[USER]

How would you consider the financial impact of a third child?
With my first, he wasn’t planned, but welcomed, 2nd child was an easy decision because we knew we wanted at least 2, closer age gap.

Now considering a 3rd it’s the first time we’ve had to really think about it! My kids are 5 and 2 right now.

We take one trip a year, both mom and dad work full time. Mom is considering staying at home for a few years if we have a 3rd, meaning we wouldn’t be able to save a whole lot, maybe $1k per month.

We are early 30s and have about $480k invested across different types of accounts.

Kids have some money in 529 accounts.

[Laurie]

The world is set up to work for groups of two or four. Five is always a challenge. Hotels, airplanes, restaurants, cars – all work for a family of four but are trickier (more expensive) for a family of five.

The third child is often the moment when the family realizes they need a minivan, or a bigger house.

(I say that fondly, as a happy parent of three now adult children. That third kid is a game changer.)

[Bob]

For a lot of people, their biggest regrets are what they don’t do. You can always earn more money.

[Sarah]

Also consider your third may become your third and fourth. We were in a similar dilemma; already FI, two older kids close in age, both working.

We decided to have one more and surprise, twins!

[Nicole]

Financial Impact aside, that third kid is like having 25 kids.

[Christina]

You will never regret having another child. The blessing that comes from intimately watching another human grow is immeasurable.

That being said, some travel- related issues arise when you go beyond 4 people.

With 5+ you wait longer for larger tables, you usually need two hotel rooms, 2 taxis, etc. We found this especially to be true when traveling in Europe or Asia.

[Austyn]

Well this is the most discouraging thread ever. I’m pregnant with our third now.
I say this half joking half serious but I figured out after the fact of becoming pregnant that in a cruise ship (our favorite form of travel) that a 3rd requires us to be in a bigger room.

Thus making the whole trip way more expensive. With how much we love cruising idk if I would have moved forward with the third. The other cost im running into is car shopping.

I’m looking at the palisade because they seem decent on gas.

My husband makes good money and I plan to get back to work after the last one is in school but I think I get most stressed out with food.

Everytime I’m at Costco I’m shocked at the cost and the fact that I was just there. The laundry is daunting.

I’m still at the point where im super stressed about it and hope everyone is right and she completes our family and I don’t end up looking at the next 18 years as a huge mountain instead of a beautiful hill.

[Tony]

In a words? crushing.
Two words? Financially crushing.
Three words? Three against two.

[Jeanette]

My biggest life regret is that I didn’t have more children (we have 3). Nothing else brings the joy of these kids and grandkids.

[Mark]

You and your husband seem to be doing really well. Early 30’s and almost half a million saved for retirement?

Financially, you are fine. All of my friends that debated about having a third or fourth kid and went ahead with it are glad they did.

If you have the love in your heart, then go for it.

You will have an extra one to help take care of you when you get older.

[Negrita]

I have 3. Now 22, 20 an 19. (Last two are Irish Twins!!)
We’ve always had a strong support system. Mom/sis live next door. MIL lives 20 min. away.

A lot of help w/babysitting for when other kids had events or for date nights.

My Mom took each angel once a week until they hit high school.

Then she took the 3 of them once a week. Dinner and a couple of hours of just bonding time, doing whatever they wanted.

My Mom runs her own family child care (and so do I). She took care of them all from the age of 1 month – 1 yo.

(I paid her full price just like every other client.) They came to me for a year then off to preschool at age 3.

#3 throws a wrench into things for sure. Lol. No more one on one!! But of course the craziness is all worth it.

That said, I always tell my 3 and all my clients “just have 2 unless you’re 1000% you *BOTH* want a 3rd”.

The money, eh. I mean I never once thought about the money when we were thinking about having our 3rd.

(BUT this was before I become financially literate.) It all worked out though.

If I would have been financially literate at that time, I most likely would have stuck to 2. So Diosito knew we needed my beautiful girl and He led us down a good path.

Just work out numbers, especially $ for college.
Also by the 3rd, we were experts and didn’t waste money/time on dumb stuff anymore.

