The Money with Katie Show Rich Girl Roundup: How to Financially Prepare for Children—Before You Have Them
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Apr 1, 2024 This podcast explores how to financially prepare for children before having them, covering topics such as budget adjustments for doctor's visits, insurance policies, and TTC tools. The hosts provide tips on strategic financial planning, navigating challenges of conceiving, and practical advice on health insurance changes. They also discuss the gray area of writing off wedding costs for tax purposes.
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Pre-Birth Expenses
- Budget $4,000 for pre-birth expenses like baby gear.
- Expect $4,000 in medical costs, even with insurance, according to Katie's CFP.
Post-Birth Childcare Costs
- Budget $2,000-$5,000 monthly for childcare until age five.
- Costs depend on chosen childcare like daycare vs. nannies.
Private vs. Public School Housing
- If using private school, don't buy a house in an expensive public school district.
- Prioritize the house or the school, but don't overpay for both.