When my I was pregnant for the second time, I recalled the times I braved baby expos in the hunt for the best deals on baby gear for my firstborn. Because let’s face it: children are expensive. The Guardian estimates it costs a whopping RM1 million to raise a child from birth to university.
But experience is a great teacher and financial literacy is a greater friend, so here’s what I’ve learned from having two kids so far:
Family Planning
If you plan to have more than one child, great savings can be made early when shopping for your firstborn. We chose gender neutral clothing, toys and bedding so that we wouldn’t have to spend twice for things that one baby will only use for a short time and would still be in good enough condition to be reused.
When purchasing big ticket items like strollers and cots, we picked the ones with interchangeable fabrics so there’s space to indulge in mixing and matching as the years go by and trends change. We prefer items that can grow with the baby, such as modular strollers, cots that turn into single beds and car seats that become boosters. We also saw big benefits in investing in quality and maintenance, even if it meant spending more.
Out with the Frivolous and in with the Functional
In our excitement of welcoming our firstborn, we bought everything you’d find on a typical ‘Baby Needs’ checklist. The second time, however, we knew better.
Blankets can double as swaddles, changing mats and even towels; the best onesies have built-in mittens and socks and the bathroom sink works just as well as a baby tub. Then there are the things you thought you didn’t need immediately the first time but had to go out and get as soon as baby arrived. For me, it was my breast pump. I was well stocked with milk bags and charged batteries this time around. Having a first as a guinea pig, we didn’t need to experiment as much with the second; picking out our preferred brands like pros – knowing just how much to buy and what it would cost.
Thinking Long-term
My oldest isn’t even two but I worry about how much things like education and healthcare will put us back financially. Living abroad meant that we didn’t qualify for the cheaper public education option for our kids. Besides, if formal education was part of the plan, then wasn’t private or international schooling worth our kids experiencing for at least a couple of years? And while healthcare is covered while Max and I worked, we were well familiar with how much private hospitals cost if we didn’t have or choose the other available options. Appeasing the anxiety slightly, I started laying out financial goals to achieve for each of my kids, guided by the philosophy to only pay for them up to adulthood. Their health insurance matures when they turn 18 or 23 which they’ll have a choice to use for their education, to invest, travel or even as capital for a startup if they like. Every time people give them money like at birthdays or festive occasions, every single cent is put in a bank account and not used for their necessities today; we take that from the household budget instead.
Cheaper by the Dozen
Like bulk buying, children also come cheaper in multiples. According to TIME magazine, families with two kids spend 25% less per child than those with just one while households with three children spend 22% less per child compared to two-child families. I’m seeing the logic in the argument with costs like household help and bills varying very little despite multiple children. Many private schools and extra-curricular classes offer discounts for siblings and if cooking at home is a family choice, then the increase in fresh food and groceries don’t quite account for that much of an increase with each added family member. And with passing down things like clothes, books and toys, the math isn’t as scarily straightforward as doubling the costs to budget for another child.
I remember my mother telling me about the sleepless nights dad used to have, thinking about how he’s going to pay his way to raise us and now feel his pain as a parent who also wants the best for my kids. But like him, I’m not going to let the fear of finance keep me from a houseful of “life”. Knowing what I know now, more kids means getting more for my money. And so far, it’s been worth every ringgit.
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Khairun is mum to two kids and owner of Recovr Resources Sdn Bhd, a growing social enterprise in the recycling and equal employment industry. She and her family are currently living in Jakarta.
Image Credit: Almightydad.com
