Reply to Costs of raising a child

Forum Index » Money and Finances

Reply to "Costs of raising a child"

Subject:

Emoticons





More smilies

Text Color: Font: Close Marks

[quote=Anonymous][quote=Anonymous]First, try to create at least some savings. Ideally have 2-3 months of after-tax income in that savings account. Only spend it if your car (or house if you own one) suddenly needs an expensive repair or if a big medical bill shows up unexpectedly. If you have to spend it down to cover an unexpected expense, then try to save until it is built back up.

Then, try to contribute at least enough to get any employer match in your 401(k), 403(b), or TSP retirement account -- if you have any of those as an option. Social Security only pays a tiny amount - not enough to live on.

If you don't have any of those retirement options, then contribute something each year to an IRA. Low income should mean you could do a Roth IRA which might be better choice than a traditional IRA.

For DC, try to do "no screens" as long as possible. It is better for the child and also helps eliminate expenses. When they get a phone, then only get a low cost dumb phone. That eliminates expensive data mobile phone plans.

Go post your financial questions over at Bogleheads. They should have helpful advice too. [/quote]
All good tips.[/quote]

Options

	Disable HTML in this message
	Disable BB Code in this message
	Disable smilies in this message

Review message

Search Recent Topics Hottest Topics