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How Gays Can Plan and Teach Kids about Money

  February 2, 2021  |    #Live Fabulously

Gays, Kids and Money?

More and more gay couples want to have children. Data shows that it costs more than $250K to raise a child—and that’s just to the age of 18! So, what can we do to have kids and still win at life with money? How can gays plan for and teach kids about money?

Hear Andy’s tips to financially prepare for raising children

Achieve financial freedom while raising children

Andy Hill is the blogger, podcaster and personal finance expert behind Marriage, Kids & Money, a platform dedicated to helping young families thrive financially and build generational wealth. Andy and his wife, Nicole, paid off their $200K mortgage, acquired $1M in net worth and started their own business, all with two young kids in tow. On this episode of Queer Money®, Andy joins us to discuss what parents can do to budget for a new baby’s arrival and share some of the expenses he was not prepared for. He explains what he is doing to help his children learn about financial independence, challenging us to include our kids in conversations about money and teach them to be grateful for what they have. Listen in to understand how the Hills paid off their mortgage in five short years and get Andy’s insight on learning to speak your partner’s language when it comes to money!

Topics covered on the cost of raising children

What parents need to do to prepare financially for the baby’s arrival

  • Open communication with partner on what’s important
  • Adjust budget to accommodate big priority shift

What resources re: expenses are available for parents-to-be

  • Books like What to Expect When You’re Expecting
  • Talk to other parents you trust to see what worked for them

The kid-related expenses that Andy wasn’t prepared for

  • Diapers
  • College (in-state tuition = $200K)

How Andy and his partner are working college into their budget

  • Put $10K in 529 when daughter born
  • Set aside certain amount every month

What Andy is doing to help his kids learn about financial independence

  • Responsible for chores, earn money as reward
  • Make own payments when time comes (e.g.: phone)
  • Put money in own invest, save and give jars

The surprising costs associated with kid’s birthday parties

  • Budget $50/month to accommodate $600 party
  • Make gifts for other kid’s parties line item in budget

How to set boundaries re: how much to spend on kid’s birthday parties

  • Have conversations with kids about money
  • Tactfully decline some invitations (can’t do everything)

How to navigate the pressure to buy the next best thing for your kids

  • Have conversation with partner re: what makes you happy
  • Talk with kids about what you’re grateful for

Andy’s advice on getting on the same money page with your partner

  • Stop talking about numbers and start talking about dreams
  • Get in habit of talking about money, bring kids into discussion

How Andy and his partner paid off their mortgage in 5 years with kids

  • Continued to live on half of income after paying off debt
  • Clear WHY (‘never wanted to have house own me again’)

What motivates Andy and his partner to spend less than they make

  • Focus on future goals rather than immediate goals
  • Life change more exciting than stuff or experiences today

Connect with Andy

Resources for financial independence 

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2 responses to “How Gays Can Plan and Teach Kids about Money

  1. Thank you so much for inviting me on your podcast John and David!

    It was a pleasure to share our story. I hope it helps families in the Debt Free Guys community as well!

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