Raising Babies Frugally, Minimally, & Sustainably w/ Chelsea Brennan of Mamas Talk Money
Episode 122, Aug 21, 2020, 08:00 AM
Having and raising children can be expensive! And with so many different products and precautions vying for our money it can be tough to know where to spend and where to save. We're thrilled to have Chelsea Brown, founder of Smart Money Mamas and former hedge fund investor to talk about the important pieces to consider when having kids and the items most parents don't think about, but should!
Sponsors:
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- Cute Aggression - that feeling you get when you see literally ANYTHING that is tiny and overwhelmingly adorable that you grit your teeth, clench your muscles, and say weird things that you would never ACTUALLY do but somehow feels right to say. Cute aggression: you either understand it completely or you are entirely concerned by it - there is no in-between
Notable Notes:
We asked Chelsea all about her insights and top tips on raising babies frugally! Here's our highlights:
- What are some costs new mom think they need to spend money on but really aren’t necessary?
- Basically everything… :)
- For real though, set up the nursery later - most infants will sleep in your room for the first few months anyhow!
- Consider if the thing you are about to purchase will actually cause anxiety
- Beware of educational development marketing - they want your money - not to make your baby smarter
- Basically everything… :)
- What are some costs new parents might not think about but are legitimately important?
- Life insurance (for parents plan for 6-10x your salary) + Estate plan (particularly to name guardians)
- Trust and Will
- Haven Life
- Ladder
- Bestow (no exam necessary)
- Policy Genius
- Emergency Binder - by Smart Money Mama
- Baby emergency fund
- Consider night nurse/food delivery. etc.
- Life insurance (for parents plan for 6-10x your salary) + Estate plan (particularly to name guardians)
- For the things we need, what are some ways to save money.
- Local buy nothing groups
- Borrow from friends
- FB marketplace
- Mom FB groups
- Thrift stores
- Consignment events
- What should new moms be prepared for as far as medical costs for delivery and baby well checks?
- ACA often covers baby well checks
- CALL INSURANCE provider to learn about coverage
- Understand what your deductible is
- Recognize possibility of paying deductible 2x
- Options - what they cover (small perks)
- Call hospital and get range of numbers
- Select an office that has a set price
- Consider birthing center (if healthy/non-complicated pregnancy)
BILL OF THE WEEK - Thank you Chelsea for sharing about your bill for your sit to stand desk!
Today’s Bill is brought to you by Drop, a FREE rewards app that allows you to earn points from hundreds of common brands you already spend at regularly and you can redeem those points for gift cards to places like Groupon, Amazon, Uber Eats, and more! Drop is giving all of our listeners 10,000 points (which translates to $10) when you sign up for the app and use the code ‘FRUGAL'.
Lightning Round
What are some ways friends can support their friends who are new moms?
- Chelsea - offer household help (do laundry, clean the kitchen, amazon prime home offers house cleaning service gift cards, gifts for mom)
- Jen - do laundry for others - send to wash and fold place - DIAPERS - books - wine
- Jill - I send food deliveries from local restaurants - cuz you know I have a hard enough time cooking for myself and new moms have GOT to be tired of all the homemade lasagna…(raise - discounted giftcards)
-Check out 'Mamas Talk Money' Oct 12-16
Wrap-Up:
Thanks so much for listening! Keep leaving us reviews on iTunes or Stitcher, and sending the screenshot to frugalfriendspodcast@gmail.com. AND share our most recent episode on social for a chance to win a $10 Amazon gift card!
Thanks for listening! See you next week!