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We answer some of your biggest marriage and money questions! How much do we need to save for a baby? How do we handle medical expenses and finances with a disability?
Marriage and Money Q&As
Welcome to another edition of our community mailbag show!
This is where we take a break from our regular episodes which usually deal with one topic and instead tackle several of your marriage and money questions in smaller bites.
In this episode we get into:
- How to handle the costs of having a baby
- Dealing with disabilities and finances
- What to do when the traditional advice does not apply
Let’s dive in!
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Resources to Save For Your Baby, Deal with Medical Expenses and More
Want to dig in some more? Here are some of the resources we mentioned in our episode plus more!
- How Much Do We Need to Save For a Baby?
- How to Save Money on Kids’ Clothes
- How to Budget for Your Baby
- Two Cents
- Financial Steps to Take If You Have a Child with Special Needs
- Best Budget and Money Apps: Personal Capital, Tiller, Mint
- Automatic Saving:
- Free 401(k) Analysis:
The Costs of Having a Baby
How much should we save up for a baby?
That's the question I get for people of her typing into Google and then they find our site for a couple of money.
And I totally get it.
When we first found out where we're going to be parents we were researching and trying to find how much we should be saving up what bills to expect and how to best prepare.
And to be honest, some of those numbers I saw were pretty scary. Have you even seen those reports from the USDA?
According to them, they estimate the average family will spend around $233,610 to raise their kids from birth to 17.
That's crazy and I can see why parents stress out, but it doesn't have to be nearly that expensive.
But since the costs of certain things have changed in the last few years (especially healthcare) I asked new parents Julia and Phillip Olsen to come on to share their take and perspective.
Disabilities and Finances
How many times have you heard personal finance is personal?
Probably a ridiculous amount, but it’s true.
While there are certain principles that are universal – building wealth means spending less than you earn- you don’t want to be so hard and fast with rules.
You have to evaluate things through your unique circumstances. (It's one reason why I suggest speaking certified financial planner for a comprehensive review.)
If you’ve emailed me about your particular situation – first off, thank you – you’ve probably noticed that I like to ask follow up questions.
It's not because I'm nosy. I just want to make sure whatever answer I give you is tailored your situation.
One situation that deserves extra attention is how to handle your finances when you, your spouse, or your child has a disability.
It can already be a difficult situation as you're working to find the best doctors and specialists. Adding money to the can be overwhelming.
Since this not my expertise, I asked Brynne Conroy to help answer your questions.
She has a new book out The Feminist Financial Handbook.
One of the chapters she has focuses on the challenges of dealing with finances and a disability.
In her book, she talked about an option I wasn’t aware of – ABLE accounts.
I asked her about they work and we also discuss why sometimes those financial rules of thumbs have to be tweaked
We also discuss handling day to day finances when you have some health issues.
Key Takeaways from the Community Mailbag
Before we close up I want to focus on some key takeaways I got:
- It’s impossible to plan for everything.
- Build your tribe/support network.
- Focus on the big picture and appreciate your small wins.
I’d love to talk about this more. If you haven’t already, please join us over at Thriving Families on Facebook.
It’s free, private, and positive community where we help one another out!
Support the Podcast
Thanks for being a part of the community!
- Spread the word! If you enjoyed this episode and think it can help a buddy get on the path to dumping debt and become financially free, please share.
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- Grab a copy of Jumpstart Your Marriage and Your Money. My book is designed for a busy couple to set up their finances in 4 weeks. Get tips and tools that have worked for other couples on their journey of building their marriage and wealth together!