Starting a Family | theSkimm

New Site: The Finances of Fertility & Family

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The Finances of Fertility & Family

Starting a family is in a lot of peoples’ 10-year plans. Whether you’re itching to get started, already have, or aren’t sure whether kids are the right move for you, we Skimm’d the info you need to help you create a life you love.

Step #2: Talk the Talk

Because goo goo and ga ga aren't the only things parents need to understand.


529 Plan FSL

529 Plan

a tax-friendly account, where you invest money so your kids’ (or anyone’s) future education expenses don’t make you go broke. Think: tuition, books, and room and board. 

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Child and Dependent Care Tax Credit FSL

Child and Dependent Care Tax Credit

a (tax) break the gov gives to help you cover the cost of care for your kid or other qualifying family member. So you can get back to work, work, work, work, work. 

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Child Tax Credit FSL

Child Tax Credit

one of the few times having a kid can actually save you money. For every child you have under 17, you can subtract this amount from your tax bill.

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Dependent FSL

Dependent

anyone you support financially. Usually a child, spouse, or retired parent you ‘invited’ to move in. The more you have, the less you could pay in taxes. Yes, please.

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Dependent Care FSA FSL

Dependent Care FSA

a flexible spending account your boss might offer that you can fill with pre-tax dollars to help cover expensive things like daycare and after-school programs.

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FMLA FSL

FMLA

stands for Family and Medical Leave Act, aka your permission from the gov to go OOO for up to 12 weeks while you take care of a new baby or sick family member. It protects your job, not your paycheck.

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Nanny Tax FSL

Nanny Tax

money you owe the federal (and maybe state) gov (sorry) when you hire someone to watch your kid and pay them at least a few thousand dollars per year.

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Paid Parental Leave FSL

Paid Parental Leave

when your boss keeps signing your paychecks while you’re OOO bonding with a new baby. And something very few people in the US get.

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Short-Term Disability FSL

Short-Term Disability

an insurance plan that’ll cover some of your salary while you’re away from your desk recovering from an injury or illness. For some reason, that often includes childbirth. Just go with it.

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