Saturday, August 22, 2009

Newborn Son & Financial Effects

It has been such a busy week this past week that I did not post about my son being born on Monday morning at 6:05 AM at 6 lbs 5 oz. Baby Jack is very healthy and eating up a storm. The financial effects that will be felt (or not) in the months ahead include:

Clothes - Another couple in our bible study at church has a son growing out of clothes, so we received a lot of clothes. We also kept clothes that were unisex from our daughter for him. We should be good for a few years and then we'll probably get more hand-me-downs from others.

Food - We have some formula from when our daughter was born which should last us a little while (it hasn't expired yet). My wife is breastfeeding as well, but he's a voracious eater. My wife did purchase some additional tools to help her gather excess milk which have worked well. The total cost for those was $25.

Bed - We received a bed from someone we knew that no longer needed it. We had lots of blankets from when our daughter was little, so we didn't need to buy any.

Health Insurance - This will be the biggest expense for a while at $40/month with the Illinois All-Kids Care program. Our daughter is signed up for it as well and it has worked well. The only item we have to be careful is that they only cover 1 dental visit per year.

College Fund - In order to keep the two kid's college savings accounts at equal footing, we'll need to start putting at least $25/month into an account for him. We are not planning on paying all of their schooling, just enough so that they have to put some sweat equity into it without the work affecting their grades.

3 comments:

Dedicated said...

Wow, CONGRATULATIONS! That is wonderful. How is your daughter liking the new little brother? I remember when I had my second, my first was so mad at me. I'm still not sure if he is over it. :-)

Danielle said...

congrats on the baby!!!

Betsey C. said...

You have a son! Congratulations, that is wonderful news! How great that you have been able to get recycled clothes for him -- I love the idea of using things that are available rather than buying new. Just think of all the stuff that you will keep out of a landfill.

Best wishes, and enjoy your little boy!