Phil's blog

Links to Help You Save Money For a Baby

Submitted by Phil on Mon, 04/06/2009 - 20:40.

Looks like the challenge is almost over. I'm so glad we were able to save up to our goal. It's been great this past month getting to know our little girl and feeling the security that comes with our FNBO Direct bank account. Can't wait to see who wins the grand prize!

Along the way, we got several ideas, tips, and tricks from everyone. Liz Weston was great, as well as the other challengers. We also got a lot of information from the blog comments. A big thanks to you for that!

While we're waiting for the final results, I thought I'd share a few excellent articles we found along the way that really helped us out:

Feel free to share any tips or links to articles you've found useful. Have a great week and wish us luck in getting the grand prize.

It's a Girl!

Submitted by Phil on Thu, 03/05/2009 - 02:42.

Kate Marie Taylor has arrived! She was born Thursday, February 26th, 2009, weighing 7 lbs 6 oz.

Teresa and I could not be more excited and blessed with her arrival.

In addition, due to the monthly interest being added to our FNBO Direct account over the weekend, we officially completed our savings goal of $7,500.
Perfect timing.

She's beautiful!

Submitted by Anonymous on Tue, 03/10/2009 - 21:50.

Phil, Congratulations on your baby girl. Kate is adorable. What an angel. It's a pleasure to follow your adventure. Good luck to you and your family.
Sincerely, Robin N

Congrats

Submitted by Anonymous on Tue, 03/10/2009 - 13:47.

Congratulations guys. Welcome to the wonderful world of parenthood.

Zach

Congrats Guys!

Submitted by Anonymous on Sun, 03/08/2009 - 01:40.

Hey Taylor's, so excited for you. May GOD bless the three of you as you begin the journey of parenting with love, patience, and health!

Way to go!

Michael, Kristen, and Samantha

RE: Congratulations!!

Submitted by Anonymous on Fri, 03/06/2009 - 15:21.

She's gorgeous!! Now get some sleep when you can -- you're gonna need it!!!!!!!

Wendy

She's beautiful!

Submitted by Anonymous on Fri, 03/06/2009 - 15:05.

Phil,

That's so exciting! Congrats on the goal - and the adorable baby girl! Love the pink bow in her hair! Send Teresa my well wishes!

~Betsy

Bookshelf for the Nursery Finished...Just in Time!

Submitted by Phil on Fri, 02/20/2009 - 00:43.

Just a quick post to share that I've finished the bookshelf I built for little Kate's room. It took me a couple of weekends, about $75 in supplies and paint, but I think it turned out nice. Was one of the more enjoyable projects I've even done. What do ya think?

Secondly, we found out today that we're about a week away from getting to meet baby Kate. We're anxious, but we feel ready. And thanks to this contest and FNBO Direct we're more prepared financially than we've ever been.

So far, we've met our financial goal for the contest. But it doesn't mean that we'll stop saving. We're going to use these last few weeks to make extra sure we're squared away for all our upcoming expenses.

Looking forward to sharing more with you over the coming weeks.

Awesome!

Submitted by Tim on Fri, 02/20/2009 - 17:57.

That's a great looking bookshelf! I'm very excited for you!

Baby Crib Bumper Set

Submitted by Anonymous on Fri, 02/20/2009 - 15:02.

Yes I agree it looks great. A Little Advice to you about the crib. The baby bumper looks good and I'm sure you have it in there for the right reasons, but I would highly recommend not using one. Please read more on it and rethink using it when your sweet gift from God arrives.

Great Work!

Submitted by Betsy on Fri, 02/20/2009 - 14:09.

Looks fantastic Phil! Nice work!

How Much Do You Spend on Valentine's Day

Submitted by Phil on Fri, 02/13/2009 - 01:57.

Valentine's Day is this Saturday. Are you ready?

As I shared in the podcast this month (visit the "financial toolbox" to listen), we're not big on this holiday in terms of spending a bunch of money on gifts, jewelry, or chocolates.

Teresa, my wife, does love her flowers though. I definitely enjoy getting them for her. They make her really happy and give the house a new, fresh feeling. So that's what I'm doing.

I'll also likely try and go out of my way to do some extra special things around the house or surprise her with a nice meal. I think anything that takes some time and shows you put some actual thought into it will do the trick.

So my question today is..what are you giving for Valentine's Day and how much do you plan on spending?

Well Suzanne's allergic to

Submitted by Anonymous on Sat, 02/14/2009 - 12:45.

Well Suzanne's allergic to flowers, and diamonds can get lost...so I tend to think big. Last year I bought her a new car, and this year I'm trying to buy her a house. How the heck am I going to top this next year?!!? - J

Storing Up for Baby and Building a Bookshelf

Submitted by Phil on Thu, 02/12/2009 - 05:41.

