Too broke for baby #2?

Question

I'm going to cut to the chase. We own our own home, I lease my car, we are in no way financially destitute (and technically not living paycheck to paycheck as we do have a few thousand in savings). No debt other than my $5000 student loans. But, currently my husband and I don't have health insurance or life insurance and if we got it things would definitely become tighter. Much tighter. But I want another baby so badly. I feel like it would be irresponsible to have another baby with the way things are, but then again a baby itself doesn't really add a financial burden... I'm really struggling. It's breaking my heart.

Answer

Personally I wouldn't have a baby with no health insurance. The hospital bills and office visits and labs and ultrasounds are expensive enough WITH insurance.

Answer

If you don’t think you can financially afford another baby then it’s definitely irresponsible to have another til you believe you’re financially can

Answer

The baby itself does add a financial burden. Babies cost money. Plus it would be irresponsible of you as a parent to not have health insurance. If anything ever happened to you or your husband - you’d have a ton of medical bills, which would also negatively impact your children because you’d need to choose between paying those bills or buying things your children need. So then you’d probably buy for your kids and those medical bills would go into collections, which would ruin your credit, and then you’d have trouble getting cars or future places to live, etc. it’s like the butterfly effect.

Answer

Honestly it sounds like you’d be fine. 
We live in a 2bd apt, share 1 car, nothing in savings, husband has oooooodles of debt, but also works his butt off and we do have great insurance through his job and we still have more than enough for anything and everything baby needs. It’s just about being smart with your money.

Answer

Give your car back.

Answer

I would at least get health insurance first. I just had a little one who unexpectedly came 5 weeks early. Just 4 days in NICU, but the bill was over $26,000. I was readmitted for postpartum preeclampsia. Only there for 2 days and that bill was over $10,000. Luckily, I have good health insurance through my husbands work, but I couldn’t imagine trying to pay that without insurance.

Answer

I know nothing about the American system (in Canada none of thoughs things would break the bank) but if you want a baby ... have a baby you have 9 months to save up and plan.

Too broke for baby #2?

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