I have done the things to cut waste out of our budget and also prioritize things like saving for retirement. I feel that I am continuing to break even with my budget and getting some unexpected expenses puts us in the negative. I can see our spending account slowly go down and it worries me if I am doing the right thing.
Here is the breakdown: I am married and we have a new born, but I am the only source of income making 100K. Maxing out the 401K contributing 18K, HSA contribute 5.5K (but most of that goes away with all the doctor visits), mortgage is 1750 (paying an extra 150 toward the principal on this). I have already adjusted my allowances so monthly income comes out to about 4K. Wife has student loans around 10K (roughly 400/month). The other big expense is gas and tolls to work that are roughly 400/month. I have 24K invested in stocks and 8K not invested that I keep as a rainy day fund. Current spending account is 6K.
The house was bought on a short sale for 200K, put down 3.5%, and paid PMI upfront. Owned for 5 years, remaining 160K on mortgage. We are happy where we live and the house is large if our family grows even more. If we moved closer to my work we would be paying more for a house that is smaller because of the area.
So, while we are saving for retirement we have little to no positive monthly income And when we spend a little more during the month we go in the negative. You can tell I am nervous about this. Would you guys be comfortable with my situation? If we are in a bad situation, what are some of our options to make it better?
Submitted November 13, 2017 at 09:15AM by ed_bickel155 http://ift.tt/2joWaE9
