I have some time to really think ahead and then put in to action plans before kiddo #3 is born. On the agenda:
1.) Hubs 401K matching kicks in soon...do we contribute to get the matched funds and utilize the concept of compounding interest and time or direct as much as possible toward student loan?
2.) It will cost at least $4K out of pocket after health insurance for hospital etc for baby...do we save the $4K plus now and pay it after birth or break payments down over the course of the year after kiddo arrives, while putting funds in other areas?
3.) Do we move out of the 2 bedroom where kids currently share a room or do we stay for one more year and figure out a living situation by rearranging apartment, sleeping on couch, having kid in our room or giving up our room to sleep on a pullout? Rent in CA is mucho $$$ and also hard to find a place allowing pets.
Luckily our car already has a 3rd row. It was an unknown extra when we bought the car so somehow I think the universe/G-d/etc. already had this part ready and figured out for us. Lol. As for kids schooling, it was a tentative plan to charter school/homeschool program with the charter school, but will this be unrealistic with #3 and will I need that time of having kids off at public school during the day? What else can I cut to continue to add to the kids college fund and our debt pay off and dream fund (so far not there now with expenses). At this point the hubs is working and doing as much side work as possible. No one will hire a prego woman so I'm wondering what else I can do at this point considering #3 was not on the original plan and I was going to find work next year...was.I can get the real estate license, but how realistic is it for me to utilize that with kids? I kind of feel like just as it was going to get easier #3 happens and new plans need to happen, but how is it possible to still maintain the current finaces while I know things are just going to be more expensive with all the gear, diapers, food, etc that will all cost more? what more can I do aside from save as much and not spend, but how do we continue to make more money next year when the baby is here in the summer?
Thinking ahead before kid #3 is born
January 13th, 2015 at 09:33 pm
January 13th, 2015 at 09:49 pm 1421185788
2. Save the moneuy needed this next 8 months. Get the hospital bill.
Negotiate 20%+ off the bill buy paying in cash. I did that for my mothers bill several years ago. They gave us 28% off the bill for her portion because we paid in cash one lump sum.
3. I understand the three kids in one bedroom/having a kid in your room thing well with what my sisters went through. Logically, will the child sleep in your room for the first year or so anyway? I would stay where I am (unless you can move now and save money by getting into a better area but less rent). I am also in California and understand the expensive rents. Do a pros and cons list to see where you would put the child for the first year. You certainly do not want to be moving with the baby is only a few months old or when you are 7+ months pregnant. Also is there a fee to cancel your lease and move someplace else? Do you have moving funds, first and last and security deposit, energy to clean the apartment, etc. now or would you rather do it later?
January 14th, 2015 at 12:33 am 1421195633
January 14th, 2015 at 12:56 am 1421196993
January 14th, 2015 at 01:40 am 1421199648
January 14th, 2015 at 11:17 am 1421234263
I've found giving every dollar a 'job' made a really big difference. While most non discretionary costs are paid by either on-line or automatic, electronic payment, discretionary spending like food, entertainment, clothes, grooming products etc are better paid by cash. I lined up jars atop the fridge and put in cash I thought appropriate for each category. Once the money was gone, so was spending in that category, until the next payday. All receipts were shoved in the jar and tracked on paper. My best tricks were to make my own cleaning products by following instructions on You Tube. The do a better job than the super expensive brand name products. 2nd suggestion is a meal plan for best possible nutrition for least cost, simple and efficient.