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MAKING A DIFFERENCE FOR SAILORS, MARINES AND THEIR FAMILIES

MAKING A DIFFERENCE FOR SAILORS, MARINES AND THEIR FAMILIES. Budget for Baby ..a view of baby’s financial impact. MAKING A DIFFERENCE FOR SAILORS, MARINES AND THEIR FAMILIES www.nmcrs.org. WELCOME. Today we will cover Basic Budgeting Some ways your budget will change with new baby

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MAKING A DIFFERENCE FOR SAILORS, MARINES AND THEIR FAMILIES

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  1. MAKING A DIFFERENCE FOR SAILORS, MARINES AND THEIR FAMILIES

  2. Budget for Baby ..a view of baby’s financial impact MAKING A DIFFERENCE FOR SAILORS, MARINES AND THEIR FAMILIES www.nmcrs.org

  3. WELCOME • Today we will cover • Basic Budgeting • Some ways your budget will change with new baby • Ideas to lessen the impact on your budget MAKING A DIFFERENCE FOR SAILORS, MARINES AND THEIR FAMILIES www.nmcrs.org

  4. Financial Readiness for Baby MAKING A DIFFERENCE FOR SAILORS, MARINES AND THEIR FAMILIES www.nmcrs.org

  5. Financial Readiness for Baby MAKING A DIFFERENCE FOR SAILORS, MARINES AND THEIR FAMILIES www.nmcrs.org

  6. Your Leave and Earnings Statement MAKING A DIFFERENCE FOR SAILORS, MARINES AND THEIR FAMILIES www.nmcrs.org

  7. Financial Readiness for Baby Did you include all money that you get every month? MAKING A DIFFERENCE FOR SAILORS, MARINES AND THEIR FAMILIES www.nmcrs.org

  8. Review Federal & State Withholding Compare: E/3 over 3 years, with a Spouse and Child Single/0Married/2 Base Pay $1,923 Base Pay $1,923 Fed Taxes -197 Fed Taxes - 19 $1,726 $1,904 A Difference of $178 MAKING A DIFFERENCE FOR SAILORS, MARINES AND THEIR FAMILIES www.nmcrs.org

  9. Financial Readiness for Baby MAKING A DIFFERENCE FOR SAILORS, MARINES AND THEIR FAMILIES www.nmcrs.org

  10. Housing & Utilities • Consider Base Housing Option • Less Expensive Housing- Lease Expiring? • Do you own? Home Repairs/Lawn Care? • Conserve Energy MAKING A DIFFERENCE FOR SAILORS, MARINES AND THEIR FAMILIES www.nmcrs.org

  11. Financial Readiness for Baby MAKING A DIFFERENCE FOR SAILORS, MARINES AND THEIR FAMILIES www.nmcrs.org

  12. Food & Household Needs • Shopping Lists • Menu planning • Coupons • Compare prices • Buy in bulk • Buy on sale • Buy generic/store brands • Commissary – not convenience stores • Bakery Thrift Stores • Discount Food Programs • WIC • Food Stampsr • Eat at home Single/0Married/2 Base Pay $1,923 Base Pay $1,923 Fed Taxes -197 Fed Taxes - 19 $1,726 $1,904 Food & Household Needs MAKING A DIFFERENCE FOR SAILORS, MARINES AND THEIR FAMILIES www.nmcrs.org

  13. Financial Readiness for Baby MAKING A DIFFERENCE FOR SAILORS, MARINES AND THEIR FAMILIES www.nmcrs.org

  14. Savings – Paying Yourself Emergency Fund Short/Medium Term Goals Long Term Goals Food & Household Needs What do you want your Future to look like? MAKING A DIFFERENCE FOR SAILORS, MARINES AND THEIR FAMILIES www.nmcrs.org

  15. Financial Readiness for Baby MAKING A DIFFERENCE FOR SAILORS, MARINES AND THEIR FAMILIES www.nmcrs.org

  16. Communications • Bundling cell phone with internet/cable • Evaluate cell usage and options (data/text/minutes) • Pay as you go or Prepaid cell phones (no contract) • Web based communication • Prepaid SIM cards and data packages in foreign countries during deployment MAKING A DIFFERENCE FOR SAILORS, MARINES AND THEIR FAMILIES www.nmcrs.org

  17. Financial Readiness for Baby • Transportation/Travel • Vehicle payment_______________________ • Maintenance/repairs _________________ • Gasoline/oil ________________________ • Auto insurance______________________ • Property tax, registration ______________ • COST Per Month : $ ___________ • Consider setting aside $50/per vehicle for maintenance MAKING A DIFFERENCE FOR SAILORS, MARINES AND THEIR FAMILIES www.nmcrs.org

  18. Calculating your Vehicle Costs • Car payment $ 425.00 • Insurance $ 105.00 • Gas $ 200.00 • Maintenance $ 50.00 • Total Monthly Cost • $ 780.00 • + registration, tax and tag MAKING A DIFFERENCE FOR SAILORS, MARINES AND THEIR FAMILIES www.nmcrs.org

