The American Dollar
One industrious American family's focus on a financial goal of freedom. Through worldly personal finance education, here is our story.
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Our Story: Both my wife and I are 27 years old and have gone through financial hell and back. Now we are on track to financial freedom, however we are not financial advisors or professionals, just everyday people. Share our journey from a negative networth and email us if you have questions or comments! :)


Friday, March 16, 2007

Balancing Life

Yesterday we celebrated our baby girl being 1 month old! Since its a big "to do" in our family, we invited our relatives out to a nice dinner. We went during the daytime to pick out an outfit at Kohls and take a trip to Target to get some more formula/diapers. It was her first time out of the house besides to the doctors office and back, so she was VERY good! After a month, most noticable difference is her emotions and facial expressions. My life pretty much revolves around my daughter. She wakes up, I wake up (mommy too!). She needs to be fed, we feed her. There are a few times during the day when shes napping that we are able to put the pieces of life back together. Since we are both at home and not working, we kinda split domestic chores basically whatever needs to be done, we do it. Sometimes I still have to ask what day it is, just to seem like we are progressing towards... something. When do kids start having play dates? Since none of my friends have kids or are close to being pregnant or moving to of their parents place even, where can we go? Does she even need to have the interaction at such a young age? Oh well she seems content now.

The more I think about what I'm goinig to put on this blog, it gets farther and farther from what I originally intended when I started it, which was to focus on maximizing savings with our income, minus debt and so forth... OK for those of us that love to keep track of finances and love to budget and get on the financial ball, we have started a 529 college savings account with a modest $150. Granted shes only 1 month, but we believe she has her heart set on an ivy league school. :) but who knows. Next our budgeting has paid off and we have ended up with about $300 extra in monthly allowances outside of grocery for March, which have not been allocated. Baby stuff really isnt that big of a chunk like we expected. Already we have stored 4 boxes of newborn and 1 year pampers (she wears both) and about 2 cases of ready to eat formula ( good for about 2-3 weeks). Thats pretty much it, plus she has enough outfits til shes about 6 months-1 year. Her great grandmother has already got her a jacket, which I advised we should see how big she is in the winter time, however I know her intentions meant well. What 1 month old needs a 1 year olds parka given in May? Ok thinking financial thoughts: 10k emergency fund, thinking of bumping it to 20k. I want so bad to start a car fund but can I do it and still pay the house down??? Its tricky but those couple items have been looming on the horizon needing to be researched and the numbers put on paper. And speaking about horizon, this weather needs to clear up so we can get her back outside in the nice 80 degree fresh air!


Anonymous sid said...

Can you tell me more about the 529 savings plan for your daughter. I have a 6 month old daughter and I'm planning to save some money for her education. What are the pros and cons of 529 savings.
Will she be eligible for any financial aid with 529 savings?
Will there be a big penalty fee if I use the 529 savings to personal use.


5:38 PM  
Blogger DEBTective said...

Great job, bub. You're making a plan for your dough, saving up for college and to buy cars, watching where your money is going ... the whole shebang. Keep going and you'll stay out of the money trouble that so many others get into. Way to go, baby!

4:37 PM  
Blogger Amdollar said...

I wrote a post in January about a savings plan, however I like the 529. You pick a mutual fund from the 529 plan and whatever gains it makes on your money you invest is TAX FREE for your child when they attend college. Cons: not everyone goes to college, but it can be transferred to family.

2:35 PM  

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