Just found out that we're pregnant!

[kfindley79]

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.

 

[Rambler]

Congratulations! Enjoy the little bundle of joy! They truly are a gift.

R

 

[oganguly]

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!!

 

[brewer12345]

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.

 

[kfindley79]

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.

 

[Moemg]

Congratulations !

 

[FUEGO]

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!

 

[Dimsumkid]

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.

 

[FinanceDude]

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.............

 

[ziggy29]

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."

 

[kfindley79]

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.

 

[Nova]

Heh. I always thought it was "WE are expecting; SHE is pregnant."

+1

After all, she didn't get pregnant by herself!

 

[brewer12345]

+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.

 

[chris2008]

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.

 

[FinanceDude]

+1

After all, she didn't get pregnant by herself!

Actually, with modern science, that is not entirely true..........

 

[Calgary_Girl]

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.....

 

[Uncle Drew]

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)?

 

[kfindley79]

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.

 

[kfindley79]

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.

 

[kfindley79]

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.

 

[ProspectiveBum]

Congratulations! If you want them, kids are a great blessing.

I agree with Uncle Drew's comments about estate planning. Our experience was similar: if something happened to you, who would you want raising your kids, and how?

Another thing to think about: will your wife be a SAHM, or will she return to work? If she'll be working, you'll want to brace yourself for the increased costs you'll incur (unless you have family that will help out, etc.). In my experience, with 2 kids on daycare for the last 4 years, child-care has been my single biggest expense over that time. You can get some relief through a dependent-care expense account (tax-free up to $5000). Your employer should be able to help you out with setting one up, if appropriate.

I know that many will claim that kids aren't (or don't need to be) expensive. That hasn't been my experience, but I recognize that we're making choices that affect that. It all comes down to value judgements. We're actually less focused on ER than we were before having kids. We'd still like to retire before 60, but previously, we were thinking that ER at 50 was attainable. It still could be if we wanted it, but we've decided that we'd prefer to splurge on family vacations, etc. with the kids along the way. Again, personal choices.

Money concerns aside, I laugh every single day at my kids' antics. I've grown immeaurably as a person for having had them, and I wouldn't trade 'em for anything. Enjoy the ride!

 

[Bestwifeever]

When your wife is in labor you will be glad only she is really pregnant.

I hope your new little one has chosen doting grandparents .

Congratulations!

 

[BigNick]

Fortunately, my wife is so thankful for this gift that she is not one of the ones you described.

Come back in 6 months when she stand up to get off the couch and let us know if she's still of the same opinion. In the meantime, congratulations - the gene pool salutes you.

 

[saluki9]

We had our first 9 months ago.

1. Go on a lot of "dates" with your wife. Even when our girl is with sitters most of that time is spent doing things like running errands. My wife and I used to go out to dinner and see movies all the time. I've seen one movie in a theater in 10 months.

2. Save a bundle of cash. I don't care what you've planned for, it's more expensive than that.

3. clean up or fix up your home, you're going to be seeing a lot of it

4. Be prepared for stress on your marriage. My wife and I were never fighters, but the hormones, lack of sleep, and increased responsibility add a lot of stress. after 10 months, we're finally starting to like each other again.

 

[Alan]

Congratulations on your upcoming addition to your family.

I confess that when I saw you announce that "we're pregnant", the first thing I did was check your profile to see where you are from because the only place I hear that expression often is in Australia.