How much do baby related expenses cost you each month?

posted 2 months ago in Babies
Post # 31
9335 posts
Buzzing Beekeeper
  • Wedding: August 2012

I would just keep in mind that 529s have to be used for traditional schooling iirc, and can affect their ability to get student loans. Personally we’ve just invested ourselves or used CDs.

Post # 32
7453 posts
Busy Beekeeper

Westwood :  529s can be used for any school that qualifies for federal student loans which includes college programs and trade schools. 529s owned by parents are reported as parental assets just like parental savings and investments. However 529s owned by the student or other family members (including grandparents) are counted as student assets and more heavily factored in to financial aid calculations. For that reason I opened a 529 account (which I own and my daughter is the beneficiary) that allows grandparents to deposit money directly via a shared link and told them they are not to open their own 529 accounts. We’re funding the 529 to a level that gives us good tax benefits, but also isn’t designed to pay for four years of Harvard. It should comfortably cover a state or trade school. If she chooses something pricier we will evaluate our other savings/investments and her loan options, but I don’t want to risk having lots of leftover 529 funds. 

Post # 33
1666 posts
Bumble bee
  • Wedding: April 2017

Hmmmm my Dear Daughter is one. Her formula costs $20 a week and nappies are around $15ish a week.

Baby food costs us maybe $5 a day?

I’ll say around $400 a month at the most but I formula feed and feed her store-bought stuff mainly. 

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