I went to work in short sleeves today. Not an uncommon practice here in Texas, where there's not much to the Winters. For many though, I guess Winter is a time to use up those supplies they stored up back in the Fall.

While we didn't really have to store up much for Winter, we now find ourselves having to store up for baby. We're about three weeks from our due date, so it's warranted.

We typically like to keep things pretty lean around here. Keep the clutter out. But since we feel like the world is going to stop down and we won't be able to leave the house once the baby is here, we're storing up on everything from soups to soap. We know we're probably going overboard. :)

So last week, Teresa went shopping for supplies and food and loaded us up. Made me wish we had access to one of those big discount warehouse stores like Sams or Costco. They have a yearly fee, which has kept us from joining in the past.

Do you use these types of stores? When does the annual fee become worth it?

In other news, I've completed my latest woodworking project: a bookshelf for our baby girl's room. Pics and stats coming soon, as well as pics of the entire room...

We found the annual fee paid

Submitted by Anonymous on Fri, 02/13/2009 - 11:08.

We found the annual fee paid for itself when we had access to product sizes you don't ordinarily find. Where else would you get a gallon of dish soap? It sits under the sink, and we keep filling the small bottle next to the faucet....for months. We only go to BJ's once every few months, spend hundreds when we do, but the weekly shopping bill is much lower, relegated to fresh stuff like milk and OJ.
- J

Sams

Submitted by Anonymous on Fri, 02/13/2009 - 01:39.

@Anonymous - Yeah, that's what I thought. Unless you have a big fam it doesn't seem worth it. I actually bought my last TV with Circuit City, but made them price match the Sams price. So I got the Sams pricing on the TV without being a member. Thanks for your comment.

So that begs the question...how many kids are enough to push you into the "Sam's club is a true value"...club? One? Two teenagers?

Three weeks??

Submitted by Tim on Fri, 02/13/2009 - 00:00.

WOW. Three weeks! That's crazy! I bet you guys are excited.

I know this doesn't help out in any way, but Beth and I almost never go to wholesale stores. But when we do, we mooch off of her parents' subscription (we've probably only ever used it one time). Maybe there's someone you know who already has access to places like that. :-D

Hope you guys are doing well!

Costco

Submitted by Anonymous on Thu, 02/12/2009 - 20:00.

I think you should try it for a year now that you will have a baby. Also get the american express costco true earnings card.

I have been a costco member since 2005 (only me and my wife). And I have also upgraded to the executive membership. Last year I got back 80-90 bucks (for 9 months) back using the executive (which gives 2% cashback). We get gas, veggies, fruits, bread, all detergents etc regularly, toiletries etc. And it works out good, and you will see great quality difference in things that you buy there, including costco's brand kirkland. I may seem like the spokesman for costco, but I really like them. And you should try it. Look for some deal, sometimes you find 10-15$ off on new membership, try for a year, see if it works out for you. I am sure its not for everyone, but if you have a baby, then surely it will work out. -Shiva

Diapers at Sams

Submitted by Anonymous on Thu, 02/12/2009 - 18:16.

We actually got a membership as a gift from our babyshower along with a HUGE box of diapers. We buy diapers, gas and about $50 worth of frozen foods every month. I believe its worth it! Probaly because we didn't actually pay for the membership.

Sams

Submitted by Anonymous on Thu, 02/12/2009 - 15:31.

We bought a membership and it was a total waste. We don't have any kids and I don't think it's benefical unless you buy for a lot of folks. The only thing we got from there was a TV (good deal, but that was it). I won't be getting one again until we have some kids.

33 Weeks! Baby Stuff Update

Submitted by Phil on Thu, 01/15/2009 - 03:22.

I thought I would take a moment to update you guys on our baby girl. We've decided we're going to name her Kate. Here's a picture of her and her beautiful mother, Teresa. ...that's all the motivation I need to save money right there.

We're 33 weeks along, and doing really well. Here's some of the things we've been up to:

Painted the Room - Once we got the crib put together, we decided we'd add some color to the room. I did the work on my own, saving us a bit of money.

Purchased a Travel System - With the help of some coupons we were able to get the travel system (stroller/carrier/car seat) for $229, which regularly lists for $299. Not too bad.

Baby Showers - We were blessed to have a couple of baby shower thrown for us last week. The people in our lives are very generous, and we feel pretty lucky about things.

Free Baby Classes - Lastly, we've had the opportunity to attend some baby education classes over the last few weeks. We're learning about infant safety and car seats. It's a service our hospital does for free. Can't beat that.

---

Question: Now that we're only weeks away from our due date, we're wondering what baby stuff we truly need to have before our baby girl arrives. Do you have any suggestions for us? Any must-have's?

Diapers, clothes,

Submitted by Anonymous on Tue, 02/03/2009 - 23:31.

