Candy Yu

Are you a single member LLC or partnership LLC? This will determine what type of taxes you will need to file. Also do you have employees or collect sales tax? Thanks!

Candy

Congrads! Being mom is the most exciting thing in my life, but also the most challenging task. :)

The first thing that I would recommend is to budget for diapers and formula; these are the most expensive items during the first year for a starter. If you already have a personal finance budget, then you are on track for better planning. Further out, besides the daily items you should start to budget for baby sitter, tuitions, etc.

To have a new baby can be overwhelming at first, but it’s all worth it :) I hope this helps. Please let me know if there is anything else that I can help you with :) Good luck!

Candy Yu

How were you each managing your own personal finance before? If you have both managed your own money well before, then you are half way there :) If one party was good at this prior to marriage, then maybe that personal should be handling it for now :)

Being married for years, here is how we did it :) A budget is definitely a good start. You will need to figure out what are your fixed expenses such as mortgage, insurance, car pmts,etc the ones that you have to pay. Then what else expense that you each spend on top of the fixed expense like spa,vacation,etc. Once you’ve figured out the total expense, then you should visit both of your income and figure out how much in total you will need a month to pay for all these expense. Last based on each income and figure out the percentage of how much you each need to contribute each month from your own income. If the hubby makes more, then he will need to contribute a bite more, if you both make equal the you will both contribute equally monthly.

mint.com is a very good online software in assisting managing personal finance. Check it out. Let me know if there is anything else that I can do to help you with this.

Candy Yu