March 2021 Beers & Budgeting | Our Baby is Here!

TL;DR

Debt-free millennial couple discusses their March budget post-baby arrival, unexpected expenses, and preparing for a hefty tax bill.

Transcript

see i told you we would only have one more beers and budgeting episode before we had the baby and now we've had the baby yay and we are tired yeah and showered and i mean i think i have split up stains on my shirt we did not get dressed up or cleaned up for this nope but we're getting it in we got the kid on the baby monitor so hopefully we can get... Read More

Key Insights

• ✅ Exceeded income expectations due to unexpected stimulus checks.
• 👶 Notable expenses included overspending on groceries and Amazon purchases for baby items.
• 🌱 Plans to allocate excess funds towards a significant tax bill.
• 👶 Making financial adjustments post-baby arrival, such as increasing life insurance coverage.
• ❓ Acknowledgment of healthcare system challenges in the U.S. compared to other countries.
• 👶 Evaluating additional financial responsibilities with a new baby in the family.
• ❓ Exploring investment platforms like Robinhood and WeBull for financial growth.

Questions & Answers

Q: How did the couple exceed their income expectations in March?

The couple received unexpected stimulus checks, boosting their income for the month and providing extra funds to work with.

Q: What were some of the notable expenses the couple faced in their March budget?

Notable expenses included going over budget on groceries due to family visits, hospital-related costs, and a spending spree on Amazon for baby essentials.

Q: How is the couple planning to address their significant tax bill?

The couple plans to use the excess funds from their March budget and potentially dip into business funds to cover the hefty tax bill.

Q: What financial adjustments are the couple making post-baby arrival?

The couple is looking into increasing life insurance policies, adjusting health insurance for the new baby, and preparing for ongoing medical expenses related to the birth.

Summary & Key Takeaways

• Successfully managed March budget despite unexpected expenses post-baby arrival.

• Exceeded income expectations, thanks to stimulus checks.

• Planning to allocate extra funds to cover a significant tax bill.