10 years down the road etc etc....

 

[nsync_su]

since phoebe_lim #1 is 13months, when #2 is born, they can use each other's CDA account... and cash gift actually helps for the first 18-24months (that is to sae every 6 months got additional $1k lahz).. by then, #1 would be able to go playgroup liaoz.. so i dont think you need to worry...

you dont need to worry too much.. what i did was draw out a finacial plan.. then add every possible scenario.... including: if i m 2 go back school, if dear husband lose his job etc etc.. meaning a financial plan that includes exp for preg, 5 years down the road, 10 years down the road etc etc....

U helped me out too (after reading ur post).. im planning for my second too but not as soon as i just had a miscarriage. Doc said i have to wait 6mths before i try again so i'm planning to start working and save up for my next one.