Also in this playlist...
This transcript is automatically generated
Financial secrets -- every new mom needs to know about in fact.
Joining us is new mom herself -- slow and editor in chief of learn -- which stands for.
Learn earned -- vest and a six month old at home now right and I got a newborn daughter what was the most shocking thing to your budget that you describe.
I think it was everything that had been savings before was now going to saving for college games.
And she's only five months old -- and also child care went recent studies show it actually childcare costs more than in state college tuition and 36 -- -- there was a big shot -- -- existing Elizabeth Warren who's now the senator from Massachusetts.
Put a book out you.
2005 I think it was called two income trap.
And it's actually what she was saying is that it makes sense for one adult not necessarily mom or dad but one adult in the partnership.
To stay home and raise the baby.
While the other becomes the breadwinner is that something you'd have found that there and -- thing.
Point I -- I I wouldn't say what's right for any given person but I think one thing that women experience is that.
If you do drop out of the workforce become harder than you think to get back games.
I got got a buddy for everybody who he's a state -- that.
And I got to Atlanta and he's been raising their children let's get some of the tips five money tips for new moms in fact the first on its -- -- your budget.
I wasn't relaxed and very expensive these days and the.
Yes it is formula we'll kill you.
I think the biggest thing people I've talked I -- my entire life is changing but they don't realize that their finances are changing too.
So what you want to do having a baby isn't all bad for your finances odds are not going out as much as you were before they're probably not drinking wine you're not from friends -- Those things help -- budget pretty.
-- -- -- -- -- -- -- -- Every -- going to be surprised there plenty of bars where that's happening really the debris -- allowing.
You know -- I don't even get out babysitters are fortunate that he can't get one at least in New York's exactly.
There are ways to save on child care -- There are huge ways to -- and slave labor.
You know not broken up and not enough legal in the United States but you -- doing -- here with me a little harder than any and a little bit easier and you -- about this -- yeah.
As I'm actually doing this with a friend of mine as -- -- -- newborn arriving -- we live a block apart.
We share nanny so our kids have socialization and actually allows you to save up to about 33% of what it -- -- and.
Raiders are one of the few drops.
Otherwise know and I got there house amendment vice Versa let's get a classic hits the child -- it used to other people in Nevada fire inside that's perfect that's right and you don't get the -- when they go to elementary -- and got.
-- -- -- or or daycare threat but that's not right for everyone flag would say I want to look into is the child care and dependent care tax break.
Okay and also what I financial planners -- -- that's recommend is check if your employer.
Has a flexible care spending cap.
Isn't this -- -- -- -- -- pretax dollars to pay for child care and it can really see you both in terms of taxable income and look campaign.
You don't need to buy everything new -- they're taking my coffee no hiding behind a computer they don't want the advertising.
You don't need to buy anything -- it's tempting as -- navy and by the -- new wardrobe for every season especially when they think a lot of it in two weeks and learned that the hard way.
There and they knew then there -- a huge market where secondhand baby and gave everything.
It can be the mom -- -- where you live in Brooklyn new fuel hole mini economy around.
In Houston they have faced before you that's where -- -- stopped everything from -- he sticks to baby clip.
There is no shame and a housing works -- even you know an -- now it's goodwill and there's plenty good stuff -- -- -- -- And I -- -- just Google secondhand baby stuff and New York City -- your state and their sites like.
Start brokers gently used and everybody swapping stuff -- toys especially -- when they get to you know that I get that's up.
Dealer real quick -- show your web pages we go through some -- points it's WW dot.
Learned vets dot com and then you have the money secrets every mom should know put another one kids come first with the one exception yes you can yeah.
Know you're always been -- -- pit -- one way you have to protect yourself in this deal adage about putting your oxygen mask on before you help others.
If you're not saving enough money for your own retirement you're doing everyone and their families of service and -- the simple reason for this.
You can always get loans to pay for college -- you need to.
There are no loans to fund your retirement for the best thing you can do it cannot serve your retirement number.
How much he didn't stating there's an enormous amount of confusion on this point talked a financial planner and they can -- -- and this.
One I think a lot of us put this off but don't wait too long to get life in there.
I -- hit -- pick myself.
Knew if you are a parent you want to look into life insurance and surprising thing is both you and your -- went looking for life insurance.
For most people what you need is a term insurance policy that's gonna -- -- for twenty or thirty years.
But the important things to do it before you get pregnant younger you are left -- you are.
The left getting policy is going to cost and what this is meant to do is replace the income nobody wants to think about it -- -- -- something happened to one -- the other room.
So your -- six month old boy girl little girl and but just -- just in general the biggest surprise about being a new -- for you -- Finances or whatever.
Honestly I wrote about it in the story I -- that I went back to work at Fremont and I think it's how much more valuable your time is now.
Everything is his decision I want that his agenda and I don't want to look my opinion on forever but I don't know you know everything they show it is and -- is a minute without hair found at --
Filter by section