Highlights of today's show:
- Life and Money series
- How do your finances change when you go from having no kids to having children?
- Children do cost money but they don't have to break the bank
- Where children can help you save money
- The life event that quietly puts you behind financially
Today we continue our "Life and Money" series by discussing how your finances change when you go from being a dual income no kids (DINKS) family to having children. No doubt your finances will change when you have children but don't believe the myth out there that all of a sudden you will have to go to the poor house once you have children.
The topics we discuss include deciding either to have a parent stay at home or have both parents continue to work, how to save money on diapers, toys, and baby clothes, the places where children actually help you save money and finally what you can do to prepare yourself before the child comes. There are going to be plenty of changes and surprises in your life once the baby comes, so don't let money be one of them. Having a game plan ahead of time as to what your budget will look like once the baby comes will go a long way towards making the transition from being DINKs to having children.
For more podcasts/posts I have done on this topic please check out:
- Financial Tips for raising a baby
- The cost of raising children
- Delaying marriage and having children to pay off debt?
We also talk about how this is the time of the year when college students are going back to school which also means they are probably going to be taking out student loans. Rather than do a whole lesson on the dangers of student loans, I recommend college students and their parents check out Zac Bissonette's book Debt Free U. I believe Debt Free U is the best book out there on sharing the dangers of student loans and showing you how you can go to school without borrowing money. A few years ago my pal Steve Stewart and I did a review of Zac's book on the podcast.
I also have special news for those listeners who have an iPhone. The JW's Financial Coaching app is now available to download. The app allows you to choose a lesson, view its show notes and listen to the show, all right from your iPhone without having to browse the web.
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If you have any comments, questions, or ideas for future shows you can send them to me and I will integrate them into a future show. There are two ways to get in touch with me: 1.) Email me at JWFinancialcoaching@gmail.com - Please put “podcast” in the subject line and keep your questions brief so they are readable on air. 2.) Simply fill out the form on the contact page. Please fill out your name, email, and your question/comment/suggestion and we will read it on air.
You can find prior editions of the podcast at the podcast archive page.