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Message
Newborn baby savings/finance plan?
Posted on 2/12/19 at 3:15 pm
Posted on 2/12/19 at 3:15 pm
My wife and I just found out we will be having our first child, middle of August. I knew this would be coming eventually and we have saved about $10,000 for it.
My question is: Do any of you recommend any savings plans while we are still 6 months out?
Like a health savings account or 6 month CD to help with out of pocket costs? Or any tax incentive type stuff? Any info is appreciated
My question is: Do any of you recommend any savings plans while we are still 6 months out?
Like a health savings account or 6 month CD to help with out of pocket costs? Or any tax incentive type stuff? Any info is appreciated
3
Posted on 2/12/19 at 3:24 pm to tiger10lsu
The biggest thing is save for your retirement first.
If you can, max all possible retirement plans.
If you do the above, and don’t spend more than you bring home you’ll be ahead of most.
As far as specific savings for kids, I saved for college for both, but they’ve had big scholarships so I have not really tapped into that money much.
I don’t think saving for college is imperative. Kids need skin in the game.
If you can, max all possible retirement plans.
If you do the above, and don’t spend more than you bring home you’ll be ahead of most.
As far as specific savings for kids, I saved for college for both, but they’ve had big scholarships so I have not really tapped into that money much.
I don’t think saving for college is imperative. Kids need skin in the game.
Posted on 2/12/19 at 3:30 pm to tiger10lsu
Max your HSA if eligible.
Otherwise save in a regular savings account.
Please know that hospital bills will continue to trickle in for 6 months on muliple invoices, you need to track all that shite.
ETA- You'll get an invoice for the room/bed. You'll get another invoice for the obgyn. You'll get another invoice for the nursury. You'll get another invoice for the anesthesiologist. You'll get another invoice for tylenol, etc.
Buy a binder with folders and be organized about it. While getting no sleep and not knowing what day it is.
Congrats and good luck.
Otherwise save in a regular savings account.
Please know that hospital bills will continue to trickle in for 6 months on muliple invoices, you need to track all that shite.
ETA- You'll get an invoice for the room/bed. You'll get another invoice for the obgyn. You'll get another invoice for the nursury. You'll get another invoice for the anesthesiologist. You'll get another invoice for tylenol, etc.
Buy a binder with folders and be organized about it. While getting no sleep and not knowing what day it is.
Congrats and good luck.
This post was edited on 2/12/19 at 3:34 pm
Posted on 2/12/19 at 3:30 pm to makersmark1
That's not what he's talking about.
OP, congrats!
Make sure you have enough for all the baby shite you'll buy and your medical insurance out of pocket max.
Then use the rest for the first few months to complement your existing monthly budget while you figure out what it's going to take going forward.
I'd just keep it in a high yield savings account for now.
OP, congrats!
Make sure you have enough for all the baby shite you'll buy and your medical insurance out of pocket max.
Then use the rest for the first few months to complement your existing monthly budget while you figure out what it's going to take going forward.
I'd just keep it in a high yield savings account for now.
This post was edited on 2/12/19 at 3:31 pm
Posted on 2/12/19 at 3:31 pm to tiger10lsu
In my personal experience (2 times), you will want the money as liquid as possible. You will have many bills pop up between now and then between the doctor, hospital, all the random things that you and your wife will want to buy for the baby including furniture/clothes/formula/diapers.
I don't think putting it in any sort of investment vehicle for the short term is the right play IF the entire $10K is set aside for baby and baby related expenses.
Your wife's doc should provide a rough cost of her visit fees and what the docs fees will be at the hospital and around the time of the due date you will find out a rough estimate of the hospital fees.
I had cash set aside for both of mine and it was great having all of that easily accessible
I don't think putting it in any sort of investment vehicle for the short term is the right play IF the entire $10K is set aside for baby and baby related expenses.
Your wife's doc should provide a rough cost of her visit fees and what the docs fees will be at the hospital and around the time of the due date you will find out a rough estimate of the hospital fees.
I had cash set aside for both of mine and it was great having all of that easily accessible
Posted on 2/12/19 at 3:43 pm to Brian Wilson
You need to figure out what your max family out of pocket is and plan on that much at least as a worst case.
Baby stuff, the sky is the limit. You can be practical and take hand me downs, buy an affordable set of furniture from Costco, or go crazy and buy from restoration hardware/ pottery barn.
As far as finance goes, take care of yourself first. Max your pre-tax stuff, max your IRAs, and if you have money left over to burn open a 529. Like someone said above, kids can afford to have a little skin on the game down the road. As long as they don't get some dumbass major.
Baby stuff, the sky is the limit. You can be practical and take hand me downs, buy an affordable set of furniture from Costco, or go crazy and buy from restoration hardware/ pottery barn.
As far as finance goes, take care of yourself first. Max your pre-tax stuff, max your IRAs, and if you have money left over to burn open a 529. Like someone said above, kids can afford to have a little skin on the game down the road. As long as they don't get some dumbass major.
