We are also mulling if it makes sense to have another, given current circumstances of tight finances. On one hand, why raise a family under stress? On the other, I'm really curious to explore how we can be more creative, which would benefit the family anyway.
We are older parents, and I think we're facing the reality that if we don't have another child now, we will be too old in the near future (I'm 40). Also, being older, I have seen just enough of life to know that, truly, life is sweetest when we do what makes us happy, not what sounds practical. But maybe being practical is what makes someone happy.
If having a large expendable income makes you happy, then probably it will feel okay to limit your family size. If limiting your family feels like real heartbreak, then I would venture to say that you may be happier, even if broke, with the family you want.
Then there is the *however*; a good period of grief may yield a surprising acceptance of not having more children. Our attitudes can and do change with time.
It seems that children are happiest when parents are too. Sometimes we have to be very creative to find our happiness under stress, but that's really good for our kids to see too. We have to weigh all our values together to make this decision.
For us, we live in a tiny house now so that we can be near the mountains, but it's still getting too expensive (Boulder, CO). We may need to move somewhere cheaper to have another child, but we know we want to stay somewhere near the mountains. We weigh in paying a little more to be near the mountains because it helps us save in other ways (education, activities, and perhaps most importantly, peace of mind). I have also seen that I can work more as dd gets older, so I know the financial setback of having another baby would gradually shift.
Tuition....Eek. Well, we're not going to be able to afford it anyway, unless a large unpredictable event occurs. I hope to work diligently on my child(ren)'s behalf to find aid if and when the time comes. Supposedly there are thousands of unused dollars of scholarship money every year.
And, we probably need to get used to eating more rice and beans...
One disclaimer: we have only one child! I'm not sure how stress levels will change with two.