It's really good to think through these things now, good on you!
I put a lot of thought into an epidural for my second labour. I didn't have one with my first, but I had a very long and traumatic experience. I was so exhausted afterwards that I didn't bond with my DS, I felt nothing for him. It took me months to recover (I lost a lot of blood) and it was a couple of weeks after his birth before I could start to feel slightly happy.
I decided that with my second labour I would like an epidural so that I wouldn't feel that exhaustion again. I wanted to be able to be well rested and to enjoy my baby. I did a lot of asking around and research before I decided to go ahead. I also practiced relaxation techniques through most of the pregnancy so the first part of my labour was actually quite easy.
When I got to 5cm I had an epidural, it went smoothly, though it worried me when the anethesist said he'd never have one ! I started shaking pretty soon after it went in because my body was numb and it thought I was cold. Once I got warmed up I was fine. I passed the time by chatting with my DH & our lovely midwife. I could still feel the contractions, but they didn't hurt and I could feel when things were progressing which I liked. The epi wore off when it was time to push and I was able to push my DS2 out within 10 minutes with no help required. I couldn't move afterwards, but it was nighttime anyway so I just went to sleep with my brand new bub in the crib next to me. I was woken by a midwife to move rooms and I could get up by then and shower.
All in all I had a great experience and wouldn't change a thing. The only downside is that I occasionally get a vague ache in the epidural site, but it doesn't really bother me.
I hope this helps and I hope you find the answer that suits you.
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