The Yard 2- Expecting Like A Mug

During today's episode of the Yard with Charity Metzger we start off by reviewing how the end of the year went with Holiday shopping.  As those credit card bills and statements fully hit the account we discuss areas of improvement like determining a budget prior to the holidays.  Also, we realize that some of our household values growing up shape the way we look at spending on children and budgets and that it takes a lot of preparation to reconcile.

What are the things to expect when expecting a child? When you're planning to have a baby, there are many steps and considerations to keep in mind to ensure a smooth transition into parenthood. Here are some key points we talk about on todays Episode:

1. Daycare: If you and your partner both work, it's important to start thinking about daycare options early on.
2. Buying insurance: Make sure to look into life insurance needs for both you and the baby to plan for worst-case scenarios. 
3. Leave of absence & Paid FMLA: Look into the leave policies offered by your employer and plan accordingly.  Some leave is up to 12 weeks of unpaid while other jurisdictions offer paid family medical leave.
4. 529 accounts: Consider setting up a 529 college savings account for your baby. A 529 plan is a tax-advantaged savings plan designed to encourage saving for future college expenses.
5. Flexible Spending Account: If your employer offers a Flexible Spending Account (FSA), consider contributing pre-tax dollars to pay for eligible expenses, such as childcare expenses, during the year. 
6. Tax withholding: Make sure your tax withholding is accurate, as having a baby can affect your tax liability. Consider adjusting your W-4 form with your employer to make sure you receive more of your money upfront.
7. Returning to work & household budget: Consider how returning to work will affect your household budget and make any necessary adjustments. This may include cutting back on discretionary expenses or even becoming a 1 income household. 

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