Although admittedly it’s not the “best” financial decision, we are contemplating having my husband be a stay at home dad. We both think it might be the best thing for our little family unit despite living in a HCOL city. However I would appreciate input on to our proposed budget starting around Sep 2019 (obviously it could be later depending on when I get pregnant, but Sep is “worse case” scenario). Me, as of Sep 2019: Income (take home) $5500/month (includes family health insurance, dental, vision, gym, 4% into 401k with match of 200% of 3% of salary) $10k bonus each Dec
Him: freelance income:$1000/month
Planned monthly expenses: Me:$2100/mortgage, taxes, $300/month HOA (planned as we don’t own yet) Him: $700 mortgage
$200 maintenance
$500 food
$400 utilities
$200 529
$400 kid expenses
$120 dog expenses (partner being a stay at home means we don’t have to pay for dog walking)
$150 transportation (train pass, random taxis for pediatrician appts)
$450 to my Roth IRA
$450 to his Roth IRA
$50 internet
$780 credit card, paid in full each month (current spending on meals out, lunches from work, travel, etc. This will decrease as he will make all food at home for my lunches and travel will be cut back).
$100 spending for him (this is current spending rate, seriously the guy spends no money on just himself)
$200 savings for him
Clearly this is a tight budget. Does it work? Critiques welcome.
Submitted October 21, 2018 at 06:14PM by Jergens1 https://ift.tt/2CxY8t5
