Financial Considerations
For Your Bundle of Joy
Baby Financial Planning
Are you ready for a
baby? Let’s find out!
How to Save Money on
Medical Costs:
Prenatal and Delivery
• Know your insurance coverage inside and out.
• Build up funds in a Health Savings Account.
• Check out local doctors & h...
Daycare vs Staying at
Home with the Baby
Consider your expenses
associated with working:
Work
Expenses
Gas
Work
clothes
Lunches
out
Daycare
How Much Will You Actually
Make If You Work?
Taxes
Income
Wages
• Know how much
you’ll pay.
• Compute your
take-home pay.
...
Tips to Save on Baby’s
Clothes and Supplies
Avoid buying new items.
Borrow baby clothes.
Shop consignment and used
clot...
Tax Info and Kids:
What you Should Know
• $3,700 per child at tax time
Dependent Deduction
• $1,000 per child if you’re si...
Financial Planning
Before Having a Baby
Predict
expenses
Examine
your budget
Decrease
unnecessary
expenses
Start saving now
Discuss finances with a
financial advi...
It’s never too early to start!
Saving for College
Tuition, room, and
board at a public 4-
year college average
$15,014/year.
At private schools,
the number rises to
$32,790...
It’s exhilarating how much a small
investment over time can add up.
The key ingredient is TIME!
The Power of Interest,
Com...
Over 9 years:
$100 a month saved
with 10.5% interest will
result in an
accumulated savings
of $18,700.
Over 18 years:
The ...
Ways to Make
Saving for a Baby
Easier and More
Effective
Start a 529 plan.
Such plans are
arranged through
your state to save
money now to be
used for your
child’s college
costs i...
K-12 Education:
Private vs. Public
The average, independent private
school has a tuition cost of close to
$12,000 a year.
...
Schools vary
dramatically in quality.
There are excellent
and poor private
schools.
There are excellent
and poor public
sc...
Affording Private
Education
Loans: About 30% of parents use educational loans to pay
for high school. These loans are relatively high interest,
around...
Only you can decide if private school
is the best choice for your child.
If you’re unable to send your child to
private sc...
Insurance
Considerations
• You might want more life insurance
for you and your partner, since each
of you would be raising the child
alone if the o...
Summary
Having a baby and raising him to become a
productive member of society is one of the most
rewarding experiences yo...
Our most basic common link is
that we all inhabit this planet.
We all breathe the same air. We
all cherish our children's ...
We hope you enjoyed your Special Report!
Curtis Roese is an experienced professional with extensive experience in
personal...
This Free Course Includes:
 A Complete 80+ Page, 16-Module Home Study Course in PDF format
 Companion Worksheets and Che...
Sign Up ~ FREE Personal Finance Newsletter
“Finally… A High-Quality, Content Rich, No BS Newsletter
Written Specifically F...
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Baby Financial Planning

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Having a baby might be the most exciting experience of your life. Waiting for a baby to arrive is a lot like waiting for Santa Claus when you’re a child – you’re full of anticipation!

However, this time can also be a source of stress and confusion about the financial considerations.

There are a lot of things to consider: medical costs, day care, clothing, college, insurance, tax changes, and more. If you weren’t nervous before, you might be now. No sweat! You’re going to find out a lot of what you need to know right here.

Published in: Economy & Finance, Business
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  • Waiting for a baby to arrive is a lot like waiting for Santa Claus when you’re a child – so full of anticipation!There are a lot of things to consider: medical costs, day care, clothing, college, insurance, tax changes, and more.
  • Baby Financial Planning

