Preparing For A Baby?

A LOT has changed in our lives in the past few months. In February I accepted a job in Raleigh, NC and we moved 750 miles from Central Illinois. We joined a gym and started working with personal trainers and a nutrition coach to help us get healthy and fit. We’ve dialed back our retirement contributions in order to put as much money on my car loan as possible, and with just over $9K left on it we should have it paid off by October of this year…. Never again will I finance a car… But all of these changes pale in comparison to this one change that we plan on… Trying for a baby.

Not that kind of baby…

In the last month, Mrs. VOF and I both agreed on when to start trying for a baby, and we decided to start trying in May of 2018. This timeframe should match up nicely with when the kick-ass “pregnancy” benefits from her new employer are available to us.

Quite honestly, this is probably the most terrifying thing I have ever committed to. Mrs. VOF has always wanted kids and I have always been resistant to the idea, but in the last couple years something changed in the wiring in my brain and I’m now almost excited about having a son in the next couple of years. Yes, we will have a boy. I’ve already decided.

How does this coincide with our financial goals? I really don’t know. I initially wanted to have a baby later on in our FI year but obviously 2018-2019 is nowhere near the end for us. Right now I don’t have a financial plan. I didn’t even have a strong FI/RE plan to begin with. My plan was to just cut our expenses as much as possible, max out our tax-exempt retirement accounts and throw the rest into a taxable brokerage account. I guess my goal was to just save as much as possible to provide a financial security for Mrs. VOF and myself.

In that sense, I guess our plan really hasn’t changed​. We plan on loading up our retirement accounts and brokerage accounts after we get my car finished off and hope for the best. The beauty of it is we have a whole year before we really need to start planning and preparing.
How has having children affected​ your saving and financial goals?

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