Parenthood has a way of turning even the most detailed budgeter into a “good enough and moving on” budgeter — and honestly, that’s not a personal failure. It’s reality. In this episode, we’re joined by Taylor Nelson (accredited financial counselor and the voice behind The Financial Planner Substack) to talk about what the “cost of kids” actually looks like in real life — and why it’s not just diapers and strollers.

We get into the biggest surprise costs (spoiler: it’s often the income hit more than the baby gear), how to think about childcare and leave before your baby arrives, and why the retirement vs. college savings debate is rarely as black-and-white as the internet makes it seem.

If you’ve ever thought, “I’ll have kids when I feel financially ready,” Taylor offers a grounding perspective: most people don’t feel perfectly ready — they just build flexibility, make the best decision they can, and keep going.

Episode Timestamps

• [03:00] How becoming a parent changes budgeting — less line-by-line, more “one-number” simplicity
• [07:00] The costs that surprise people most: Childcare, and the income hit from parental leave, or career pauses
• [12:00] When you think you’ll go back to work… then you meet your baby and everything shifts
• [14:00] What to do before baby arrives: Health insurance math, hospital indemnity insurance, and childcare waitlists
  [16:00] “Order of operations” for saving when kids are in the future (and money is tight)
• [20:00] How to prioritize retirement vs. college savings — and why it’s rarely all-or-nothing
• [25:00] The tax benefit people mess up: Dependent care FSA rules and childcare “under the table”
  [29:00] What parents who feel behind need to hear — kids want attention, not perfection
• [33:00] How Taylor talks about money with young kids (and why grocery store trips count)
• [37:00] One small step that makes everything easier: More cash savings for flexibility and peace of mind

Resources:

• Taylor’s website: tailoredfinancialplans.com
• Taylor’s Substack: The Financial Planner
  
  

Support the show

📩 Join The Finance Girlies email list:
https://www.thefinancegirlies.com/newsletter

💻Visit The Finance Girlies website:
https://www.thefinancegirlies.com/

💖Email us your money questions:
hello@thefinancegirlies.com

📸Follow us on Instagram:
https://www.instagram.com/thefinancegirlies/