Anneke Haggen:: Meal Planning

Last week we had the pleasure of hearing from Anneke Haggen, whose experience with meal planning and budgeting helped facilitate the discussion we all wanted to have: why and how do we meal plan?

Why meal plan?

• Helps you stay on budget
• You can be more creative with meals a couple of times per week if you're prepared to be
• There's freedom in the time you have before dinnertime because you're not worried about "what's for dinner?"
• Less trips to the store with kids!

What often are the "decision drivers" for your menu?

• the need for variety
• different dietary preferences
• the weekly schedule--what you eat depends on activities and how much time there is to cook
• what's spoiling in the fridge
• what's in the house
• the degree of difficulty
• cost
• what's in season
• kid's preferences...

Now, this last one was a big one. It invited suggestions from the group as to how to manage the kiddo's say in meals, such as:

• Try to make at least one thing per meal or one meal per day that they'll eat
• Consider the philosophy "Today might be the day you like it! And you don't want to let that day go by!" (i.e. less parenting, more marketing)
• Involve kids in the choosing/planning of a meal, then praise their effort
• Serve meals family-style--they could surprise you with how much they serve themselves!
• Cut out the snack in the afternoon

What are some strategies to help make this work?

• Have a plan--write it out and display so it's easily seen and referenced
• Make a grocery list
• Find/steal time throughout the day to prep for dinner (5 minutes here, 10 minutes there...) OR on the weekend, prep for the entire week
• Invite kids to help with the prep--hand them their own little cutting board, a butter knife, and the veggies and let your little sous chef go to town.
• Crock pots!
• Use your freezer--make double the soup or pasta sauce and freeze the other half (and perhaps even keep an inventory of what's in there so you know what you have and use it!)
• Designate one night per week "_______ night"--taco night, pizza night, spaghetti night. 

Some group-suggested Favorite Family Meals:

• Teriyaki bowl 
• Grilled cheese/tuna melts with tomato soup
• Homemade pizza w/ Trader Joe's pizza dough
• Meatloaf w/ a little (or a lot) of brown sugar
• Baked chicken w/ goat cheese under the skin and a side green salad
• Yam + black bean burritos
• Pesto shrimp w/ rice or pasta
• Fried rice with your choice of protein (chicken, tofu, etc.)
• Mini pizzas on tortillas or flatbread
• Breakfast for dinner
• soup + salad + bread 

Baby Steps...

• Name one step you can take to better plan your family's dinners.
• Write down (a.k.a. "plan") two dinners your family can eat during the coming week. Include main dish and sides.
• Name a food prep shortcut or time-saver you could take that would help.

Resources--Websites
Gathered Table
eMeals
Cookus Interruptus
Dinner: A Love Story

Resources--Cookbooks
Feeding the Whole Family
Dinner: A Love Story

Others
Phone apps
Ordering groceries online
CSA local produce delivery (there are often Groupon deals available or refer-a-friend discounts when signing up)

Chuck + Brynne Burkhalter:: Financial Workshop for New Families

At our last meeting, we had the privilege of  hearing sage financial advice from Chuck & Brynne Burhalter. Besides "crunching the numbers" by day, Chuck participates in the financial ministry at UPC while Brynne offers day-to-day wisdom of what it means to plan, save, and get all your ducks in a row for your family without your head spinning too much.

Below, you'll find the major points they covered and important financial areas to consider.

{Click on underlined headings for links to resources.}

"The Numbers"

• Average cost to raise a child for 18 years: $242,000 - $344,000
• Average cost to raise an infant for the first two years: $25,000
• Average yearly total college costs for public four-year in-state university: $18,400
• Projected yearly total college costs in 18 years (assuming 4% increases): $37,300

Legal documents:
• Last will and testament
• Guardianship
• Living will / Healthcare directive
• Durable Power of Attorney (for financial considerations) / Executor of estate
• Review and update beneficiary designations (for secondary beneficiaries)

Insurance:
• Life insurance policies for parents
• Long-term disability (do not confuse with long-term care insurance)
• Add child(ren) to healthcare plans
• May want to consider umbrella insurance if you have significant assets

