budgeting for baby
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Budgeting for BabyTRANSCRIPT
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Providing For Your Child
If You Want Your Child To Turn Out Well, Spend
Twice As Much Time With Them, & Half As Much Money.
Abigail VanBuren
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Costs Of Raising A ChildFirst Year Of Life
◦ $11,700 For Shelter, Food, Clothing & Child Care
To Age 18 ◦ $226,920 Average NOT IncludingPregnancy, Childbirth, Child Care, College or Inflation.
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Food Costs
Monthly Food Costs for Family of 4: (Children 2-3 & 4-5 Years)
Thrifty Low Plan Moderate Liberal$548.00 $697.50 $861.20 $1067.30
Source: USDA, Jan 2012
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Child Care Costs
Military Community
Child Care Center (CDC):
Monthly Fees are Based on Total Family Income
Hourly Child Care available
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Financial Goals•Short-Term
• 1 month to a year• Vacation, crib, car seat, paying off credit cards, etc.
•Mid-Term• 1 year to 5 years
• Purchasing a car, remodeling, etc.
• Long-Term• 5 years +
• Buying house, saving for college/retirement, etc.
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Financial Goals• Write them down!• What will it cost?
• Don’t forget inflation!• What is your timeframe?
• Set a due date• Prioritize by importance• Track your progress
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Budgeting
What is a budget?
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Tips for Budgeting
• Track your spending•Cut your expenses•Review monthly•Use Financial Software• Quicken, Money, Mint.com, etc.
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Budgeting For Baby
$Determine “Needs” vs. “Wants”$Consider Second-Hand Items$Cut Your Expenses, But Don’t Try To Cut Back On Food
$Update your W-4 through MyPay$Don’t Use Debt!$One Income Trial Run
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What to Purchase?
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Doing Without A Little Now…. Can Gain A Lot More Later On ….
• Lunch: $6/day $243,741• Smoking: $5/day $257,157•Manicures: $8/week $59,023• 6-pack a week: $20/mon $147,552
• Based upon taking the money for 30• years and investing at 9%
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Things to Avoid
Music/Book ClubsWork At Home SchemesRent-To-Own Furniture/AppliancesLarge Whole Life InsuranceExtended WarrantiesHaving the best of everything for the baby
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Things to Avoid
Consumer ScamsSocial Security ScamsChild Genius ScamsModeling & Photography Scams
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Things To Do Before and After Baby Arrives...
- Create or Update Your Wills (Update DD93/SGLI)
- Re-Examine Your Health & Life Insurance Needs
- Change Bad Habits Before Baby Arrives
- Emergency Fund!!!
- Get Social Security Number
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Prepare for the Unexpected
•What Is an Emergency?
•How Much Should You Keep on Hand?
• Emergency Money Needs to Be Easily Accessible• Savings Account
• Money Market Accounts
KEEP AN EMERGENCY FUND
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Looking Ahead to College:• Saving for your own retirement is more important than saving for college
• The sooner you start saving the better
• You don’t have to save the entire cost of four years of college
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Avoid Scams
Create Goals
Make a Budget
Enjoy Becoming a Parent!