#CreditChat Wednesdays | 3 p.m. ET What to Expect (Financially) When Expecting Featuring: Emerge Benefit, Mina Ennin Black, Chad Smith and Damian Davila
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#CreditChatWednesdays | 3 p.m. ET
What to Expect (Financially) When ExpectingFeaturing: Emerge Benefit, Mina Ennin Black, Chad Smith and Damian Davila
Join our #CreditChat every Wednesday at 3 p.m. ET. This week, we talked to the community about the cost of having
kids.
ex.pn/expecting
The average middle-income
family will spend $12k on
expenses in the baby’s first
year.
Source: Parenting.com
#CreditChatWednesdays | 3 p.m. ET
What are the first financial steps a couple should take after learning they are expecting?
Review your current budget. Find ways to increase savings and decide what your income and spending look
like once the baby is born.
“
Wednesdays | 3 p.m. ET#CreditChat
”Emerge@emergebenefit
Consider including steps like updating insurance needs. Not just life - also short-term and long-term
disability.
“
Wednesdays | 3 p.m. ET#CreditChat
”Brad Sherman@shermanwealth
Create a pre and post-pregnancy budget. Review emergency savings. Get/Review insurance: life, health,
and disability.
“
Wednesdays | 3 p.m. ET#CreditChat
”Mina Ennin Black@WealthwithMina
Sit down with a CFP professional and discuss financial planning. Estate
planning and insurance planning are now critical steps.
“
Wednesdays | 3 p.m. ET
Douglas A. Boneparth@dougboneparth #CreditChat
”
#CreditChatWednesdays | 3 p.m. ET
What does a baby budget look like?
Large items to consider in a baby budget are child care, diapers and formula/food. #SoManyDiapers
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Wednesdays | 3 p.m. ET#CreditChat
”
Grace Kvantas@GraceKvantas
A baby budget accounts for all the big and little things they may need- from diapers and wipes to doctor visits and
insurance.
“
Wednesdays | 3 p.m. ET
Emerge@emergebenefit #CreditChat
”
Don’t get overwhelmed! Meet with a financial advisor and look into
insurance, emergency fund, and will and trust options.
“
Wednesdays | 3 p.m. ET#CreditChat
”Payoff@Payoff
Babies don’t just require large amounts of money, they also
require time. Important to consider how that affects finances.
“
Wednesdays | 3 p.m. ET#CreditChat
”Brad Sherman@shermanwealth
#CreditChatWednesdays | 3 p.m. ET
What are some unexpected costs associated with having a baby?
Don’t forget that Dad will want to take time off from work to spend
time with the new baby. Budget for that.
“
Wednesdays | 3 p.m. ET
Southeast Financial@SFCUNews #CreditChat
”
Mom and baby may need some additional doctor visits, which can be
easy to forget when budgeting for prenatal care and delivery.
“
Wednesdays | 3 p.m. ET#CreditChat
”Emerge@emergebenefit
It’s always a good idea to have an emergency fund to cover unexpected
costs. Consider starting a separate baby emergency fund.
“
Wednesdays | 3 p.m. ET#CreditChat
”Philadelphia F.E.C.@FEC_Philly
If planning to get pregnant, get life insurance BEFORE becoming pregnant.
Life insurance for a pregnant woman can become prohibitively expensive.
“
Wednesdays | 3 p.m. ET#CreditChat
”Shannon McNulty@CityParentsLaw
“Carve out some funds to
enjoy time together before the baby enters
the picture.”- Chad Smith
CFP, Financial Symmetry
#CreditChatWednesdays | 3 p.m. ET
What are some frugal tips for preparing your home for a baby?
Pre-make meals and freeze them! Trust me, when you’re exhausted those first couple of nights home,
they’ll be a godsend.
“
Wednesdays | 3 p.m. ET#CreditChat
”Leslie H. Tayne, Esq@LeslieHTayneEsq
Thrift stores and yard sales have awesome baby items- many in
excellent condition.
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Wednesdays | 3 p.m. ET#CreditChat
”
Debbi King@DebbiKing
Through local parents of multiple groups, my wife and I have been able
to receive, exchange and provide great items.
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Wednesdays | 3 p.m. ET#CreditChat
”Damian Davila@daviladamian
Teeny onsies and itty-bitty shoes may be irresistible, but control those
impulse buys - save the money for necessities.