Posted on 2/12/19 at 3:51 pm to TheWiz
agreeing with bits and pieces of what others have said, my wife and i have done the following in this order:
1. bump the rainy day fund amount up about 10k
2. max out 401ks
3. max out HSA
4. front loaded 529(5 years)
5. without shame take all the hand-me-downs offered from neighbors, friends and relatives because they were that shite for a very short time and all that can add up
1. bump the rainy day fund amount up about 10k
2. max out 401ks
3. max out HSA
4. front loaded 529(5 years)
5. without shame take all the hand-me-downs offered from neighbors, friends and relatives because they were that shite for a very short time and all that can add up
Posted on 2/12/19 at 4:34 pm to Brian Wilson
quote:
In my personal experience (2 times), you will want the money as liquid as possible. You will have many bills pop up between now and then between the doctor, hospital, all the random things that you and your wife will want to buy for the baby including furniture/clothes/formula/diapers.
second!
Between 11/01 through 12/20 - we must have went to the dr 4 times a week between two kids. I have two and the oldest is 2.
Posted on 2/12/19 at 4:35 pm to TexasTiger34
quote:
without shame take all the hand-me-downs offered from neighbors, friends and relatives because they were that shite for a very short time and all that can add up
i wish someone would have told me this... Because I have a frick ton of shite I am ready to toss and will gladly do it for free.
Posted on 2/13/19 at 7:42 am to LSUvegasbombed
I am currently maxing out my Roth IRA and plan to as long as I can. The $10,000 we have in a general savings account is for future baby and "rainy day" funds. Do you get your HSA thru your healthcare provider?
Posted on 2/13/19 at 2:57 pm to tiger10lsu
HSA will come from employer sponsored high deductible healthcare plan. If you don't have one, you can't just go out and get one.
If republicans were worth a shite they would have made HSA's universal when they had control of government.
If republicans were worth a shite they would have made HSA's universal when they had control of government.
Posted on 2/13/19 at 3:52 pm to tiger10lsu
Yea my first is due in August as well and Im trying to wrap my head around where all my money is about to go. 
Looks like adding a child to my insurance is right around $250/paycheck. Assuming day care or whatnot will be around $700-1000/month.
I dont see any way Ill be able to max out 401ks / ROTH / HSA. Ill probably just meet the company match for the 401k (5%) and keep maxing out my ROTH.
As far as HSA, Im maxing it right now and will just keep trying to put away as much in it as possible so I can pay for all these doctor visits with pretax money. Wish I would have been putting more into that all these years before.
Looks like adding a child to my insurance is right around $250/paycheck. Assuming day care or whatnot will be around $700-1000/month.
I dont see any way Ill be able to max out 401ks / ROTH / HSA. Ill probably just meet the company match for the 401k (5%) and keep maxing out my ROTH.
As far as HSA, Im maxing it right now and will just keep trying to put away as much in it as possible so I can pay for all these doctor visits with pretax money. Wish I would have been putting more into that all these years before.
Posted on 2/13/19 at 5:36 pm to YankeeDoodle
quote:yeah the shite is no joke. We pay 2200/mo for two right now.
Looks like adding a child to my insurance is right around $250/paycheck. Assuming day care or whatnot will be around $700-1000/month.
Posted on 2/13/19 at 7:29 pm to castorinho
$2200 is a joke. Quit that shite and find a high deductible plan on "the exchange".
Posted on 2/13/19 at 9:10 pm to deeprig9
think he meant for daycare
Posted on 2/13/19 at 9:11 pm to deeprig9
I meant for daycare.
We have a very nice health care plan through my job, which includes an HSA that they contribute to.
We have a very nice health care plan through my job, which includes an HSA that they contribute to.
Posted on 2/13/19 at 9:55 pm to deeprig9
quote:
HSA will come from employer sponsored high deductible healthcare plan. If you don't have one, you can't just go out and get one.
HSA Bank allows you to open an account without an employer. You are just required to pay monthly maintenance fees.
Posted on 2/13/19 at 10:22 pm to Brian Wilson
You still have to have a HDHP to legally have an HSA.
What you don't have to do is accept the custodian your employer offers you. Things get a little trickier if you option out of the employer custodian, but it's manageable.
What you don't have to do is accept the custodian your employer offers you. Things get a little trickier if you option out of the employer custodian, but it's manageable.
This post was edited on 2/13/19 at 10:23 pm
Posted on 2/14/19 at 12:18 pm to Brian Wilson
quote:
HSA Bank allows you to open an account without an employer. You are just required to pay monthly maintenance fees.
Good to know.
Posted on 2/15/19 at 5:25 pm to Teddy Ruxpin
May be a stupid question, but can you get an HDHP outside of an employer?
I have one now, if i quit or get fired tomorrow, can I get an HDHP on the open market?
I have one now, if i quit or get fired tomorrow, can I get an HDHP on the open market?
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