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Little one on the way
Posted on 3/24/22 at 10:17 am
Posted on 3/24/22 at 10:17 am
Whelp, the wife & I have our first little one one the way, due in October..
Figured I would make a post to look for any advice on specific savings accounts or strategies that y'all may have used for setting money aside for kids, or things looking back you would have done different.
Any advise is appreciated.
Thanks!
Figured I would make a post to look for any advice on specific savings accounts or strategies that y'all may have used for setting money aside for kids, or things looking back you would have done different.
Any advise is appreciated.
Thanks!
Posted on 3/24/22 at 10:27 am to LSUmajek
Obligatory congrats on the secs. Get on those daycare waitlist now. I'd also start a 529 plan. Its got pretty good tax benefits.
Daycare runs me 1k a month for our two kids and I think that's pretty cheap respectively.
Daycare runs me 1k a month for our two kids and I think that's pretty cheap respectively.
Posted on 3/24/22 at 10:28 am to LSUmajek
If you have an HSA between you or your wife, max it out if you aren't already. That will help with the medical expenses.
Once you get to daycare time and all if it comes to that, dont forget about using a dependent care FSA to pay for some of that pre-tax. Think that's up to $5000/yr there which should at least cover a good chunk of daycare.
Obviously a 529 or ESA would be good to open to start saving for college as well once they little one comes along.
Just some money saving tips to get some tax breaks on stuff you'll just have to pay for.
Once you get to daycare time and all if it comes to that, dont forget about using a dependent care FSA to pay for some of that pre-tax. Think that's up to $5000/yr there which should at least cover a good chunk of daycare.
Obviously a 529 or ESA would be good to open to start saving for college as well once they little one comes along.
Just some money saving tips to get some tax breaks on stuff you'll just have to pay for.
This post was edited on 3/24/22 at 10:29 am
Posted on 3/24/22 at 10:54 am to LSUmajek
Sign the little one up for an investment account and contribute to some sort of fund like a total index fund or ETF
Posted on 3/24/22 at 11:16 am to LSUmajek
Open up a 529, good tax benefits if you have the bandwidth
Posted on 3/24/22 at 11:20 am to LSUmajek
I'm about 2 months ahead of you.
529 - I plan to teach my kids that college isn't a hard requirement, but having this available will be nice.
Find a daycare - We toured 6 daycares until wife chose one. All 6 had a 4-6 month waitlist. It is not cheap. We may expedite the second one and keep wife home for 4-5 years to raise them, but we'll figure that out later.
529 - I plan to teach my kids that college isn't a hard requirement, but having this available will be nice.
Find a daycare - We toured 6 daycares until wife chose one. All 6 had a 4-6 month waitlist. It is not cheap. We may expedite the second one and keep wife home for 4-5 years to raise them, but we'll figure that out later.
Posted on 3/24/22 at 11:26 am to thunderbird1100
quote:
HSA between you or your wife, max it out if you aren't already.
On this note, do this, but if you can afford to pay out of pocket do it and keep the money in your HSA. You can actually move that money to an investment account and continue to contribute and let it grow, and withdraw from it at a later date with no taxes on the gaines as long as you're withdrawing for healthcare, obviously.
I'm paying for this baby (and any health expenses right now) out of pocket, then will keep all receipts to withdraw from the HSA in 10-30 years whenever I decide.
Posted on 3/24/22 at 11:29 am to thegreatboudini
quote:
keep the money in your HSA
Often see it mentioned as best, and most underutilized, retirement vehicle. Tax free contributions, tax free growth and tax free withdrawals if for medical expenses.
Posted on 3/24/22 at 11:34 am to LSUmajek
Congratulations!
If possible:
Start with $300 per month into 529 account.
If a girl, $100 per month into wedding fund.
...stop once desired value achieved (factoring in compounding). Error on side of under-funding.
If possible:
Start with $300 per month into 529 account.
If a girl, $100 per month into wedding fund.
...stop once desired value achieved (factoring in compounding). Error on side of under-funding.
Posted on 3/24/22 at 11:52 am to Triple Bogey
quote:
Daycare runs me 1k a month for our two kids and I think that's pretty cheap respectively.
Because it is
I pay $3k a month for two.
Posted on 3/24/22 at 11:55 am to Turf Taint
quote:
If a girl, $100 per month into wedding fund.
Or raise her right and have that money used on a house.
Posted on 3/24/22 at 12:01 pm to Teddy Ruxpin
Skip the daycare and actually do the right (and difficult) thing, which is raise them yourself. Here come the downvotes. Discipline them by breaking their will without crushing their spirit. Get off your phone and spend lots of time with them while they are young. Kids are a lot of fun. Don't do clothe diapers. Eat dinner, pray, and read the bible with them. Get some sleep when you can. Protect them from liberalism but don't shelter them. Watch what you say. That's it.
Posted on 3/24/22 at 12:13 pm to LSUmajek
My go to advice:
Velcro swaddles, a Dohm sound machine (for their room and yours) and whiskey.
