Comments on: How to Financially Prepare for Children? http://www.nodebtplan.net/2008/11/13/how-to-financially-prepare-for-children/#utm_source=rss&utm_medium=rss&utm_campaign=how-to-financially-prepare-for-children A personal finance blog teaching you how to live debt free and use credit wisely. Fri, 10 Feb 2012 15:18:07 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Sandy Naiduhttp://www.nodebtplan.net/2008/11/13/how-to-financially-prepare-for-children/#comment-52852 Sandy Naidu Thu, 07 Jan 2010 20:18:14 +0000 http://www.nodebtplan.net/?p=1184#comment-52852 Nice post - Teaching kids the 'value' of money is absolutely essential. They should realize that money comes from hard work - buying anything and everything they ask is absolute no no. Nice post – Teaching kids the ‘value’ of money is absolutely essential. They should realize that money comes from hard work – buying anything and everything they ask is absolute no no.

]]> By: financial wellness project » 87th edition of the carnival of money stories!http://www.nodebtplan.net/2008/11/13/how-to-financially-prepare-for-children/#comment-7269 financial wellness project » 87th edition of the carnival of money stories! Wed, 03 Dec 2008 06:57:19 +0000 http://www.nodebtplan.net/?p=1184#comment-7269 [...] presents How to Financially Prepare for Children? | No Debt Plan posted at No Debt [...] [...] presents How to Financially Prepare for Children? | No Debt Plan posted at No Debt [...]

]]> By: Alisonhttp://www.nodebtplan.net/2008/11/13/how-to-financially-prepare-for-children/#comment-6876 Alison Sat, 22 Nov 2008 05:01:42 +0000 http://www.nodebtplan.net/?p=1184#comment-6876 I think good health insurance is extremely important, and it's been our experience that everything else pretty much falls into place. Because really you can think that you are financially prepared for a baby, but things can change in nine months and you might find yourself not as financially prepared as you thought you would be. I think good health insurance is extremely important, and it’s been our experience that everything else pretty much falls into place. Because really you can think that you are financially prepared for a baby, but things can change in nine months and you might find yourself not as financially prepared as you thought you would be.

]]> By: Paulhttp://www.nodebtplan.net/2008/11/13/how-to-financially-prepare-for-children/#comment-6564 Paul Fri, 14 Nov 2008 04:08:51 +0000 http://www.nodebtplan.net/?p=1184#comment-6564 Here are something I'd consider: * Buy everything used, except when safety is involved (car seat, crib). We hit garage sales all summer collecting clothes often for 25 cents, which is a steal. * Don't get caught up in all the first time parent stuff for the sake of being caught up in it. Buying all the cutie stuff will get you in debt in a hurry. * Contribute to Health Care Spending Account (or equivalent) that is pre-tax money. With the way the Dr billed for visits, checkups, delivery etc.... it was one big charge, which is good, but not good for HCSA considerations. Our 2nd son was a Feb baby, so bills and HCSA spanned 2 calendar years making reimbursement more work then it should have been. If you can plan it, get preggers in Jan - March. * Don't be a spazz. * Buy a Binsi skirt for your wife. Worth the money for the comfort. www.birthinbinsi.com Have fun and enjoy it! Be involved, help with the delivery if you want / Dr allows and cut the cord. Best day of your life! Here are something I’d consider:

* Buy everything used, except when safety is involved (car seat, crib). We hit garage sales all summer collecting clothes often for 25 cents, which is a steal.

* Don’t get caught up in all the first time parent stuff for the sake of being caught up in it. Buying all the cutie stuff will get you in debt in a hurry.

* Contribute to Health Care Spending Account (or equivalent) that is pre-tax money. With the way the Dr billed for visits, checkups, delivery etc…. it was one big charge, which is good, but not good for HCSA considerations. Our 2nd son was a Feb baby, so bills and HCSA spanned 2 calendar years making reimbursement more work then it should have been. If you can plan it, get preggers in Jan – March.

* Don’t be a spazz.

* Buy a Binsi skirt for your wife. Worth the money for the comfort. http://www.birthinbinsi.com

Have fun and enjoy it! Be involved, help with the delivery if you want / Dr allows and cut the cord. Best day of your life!

]]> By: Leannhttp://www.nodebtplan.net/2008/11/13/how-to-financially-prepare-for-children/#comment-6555 Leann Thu, 13 Nov 2008 22:37:54 +0000 http://www.nodebtplan.net/?p=1184#comment-6555 As Kevin's wife I must say that my jaw dropped to the floor when I read this, and I haven't been able to pick it up yet ;) As Kevin’s wife I must say that my jaw dropped to the floor when I read this, and I haven’t been able to pick it up yet ;)

]]> By: Kevinhttp://www.nodebtplan.net/2008/11/13/how-to-financially-prepare-for-children/#comment-6552 Kevin Thu, 13 Nov 2008 21:25:36 +0000 http://www.nodebtplan.net/?p=1184#comment-6552 I would argue against giving them anything that involes a SSN. The fewer eyes and systems that have seen the number, the better (at least until they are old enough to do something about it on their own). Plus, don't savings bonds return really low rates? Contribute to a 529, or open up a savings account in their name. You'll probably get a very similar return in the savings account than with a bond. Uneducated guess here. I would argue against giving them anything that involes a SSN. The fewer eyes and systems that have seen the number, the better (at least until they are old enough to do something about it on their own). Plus, don’t savings bonds return really low rates?

