This sub has been so helpful to at every stage of my life. I probably should have checked in before making final decisions but things have happened quickly. Here's the short version: my wife and I are self-employed musicians, although I just got hired as a salaried church music director which gives us access to health insurance fortunately. We're about 2 months pregnant with our first child (due next April), and we are about to close on a house (currently we own a condo).
My income is quite steady, hers is a little less predictable so when running numbers I generally leave it out of the equation just to be safe.
MONTHLY INCOME: $3,340 Me (self employed) $2,750 Me (salaried) $ 900 Her (self employed) $6,090 My total $6,990 Our total
This doesn't include less predictable income, primarily weddings and funerals every now and then. We have decent savings, I'll also list current assets/equity and the new house purchase.
$25,921 Savings (not including money going to downpayment/closing) $23,923 Equity (still owe another $41,077 on condo, paid $65,000 for it) $20,000 Roth IRA (fairly diversified right now) 2011 Ford Focus SE 2006 Pontiac G6 $215,000 Purchase price for house $164,800 Mortgage, 30-year fixed with 4.990% interest rate
Since I'm more interested in the near future than our current (significantly cheaper) situation, some of these budget items will be estimates. All numbers are monthly.
$973 Taxes (estimating 15% of income to taxes, I would guess it will be lower but we'll see) $447 Health insurance premiums + dental/vision (Blue Cross Blue Shield) $459 Roth IRA contributions (new salaried job comes with pension as well, vested after 4 or 5 years) $400 Healthcare OOP (just an estimate) $884 Mortgage payments $ 72 Home insurance (Progressive) $310 Property taxes $250 Utilities (estimate for 1,600 sq. ft. house, at our condo we pay $80) $300 Groceries $400 Gas (we drive a lot for work) $225 Auto insurance for both cars $163 Cell phones (T-Mobile) $ 40 Internet service $ 60 Subscriptions (Netflix, Hulu, Amazon, Apple Music, iCloud backup, Backblaze backup) $4,983 Total expenses
That's everything that's figured out. You might notice that this budget doesn't include any personal spending, clothing, household expenses (like cleaning supplies), or anything like that. It also doesn't factor in expenses for a child at ALL because I haven't even started trying to budget that out yet. Here's an overview and net totals now:
$6,090 Income (Plus ~$900 bonus) -$ 973 Taxes $5,117 Subtotal -$ 447 Health premiums $4,670 Subtotal -$ 459 Roth IRA contributions $4,211 Subtotal -$1,266 Mortgage + insurance + taxes $2,945 Subtotal -$1,838 All other expenses $1,107 Total remaining (Plus ~$900 bonus)
I think that's everything I have. I welcome all comments, questions, criticisms, advice, etc. Especially with regards to the house. Feel free to tell me if you think we purchased outside of our budget, or advice you have for avoiding the house becoming more expensive than necessary. Tell me if we're paying too much for something, or missing something critical that needs to be budgeted.
Thank you so much in advance!
Submitted October 13, 2018 at 10:32AM by SocialIssuesAhoy https://ift.tt/2Eh0EXa