“
Wednesdays | 3 p.m. ET#CreditChat
”Emerge@emergebenefit
Seek hand-me-downs. Chances are a friend or relative can share some baby furniture or other supplies!
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Wednesdays | 3 p.m. ET#CreditChat
”
Leslie H. Tayne, Esq@LeslieHTayneEsq
#CreditChatWednesdays | 3 p.m. ET
How can parents save money on baby clothing, diapers, food, etc.?
AmazonMom is a great way to save on diapers (even more than COSTCO).
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Wednesdays | 3 p.m. ET#CreditChat
”
Becky Frost@Frostbe
Find out if your insurance covers a breast pump. Most insurances cover them, even
the $300+ top models!
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Wednesdays | 3 p.m. ET#CreditChat
”
Damian Davila@daviladamian
Buy diapers in bulk, or go the eco-friendly route with cloth
diapers.
“
Wednesdays | 3 p.m. ET#CreditChat
”
Emerge@emergebenefit
#CreditChatWednesdays | 3 p.m. ET
How do parents decide if they should stay home or work and use a daycare?
The average cost of center-based daycare in the
United States is $11,666 per year
($972/month)Source: National Association of Child Care Resource and Referral Agencies (NACCRRA)
Look at the financial sacrifice you’d be making on both ends. Another
option: split time between daycare and staying home.
“
Wednesdays | 3 p.m. ET#CreditChat
”Leslie H. Tayne, Esq@LeslieHTayneEsq
Very personal decision. Look at what’s right for the parents and
what is healthy and affordable for all involved.
“
Wednesdays | 3 p.m. ET#CreditChat
”Becky Frost@Frostbe
Check with your work about what your options are. Run that against your budget and what you need to
keep your goals in place.
“
Wednesdays | 3 p.m. ET#CreditChat
”Douglas A. Boneparth@dougboneparth
It seems like more employers are embracing working remotely. Worth a
shot!
“
Wednesdays | 3 p.m. ET#CreditChat
”
Lenda@lenda
Create two budgets: for staying at home and going to work. Consider:
retirement contributions and possible Social Security ineligibility.
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Wednesdays | 3 p.m. ET#CreditChat
”Mina Ennin Black@WealthwithMina
#CreditChatWednesdays | 3 p.m. ET
What are ways to save money on daycare costs?
See if a relative or friend will keep your child. Costs are less and they
are in good hands.
“
Wednesdays | 3 p.m. ET#CreditChat
”
Debbi King@DebbiKing
Check to see if your employer has partnered with any local daycares for a
discount.
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Wednesdays | 3 p.m. ET#CreditChat
”
Southeast Financial@SFCUNews
Get help: Friends and family every once in a while; form a babysitting
co-op with other parents.
“
Wednesdays | 3 p.m. ET#CreditChat
”
Mina Ennin Black@WealthwithMina
Work your social network. We didn’t know a friend ran a licensed daycare
out of her home until we posted about needs on Facebook.
“
Wednesdays | 3 p.m. ET#CreditChat
”Becky Frost@Frostbe
#CreditChatWednesdays | 3 p.m. ET
How can parents start planning and saving for their child’s education?
Save for college, but don’t forget about yourself! You can borrow for college, but you can’t borrow your
way through retirement.
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Wednesdays | 3 p.m. ET#CreditChat
”Brad Sherman@shermanwealth
Start slow and be prepared to adjust your saving strategy as
life changes.
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Wednesdays | 3 p.m. ET#CreditChat
”
Kevin C Swanson@kevincswanson
When it comes to saving, compound interest is powerful. No matter how you
save, contribute regularly.
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Wednesdays | 3 p.m. ET#CreditChat
”
Becky Frost@Frostbe
First things first, make sure your finances are in order as a parent. You
can’t help them without helping yourself first.
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Wednesdays | 3 p.m. ET#CreditChat
”Payoff@Payoff
#CreditChatWednesdays | 3 p.m. ET
Any final tips for parents-to-be?
The financial expense will be rough, but enjoy
it! Your children are only little
for so long.
- @LeslieHTayneEsq
Having a baby isn’t just about
the cost, of course- it’s a true miracle. So don’t
lose sight of what’s really
important.- @EmergeBenefit
Nobody’s 100% ready to have a baby. Don’t be
too hard on yourself.
- @DavilaDamian
Check out videos, podcasts, and list of upcoming chats:
experian.com/creditchat
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