Family Finance 101

Since I am out sick I am between doing research on Olivia's savings + college savings as well as catching up on some reading. I could never take television while I am sick and it's even worse now that I don't even watch it unless Jason turns it on.

Anyway, so far it's been relaxing. Olivia is definitely not feeling the brunt of this infection as she has been out and about the past couple of days - which actually soothes me since she had been fairly quiet last week which made me nervous...but after all those 'resting' days she sure has picked up some strength in the karate + ballet department!

The reason we are looking ahead for Olivia's future is because Jason and I did not exactly have the easiest time growing up in the money department. The two of us have decided to really take a magnifying glass to our earnings and expenses to make sure that we get the maximum use out of our assets to live a healthy, fun and supportive life with our little lady (and the prospective others).

So far, I have constructed a detailed budget (down to the dog food and postage stamps!!) and have been able to calculate a possible savings of unexpected proportions! I find that our love and drive for a better life for our daughter makes sticking to the budget quiet easy and definitely makes you look at your life in perspective of what is and is not important. I am also looking into which bank (we have separate accounts) carries a better interest rate for 'Liv's savings as well as the pros and cons of a 529 account or the Coverdell (for college). Otherwise, our debt (outside of rather small payments towards student loans) will be paid off by the fall so the money which originally went towards debts now goes towards child care (helloooooo tax deduction #2!). All in all, we are able to continue live our lives that we have since Jason's over-time and such was never constructed into the budget - so any extra hours Papa works can go into savings for little holidays or new shoes! I like to think we make a great team ^_^

And, we were pretty blessed in the tax department again this year - as UN taxes can be a bit complicated...and will leave it at that.

Next Saturday, March 8th, we hope to attend a seminar at the American Museum of Finance in the Financial District to learn about ways to save/spend money for our child. Should be really cute since it's aimed towards families and also includes activities for children and Olivia always gets bouncing around when she hears other children closeby.

Besides the budget and a few large items we have to pick up for the nursery (ie, crib mattress, car seat, 2 shelves, an ear thermometer, and a playard - to be exact) we are just about finished nesting and preparing for our little one.