Hi all,
Some big life events have happened, so I want to check in and see how my wife and I are doing financially. I think we're in decent shape, but it's always good to run it by someone.
Profile
- Me - 29 years old
- Wife - 30 years old
- Baby - 2 weeks old
Income
- Me - $125,000/yr (took a new job with a 25% raise last month); $6,120 take-home
- Included in the $4,000-ish difference between gross and take-home are taxes, health insurance, 401k, DCSA, pet insurance, and supplemental insurance coverages)
- Wife - $31/hr, $65,000-ish/yr (she is on maternity leave, but we prepared for that so no need to muddy the waters); $3,200 take-home
Assets
- Home - Last appraised for $337,000
- My car - $16,000-ish
- Her car - $6,000-ish
- Irregular expenses fund (things that aren't built into our monthly budget but that aren't exactly emergencies… something like the car needing new brakes, vacations, new appliances around the house, etc.) - $1,500 (target: $8,000)
- Emergency funds - $19,063.97
- 5-year CD @ 2.35%APY - $5,060.72 (EW penalty = $58.75)
- 1-year CD @ 1.65%APY - $1,016.59 (EW penalty = $5.50)
- FDIC-insured Money Market @ 1.60% - $10,036.66
- Conservative investment fund - $2,200
- Savings Account @ 0.1% APY - $750
- My retirement accounts (total) - $100,669.52
- Wife's retirement accounts (total) - $39,000-ish
Life Insurance
- Me - $743,000
- $332,000 Basic Life policy through work
- $161,000 Supplemental policy through work
- $250,000 Term policy
- Wife - $100,000
- $50,000 Basic Life policy through work
- $50,000 Supplemental policy through my work
- Baby - $5,000 (supplemental policy through my work)
Debts
- Mortgage - $248,000 @ 3.75%
- Student loans
- $19,000 @ 6.00%
- $14,000 @ 5.31%
- Auto loan on my car - $7,750 @ 2.39%
- Credit card - $10,500 @ 0.00% (0% until May, 2019; this was used for some needed home repairs and improvements last year that totaled a fun $16,000, and we took advantage of free money so we didn't need to drain our emergency fund)
Monthly Budget
- Summary:
- Take-home pay: $9,320
- Saving (excluding payroll deductions): $1,020
- Debt service: $2,926
- Spending: $5,198
- "Buffer": $176
- Saving - $4,245
- Retirement saving (payroll deduction) - $2,200
- Traditional (me, inclusive of employer match) - $1,500
- Traditional (wife - employer contribution) - $300
- Roth (wife) - $400
- Saving for irregular expenses - $1,020
- Dependent care FSA - $625 (maxing out the $5,000 allowance)
- HSA - $400 (maxing out the $6,850 allowance)
- Retirement saving (payroll deduction) - $2,200
- Debt service - Minimum payment $326; current payment $2,926
- Student loans - No minimum payment; current payment $1,200/mo
- Credit card - $100/mo minimum payment; current payment $1,500/mo
- My car - $226
- Fixed housing-related - $1,727
- Mortgage - $1,495 (inclusive of PITI), no PMI
- Electric bill - $130
- Internet - $65
- YouTube TV - $37
- Home services - $400
- Lawn Mowing (we have a large property and I value my time with my family more than the money here) -$220
- House cleaning - $180
- Automotive - $332
- Auto insurance (full coverage, both vehicles) - $152
- Gas - $180
- Food & Beverage - $700
- Groceries - $500 (inclusive of $100/mo for baby formula)
- Restaurants - $100
- Takeout - $100
- Miscellaneous Needed things - $1,839
- Child care (will start after maternity leave) - $1,100, accounting for DCSA
- Clothing - $100
- Haircuts/beauty - $100
- Dog expenses - $75
- Life insurance ($250k term policy) - $25
- Gym membership - $39
- "Personal" funds (i.e. money that goes into individual accounts that we are each free to use however we want, without running it by each other) - $200
- Other odds and ends - $200
- Miscellaneous Unnecessary things - $200
After our credit card is paid off (end of this year, give or take a month), we plan to do some combination of taxable investing (for a future home upgrade) and more aggressive repayment of our student loans.
Looking forward to hearing some thoughts!
Submitted May 03, 2018 at 10:29AM by pfcu_20180503 https://ift.tt/2JMMpaG
