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Just found out that we're pregnant!
Old 11-04-2010, 06:56 AM   #1
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Just found out that we're pregnant!

Not a shock b/c we were trying but reality is now starting to set in. My thoughts have begun to shift towards the financial side of this and what we need to be doing to get ready for our "little gift".

We have a fully funded emergency fund, saving to the max in our Roth IRAs and our insurance is in the amounts they should be. Is there anything I'm leaving out? This will be our first child and I feel a little lost on where to start.

Any advice would be greatly appreciated...retirement @ 55 is still our goal.
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Old 11-04-2010, 07:01 AM   #2
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Congratulations! Enjoy the little bundle of joy! They truly are a gift.

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Old 11-04-2010, 07:05 AM   #3
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congrats!! maybe you can keep aside a little something every month for ur new one...that will help a long way few years down the line..all the best!!
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Old 11-04-2010, 07:40 AM   #4
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Point of order: she is pregnant, not both of you (unless your physiology is highly unusual).

Do you have sufficient life insurance? Both of you should be insured even if she does not plan on generating an income in the future. Long term disability?

Congrats, but be prepared for significant stress on your marriage.
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Old 11-04-2010, 07:50 AM   #5
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Point of order: she is pregnant, not both of you (unless your physiology is highly unusual).

Do you have sufficient life insurance? Both of you should be insured even if she does not plan on generating an income in the future. Long term disability?

Congrats, but be prepared for significant stress on your marriage.
Thanks for the clarification...btw, I don't like using the phrase "we're pregnant" but I chose to this time.

We both are insured sufficiently on both life and long term disability.
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Old 11-04-2010, 08:23 AM   #6
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Congratulations !
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Old 11-04-2010, 08:44 AM   #7
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Consider college savings. Our state gives a decent tax deduction for contributions in a 529 plan up to $5000 a year.

Otherwise, enjoy the next 18 years!
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Old 11-04-2010, 09:39 AM   #8
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Congratulations! There's always starting a college fund, 529, coverdell, prepaid plans if you have extra money for them. Also, start hitting the baby food/diapers/supplies websites. You can sign up for all kinds of freebies and coupons. You won't believe the money you can save by doing this.
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Old 11-04-2010, 09:41 AM   #9
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Thanks for the clarification...btw, I don't like using the phrase "we're pregnant" but I chose to this time.

We both are insured sufficiently on both life and long term disability.
Congrats! A word of caution in theses identity theft days, I would not put my REAL NAME on this or any other forum, if your signature is your real name, just trying to be helpful.............
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This Thread is USELESS without pics.........:)
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Old 11-04-2010, 09:47 AM   #10
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Thanks for the clarification...btw, I don't like using the phrase "we're pregnant" but I chose to this time.
Heh. I always thought it was "WE are expecting; SHE is pregnant."
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Old 11-04-2010, 09:51 AM   #11
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Congrats! A word of caution in theses identity theft days, I would not put my REAL NAME on this or any other forum, if your signature is your real name, just trying to be helpful.............
Good advice...done.
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Old 11-04-2010, 09:57 AM   #12
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Heh. I always thought it was "WE are expecting; SHE is pregnant."
+1

After all, she didn't get pregnant by herself!
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Old 11-04-2010, 10:04 AM   #13
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+1

After all, she didn't get pregnant by herself!
Nope, but she is the only one who is pregnant, as some women delight in reminding men.
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Old 11-04-2010, 10:07 AM   #14
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Congratulations! Enjoy!
Encourage grandparents not to express their love to the baby by giving stuff but to start regular but small investments in a low cost fund for it.
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Old 11-04-2010, 10:10 AM   #15
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+1

After all, she didn't get pregnant by herself!
Actually, with modern science, that is not entirely true..........
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Old 11-04-2010, 10:44 AM   #16
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Congratulations!

Speaking as someone who's had two kids, some questions to consider:

-college/university; will you pay for this or do you expect junior to foot the bill?
-will your wife be returning to work or will she be a SAM in which case you'll have to live off of one income? If she does return to work, have you factored in the cost of daycare? If she does want to be a SAM, start living off of one income now so that you can adjust your budget accordingly.
-there's no reason why you still can't retire at 55; although some will argue that kids tend to derail early retirement plans. Kids are only as expensive as you make them IMO.

Enjoy the ride.....
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Old 11-04-2010, 10:46 AM   #17
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Congratulations! What great news. Our first child was born in August of this year. He is 11 weeks old now and really coming into his own personality wise.

In response to your question, I would take this opportunity to remind you of your estate plan. We are in the process of setting up our new estate plan which includes new responsibilities. We need to select potential guardians and (in our case) someone to handle the financial decisions in case we are not here. We are working with an estate planning attorney for our specific needs.

This effort has made for some interesting communication between my wife and me. What values are important to us that we would have others instill in our young child should we not be around? How would we like our child to grow up financially (lots of perks, or leave them something to work for)?
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Old 11-04-2010, 10:56 AM   #18
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Congratulations!

Speaking as someone who's had two kids, some questions to consider:

-college/university; will you pay for this or do you expect junior to foot the bill?
-will your wife be returning to work or will she be a SAM in which case you'll have to live off of one income? If she does return to work, have you factored in the cost of daycare? If she does want to be a SAM, start living off of one income now so that you can adjust your budget accordingly.
-there's no reason why you still can't retire at 55; although some will argue that kids tend to derail early retirement plans. Kids are only as expensive as you make them IMO.

Enjoy the ride.....
Thanks for response. We will try our best to enjoy what God has given blessed us with.
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Old 11-04-2010, 10:58 AM   #19
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Congratulations! What great news. Our first child was born in August of this year. He is 11 weeks old now and really coming into his own personality wise.

In response to your question, I would take this opportunity to remind you of your estate plan. We are in the process of setting up our new estate plan which includes new responsibilities. We need to select potential guardians and (in our case) someone to handle the financial decisions in case we are not here. We are working with an estate planning attorney for our specific needs.

This effort has made for some interesting communication between my wife and me. What values are important to us that we would have others instill in our young child should we not be around? How would we like our child to grow up financially (lots of perks, or leave them something to work for)?
Good suggestion about the estate planning. This is something we will discuss further with our financial planner. On to the next step in our "planning". Thanks.
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Old 11-04-2010, 10:59 AM   #20
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Nope, but she is the only one who is pregnant, as some women delight in reminding men.
Fortunately, my wife is so thankful for this gift that she is not one of the ones you described.
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