I’ve been waiting to write about this for a couple of weeks now. Since the birth of my baby girl, I see financial decisions in a different lens. I’m used to budgeting, because I know what happens when I do not budget. It’s not pretty trust me. Without a baby I could afford to not follow my budget as it is written, but with a baby it’s a must. Luckily my baby girl is just drinking breast milk supplemented with a little formula, the cans are lasting a long time. When it is time for her to start eating solid food, we will not be turning to the jars of baby food. We have a nice food processor to make all the fresh food a baby will want. Money saved = money for a family trip or towards college savings. Just the other day I was in the grocery store shopping for my wife and I. I went into a store I was not a fan of, Wally World, because they say all the time they have the best prices for groceries. I’m not sure what they define as good prices because a box of name brand cereal was $4. I was shocked at the price because I normally go into Walgreens for cereal and they sell name brand cereal and it’s usually 2 for $4. We can afford the $4 cereal but I’m just shocked at the fact that cereal cost that much. The truth is I’ve purchased cereal before at that price but never thought much of it, but with a baby my mind started thinking about the cost of food items. Some might call me frugal I like to think of myself as a conscious buyer. If I’m going to spend money on something over priced it has to be a serious need or a good sale on some clothes or sneakers.
One of the most important things my wife and I did after having our baby was meet with our financial advisor. If you don’t have one I can refer you to one, but I highly recommend getting one. Being a father, I’m always putting my baby girls needs in front of my mine. I want to set her up for financial success and to not make the same financial mistakes I’ve made. Trust me when she is 3 or 4 we will start talking about money, I’ve found so many fun age appropriate resources of how to have a talk with your kid about it. I want her to know how to not only earn money but to know how to make it grow. This day in age you can’t count on a social security check when you become of age. I’m considering starting a 529 savings plan for college. Florida offers some options, but I am looking to make sure they are the best. Although I pray my baby girl gets a full ride scholarship I want her to be able to go any where she wants and not have to think about student loans. If you have a kid and are investing in a 529 plan please message me, I would love to get your opinion on the best option.