How Having Kids Changed the Way I Think About Money

I think back to the very first time my parents opened a savings account for me at our local credit union, and the joy I experienced watching my dad manually track additions and subtractions.

I was hooked. I coveted that small blue book, and eagerly added a new addition each time I made a deposit (clearly, I am wired as a saver…)

With a 2 ½ year old and a 6-month-old, I am still a few years away from the savings account chat with my own son. I am, however, making moves on their behalf now.

529 College Savings

I wrote a piece last summer comparing the Florida 529 Prepaid and Florida 529 Savings Plan for my fellow residents of the state. This article was intended to ease the decision-making dilemma families face when saving for their children’s higher education. I received some positive feedback and was happy to assist friends who sought additional guidance after reading the article.

If there is one broad takeaway, it should be this: just start saving. Whether you go with a prepaid plan, traditional 529, Education Savings Account, or simply buy Treasury bonds, getting started is the key. The future college bill may seem daunting now, but the sooner you start with regular (even small) contributions, the much easier it becomes.

Trump Accounts

The discussion among financial professionals on the merits of the Trump accounts will continue to be a hot topic. Regardless of the account structure’s utility compared to other savings vehicles (529s, for example), we have a child born in the window of time that makes her eligible for the free $1,000 (children born between January 1, 2025, and December 31, 2028). Thus, it was a no brainer to sign her up for the account when we filed our 2025 taxes (there was a section asking if we would like to open the accounts when they become available later in 2026).

Additionally, some employers have announced that they will match the government’s $1,000 contribution, making the choice even easier.

Housing, School Zone, and Lifestyle

When we purchased our home four years ago – prior to having kids – I was aware of the value of living in a sought-after public-school zone. It was not our leading factor for the house we chose, but it carried significant weight (houses in good school zones hold value incredibly well).

Even still, the quality of schools in one’s area becomes very real when you have a child inching closer to kindergarten. Thankfully, we are surrounded by excellent public schools. Others might have a choice to make: move into a better zone or send their children to alternative schooling options like charter or private.

Both routes come with a significant financial impact. When, where, and for how much you purchase your next home can have big downstream implications for the household such as whether one or two incomes are required to thrive. Likewise, even with school choice, it may not cover the full cost of private schooling.  

Additionally, with children now in the picture, the full weight of responsibility for the family’s lifestyle cost comes into play. Sure, there aren’t many vacations these days which results in cost savings. Childcare aside, there are other lifestyle upgrade decisions to be made: a newer, bigger, more reliable family car? More nutritious (expensive) foods? Weekend activities to keep your toddler busy (this is not phrased as a question, as it really isn’t optional)…

If I have learned one lesson going from married to married with kids, it is this: decisions become more detached from our personal desires, and more focused on the current and future well-being of the family, and our kids.