My wife and I are trying to decide if we could afford a new home and a future family.
After maxing out her 401k and my 457 to go along with my pension our monthly take home is $12000.
NET + $12000 PITI - $4000 Bills - $700 Savings - $1700 (goal to save 20k per year)
= $5400 discretionary
No debt, no car payments (8 year old cars).
We are looking to move to a better neighborhood so kids could attend public schools. Our parents are near by so we won't need day care. Right now as a couple we spend about $4000/month in everything not a monthly bill (eating out, groceries, vacations, shopping, etc). Luckily we don't really have to worry about money.
If we move to a better neighborhood we're looking at PITI increase of $1000-$2000 (20% down) more so that leaves us with $3400-$4400 to raise a family in the SF Bay Area. Is that enough? Obviously we have to change our spending habits a bit, but I don't want to move if we'll really have to worry about money all the time. Then again this budget still includes saving $1700 cash per month. Just not sure how much kids cost. Thanks !
Submitted October 03, 2021 at 03:11AM by fla16unt https://ift.tt/3isStsq
