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Need some reassurance regarding our budget

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adamjohnson
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Need some reassurance regarding our budget  Reply with quote  

So my partner and I are expecting twins next summer and we already have an almost 3 year old. Both of us have good jobs. We bought a house this year, we didn't over spend and our mortgage is manageable. We've been working all year to eliminate debt which is mostly gone except our student loans. Here is how it breaks down:

Total take home after 401K contributions to get the employer match 5%/6% and FSAs for medical and dependent care at max amounts = $7,500

Expenses:
Mortgage $1490 (I am looking to refinance this to get rid of PMI of $200/mos). Housing pricing are increasing in the area and ours is already up $10K since we bought, so I am hoping to get rid of PMI by end of 2017 or refinance to a payment about $200 lower is rates go down.

Student loans $400. One is on income driven repayment and I add $100/mos extra on that one. Balance on these total is $35K. Interest rates range from 1.88% to 3.25% so I am not in a total rush to pay these off.

Car insurance $110 (3 cars)

Household bills $400 (water, gas, electric, trash, cable, internet - this is max during peak AC usage time and when we had 3 extra people living in our house, so this should be less)

Cell phone $40 (for one line, I am going to switch to my work cell)

Furniture $82 (0% interest with about 3 years left on this, I don't want to pay this off since the interest and payment is so low)

Car $300-350ish (we have to buy a used minivan but plan to keep the two paid off sedans we have as commuter cars)

Preschool $400 (my 3 year old needs to start going to school, this is for 3 days a week plus an additional reading class she will take once a week, this amount is the balance the rest already being taken out of my paycheck as dependent care FSA)

Daycare for twins $2000

Spending money $2000 (this includes groceries, baby items, entertainment, household items etc - I know we can make this most months - I have analyzed our expenses the last few months and we know where we will cut back - eating out of course and some other items).

Added up this totals to $7372, leaving us with $128.

Having so little left over makes me nervous, but I don't see anything else I can do. I have worked the last 3 months to get this as bare bones as I can. We have $100K in assets with about $65K in retirement accounts and $35K cash.

This of course is temporary, in two years my 3 year old will go to public school and our daycare for the twins will decrease as well.

Anyone in a similar spot, spending all the money every month? We both expect to get raises in the spring, but it won't be more than 3%. Thanks for reading.


Last edited by adamjohnson on Tue Feb 21, 2017 4:50 am; edited 1 time in total
Post Mon Feb 20, 2017 9:05 am
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PaulMatthew
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In any case, multinationals will consider this to be an exceptionally positive budget with the reaffirmation of the Government's dedication to playing reasonable however play to win, a straightforward administration worked around the 12.5% rate, and significant reliefs that support advancement, write my dissertation uk staying in place.
Post Wed Feb 22, 2017 11:35 am
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oldguy
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lol - this is getting hard to follow - a house in a different province, a 280 foot mini house in Illinois on 20 acres, a couple RV rentals, free healthcare, SS checks for each of you in retirement. A couple of grown kids, a 3-yr-old, and new twins.

I would not own 3 cars - depreciation is a major car cost, maybe >$3000/yr for each car. Keep it at two.
As far as living paycheck-to-paycheck - lots of people do it and squeak by - but lots of them also go bankrupt.

Try listing all of your costs by 'year' rather than by month, it is much easier to identify the big items. Eg, your mortgage cost is $17,880/yr, your PMI costs $2400/yr, student loan is $4800/yr, care for twins $24,000. Add in your income tax, state tax, SS Tax, etc. The whole list should add up to your annual gross pay. It is an enlightening exercise. Eg, you'll be spending more on childcare than on shelter.
Post Wed Feb 22, 2017 4:45 pm
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yotux
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Make a plan  Reply with quote  

As a Coach the first thing that needs to be done is make a budget. This will tell your money where to go. The next is list all of your debts smallest to largest. Then start to work down the list smallest to largest.

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Post Sat Feb 25, 2017 7:23 pm
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Post Wed Apr 05, 2017 12:39 pm
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ronaldthomas
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Post Thu May 25, 2017 5:47 am
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Traceemeyer
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reassurance regarding our budget  Reply with quote  

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Andrewstrauss
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Post Wed Jul 12, 2017 5:45 am
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alexcross
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Common financial situation  Reply with quote  

Yes, this is definitely a common financial situation. Even with a significant monthly income, expenses are eating that money up leaving little to nothing. The best thing to do, if possible, is to get rid of the most expensive items on this list (cut down largest expenses) or at least somehow consolidate. Interestingly enough many people in this case try to get their hands on more money - borrow from companies like direct payday lenders no third party or regular installment loan lenders - but that's not always the solution. It's best to cut down costs.
Post Thu Jul 13, 2017 4:58 am
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DavidCyryl
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