Oh Baby! Changing Diapers and Financial Plans Isn’t Easy.
Jamie Wulf propped baby Ashlyn on her left hip as she bustled around the kitchen, preparing for the nightly routine of “Daddy’s home,” followed by dinner.
Over the past year, Jamie and her husband Nathan have learned new ways to balance work, home life and finances. But before their first child came along, this thirty-something couple enjoyed running, hiking and “anything outdoors.”
“Now, with Ashlyn…” Jamie said. “Cutting back on work, daycare, just suddenly how much you allocate to travel or to remodel your house gets a lot smaller and the daycare fund and the diaper fund – that becomes the larger investment.”
Good thing Nathan and Jamie had a sound financial plan in place before Ashlyn was born. They continue to contribute to their 401(k) plans at work and have monthly budget discussions.
“Now we get down to the nitty gritty, talking about the logistics of diapers and baby food and really kind of diving in to how much does having a baby actually cost,” Nathan said.
Toward the end of our conversation with the Wulfs, Jamie slipped away to start Ashlyn’s bath. We asked Nathan: If you could teach your daughter one thing about money, what would it be?
He had the answer ready. “It would be to graduate college, go out and find a job that you love doing, and take 15 to 20 percent of your take-home pay and sock it away until you can invest it in a 401(k) or some other fund for your future.”
Sometimes, father does know best.
Hear Nathan and Jamie's story and comment on #TalkBackTuesday: How have different life stages – such as a new marriage, a new baby or a new job – affected your financial plans?
The experiences herein have been edited, may not be representative of the experience of other clients and are not indicative of future performance or success. The information provided is for general informational purposes only and should not be considered an individualized recommendation or personalized investment advice.
The Charles Schwab Corporation (“Schwab”) provides a full range of securities brokerage, banking, money management and financial advisory services through its operating subsidiaries. Its broker-dealer subsidiary, Charles Schwab & Co., Inc. (member, SIPC), offers investment services and products.
Take a look at Schwab Volunteer Week
Lou Reda is ‘hands-on’ with community service
Long-term investing helped Eileen Birge retire early