    1. 1. Financial Considerations For Your Bundle of Joy Baby Financial Planning
    2. 2. Are you ready for a baby? Let’s find out!
    3. 3. How to Save Money on Medical Costs: Prenatal and Delivery
    4. 4. • Know your insurance coverage inside and out. • Build up funds in a Health Savings Account. • Check out local doctors & hospitals in advance. • Look for ways to save on prenatal vitamins. • Request an itemized hospital bill & review it. • Consider alternatives to doctors & hospitals. • Explore using a doula to help with delivery.
    5. 5. Daycare vs Staying at Home with the Baby
    6. 6. Consider your expenses associated with working: Work Expenses Gas Work clothes Lunches out Daycare
    7. 7. How Much Will You Actually Make If You Work? Taxes Income Wages • Know how much you’ll pay. • Compute your take-home pay. • Consider how much you make per hour.
    8. 8. Tips to Save on Baby’s Clothes and Supplies Avoid buying new items. Borrow baby clothes. Shop consignment and used clothing/furniture stores. Breastfeed if you can. Use cloth diapers. Make your own baby food.
    9. 9. Tax Info and Kids: What you Should Know • $3,700 per child at tax time Dependent Deduction • $1,000 per child if you’re single and make less than $55,000 a year. If married, the limit is $110,000 yearly. Child Tax Credit • Varies from 20% to 35% of costs for childcare. Maximum: $3,000. Childcare Tax Credit • $3,092 maximum, based on the number of kids and your income. Earned Income Tax Credit
    10. 10. Financial Planning Before Having a Baby
    11. 11. Predict expenses Examine your budget Decrease unnecessary expenses Start saving now Discuss finances with a financial advisor Increase your sideline income how ever you can.
    12. 12. It’s never too early to start! Saving for College
    13. 13. Tuition, room, and board at a public 4- year college average $15,014/year. At private schools, the number rises to $32,790/year.
    14. 14. It’s exhilarating how much a small investment over time can add up. The key ingredient is TIME! The Power of Interest, Compounding, and Time
    15. 15. Over 9 years: $100 a month saved with 10.5% interest will result in an accumulated savings of $18,700. Over 18 years: The same amount saved monthly, $100, with the same interest of 10.5% results in an accumulated savings of $67,500. This is over 3.5x the amount accumulated at 9 years, yet only twice the amount was saved. Two Examples to Ponder
    16. 16. Ways to Make Saving for a Baby Easier and More Effective
    17. 17. Start a 529 plan. Such plans are arranged through your state to save money now to be used for your child’s college costs in the future. Get a 529 Plan After paying off a debt, keep paying yourself that same amount into your savings. Pay Yourself Set up automatic deposits for all your incoming funds. Auto Deposits
    18. 18. K-12 Education: Private vs. Public The average, independent private school has a tuition cost of close to $12,000 a year. So you’ll need at least $156,000 to cover 13 years, which doesn't take into account the inevitable increase in tuition over time.
    19. 19. Schools vary dramatically in quality. There are excellent and poor private schools. There are excellent and poor public schools. Do your homework to determine the relative quality of your options. Relative Performance of Schools
    20. 20. Affording Private Education
    21. 21. Loans: About 30% of parents use educational loans to pay for high school. These loans are relatively high interest, around 10%. Payback periods can be up to 20 years. Financial aid: Most private schools offer it. Ensure you inquire about it no later than February before the fall your child will attend. Work a second job and put all the money toward your child’s private school tuition. Set up a 9 to 12 month payment plan with the school each year to pay for that school year.
    22. 22. Only you can decide if private school is the best choice for your child. If you’re unable to send your child to private school, don't be too upset! Many of the world's greatest people went to public schools.
    23. 23. Insurance Considerations
    24. 24. • You might want more life insurance for you and your partner, since each of you would be raising the child alone if the other one should die. Examine your life and health insurance policies. • Call your Human Resources about adding a new baby to your health insurance policy at work.If you work… • Check your state’s guidelines for health insurance for children. Most states have coverage for low- income women, children, and families. If you don’t work…
    25. 25. Summary Having a baby and raising him to become a productive member of society is one of the most rewarding experiences you’ll ever have. Before you take the leap to become pregnant, follow these excellent guidelines. If you do, you’ll establish a safe, secure, and enriching future for your child. Plus, you’ll ensure your family lives their best life possible!
    26. 26. Our most basic common link is that we all inhabit this planet. We all breathe the same air. We all cherish our children's future. And we are all mortal. - John F. Kennedy
    27. 27. We hope you enjoyed your Special Report! Curtis Roese is an experienced professional with extensive experience in personal finance and small business matters. Curtis writes and publishes articles, courses, guides and special reports on his personal finance blog. Common Cents Wisdom is a website with hundreds of informative articles, special reports, resources to assist you with all of your financial concerns and a free monthly newsletter. Sign up to receive your free eBook "Common Cents" and get started today on the road to financial freedom!
    28. 28. This Free Course Includes:  A Complete 80+ Page, 16-Module Home Study Course in PDF format  Companion Worksheets and Cheat Sheets  Budget Helpers, Worksheets, and Trackers  Bonus Audio Interviews with Financial Experts  My Secret Resource List of Helpful Money Sites, Tools, and Calculators  Bonus #1: Boosting Your Value Without a Formal Education  Bonus #2: Building a Wealth and Prosperity Mindset  Bonus #3: 25 Ways To Protect Your Identity Don’t Delay! Get Your Free Course Now!
    29. 29. Sign Up ~ FREE Personal Finance Newsletter “Finally… A High-Quality, Content Rich, No BS Newsletter Written Specifically For Those Interested In Personal Finance” What you can expect to receive EVERY Month by signing up:  Special Report – 10 to 20 page in-depth report on Personal Finance topics important to you!  Articles to keep you informed on a variety of topics relevant to your financial freedom.  Action Guides, Worksheets, Resources & Buyer Guides!  Monthly Financial Calendar to keep you organized and current with managing your personal finances.  Periodic reviews of Products and Services – Real Financial Solutions ~ Real Fast! http://www.commoncentswisdom.com/newsletter/
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