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Insights into King & Spalding?
Does ACN have a Swabiz account?
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What app do you use for monthly budget?
Insights into King & Spalding?
Does ACN have a Swabiz account?
What app do you use for monthly budget?
This is a good post. I started a 529($200/month each) and allowance($3/wk) for both my kids as soon as we found out about my wife being pregnant. I’m curious about what other parents are doing.
Enthusiast
I just wish someone told me how expensive daycare and anything catered to babies.
EVERYTHING!!! lol.
Honestly, start putting away what you can now. Day to day, month to month expenses like supplies, daycare/childcare etc mount up. And starting a 529 now is prob a good idea.
Even if you're not yet a parent, setting the money aside now and learning to live on the reduced amount is good practice.
Daycare!!!!! People always talk about how expensive college is, but I was never warned about daycare cost
Enthusiast
I cannot stress this enough — Childcare in big cities cost more than some colleges.
Chicago Rivernorth/Streeterville: $1800/month
The we Moved to FL: $1200/month
Start a 529 plan: setup automatic deduction from your bank account and have those auto invest in aggressive plan at the beginning
FL residents: Sign up for Florida college plan — tuition, room and board guaranteed under the plan if you go to a FL college
Rising Star
Diapers.
Also... If you go the nanny route, be aware that you'll probably want to have some preschool as well, from about age 2. Don't know if it's more rooted in big (expensive) cities, but we found ourselves paying for a full time nanny and half day preschool. ADDS UP!!!!
Preschools in NYC run $15k - $35k ish, per year. FUN!!
@BCG - it's insane :( With no family/support, it's a catch 22 - have to spend the money to work... to earn the money... to spend on childcare.
Yes, our combined higher income does make it possible - but that's also down to being "older" (either side of 40), and having worked our butts off for years to get to this point, and having kids only then.
These are all good call outs. I wish I saved for childcare expenses. It’s about 15k/ year for one child. What we do now is, my wife pays monthly while I save the same amount in a high interest (1.7% online savings account). Need to start the childcare fund at work though.
Pro
Everything