  19. Financial Readiness for Baby Education MAKING A DIFFERENCE FOR SAILORS, MARINES AND THEIR FAMILIES www.nmcrs.org

  20. Financial Readiness for Baby MAKING A DIFFERENCE FOR SAILORS, MARINES AND THEIR FAMILIES www.nmcrs.org

  21. Medical and Dental • Enroll baby in DEERS before 2-week check-up • Active duty families have no co-pay if TRICARE Prime • Save for non-covered dental expenses • Enroll toddler in FMDP MAKING A DIFFERENCE FOR SAILORS, MARINES AND THEIR FAMILIES www.nmcrs.org

  22. Financial Readiness for Baby MAKING A DIFFERENCE FOR SAILORS, MARINES AND THEIR FAMILIES www.nmcrs.org

  23. Miscellaneous Spending • Money spent and not placed else where in your budget, such as: • Hair cuts • Media/online fees • Dry Cleaning • Banking fees • Eating Out includes Lattes • Pets MAKING A DIFFERENCE FOR SAILORS, MARINES AND THEIR FAMILIES www.nmcrs.org

  24. Financial Readiness for Baby MAKING A DIFFERENCE FOR SAILORS, MARINES AND THEIR FAMILIES www.nmcrs.org

  25. Providing for Baby What does my baby NEED? Food Clothing Shelter Medical Care Transportation What does my baby WANT? Apps/iTunes/Games HDTV/extra pacs “Family” Car New Nursery Furniture MAKING A DIFFERENCE FOR SAILORS, MARINES AND THEIR FAMILIES www.nmcrs.org

  26. Financial Readiness for Baby MAKING A DIFFERENCE FOR SAILORS, MARINES AND THEIR FAMILIES www.nmcrs.org

  27. Credit – Buy now Pay Later • What does this Privilege Cost? • Interest Rate • Late Fees • Loan Processing Fees • Annual Fees • Credit Score Periodic Rate Finance Charge Summary MAKING A DIFFERENCE FOR SAILORS, MARINES AND THEIR FAMILIES www.nmcrs.org

  28. Financial Readiness for Baby MAKING A DIFFERENCE FOR SAILORS, MARINES AND THEIR FAMILIES www.nmcrs.org

  29. Financial Readiness for Baby 3. Is Your Plan Healthy? TOTAL Income: $ _________(total Net) TOTAL $ Spent: $ _________(total Cost) TOTAL REMAINING: $ ___________________ MAKING A DIFFERENCE FOR SAILORS, MARINES AND THEIR FAMILIES www.nmcrs.org

  30. Consumer Awareness • Parenthood places you into a targeted group for marketers, advertisers and sales people. • High pressure sales techniques • E-bay, phone sales, home shopping networks • Pay Day Lenders • Baby pictures or photo clubs • On-line loans Remember, if it sounds too good to be true, it is. MAKING A DIFFERENCE FOR SAILORS, MARINES AND THEIR FAMILIES www.nmcrs.org

  31. Other Considerations • Last Will and Testament • Establish guardianship • Family Care Plan • Life Insurance • SM insured through SGLI • Spouse is insured through • FSGLI • Children automatically insured through SGLI - $10,000 MAKING A DIFFERENCE FOR SAILORS, MARINES AND THEIR FAMILIES www.nmcrs.org

  32. Additional Resources Baby Products and Services • www.amazonmoms.com • www.diapers.com • www.pampers.com • www.huggies.com • www.johnsonbaby.com • www.verybestbaby.com • www.welcomeaddition.com • www.meadjohnson.com • http://www.ventura.ca.parentclick.com • www.steals.com • www.newparent.com • www.parent.com • www.navymwr.org (select child & youth) • www.childcarecenter.us • www.childdevelopmentresources.org • www.babycenter.com/baby-cost-calculator MAKING A DIFFERENCE FOR SAILORS, MARINES AND THEIR FAMILIES www.nmcrs.org

  33. Additional Resources Food Savings and Food Banks • www.coupons.com • www.commissaries.com • www.foodpantries.org • NOTE: Insert numbers for local food banks here. MAKING A DIFFERENCE FOR SAILORS, MARINES AND THEIR FAMILIES www.nmcrs.org

  34. MAKING A DIFFERENCE FOR SAILORS, MARINES AND THEIR FAMILIES www.nmcrs.org

  35. BACKUP SLIDES MAKING A DIFFERENCE FOR SAILORS, MARINES AND THEIR FAMILIES www.nmcrs.org

  36. Example: Coupons.com MAKING A DIFFERENCE FOR SAILORS, MARINES AND THEIR FAMILIES www.nmcrs.org

  37. Example: Baby cost calculator http://www.babycenter.com/baby-cost-calculator MAKING A DIFFERENCE FOR SAILORS, MARINES AND THEIR FAMILIES www.nmcrs.org

  38. Example: Navy MWR Mobile App MAKING A DIFFERENCE FOR SAILORS, MARINES AND THEIR FAMILIES www.nmcrs.org

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