Velcro swaddles, a Dohm sound machine (for their room and yours) and whiskey.
Posted on 3/24/22 at 2:05 pm to ThermoDynamicTiger
quote:
Skip the daycare and actually do the right (and difficult) thing, which is raise them yourself.
Posted on 3/24/22 at 2:06 pm to ThermoDynamicTiger
Yea my little son just turned 19 months. He likes hiding inside cabinets and popping out to say “boo!”
Also running across the couch while chanting “sit down, sit down” and “no no no” as he rakes his hand across the gas stove knobs.
Also running across the couch while chanting “sit down, sit down” and “no no no” as he rakes his hand across the gas stove knobs.
Posted on 3/24/22 at 2:13 pm to Triple Bogey
quote:
Obligatory congrats on the secs. Get on those daycare waitlist now. I'd also start a 529 plan. Its got pretty good tax benefits.
Daycare runs me 1k a month for our two kids and I think that's pretty cheap respectively.
All of this
Posted on 3/24/22 at 2:27 pm to HailToTheChiz
I don't have a kid, but if I did, I would send a directive to any/all family and friends and tell them that if they want to get the kid a small gift from time to time great, but request that any gifts be in the form of a contribution to the college fund. Get that set up and allow people to deposit electronically.
The amount of shite that kids get when they're young...clothes, toys, and other crap...and how much that adds up to (especially when you consider the time value of it over almost two decades) is insane.
The amount of shite that kids get when they're young...clothes, toys, and other crap...and how much that adds up to (especially when you consider the time value of it over almost two decades) is insane.
Posted on 3/24/22 at 3:18 pm to Chucktown_Badger
I have an 18 month old and I tried with my parents to get them to contribute to his 529 instead of buying junk, but that didn’t workout. They want the satisfaction of seeing him playing with a toy for 5 seconds over actually benefiting him in the long run
As for the OP, I’d say open a 529 plan and contribute what you can. The state tax break is a nice benefit for setting aside money. I’ve also opened a separate trading account in my name that I hope to one day use to help him put a down payment on a home or something of that nature but I didn’t want to do a custodial type account where ownership would transfer at a certain age because no matter how good of a parent I think my wife and I are/will be, nothing says our toddler will turn out great and be able to responsibly handle a decent sum of money at 18 or 22.
As for the OP, I’d say open a 529 plan and contribute what you can. The state tax break is a nice benefit for setting aside money. I’ve also opened a separate trading account in my name that I hope to one day use to help him put a down payment on a home or something of that nature but I didn’t want to do a custodial type account where ownership would transfer at a certain age because no matter how good of a parent I think my wife and I are/will be, nothing says our toddler will turn out great and be able to responsibly handle a decent sum of money at 18 or 22.
This post was edited on 3/24/22 at 3:19 pm
Posted on 3/24/22 at 3:31 pm to Teddy Ruxpin
Childcare is insane. I'm paying $4,500 a month between private school and nanny for #2.
Gonna be $4,900 a month when he starts Pre-K next year.
Gonna be $4,900 a month when he starts Pre-K next year.
Posted on 3/24/22 at 3:32 pm to LSUmajek
In retrospect, make sure you save for your retirement until maxed out. If you have money left to fund a 529, that is good.
My kids ended up getting big scholarships so we had money leftover.
The 529 will let you change the beneficiary to others including grandchildren, your self, your spouse, niece and nephew.
Outdoor vacations like the beach, mountains, or Grand Canyon are better than theme parks.
You don’t need a bunch of different activities every week. Play sports in season. Play a variety of different ones.
Some team, some individual. Don’t overdo the sports thing until they really want to pursue it. Eighth or ninth grade is the earliest I would consider travel ball. By then they would be big enough and played enough to really want to do it more often.
Pick a hobby to do together. Repairing small things at home, cooking, chess, bridge.
Resist the expensive photo session. I’ve got museum quality photos of my kids that cost a fortune, but your phone can take a good picture. School pictures are not any better than you take. Most men will agree with this. Most women feel obligated to purchase the photos.
My kids ended up getting big scholarships so we had money leftover.
The 529 will let you change the beneficiary to others including grandchildren, your self, your spouse, niece and nephew.
Outdoor vacations like the beach, mountains, or Grand Canyon are better than theme parks.
You don’t need a bunch of different activities every week. Play sports in season. Play a variety of different ones.
Some team, some individual. Don’t overdo the sports thing until they really want to pursue it. Eighth or ninth grade is the earliest I would consider travel ball. By then they would be big enough and played enough to really want to do it more often.
Pick a hobby to do together. Repairing small things at home, cooking, chess, bridge.
Resist the expensive photo session. I’ve got museum quality photos of my kids that cost a fortune, but your phone can take a good picture. School pictures are not any better than you take. Most men will agree with this. Most women feel obligated to purchase the photos.
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