Hey guys,
So I'm an electrician. In my area the pay is considerably lower than the nationwide average, but so is the cost of housing so it scales pretty well I suppose. Work is steady and I've been getting at least 15 hours of overtime for months on end.
My wife works full time but we are expecting in the spring and I currently drive over 100 miles a day for my commute and her job has become pretty awful recently. So she is going to quit and we've found a great home 5 minutes from my shop in a safe and pretty neighborhood for considerably less than anything else I've seen on the market in our area for years (it's an estate sale and the owners of the estate live across the country).
We snagged it up and I inspected it (I'm a certified home inspector too lol). It's a super solid house and shouldn't need really any initial work. The house across the street just went on the market for 100k more than we are getting ours for, and it's the same square footage, just slightly updated. So there's a lot of sweat equity we can make out of this place in the long term.
So here's my main point: My wife is quitting her job to be a stay at home mom at the end of the year. The cost of childcare would pretty much eat up her income anyway. We will amass a great deal more in our savings account by then.
Our mortgage will be $1100/month. It's only 200 more a month than our current rent which is for a place that is pretty impractical to live in with a baby.
After all our car insurance, taxes, bills, the mortgage, home owner's insurance and cell phone bills are accounted for we will have $1,000 "left over" per month to put in savings. We don't have any debt currently. I will be getting a substantial raise in the next few months and I'm accounting for maximum tax withholdings which will change once I have dependants.
I'm feeling pretty good about our financial situation but we've always been a double income household so I'd just like some input on our budget as I move into this next phase in my life.
Submitted October 21, 2018 at 09:31PM by North0House https://ift.tt/2Pg2CLM
