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February 2016 Moms
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Baby on a budget

kinnonamkinnonam member
in February 2016 Moms
Any mamas started planning for the future, saving money, opening an account? I recently adjusted my life insurance policy. Not sure if I'm just going over board or really prepared!
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Re: Baby on a budget

  • brightonbornbrightonborn member
    Yep, adjusting life insurance policy, writing wills & looking into 529 plans - it's getting real!
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  • CuriousKiddosMamaCuriousKiddosMama member
    We will open a savings account and a college fund for this baby when he is born. Other than that, we aren't doing anything. This is our second so we got wills and all that stuff done before for our first. And I don't think it's going overboard at all, it's important to take care of your kid if anything happens to you. So just in case you haven't thought of it yet, you need to name, in writing, legal guardians for the baby just in case. We named 3- my parents until they get too old and don't want our kids, then either my sister or brother in law. And they will have to decide if something happens who gets them, and who is more stable at the time.
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  • wisco29wisco29 member
    She has a savings account which we started right away but that's all.
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  • Life is ExcitingLife is Exciting member
    Right now, for the short-term basis, I am saving for my maternity leave which will be mostly leave without pay. But once that is over and I have returned to working full time , I will open a bank account for the baby just like I did with my son when he was born that is automatically withdrawn from my account every two weeks. Once we pay off our own student loans, we will start saving for our kids' college.
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  • AchaeAchae member
    I've been debating postponing putting extra into my retirement funds just to set aside for baby, but I am hoping I can still swing it and just set aside an amount for baby!
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  • glitteryantglitteryant member
    My plan is to wait to save for college until LO gets into school.  Then I'll just take the money I was spending on daycare and put it in an account.  The plan is to never miss the money...we'll see.  
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  • SoSweetTea1124SoSweetTea1124 member
    We upped our life insurance policies before DS was born and started a 529. Opened a savings account for him and right after he was born and we received all of his legal documents we went to our family lawyer and had a will drawn up. With DS #2 we have upped our life insurance again, and have begun contributing more to the 529. We will open another savings account and make changes to the will to include DS #2 after he is born.

     
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  • LEAA14LEAA14 member
    We are also updating insurance policies and opening a 529 plan that my parents have also generously offered to contribute to. College savings was a bit of a point of contention with DH at first since his parents didn't really do anything like this for him or his brothers. Mine did (not a 529 since they weren't around yet) and I really appreciated the freedom it gave me in choosing where I went to school; I was lucky enough not to have to worry about how to pay for it and came out of undergrad at a private school with next to no student loans. It was seriously the best gift my parents could have ever given me, so I'm doing the same for my kids.
    Durham, NC
    EDD: 2/20/2016
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  • smn14smn14 member
    We will be amending our wills to include the baby and guardians etc
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