Are you going to have a second child? Redesign your budget 2026

"Where three eat, four eat," and "where two fit, three fit," according to the popular Spanish proverb. However, these calculations are not an exact science when it comes to having a second child. Feeding a new baby and covering the costs derived from its care - such as the purchase of diapers or clothes - requires new planning of the family economy. The objective? Avoid surprises of unforeseen costs when it is too late and we are embarked on the project of expanding the family. Do you know how? We tell you.

One of the first things that seems necessary if you decide to have a second child is to reduce your debt. If keeping up with bills is important at any stage of life, when you are considering having more children it is crucial. First of all, get an idea of ​​the money you have, how you manage expenses currently and how you will do it in the future. In other words, review the family budget to see where it could be cut to allocate that saved money to other needs. After all, children represent a very important expense in the family economy. According to data from the INE, the average expenditure per household in 2017 was 29,188 euros, which represented an annual increase of 3.5% for each family unit.

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Also make sure you have everything you need to be ready for the baby's arrival. You may already have a crib, car seat, and stroller from your previous child, which is a huge financial advantage. You probably also have baby clothes and bottles that you can reuse, but be sure to make a list of what you have to create an estimated budget that covers all your needs. Also, don't underestimate discounts and programs that reduce the costs of common children's needs.

Calculate long term

Needs that go far beyond the short or medium term. And when you have one more child, you may have to change some things like the car or even the house to adjust what you have to your new situation. Making a long-term estimate of possible expenses that may arise will help you to be able to face them in an organized way in the future. Also think about whether or not with a second child you will be able to maintain the current childcare situation or if perhaps it would be worth moving to be closer to family and thus reduce expenses while perhaps saving time. Time is precisely an even more precious commodity with a second child. Medical appointments, social and educational commitments increase with each new member of the family, so plan ahead to avoid unnecessary stress. You may have to ask for work flexibility, or even it may be necessary for one of the family members to leave the professional situation for a period of time. The Metlife insurance company also advises that if you are going to have a second child, you review the life insurance coverage to determine if the current one meets the needs of the family when it has another member. It also recommends considering whether it is advisable to create a savings plan for your children's higher education, and speak with the Human Resources department to find out how the arrival of a new member of the family affects your health insurance or dental insurance, if covered by the company, as well as the facilities that the company offers you to be able to spend quality time with your family.