Contribute to a 529, or open up a savings account in their name. You’ll probably get a very similar return in the savings account than with a bond. Uneducated guess here.

]]> By: philiphttp://www.nodebtplan.net/2008/11/13/how-to-financially-prepare-for-children/#comment-6551 philip Thu, 13 Nov 2008 19:53:43 +0000 http://www.nodebtplan.net/?p=1184#comment-6551 I know that they get the number almost right away, but do you want to give that number to a sibling just for them to give a Savings bond to them? I am looking into other options also, because of the having to have the number issue. I am kinda curious if you can still get paper copies of stock shares, I know buying individual stocks is not the "best" investing, but I think it would be cool to give a few shares of some big company, maybe GE, or something more child friendly but just as lasting, maybe disney or something. I know that they get the number almost right away, but do you want to give that number to a sibling just for them to give a Savings bond to them? I am looking into other options also, because of the having to have the number issue.

I am kinda curious if you can still get paper copies of stock shares, I know buying individual stocks is not the “best” investing, but I think it would be cool to give a few shares of some big company, maybe GE, or something more child friendly but just as lasting, maybe disney or something.

]]> By: kalierishttp://www.nodebtplan.net/2008/11/13/how-to-financially-prepare-for-children/#comment-6550 kalieris Thu, 13 Nov 2008 19:51:08 +0000 http://www.nodebtplan.net/?p=1184#comment-6550 @Philip - At the hospital, right after I gave birth, they had me filling out a form for my son's birth certificate and - no joke - his social security number. We got the number and a card before he was 3 months old. Weird, but also kind of useful. @Philip – At the hospital, right after I gave birth, they had me filling out a form for my son’s birth certificate and – no joke – his social security number. We got the number and a card before he was 3 months old. Weird, but also kind of useful.

]]> By: philiphttp://www.nodebtplan.net/2008/11/13/how-to-financially-prepare-for-children/#comment-6549 philip Thu, 13 Nov 2008 19:39:40 +0000 http://www.nodebtplan.net/?p=1184#comment-6549 Kids? Heh, single and nothing on the radar so this is not an issue at all yet. However my brother just had their second child Monday! I am thinking of getting a bond or something as a gift for the kiddo. Unfortunately I think you have to have their SSN to get them in their name now, so that is kinda weird, don't know what to do about that. Kids? Heh, single and nothing on the radar so this is not an issue at all yet. However my brother just had their second child Monday! I am thinking of getting a bond or something as a gift for the kiddo. Unfortunately I think you have to have their SSN to get them in their name now, so that is kinda weird, don’t know what to do about that.

]]> By: kalierishttp://www.nodebtplan.net/2008/11/13/how-to-financially-prepare-for-children/#comment-6544 kalieris Thu, 13 Nov 2008 16:46:04 +0000 http://www.nodebtplan.net/?p=1184#comment-6544 Get *really* good health insurance. If you are opting for a less expensive HMO type plan because you and your wife don't get sick much, make sure you review it for what kind of coverage it would provide if your child is born with any health issues. Our son required a neurologist, and our HMO (which had been just fine for the pregnancy and even after he was born for well baby type stuff and ear infections) was wholly inadequate for specialists, both in terms of who we could go see, and how much of it was covered. It also pays to get a plan that covers things like occupational therapy and non-generic medication. Not trying to be a downer or scare you, but nobody ever plans that their child might have medical problems, and it would've bankrupted us if family hadn't stepped in to help. Also, if your company offers flex spending, take advantage of it, for the pre-tax advantage if nothing else. It's nice to get that $5K back, even if it doesn't cover all your expenses. Get *really* good health insurance. If you are opting for a less expensive HMO type plan because you and your wife don’t get sick much, make sure you review it for what kind of coverage it would provide if your child is born with any health issues. Our son required a neurologist, and our HMO (which had been just fine for the pregnancy and even after he was born for well baby type stuff and ear infections) was wholly inadequate for specialists, both in terms of who we could go see, and how much of it was covered. It also pays to get a plan that covers things like occupational therapy and non-generic medication. Not trying to be a downer or scare you, but nobody ever plans that their child might have medical problems, and it would’ve bankrupted us if family hadn’t stepped in to help.

Also, if your company offers flex spending, take advantage of it, for the pre-tax advantage if nothing else. It’s nice to get that $5K back, even if it doesn’t cover all your expenses.

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