Recording the Family Money podcast has been so fun because I got the chance to talk with so many of favorite financial experts. I always like the opportunity to hear their perspectives on some of the money issues I think about all the time, like the high cost of child care or how complicated it can be for a mom to decide to downshift her career.
But it’s not totally fair for me to hog these experts' time and only ask them my questions. So we took the opportunity to get them to answer some really fascinating listener questions. And of course, they had really good answers!
With Heather and Doug Boneparth we talked about unexpected five-figure medical bills after birth, how to decide where to put your money when there are so many competing priorities, and how people actually afford to have big families when the cost of raising just one kid is $300,000.
My favorite bit of advice from Doug: For every $1 you spend on yourself, set aside $5 to $10 for future you.
(Also, Heather regularly writes about insurance-related issues in their newsletter, The Joint Account. Highly recommend this one she wrote earlier this year on navigating very expensive medical bills.)
Corinne Low answered a question from a reader who’s concerned she’s not saving enough for retirement because she’s spending so much on child care. (Who else can relate?) And we talked about another reader who wrote in saying her husband always shuts down whenever they have hard money conversations.
It can be tough when your spouse struggles to communicate with you about financial issues, but Corinne’s advice is solid: Sometimes it’s up to your partner to deal with their own shit. And the best you can do is make sure your own financial house is in order. When it comes to family finances, the old airplane oxygen mask metaphor is a good one. You need to take care of yourself (and your kids) first.
Last but certainly not least, I had a lively chat with Farnoosh Torabi where we discussed reader questions about paying for big expenses that come up during pregnancy and child birth (worry less about the baby stuff and more about how you’re going to pay for any hospital bills and maternity leave), what parents should do to prepare financially before the baby comes (experiment with living on one income and bank the other), and how to deal if you’re trying to afford three kids in daycare.
With that last question, Farnoosh made a good point. This isn’t a budgeting problem; it’s an income problem. She encouraged the couple to figure out how they can earn more rather than scrambling to figure out how to cut out more from their already tight budget.
Our mailbag episode was so fun, I hope we get a chance to do another one! If we did, what questions would you want us to answer?
Family Money episode recaps
Lindsey Stanberry
Lindsey Stanberry
