The Fabuless Life » Parenting

Trust Fund Baby

L.Jay — Tue, 17 Nov 2009 16:49:31 +0000

What if, with the government’s help, every baby could start out life with a trust fund, no matter what the family’s financial circumstances? While some would certainly call this a great idea, detractors call it one more step toward socialism.

Congress is considering a bill that would give each child born in the United States a $500 savings account, with the goal of promoting savings that would later be used for education, a first home or retirement. Under the ASPIRE (America Saving for Personal Investment, Retirement and Education) Act, low-income children would receive additional funding, and all participants could add to their accounts over time.

It would seem that ensuring that American children have some small amount of financial security from birth is a positive for a number of reasons. The new plan would give kids at all income levels financial education, as they work to make the modest initial deposit grow. The importance of learning about saving and finances can’t be overstated – part of the problem with our economy today stems from a lack of appreciation for debt and future planning.

The purpose of the accounts would be to get people invested in their futures, allowing those who never had an asset to change their mindset and learn from the experience. Although $500 doesn’t sound like much, properly invested and amortized, it’s possible to build significant savings over time. The ASPIRE Act also would pair the creation of the accounts with financial literacy programs in schools.

A similar program has been underway in the United Kingdom since September 2002. It’s different than the U.S. version in that there are no restrictions on how recipients can spend the money.

Lawmakers are expected to reintroduce the ASPIRE Act before the end of the year, and it already enjoys bipartisan support. The challenge will be how to justify spending on the program during a time of financial crisis and budget deficits. The proposal is estimated to cost about $37.5 billion initially, then $3.25 billion per year.

Bargain Baby Clothes

L.Jay — Sat, 26 Sep 2009 14:22:39 +0000

Infants grow so fast that it can be a struggle to keep up with their changing clothing needs. All of those cute outfits from your baby shower? – either outgrown or never worn.

But good news for the fabuless mama watching her bottom line. These days baby clothes can be bought for budget prices at almost any store from Macy’s to Baby Gap to Babies R Us. But there’s no need to seek out department stores or specialty boutiques to find cute duds for your dear baby. Especially since when they’re really young, they’re probably spending most of their time at home.

As a new mother, you may find yourself stuck close to the house for the first couple of months at least, unable to travel very far with a newborn. I made frequent trips to the grocery store and the Kmart within walking distance to my house to buy goods. It was during my leisurely strolls through Kmart that I discovered cute baby outfits (and clothes for mom too) at bargain basement prices. In fact, Kmart may be the best-kept secret in infant-wear. They have a larger selection than most of the retailers I patronize, and their prices are about half that of the others.

I never thought I’d find myself buying clothes at Kmart, but I have to say that they really have some cute stuff, and you don’t have to search that hard to find great items. Here is a random sampling of baby clothes I pulled from the closet that were purchased at Kmart:

Kmart Bargains

Being able to buy outfits for between $3 and $10 has satisfied my clotheshorse need to keep the baby girl’s closet stuffed, even if she outgrows the items lickety-split. And Kmart isn’t the only big box retailer you should check out. Target and Wal-Mart also stock tons of discount baby-wear. There’s no Wal-Mart near my house, but I have bought a few items at Target. But my anecdotal research shows Kmart offering the steepest discounted baby gear.

There’s really no need to spend a fortune on infant clothes when you’re only able to use them for a couple of months before they’re outgrown. Clearly for special events you can splurge on that designer outfit that will only be worn once by baby. But for daily wear, nothing beats discount shopping to keep your baby looking fabuless.

$7 Pink Pajamas From Kmart!

Nanny 411

L.Jay — Fri, 25 Sep 2009 17:11:27 +0000

Particularly in NYC, the flavor of your nanny has become a new status symbol.

Apparently, Tibetan nannies are now all the rage. At least according to MSNBC.com, which posted an article on the competition by upscale mommies to nab these expensive babysitters.

Without going into much detail, the article says that some believe Tibetan women are more focused on the spiritual development of the children, making sure they are well cared for, and zen. MSNBC quotes a brochure from a New York area daycare:

At the Diki Daycare Center in Astoria, N.Y., demand for Tibetan nannies became so great that the preschool began offering a Tibetan nanny referral service.

“Tibetan women are well known for being caring and loving nannies,” reads the promotional literature. “They are recognized for becoming ‘one of the family’ and offer the same compassion and quality of care for their charges as they do their own children.” Furthermore, it says, “Cleanliness, organization & dedication to education are values of Tibetan culture.”

According to the story, Tibetan nannies are so popular and difficult to come by that they can pretty much name their price.

The other trend in childcare is hiring a nanny who speaks another language so you essentially get babysitting and tutoring as a two-for-one. Now that, is fabuless.