Whether you have always dreamed of having several kids or you are just now considering the possibility, one of your biggest questions might be whether you can afford it. You might feel that a large family comes with large expenses, and you might wonder how you can clothe and shelter several children. Understanding the costs and benefits of having a big family is important in helping you make the right decision. The good news is there are plenty of ways of decreasing your expenses, so you do not need to worry so much about the financial aspects of things.
Source: Lifehack.com
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What Can You Expect to Spend?
Of course, the ages of your kids will also need to be a big determining factor in how much you can expect to spend. For instance, it will cost significantly more to feed a houseful of teenage boys than a family of young girls. As a child gets older, the expense will tend to increase. Food is one of the biggest reasons, but there are other reasons as well.
For instance, when they are younger, they can wear clothing passed down from an older sibling. But once they are older, there will not be any hand-me-downs that an older sibling outgrew, so you will need to get creative in finding clothing at reduced prices. And transportation costs are often higher for teens as well. And once they begin driving, you will likely need to pay more in care insurance. Some parents also consider getting cars for each child so they can drive themselves to work.
Of course, if you need money for older kids, there are several ways of getting more. For example, if you have a life insurance policy, you could consider selling it through a life settlement. You don’t have to surrender your policy since you can get more from the insurance when you are done with it. You can get up to four times more cash with a life settlement, which is ideal for those with big families.
Source: thetimes.co.uk
The Benefits of Large Families
Having a large family could involve some sacrifices, such as not taking as many vacations and eating at home more often. Still, there can be several benefits of having a large family. That can help you keep your priorities in mind. For instance, many parents of large families, value time with their kids more than expensive things. Try changing your mindset, such as finding joy in cooking delicious, inexpensive meals or enjoying the creative process of planning free entertainment opportunities for everyone. It is certainly possible to raise your kids for much less money than what many people spend.
Source: Medium.com
What Increases the Costs?
You might be surprised to learn that the costs of having a large family does not have to equal many more expenses. You might find that even when you had more kids, your cost for each child decreases. Part of that is because the kids can share items, reducing how much you need to purchase newer. And you might find you do not pay any more on housing since you might not need to get a larger home. You can have your children share bedrooms, reducing the need to get a larger house. Of course, the utility bills might be a bit higher, but they might not be as high as if you were to purchase a larger home that would require more heating and cooling.
Other items, such as clothing and toys, can also be shared between children. In fact, having many siblings is a great way for kids to learn from a young age the importance of sharing with others. When it comes to food costs, you can often find items in bulk, meaning each unit will not cost as much. And once you have older kids in the home, they can help care for the younger ones, reducing the cost of childcare. On the other hand, it is important to not burden older kids too much with the care of younger siblings. You should ensure they still have time to get out of the home to spend time with people their own age as well.
Still, transportation costs could be higher, especially if you have teens who are starting to work and need to get to and from that location. But even when the kids are younger, you will still need a bigger vehicle. A small, gas-saving car might not serve you the best if you have five or more young people to transport. You might consider getting a van or other larger vehicle, and it could increase your gas costs. Plus, when you have so many kids, you’ll likely need to be out and about more often, meaning you will use even more gas.
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Consider Setting Up a Budget
You don’t have to make a big income to raise a happy family, and you can make it work on less than the average family spends on each child. It just means you will need to put a bit of creativity and planning into the process to ensure you have enough funds to go around. Then you can manage your family finances responsibly.
Create a realistic budget when doing your planning. Then you can create a strategy to manage your money when there are so many people to feed and clothe. For example, you might decide not to have your kids do as many outside activities, which can cost quite a bit. Or you might even decide to move somewhere that does not have as high of a cost of living. On the other hand, you might try to increase your income. For example, even if one parent stays home the majority of the time to care for the kids, they could still get a part-time, work from home position. Or one or both of the parents could decide to advance their careers to increase their annual wages.