I would also recommend getting cloth diapers. They are not like they use to be. They now have plastic covers attached and velcho (sp?) to keep them on. They have saved us lots of money. The intial costs are high per diaper, but they can last for a couple of years. The one size ones are the best deal (7-35 lbs). We only use them when we are at home. But the average diaper costs 25 cents, so if you use it at home only, 4 changes a day is $1, equals to $7 a week (more if you use on weekends), $31 a month, $365 a year. And that is only using them 4 times a day.

Summer time- your little one will pry just be in onies a lot and that is all. Also, shop ahead of time of clothes, a lot of the winter items will be on clearance in a month or two. So figure she will be in 9-12 months, 12 months then. Go ahead and buy and store (just remember where!)

don't buy baby applesuace, regular adult applesauce, unsweetened is the small thing and costs a lot less. Also, if your wife or you have time, home-made baby food is wonderful. Just need a food-grinder.

Make sure you conitnue to check consignment chops and even thift stores (which are sometimes harder to find good deals but have awesome prices!

Baby items.

Submitted by Anonymous on Wed, 01/21/2009 - 14:56.

We found that our son loved his little baby seat. It vibrated (which was soothing for him) and played music. Once babies are a few months and learn to kick their feet it bounces slightly. Our baby surprisingly wasn't very fond of his swing but we got a lot of use out of this piece. Plus it wasn't as big as a swing and could easily be carried around the house, which your wife might enjoy is she is alone during the day and wants to take a bath or do something in the kitchen.

One other note-worthy thing is the importance of crib safety. To reduce SIDS (sudden infant death syndrome) it is highly recommended not to use blankets, pillows, or baby bumpers on the crib, even though they are so cute. The infants can roll into them and then not get enough oxygen, thus suffocating. Because of this I found the baby sleep sack or baby swaddler really handy. They are also called "wearable blankets". It's basically like a nightgown that's sewn on the bottom, some are sleeveless. The ones for younger children velcro for a tight swaddle and the ones for babies that are a little older or that don't like to be swaddled zip up (this is the one that we had). Each night you just put them over the babies pjs to keep them warm. I'll never forget once when I woke up in the middle of the night to see that my swaddled baby had kicked his blanket off and it was over his head. He was still very very new so I didn't think he could get out of the blanket. It scared me half to death and I immediately got a wearable blanket. We used ours until our baby began to crawl. You can find them at target, or at babies R us. Good luck and congratulations.

rest

Submitted by Anonymous on Sat, 01/17/2009 - 15:53.

The most important thing to have before the baby arrives is rest. I know this doesn't have a lot to do with saving, but it sure is a need. Get plenty of it before the arrival if you can.

mike d.

Thanks!

Submitted by Anonymous on Fri, 01/16/2009 - 22:44.

Thanks for the comments everyone. Excellent tips we will take to heart.

re. I wish I had known then what I know now

Submitted by Anonymous on Fri, 01/16/2009 - 16:59.

Hi!

The one thing no one told us when our daughter was born was to open up a 529 savings plan for her for her future education. If you go to upromise.com, you can also save college cash when you make purchases from participating Web sites via a downloadable tool bar. The best thing about both these plans is that you can get friends and family members to do it, too -- just put them on your account and give them access, and their purchases can add up along with yours! This year alone we were able to roll $200 worth of Upromise savings into our daughter's 529, on top of our directly deposited monthly contributions.

One thing we also noticed was while friends were EXTREMELY generous with gifts of baby clothes -- newborn things are so cute, who can resist buying them for showers -- we really needed things for when she outgrew them (and you will not BELEIVE how quickly your little one will outgrow size 0 to 3 months!!) If you are registering for baby gifts, include some clothes in larger sizes so that you have them in the house for that soon-to-come moment when you hear "Honey, she outgrew all her onsies!"

Ebay, Ebay, Ebay. Because kids outgrow things SO fast, I was able to buy lots of almost-new things for our daughter on Ebay -- often in "lots" of more than one item!

And look for hand-me-downs from friends with kids, it's amazing what people save when they think "What if we have another?" and then 10 years later go through their closets...

Good luck to you, and God bless!

Wendy

Formula Advice

Submitted by Michael on Fri, 01/16/2009 - 14:16.

One of the best pieces of advice my wife and I got after we adopted our child back in March 2008 was to forgo buying name brand formulas such as Enfamil, Good Start and Similac and instead buy the store brand at Target.

Our son used the store brands at Target (he is now drinking soy milk) and has passed all of his doctor visits with flying colors.

The store brands at Target cost about half of what the name brands are. We were buying formula for home and for daycare, which usually meant at least two cans of formula were being purchased a week. I think we saved about $10 a can, since we were buying the Target store brands, which meant we were saving at least $20 a week.

You have to buy the formula, so it helps to save where you can. Good Luck with the baby, and make sure you get your sleep while you can !

