Hello,
My husband and I are both 23 with a baby on the way in August. We live in a very pricy area of the northeast. No real option to move away as my mother will be our daycare provider.
We have a good income at 175k pre tax combined. After taxes it comes to around 115k but can be anywhere between 100-130k (commission is variable and paid out quarterly.
We live on a small farm with various farm animals. That is the only part of our finances that is non negotiable as we are not getting rid of any of the animals. However we do have plans to bring down those expenses and are in talks with local feed suppliers.
Here is the current breakdown of our bills monthly
Mortgage: $2300 (working on refinancing as this is fha and includes pmi- my parents are gifting us 15% to get out from fha)
Farm expenses: averages $1100 monthly with some payments not being monthly expenses- this includes someone to feed animals lunch daily
Car insurance: $350 (working on getting quotes as i recently found out thats high even for our area)
Cable: $ 165 (willing to cut this out)
1 car fully paid off and the other car payment is: $420
Food and necessities: $500 month (we absolutely overspend on food)
Electricity, water and gas: $300
Cell phone: $120
We also have 13k in credit card debt from our wedding. Very stupid move and we understand that now.
Any suggestions are welcome and honestly we are just young and bad with money. We want to give this baby the best life possible. We will both still be working and our childcare is free.
I currently contribute 5% to my 401k and i already took that out of the take home pay. My company matches that 5%. I make 70% of our income.
Thanks so much for any advice!!
Submitted February 08, 2017 at 09:11AM by wanderlust232016 http://ift.tt/2lnKXzg
