any advice?
When I first started my career in 2001, people were clamoring about college costs and stating that there's no way they could continue climbing at that rate, the bubble has to burst, etc. For those people, their kids are going to college now, and if anything it's worse than what the numbers showed at that point.O'Doyle Rules said:
Don't worry about saving for their college. Yet. Wait for the bubble to pop soon, then figure out the best way
do a 529 last. Fund your retirement 100% and no less before doing a college account. College is not for everyone and can be paid many different ways.GtownRAB said:
1) pull out 9 months ago if you like money
If that isn't an option:
1) look into a 529, never too early to start saving for colleges. People will chime in with their favorites
2) If you have an HSA, pump money into for tax savings and your wife and kid will have medical bills the next few years
3) re-evaluate monthly expenses to calculate a higher amount for a 6 month emergency fund you need to have on hand
10andBOUNCE said:
Make sure you have a solid term life insurance policy in place for you and your wife
Ragoo said:do a 529 last. Fund your retirement 100% and no less before doing a college account. College is not for everyone and can be paid many different ways.GtownRAB said:
1) pull out 9 months ago if you like money
If that isn't an option:
1) look into a 529, never too early to start saving for colleges. People will chime in with their favorites
2) If you have an HSA, pump money into for tax savings and your wife and kid will have medical bills the next few years
3) re-evaluate monthly expenses to calculate a higher amount for a 6 month emergency fund you need to have on hand
I agree with the emergency fund (although this should be funded well before considering children), life insurance and Will with guardianship.
CapCity12thMan said:
I would take advantage of either an HSA or an FSA. Your visits to the doctor will be many, it's just the way it is.
It was nothing at all. We signed and notarized the quitclaim deed, and the lawyer filed it with the county. A week or so later, she informed us the received the recorded deeds, and gave us a copy for our trust binder. Edit to add; We do not own the home outright, we have a loan.Football&Finance said:
what was the process like transferring your home into the living trust? I would think it would be very complicated unless the property is free & clear of any liens.
+1 on this.. but more importantly, bulk. Do no buy diapers in those 20 packs.. you are paying way too much. Same with wipes. Stores don't always have the real large packs, so go to amazon. Either way, but the biggest pack of whatever it is to get the cheapest unit price.Dr. Doctor said:
If you are wanting to save money, look into Amazon Subscripe and save.
~egon
any other money savings tips? we are about to have twins and my wife plans to breast feed but we may need to supplement with formula at times, won't know until we know.62strat said:+1 on this.. but more importantly, bulk. Do no buy diapers in those 20 packs.. you are paying way too much. Same with wipes. Stores don't always have the real large packs, so go to amazon. Either way, but the biggest pack of whatever it is to get the cheapest unit price.Dr. Doctor said:
If you are wanting to save money, look into Amazon Subscripe and save.
~egon
Amazon bulk for huggies is about $5-$10 less per box than babies r us. It's definitely the way to go. Spend the $100 on prime if you don't already have it.
Another option is target, if you have their red card (a debit or credit card), there is free shipping and subscribe savings.
On that note as well, don't be fooled into name brand formula. Baby formula is HIGHLY regulated, and it's all made in the same plant, and rebranded for similac, enfamil, and then the store brands (target, walmart, etc). Check the ingredients and the nutritional chart, they are exactly the same.
The target brand is HALF the price of similac/enfamil. Target brand is $23 for 40oz, or $.57/oz; Similac is $25 for 22 oz, or $1.13/oz.
And many times, target does buy 3 get $10.. so you get 3 40 oz containers for about $59, or $0.49/oz.
For twins... We got a good amount of stuff from Similac and Enfamil for free and some other toys/cups/coupons just from the companies in this link.Ragoo said:any other money savings tips? we are about to have twins and my wife plans to breast feed but we may need to supplement with formula at times, won't know until we know.62strat said:+1 on this.. but more importantly, bulk. Do no buy diapers in those 20 packs.. you are paying way too much. Same with wipes. Stores don't always have the real large packs, so go to amazon. Either way, but the biggest pack of whatever it is to get the cheapest unit price.Dr. Doctor said:
If you are wanting to save money, look into Amazon Subscripe and save.
~egon
Amazon bulk for huggies is about $5-$10 less per box than babies r us. It's definitely the way to go. Spend the $100 on prime if you don't already have it.
Another option is target, if you have their red card (a debit or credit card), there is free shipping and subscribe savings.
On that note as well, don't be fooled into name brand formula. Baby formula is HIGHLY regulated, and it's all made in the same plant, and rebranded for similac, enfamil, and then the store brands (target, walmart, etc). Check the ingredients and the nutritional chart, they are exactly the same.
The target brand is HALF the price of similac/enfamil. Target brand is $23 for 40oz, or $.57/oz; Similac is $25 for 22 oz, or $1.13/oz.
And many times, target does buy 3 get $10.. so you get 3 40 oz containers for about $59, or $0.49/oz.
For large items, look out for clearance stuff. We scored a great deal on a double stroller (ours are 15 months apart).. it was normally like $300, this one was clearance for about $130.. the reason? It was an unpopular color.. it was green and grey. WGAS. Is blue and grey worth $170? Also I got a car seat, I think it was on woot actually, a groupon type deal site. It was like $100 off. Our most recent car seat (we have two for each child), we got used from a neighbor.. On to the next tip:Ragoo said:any other money savings tips? we are about to have twins and my wife plans to breast feed but we may need to supplement with formula at times, won't know until we know.62strat said:+1 on this.. but more importantly, bulk. Do no buy diapers in those 20 packs.. you are paying way too much. Same with wipes. Stores don't always have the real large packs, so go to amazon. Either way, but the biggest pack of whatever it is to get the cheapest unit price.Dr. Doctor said:
If you are wanting to save money, look into Amazon Subscripe and save.
~egon
Amazon bulk for huggies is about $5-$10 less per box than babies r us. It's definitely the way to go. Spend the $100 on prime if you don't already have it.
Another option is target, if you have their red card (a debit or credit card), there is free shipping and subscribe savings.
On that note as well, don't be fooled into name brand formula. Baby formula is HIGHLY regulated, and it's all made in the same plant, and rebranded for similac, enfamil, and then the store brands (target, walmart, etc). Check the ingredients and the nutritional chart, they are exactly the same.
The target brand is HALF the price of similac/enfamil. Target brand is $23 for 40oz, or $.57/oz; Similac is $25 for 22 oz, or $1.13/oz.
And many times, target does buy 3 get $10.. so you get 3 40 oz containers for about $59, or $0.49/oz.