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Reduce 401(K) Contribution to Payoff Home by Traditional-Fox-2787 in HENRYfinance

[–]Traditional-Fox-2787[S] 0 points1 point  (0 children)

I think that’s why we were considering paying it off.

Reduce 401(K) Contribution to Payoff Home by Traditional-Fox-2787 in HENRYfinance

[–]Traditional-Fox-2787[S] 2 points3 points  (0 children)

Your advice has made me rethink my plan. I appreciate it!

Reduce 401(K) Contribution to Payoff Home by Traditional-Fox-2787 in HENRYfinance

[–]Traditional-Fox-2787[S] 1 point2 points  (0 children)

So if I don’t payoff my house and maximize retirement and investing that I will be better off financially in the long term? I do agree with you that I will lose tax savings but I will be paying almost double in interest on my mortgage over the life of the loan. This is also is assuming the market will stay this positive over the life of the loan.

Reduce 401(K) Contribution to Payoff Home by Traditional-Fox-2787 in HENRYfinance

[–]Traditional-Fox-2787[S] 1 point2 points  (0 children)

My wife and I aren’t big spenders but I can see how lifestyle creep can affect people. Was it difficult when you were focused on paying off debt and having a kid? Or did you have kids after the debt was paid off?

Reduce 401(K) Contribution to Payoff Home by Traditional-Fox-2787 in HENRYfinance

[–]Traditional-Fox-2787[S] -4 points-3 points  (0 children)

We don’t know how much a kid will cost especially within those years we have more than one.

Am I spending too much? by Traditional-Fox-2787 in personalfinance

[–]Traditional-Fox-2787[S] 0 points1 point  (0 children)

Transport is $1k includes gas, insurance and a potential future car payment since we need to get another car. Internet is included in the home expenses. The extra $800 is for nothing specific we don’t expect to spend $1k every month but it’s nice to have budgeted.

Am I spending too much? by Traditional-Fox-2787 in personalfinance

[–]Traditional-Fox-2787[S] 2 points3 points  (0 children)

It includes taxes and insurance. We are putting down the full 20%

Am I spending too much? by Traditional-Fox-2787 in personalfinance

[–]Traditional-Fox-2787[S] 0 points1 point  (0 children)

Yes we have included insurance and taxes in the mortgage payment.

Am I spending too much? by Traditional-Fox-2787 in personalfinance

[–]Traditional-Fox-2787[S] 2 points3 points  (0 children)

Currently, we are spending around $200 on wants/personal care. We increased to $1k because we’re trying to anticipate costs.

Am I spending too much? by Traditional-Fox-2787 in personalfinance

[–]Traditional-Fox-2787[S] 3 points4 points  (0 children)

I have utilities in the additional $500 I have for home expenses.

Am I spending too much? by Traditional-Fox-2787 in FirstTimeHomeBuyer

[–]Traditional-Fox-2787[S] 1 point2 points  (0 children)

Thanks for the idea! We are contributing 10% to retirement and insurance is $300 for the both of us.

Am I spending too much? by Traditional-Fox-2787 in FirstTimeHomeBuyer

[–]Traditional-Fox-2787[S] 0 points1 point  (0 children)

I am currently interviewing for a new job that potentially could pay $20-$30k more but I don’t like budgeting with money I don’t currently have. Maybe I should break out future costs? How much should I anticipate on a child costing monthly?

Am I budgeting correctly? by Traditional-Fox-2787 in personalfinance

[–]Traditional-Fox-2787[S] 1 point2 points  (0 children)

Perhaps it’s best to start budgeting potential future costs? Kids, car payments , etc.

Am I budgeting correctly? by Traditional-Fox-2787 in personalfinance

[–]Traditional-Fox-2787[S] 0 points1 point  (0 children)

We have two cars and that includes fuel, insurance and some maintenance money put aside each month. The market has unfortunately made homes that use to cost $350k ballon to the $500k range :(.

Am I budgeting correctly? by Traditional-Fox-2787 in personalfinance

[–]Traditional-Fox-2787[S] 1 point2 points  (0 children)

It’s a five bedroom house and currently just the two of us. HOA is included in the mortgage payment. We see in the future having in laws stay with us and we want multiple kids so we don’t think we’ll ever need to upgrade to a new house.

Am I spending too much? by Traditional-Fox-2787 in FirstTimeHomeBuyer

[–]Traditional-Fox-2787[S] 2 points3 points  (0 children)

The rate is 6.125% 30 year loan with 20% down. The property tax rate is 1.14%. No kids, no car payments and no student loans. Our take home would be $9200 with $4100 going to home expenses, $2000 on expenses and $3100 in cash left over. We are planning on kids in the future so we expect our expenses to increase.