You’ll never regret having an angel. It was crazy especially during their toddler years!!

I had multiple anxiety attacks. ! I only put them in 1 activity per season. And we took winters off. I refused to overload them or myself.

Best of luck!!!!

[Kathy]

We have 4 and I cannot imagine life without any of them. I feel like the richest woman in the world getting to raise these incredible humans.

We are blessed and rich beyond measure!

[Lori]

This is such a personal question. I do know that by our third we got much more savvy in regards to costs of the child.

Meaning we no longer care of they have new to them clothes, we put our third in less activities because we learned downtime is important, etc.

obviously child care costs are a different story but I stayed home with our kids and I’m so happy I did.

We’re still on track to retire earlier around 55.

If we choose to, we will likely go part time or seasonal.

[Marika]

I hate it when people say you’ll never regret having a kid, but you’ll always regret not having one–or that money will come/things will just fall into place.

It’s just not true. Money stress is real and affects energy.

Kids grow with different needs that may require more emotional and financial resources.

I’d really analyze worst case scenarios and make sure you have all the emotional/finance/time resources you need.

[Catherine]

My mom said never have more children than you have hands. Advice from a woman who had three.

[Alana]

I have 3 kids (8,6 and 1.5)
I knew we wanted that 3rd so I saved a bunch of stuff, use the local buy nothing group and generally, the only cost for this baby has been diapers, wipes and childcare

[Almaz]

We have 2 kids (adopted) and money is not the reason we do not have a 3rd. If I had the emotional bandwidth to have a 3rd child, I would go for it.

In our case, we have a lot on our hands with our two children.

Hope that you make the decision that works for you and your family. Good luck!

[Kate]

This doesn’t really have to do with a financial point of view, but I have found that with my two children, little kids, little problems, bigger kids, bigger problems. Just something to think about.

Whatever choice you make for yourself will be the right one.

[Yepes]

How much is the income and the cost of living area?
I would consider that, and support.

And really?

You are out of that diapers, bottles, sleeping terrible, learning to eat phase, do you want that again?.

[Shannon]

I’m the oldest of three and it’s nice to have someone to talk with about the other sibling.

I say that in jest but sometimes it’s really important

[Marta]

We added our third in 2022. Their ages are 9, 6 and 2.
We chose to upgrade to a minivan and this has been the biggest cost.

That being said, it was not a necessity we could have made it work with our Subaru Outback but chose to treat ourselves.

For the rest of the costs, given that the Canada Child Benefit is increased per child, we feel that it has covered the extra costs.

Travelling has not been an issue at all for us.

We have been able to add a chair to four seater tables and hotels have cots for free or for $10 extra charge.

I would say that with a FI mentality and skillset you will find the ways to save and find efficiencies.

[Ruthie]

In the 1990’s, We did infertility to get our 2 kids. We stopped at 2 due to the medical expenses and the possibility of another baby having medical problems.

I was a labor & delivery nurse for 29 yrs & saw lots of medical challenges that no body plans on & took into consideration in their life plan.

[KC]

Don’t listen to me because I’m team bring me the babies.. but with a SAHP having 3,4,5 children didn’t change our regular spending that much, but it does make travel way more expensive.

Regardless, they are one of the best things that ever happened to me.

I’d probably have 5 more if my husband was on board.

[Julie]

With our 3rd we needed a minivan and I decided to became a SAHM so those were the biggest financial impacts in our case.

Travel hasn’t been much trickier so far beyond buying the extra ticket but I suspect that might change as the kids become bigger.

Right now they are 10, 7 and 5 so we can make 1 hotel room work and such.

Of course there is 1 more kid in extra curriculars so that’s a cost there too.

As for the change to our family itself, I found adding that 3rd to be easy.

It really doesn’t feel much different than having 2. I love our family and our life now.

Staying home was the right decision for us so I also love that she brought me to this decision.

[Cecile]

My third child often says she’s the best and our favorite. Y’all look to be financially savvy based on your current numbers, you’ll figure out the hacks to travel and make it work.

Go for it!

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