Right now my partner and I are on track to comfortably retire in 2035 at the age of 43. I will probably not retire but my partner plans to fully retire at that age and probably pursue what most people would consider "side hustle" opportunities.
We are getting to the age where we are starting to think about possibly have a child. For personal reasons both of us would prefer to continue working if we had a child and we are OK with sending the child to daycare.
I really do not know how our costs will increase with a child, but I do know that daycare costs in our area are around $1000/month.
We have a mortgage on a house @ 3.875% and we are also on track to pay that off by 2035. No plans on moving/"upsizing" with a child in the picture. We have 2 fully paid-off cars that have a lot of life left in them. Fully funded 6-month emergency fund. No other debt.
This is our monthly budget looks like right now for us with maxing out all of our retirement accounts:
Mortgage: $1217
Extra Principal Payment: $450
Property Taxes: $283
Home Maintenance: $150
Homeowners' Insurance: $61
Car Insurance: $170
Dog Expenses: $125
Groceries: $400
Health & Fitness: $50
Utilities/Internet: $150
Cell Phones: $95
Gas: $180
Car Maintenance: $170
Entertainment: $580
Eating out: $160
Clothing: $100
Roth IRA's: $916
Total Monthly Spending: $5257
Take-home Pay: $6715
Net surplus: $1458 (right now this extra is going to various investments but we don't need them to retire on time)
My partner also gets a yearly bonus but we usually use that for a vacation or 2 each year and don't really count it toward our regular income.
Based on this we should be OK to have a child and continue to save for retirement like we have been, but I don't know if there are big expenses we are missing here. Your input would be greatly appreciated :)
Submitted June 26, 2017 at 10:51AM by lazylounger35 http://ift.tt/2rTYan7
