Money Matters to Consider When Bringing Home Baby No. 2

As my husband and I learned recently, expanding your family from one to two kids comes with a number of financial aspects to plan for.

A newborn baby looks at his mother, wide-eyed.
(Image credit: Getty Images)

If you’re a parent, you already know how overwhelming bringing your first child into the world is. Everything is new and may feel a bit scary. By the time you welcome your second child into the world, you may feel more confident, like you’ve learned a thing or two and that you know what you’re doing.

I certainly did when we welcomed our daughter (and second child) last October. We were more relaxed – and took things day by day. We even procrastinated a little bit on the prep work for the new baby because we had done this before and thought, “We’ve got this.”

I knew having a second child would change the dynamics of our family, but certain financial aspects took us by surprise. What follows are some things that I learned when my husband and I grew our family of three to a family of four.


This article was written by and presents the views of our contributing adviser, not the Kiplinger editorial staff. You can check adviser records with the SEC or with FINRA.

Julia Pham, CFP®, AIF®, CDFA®
Wealth Adviser, Halbert Hargrove

Julia Pham joined Halbert Hargrove as a Wealth Adviser in 2015. Her role includes encouraging HH clients to explore and fine-tune their aspirations — and working with them to create a road map to attain the goals that matter to them. Julia has worked in financial services since 2007. Julia earned a Bachelor of Arts degree cum laude in Economics and Sociology, and an MBA, both from the University of California at Irvine.