I would like to start trying for a baby within the next few months but my husband is worried about the financial aspects of having a child. I think we could handle it financially but I wanted some outside opinions. I am a pediatric resident and my husband works in IT. And without further ado, here are the numbers!
Debt: Student loan 220k (mine), Credit card 3k (husband), Mortgage 185k
Savings: 3600 in savings account, my Roth IRA 2875, husband's 401k 1800
I am planning to go the PSLF route for my student loans. Currently I am on REPAYE and I pay $0 based on my income from last year but I expect the payment to be about $500 a month in the next coming year. I could pay off my husband's credit card with my savings but he doesn't want me to and I like having cash on hand. He's been paying it down at about $200 a month and we plan to use any tax refund we get to pay it down.
I have been saving about $500-1000 a month in my savings account for the past 3 months. I opened the Roth IRA with money from my savings recently and I am working on maxing my Roth IRA contributions before April which would be 875 a month for the next 3 months.
Post tax income: 5400
Monthly expenses Mortgage: 1400 Electricity 75-250 (75 for the spring and fall, 150 in summer, 250 in winter) Phone: 80 Internet: 80 Subscriptions: 30 Car Payment: 270 Car insurance: 230 Gas: 150 Food: 450 Security system: 50 Pet stuff: 200 Misc: 300
Daycare cost in our area range a between 800-1600 per month with the higher quality places being 1200+. We could definitely cut down on some food cost by doing more meal prep stuff and could cut back on some of the misc stuff too.
So what do you guys think? Is it feasible financially? And are there any changes we should make to make it more feasible? Thanks!
Submitted January 07, 2019 at 10:18AM by worryworttheworrier http://bit.ly/2ReP1pZ
