financial planning with kids

February 10, 2017 11:28 AM

What books would you recommend on financial planning or money in general when you have kids? Middle-class orientated. Kids are currently preschool or younger. I'm specifically thinking of mostly long-term planning along the parenting continum: life insurance, daycare/summer camps, eventual older kids costs (I've heard teenagers are expensive too), college, retirement. Also general questions like deciding when/if you have money for a big purchase (remodel/addition/etc), how much emergency fund, allowances for kids even.

I intend to sit down with a spreadsheet again and also meet with a financial planner after that, but reading helps me orient my questions/considerations (long-form stuff preferred over short articles).

Other tidbits: I am familiar with bogle-head (yay index funds).

posted by typecloud to Work & Money (5 answers total)

Best answer: This relates mostly to the allowances-for-kids issue rather than budgeting/saving, but I really liked the book The Opposite of Spoiled. All about how to talk about money with your kids, help them to learn about budgeting and the value of money, etc. Really neat!
posted by Bebo at 12:10 PM on February 10, 2017 [1 favorite]

Best answer: Elizabeth Warren & Anna Warren Tyagi, All Your Worth. It’s a little dated (came out before 2008) but the overall framework of balancing wants / needs / savings still makes sense. It was a huge help to me in getting my financial shit together before having a kid, and it's still helpful to me in evaluating purchases & financial choices. (I love this book though the title gives me actual literal physical shivers because it looks so much like a typo, brrrrr.)

(Also, more specifically about parenting & related costs: I’ve seen some useful relevant articles on Get Rich Slowly. Short-form, not a book.)
posted by miles per flower at 12:48 PM on February 10, 2017 [1 favorite]

I love the advice Dave Ramsey gives. He hosts a radio show and also does live presentations. You can find his stuff at daveramsey.com The Total Money Makeover is the only actual book of his I've read, but it was full of great advice regarding emergency funds, paying off debt, saving for retirement, etc.
posted by tacodave at 3:01 PM on February 10, 2017 [1 favorite]

For a Canadian perspective, I love Gail Vaz Oxlade's books. They're clear and concise!
posted by Valancy Rachel at 5:29 PM on February 10, 2017

Response by poster: Thanks all, helpful suggestions. Marking as best answer those that seem most applicable for me. I'll be sure to check back in case there are any additional suggestions.
posted by typecloud at 6:07 AM on February 13, 2017