My wife(26) and I(24) are thinking about starting a family within the next five years or so. We are both employed, making about 60,000 a year combined. Currently the only debts we have are the house(360/mo and 51k remaining on it), my car (180/mo and 4K on it), and my student loans (100/mo 12k remaining).
Under our current budget, we are saving about 500/mo. and have 3k in savings currently, and I am maxing out my employer matched 401k (10% of mine and 10% match). We also just opened a Roth IRA and are putting about 100/mo in there for now (part of the 500/mo we are saving). We also have decent health insurance through my work. My job is very stable and I earn 40 of the 60k, my wife’s job is new and we aren’t 100% sure how stable it is, but seems to be ok.
What should our short term goals be before starting to try for kids?
Editing for requested info and also attempting to format
take home pay per mo(health ins,tax, and retirement taken out):$3650
bills/utilities/food/ins/necessities:$1500
misc expenses per month(budgeted, I usually don't exceed this):$800
I have been paying an extra 200/month on my car payment b/c the int rate is on the high side
Also, my wifes job doesnt offer a retirement plan, which is why i maxed mine, and opened the roth
Submitted February 12, 2018 at 12:16PM by nopeoneone http://ift.tt/2nTTFZB