Diapers

Submitted by Anonymous on Fri, 01/16/2009 - 12:02.

You will not believe the sheer amount of diapers you're going to use. They're non-perishable, so getting one or two packs a week at a wholesale club now will help tremendously later. Just remember, kids grow like weeds, so get some of the larger sizes too.

2009 Financial Goals

Submitted by Phil on Tue, 01/13/2009 - 07:15.

Happy New Year, everyone! I didn't really resolve to do anything this year, but I did set some goals. So today I'll share with you our financial goals for 2009:

1. Reach Our Goal in the PYF Challenge - We're actually pretty close already. Just a few more automatic deposits and we're there. Thanks for your support and encouragement.
2. Max Out Retirement Savings Opportunities - I have some great retirement plans available at work, and we can contribute to a Roth IRA too.
3. Maintain Our Emergency Fund - We may need to up this a bit once our little girl gets here since monthly living expenses will rise. FYI - We generally try and keep 6 months of expenses in the E-Fund.
4. Research 529 Plans - We're not dead set on using one of these plans to save for college expenses, but I would at least like to understand them more. Liz has a nice article on college savings.
5. Research and Get Life Insurance - With a little one on the way, it occurs to me that we're going to be responsible for someone else for at least 18 years. That means life insurance might be a good idea. I'll be checking that out this year. Kristen shared some research on life insurance in a previous post.

So that's a few of the financial goals we have for 2009. What are your goals or resolutions?

I'll be back later in the week to share some baby updates.

Looking Back and Thoughts on the New Year

Submitted by Phil on Wed, 12/31/2008 - 21:33.

2009 is almost here. Can you believe it? As I think back on 2008, I feel extremely blessed at all that we've been given and all that we've been able to accomplish. I will forever remember 2008 as the year I made the rap video and competed in the Pay Yourself First Challenge.

As good as 2008 was, I have so much to look forward to in 2009. Most importantly, getting to meet our little girl. I feel good knowing that we've been able pay ourselves first, make progress with our savings goals, and have a better sense of security about our situation.

Thanks for all your support and I hope you have a wonderful 2009.

Bartering for Bumpers, Freebies, and Our New Crib

Submitted by Phil on Fri, 12/19/2008 - 08:25.

Bartering Saves Money

This week we've been using our computer to create a DVD for a friend of ours of her home videos and pictures. While we're glad to be able to provide this service to our friend, we were able to make a nice trade: our friend is making us a custom bumper and bed skirt for our little girl's crib.

Just goes to show you that to have something nice you don't need to necessarily go out and spend a ton of money. Look for ways to exchange a bit of your skills for the things you want. Bartering is sometimes more time consuming and "old school", but there's something pure and frugal about trading skill for skill.

More Free Baby Stuff

Also, we've been blessed to pick up a few more freebies from friends. In addition to the maternity clothes Teresa received a while back, we recently were given a door jumper, a couple of gently used bouncers, and an activity exercise center. All of these are on Million Dollar Journey's list of 8 Essential Infant Baby Toys. I guest-imate they'd cost us $175 had we purchased them new ourselves.

Our New Crib

Lastly, last week I promised some video of the crib we just bought with our savings. The shipping and assembly of the crib would have costs us around $150. So I opted to put in the time and effort to do it all myself. That saved money can go towards our savings goal.

Thanks to MacGyver, one of my favorite TV shows from back in the day, for the inspirational theme song. I wish MacGyver were still around to show me more ways to save money, MacGyver-style of course.

Hope your Holidays are blessed and happy.

-Phil

Our Spending Splurge: A New Crib

Submitted by Phil on Fri, 12/12/2008 - 20:15.

Tim recently shared a big splurge he'd made on a new MacBook Pro. Good choice, Tim. I thought I'd take a second to confess a splurge of our own: we just bought a nice, brand-new crib.

Our New Crib

The frugal guy inside me wanted to search craigslist.com or local consignment shops for a crib, or simply go find a heavily discounted cheap-o crib. But the future Dad in me wanted a nice, shiny new, safe piece of furniture for my baby girl's room.

Needless to say, future Dad won out over frugal guy. But, that's why we're in this contest so we can have the money saved to afford these types of purchases, and not have to always make the most frugal choice, right?

It Converts!

As a plus, it's a convertible crib (converts up to a full size bed). So, if we're able to make the most of this bed, our little girl could be using the crib for 18 years or longer. This is starting to sound like a good deal.

I understand there are mixed reviews on the cost-effectiveness of the convertibles though, so I'll temper my enthusiasm and just be glad we have one nice piece of furniture for our girl's room.

More Crib Info

For some guidance on buying a crib be sure and check out this section on baby expenses - cribs at Four Pillars financial blog.

I'm putting this crib together this weekend. So, hopefully you guys will get a sneak peek by video.

-Phil

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