Childcare |
They would be spending money if they move and likely not worth it. Utilities may be a little high but whatever. The big issue is the CHILDCARE. That is why you feel that way. |
You are living above your means and your child care and housing expenses are very high. Same with your utilities. We make far less than you and are comfortable but the big difference is child care and housing. Our mortgage is $1500 less than yours. Our therapy expenses were higher though. |
Op here.
Utilities do vary. We have an all electric house. Electricity: $450/month Water: $150/month Internet: $150/month If I’m totally honest, in the summer our electricity is actually even higher….. |
Childcare and therapies are costly. I’d downsize on the home to have a cheaper mortgage. Hopefully you’ll make more in the future. |
Have you thought about solar panels? |
Depends on their equity. They could make a profit. |
Op here. We looked into them and they would help. But we didn’t do it because we need a new roof first. And our regulatory environment is pretty unfriendly towards them. We are only allowed to generate 90% of our electricity, and selling back to the grid is not really a thing. When we priced it out, it was still gonna be $30k out of pocket (AFTER the tax break! And this was just before the pandemic. It’s probably more now). And we just don’t have the money for it. |
Op here. The problem is we bought a fixer upper in April 2020, and prices have exploded in our area. Our interest rate is super low, and meanwhile prices are much higher. A downgrade into a smaller house with a higher interest rate only helps if we make a massive downgrade. I’m concerned it would mean moving out of our current school district and away from our medical/therapy team/work. |
On the Frugalwoods website they have a lot of family case studies where people write in for feedback. Maybe you could get some ideas there. I think if you took one category per month and made a one-time effort to find savings, you might free up $100 a month or so. That can go towards your CC debt and it'll be paid off all the sooner. I know this sounds like a bummer, but it might just be your situation. |
OP, what options do you have for higher salaries? Moving is expensive, especially with interest rates as high as they are now. Childcare will go away, but not soon enough, it sounds like. I think your PITI isn’t bad, but that, combined with childcare + health needs, etc., is a lot. |
Op here. Thanks! I will check it out!! |
I don’t understand why your potions high when you live in the desert |
Op here. I think we could do better. I’m pushing DH hard to see if he could land something higher paying. He’s in a hot industry so I believe he could find something higher paying. He’s applied and gotten interest and even offers, but they all entailed moving and my job is not remote friendly so he had to turn them down. |
Is there a way for one of you to go part time or flex your schedule that would enable you to cut back on childcare expenses? Eventually your kids will both be in school, so if one of you starts working early in the morning and the other works late, would that help? Going through early intervention might help your child get into free preschool too. |