His Spreadsheet Says "No More Kids"

Scott

My partner and I have started talking about having a second child. He's convinced we can't afford to raise two kids in Australia to the age of 18. He even built a spreadsheet to prove it! Everyone I talk to says "you just make it work", but this is not enough to get my partner over the line. He earns $90,000, and I'm currently working part time in retail while studying. We have a mortgage and are very careful with our spending, yet we're still struggling to save with the current cost of living.

What I can't wrap my head around is that so many families in tougher financial situations than ours seem to have multiple kids and make it work somehow. Is my partner right to make this decision with his head rather than his heart? It feels so wrong – and, honestly, heartbreaking – to think money might be the deciding factor.

Ella

Hey Ella,

That family with more kids than you?  

They didn't consult a spreadsheet. They don't budget either.   

Heck, he probably proposed to her because he thought she looked hot in jeans.   
Thinking time over. Case closed. Bam!

Look, I wish more parents would do a spreadsheet. It's refreshing. I'd certainly do one for buying a car and definitely for buying a house. But for having a kid?   

Nah.  

There ain't an Excel formula that can show kids are a good payoff.  

I have four. Financially, they don't stack up.  

However, you make it work. Public schools. Hand-me-downs. Government payments for each kid.

Plus, the spreadsheet he's built is likely only a snapshot in time: fact is you'll earn more as you finish your study, and once the kids go to school you'll have more capacity to work.

My view?

Your partner is a careful guy who takes his role as a parent and a provider seriously. You're writing to the Barefoot Investor about procreation. You guys are more aligned than you think.

So let me give you the ultimate formula:

The only kids you regret are the ones you don't have.