I’ve been dropping hints here and there, and if you’ve been following me on Twitter [1] you knew something was up!
We’re having another baby!!! We just got our clearance from the doctor that they believe the baby is healthy. (My pregnancies are high risk, so to get that news brings a lot of relief.)
We have two boys at home, a 3 year old and a 16 month old. So, some extra special news was that they “think” it’s a GIRL!!!!!!!!! They weren’t really sure, so I don’t know if I’m ready to run out and paint the nursery or buy all pink clothes, but I’ll take it!
A Bundle of Financial Joy
We’ll be welcoming the newest addition to the family this summer. Here’s how it will impact our family’s financial picture:
Day care. With the addition of a new baby, comes added expenses. Our biggest cost used to be child care. However, since I quit my job, adding another to the mix won’t affect our budget too much. In fact, it makes even more sense for me to stay home.
College savings. The other big expense besides day care is college savings. We made the decision to save for our children long before they were born. We still add money now, but the vast majority is already accounted for.
Budget. Besides the big ticket items, there are all kinds of added costs, diapers, gear, and more. Since this isn’t our first baby, we can reuse a lot of items (although most of the clothes were blue, so we’ll be switching to pink!) We usually budget about an extra $50-$75 per month for each kid, and it’s worked out perfect the last few years.
Saving Money with Babies
I know some of you are expecting this summer too. Here’s some helpful resources for those with a baby on the way:
Baby Bargains book [2]. The essential guide to staying frugal with a new baby on the way! The book details all the junk you don’t need. We used it with our first and saved a lot of money!
The Baby Britax sale [3]. Just in time, the Britax sale at Amazon is going on through February 15, 2009. I’m a huge fan of Britax, and I have two of the Marathon convertible car seats already, so I’ll be picking up a couple more.
Snapfish [4]. Get 50 free prints of the baby, plus share the photos online with friends and family.
Financial Accounts for Kids
Upromise Rewards [5]. College savings from your everyday purchases. It doesn’t get any easier than this!
ING $25 Signup Bonus [6]. My favorite savings account for kids. Each of my kids have an account at ING, and they refer each other to earn bonus money too!
ShareBuilder Account [7]. This is where I’ll be opening brokerage account for the kids. It’s much more kid friendly than our old brokerage.
Ohio College Advantage 529 plan [8]. My favorite place to stash college money for the kids. I have a few other 529 [9] plans, too.
Financial Resources for New Families
Checklist: Financial Strategies for Infants and Young Children [10]. A financial checklist surrounding the arrival of a new baby including taxes, 529 plans, life insurance, wills and more.
How to Budget for a New Baby [11]. Budgeting tips for the expanding family at Kids and Money [12].
What Does Your Life Mix Pie Chart Look Like? [13] A helpful exercise to evaluate where your time goes, especially when family time becomes your priority.
All About Baby Gifts
We’re at the age where many friends and family are also having babies. Here are some of my favorite baby gifts to give if you are looking for inspiration for someone you know.
OneShare [14]. Instead of the old gift of savings bonds, give the gift of stock to kids and babies.
Craft-E-Family [15]. Personalized keepsake gifts, including the adorable baby blocks with all the baby’s arrival information.
Angel Dear blankets [16]. One of my favorite gifts to give with the baby blocks.