Questions at the End
Wife and I make $189,000 a year combined before taxes (I make $143,00 of that wife is P/T). We are in our early 30s and have two kids under the age of 5. Please look at my budget and let me know how I can do better or options for extra funds, we are just saving and saving and saving. We live in one of the most expensive areas in the country.
- Student Loans (4 years left 20k balance) - $423
- Mortgage (inc escrow) - $2,350
- Food (3 meals a day at home w/ snacks 6 days a week) - $800
- Day Care (Older Kid 2 Days Week / Younger 1 Day Week) - $1,400
- Electric - $145
- Gas - $140 (Winter Time)
- Security System - $45
- Water/Trash - $75
- Insurance (Cars/House/etc) - $200
- Cars (2 Cars / $420 & $180) - $600
- Cell Plan (2 Phones) - $65
- Internet/Cable - $165
- Gym (2 People) - $80
- Credit Card ($300 debt) - $200
- Car Gas - $160
- Cash Savings Per Month - $1,000
We have retirement accounts also. I put in 7% and my wife puts in 10%. Combined 401k balance is $340,000. My company does not MATCH but they have a good Vanguard Target Date offering.
We have $65,000 in cash which is part of our Emergency fund. 6 months of Emergency fund leaves us with $20,000 of that in just CASH we have been saving. We want to spend $15,000 of that on redoing some things around the house to make it nicer.
Questions
Should I put more towards my 401k? Start a IRA? Just keep saving cash at 1% rate? I think I should be investing but I like to have cash on hand to fix things around the house and be ready for anything.
What can I do better?
Submitted February 03, 2017 at 11:30AM by ThrowThrowAway789 http://ift.tt/2l5tcEN