Childcare option & considerations:
• Nanny – household employee
• Au pair – household employee
• Childcare center / home-based business (Tax credit if both spouses working)
• Costs continue – Kindergarten and beyond

 Research employer benefits:
 • Maternity / paternity policies
• Sick leave / backup care / counseling services available / legal service plans
• Flexible work schedule going forward
• Flexible Spending Accounts (Dependent care and Health care)

 Tax benefits to understand:
• Dependent deduction
• Child tax credit
• Dependent care credit
• Increase in earned income tax credit eligibility
• Recommend purchasing or using tax software (free online for certain income levels)

College savings plans

• 529 Savings Account
• Similar to a ROTH IRA, post-tax dollars are invested in a state plan
• All withdrawals for qualified education expenses are tax-exempt from federal income tax.
• Investment options, performance and expense ratios depend on the fund administrator.
• Considered the parent’s asset (important when applying for financial aid see “Top strategies to maximize aid eligibility for student” below)
• Beneficiary can be changed.
• High contribution limits.
• Withdrawn earnings subject to federal tax and 10% penalty if not used for qualified education expenses.

• 529 Prepaid Tuition
• WA GET is a prepaid tuition plan. 
• Pre-purchase tuition at rates (generally plus a premium) today for tuition in the future.
• Performance is often based on tuition inflation.
• Some states offer state tax benefits (withdrawals exempt from income tax, deductions for resident contributions to their state plan) – n/a in WA.
• May have age / grade limit for beneficiary
• Considered the parent’s asset (important when applying for financial aid see “Top
  strategies to maximize aid eligibility for student” below)

• Coverdell Education Savings Account (ESA)
• $2k annual per-child contribution limit. 
• Potentially greater flexibility in investment options.
• Tax-free treatment for college, elementary, and secondary schools. 
• ESA assets are not revocable (unlike 529 plans). Unspent funds remaining in the account when your child reaches age 30 subject to federal tax and a 10% tax penalty.
• Beneficiary can be changed to another family member below age 30 without triggering tax or penalty.

College saving strategies:

• Save money in the parent's name, not the child's name.
• For financial aid purposes, a child is expected to pay a greater percent of their assets towards their college education than a parent is expected to pay. Thus, a student may qualify for more financial aid if the savings is in the parent’s name.
• Save for your retirement first. They don’t offer retirement loans, but they do offer student loans.
• Save anything you can and save now, to take advantage of the power of compounding returns. Don’t let the large costs of a college education discourage you from saving. Start with $25 or $50/month.
• Remember you don’t need to have the whole amount saved before your child enters college. You’ll be able to supplement some with current income or student loans.
• Don't be intimidated by the high cost of college so that you don't know where to start--start somewhere! Just start!

Other Resources:
http://collegeanswer.com (sponsored by Sallie Mae)
http://www.finaid.org/savings/
http://savingforcollege.com
http://nolo.com

If you have any questions or are interested in meeting with someone about your finances, consider UPC's Financial Counseling. Volunteer financial counselors will  help you address a wide range of personal finance topics from a biblical perspective. Meetings with individuals and couples are confidential and professional. Contact Sue, 206.524.7301 x131

Chuck + Brynne Burkhalter

brynne_burkhalter@yahoo.com

cburkhalterjr@yahoo.com

 

Next meeting, 2/17:: Volunteers Needed!

Turns out our next meeting falls on winter break for Seattle Public Schools. That means many of our mamas will be bringing extra kiddos to MOPS and therefore, we have a need in childcare that MOPS day!

Here's the breakdown:

• We will be welcoming 12 extra kids at our next meeting on February 17th.  
• We need TWO volunteers to work in their room during the meeting (update: we need ONE more!).  They will all be in one room together.
• The room will consist of ages 4 and up, through early elementary.
• Arrive at 9:20am to get the lowdown and greet the kids when they arrive.
• Please email upcmops@gmail.com or Kate at kem.weinstein@me.com if you are interested.  

We hope to hear from you soon!