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Rising Star
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Can you dial back 401k or anything to increase income. For benchmarking, not including bonuses, my mortgage is $5k and we make around $15k a month. We don’t really save due to daycare and a lot of renovations and furniture expenses
Rising Star
ESPP aren’t great savings vehicles. The discount is good, but he should probably be selling as soon as the vesting period is over, at that point it becomes self-funding, and you can increase your retirement savings for the tax benefit (or hire that nanny!)
Ya that sounds pretty rough but I’m in your same boat just at higher scale, house is about 7k/month with utilities and after tax income is ~18-19k. Kinda how it is right now, our rate is 7.5 so hoping it comes down, 5% probably is as good as you’ll see for a while so congrats on that
Thanks for sharing your info. And yeah agree on 5% being decent, so won’t be moving anytime soon.
It sounds like you’re spending about 35% of your take home pay on the house which is pretty high. 25% is a good target
M1 you’re so out of touch with reality. Of course there’s a lot left over if you make 300k. Try to budget on the median income in the US and you’ll see why spending 35% on housing isn’t feasible for the average American
What else are you spending on. I'm in same boat as you numbers wise roughly and we have a nanny for our youngest one and our older one is in private preschool. For ref HHI is $330k pre tax. Mortgage with taxes and insurance is $4100 a month and nanny cost is roughly $900/wk and preschool is $1500 a month. Can't wait till older one can go to public schools so I can at least put my high taxes to use. Our discretionary spending is obviously super lower while we have these child care costs but we still save for one vacation a year and go out to dinner 4-5 times a month. Big help for us is no car payments. I made sure to pay that off before we had the second kid and don't mind driving around in 6-7 year old cars. Also I put away 10% into 401k and wife puts in roughly 6% just to get company match and the rest goes into a High Yield savings account. Right now I've sacrificed personal investing since I need the liquidity with young kids so high yield savings helps with that. Also for your taxes do you withhold single and file joint? If you do the other thing to do would be to withhold joint but make sure you approximate your incomes properly. You'll get more back each check but no tax return and run the risk of underpaying if not calculated properly.
This is super helpful, thanks so much for sharing!
Rising Star
$13k is pre-tax or post tax?
If that’s your take home, then you should have money left over. $8500 is a lot (excluding housing), where is the money going?
If that’s pre-tax then different story, and you are tight.
Thank you! My husband and I make roughly 55:45 so having a stay at home parent would be a bigger loss than a nanny. Daycare is really our only option and hopefully that’s fine :)
Don't let other people (even family) influence you. You shouldn't be pivoting based on others' opinions. My mom wanted me to live in a mansion so she can show off to others. But we live in a modest home w/ a $2,300 mortgage even tho our monthly take-home is 25k+ (not including bonus etc). Having a small home allowed us to invest the remaining so we can now retire whenever we want (reaching work optional in a few yrs). If I were you, I'd move to a smaller home, get the most cost-effective daycare (we did daycare for 2 kids), and invest what's left like crazy. I know it may not be realistic immediately but something to noodle on....