What can I do on this HHI?

[Anonymous]

Anonymous wrote:We have a 320K HHI (one is a fed salary so half of gross goes to pension and insurance etc).

Help me figure this out which of these can I reasonably expect to be able to do? Trying to get a reality check.

One international vacation
One child in private school
One child in daycare
Max out 401K
Max out 10K for 529
Max out IRA
Have a new Subaru car
Go out to eat at restaurants
Two stateside flights to visit family for holidays
Cleaners once a month
Organic groceries

Just plain yuppies

[Anonymous]

OP - some of the things on that list are wishlists and I wanted to see what was realistic. No family financial help and mortgage is reasonable approx 2K. No credit card debt or car debt but will need a new car soon. Paid off huge student loans ourselves. Paid for our house down payment ourselves. Courthouse wedding.

We recently came into this income and I had thought it would bring us more. We live near a fancy private school and friends send their kids there, it made me sad to realize we cannot afford it. We also haven’t traveled internationally since our kids were born.

We were debating if we could afford a 300$ vacuum since ours broke and I realized …what does this income even mean for us, hence the reality check here.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Remove private school, and make the international vacation an every few years thing that you save and/or accumulate miles/points for. The rest should be doable unless you have housing costs or debt that are out of whack.

I was gonna say why the need for private school?

OP - I saw the school boards here but the kids in private school get fancy lunches, amazing field trips, top notch education, STEM exposure, a ton of extracurriculars and work on soft skills like speeches. My kid told me another boy keeps saying the F word and threw a chair at him.

I guess that’s why the private school (we’re on east coast but not DC).

[Anonymous]

Anonymous wrote:OP - some of the things on that list are wishlists and I wanted to see what was realistic. No family financial help and mortgage is reasonable approx 2K. No credit card debt or car debt but will need a new car soon. Paid off huge student loans ourselves. Paid for our house down payment ourselves. Courthouse wedding.

We recently came into this income and I had thought it would bring us more. We live near a fancy private school and friends send their kids there, it made me sad to realize we cannot afford it. We also haven’t traveled internationally since our kids were born.

We were debating if we could afford a 300$ vacuum since ours broke and I realized …what does this income even mean for us, hence the reality check here.

If you make 320k and your mortgage is 2k and you can't afford a new vacuum something is very very wrong with your finances.

[Anonymous]

Anonymous wrote:

Anonymous wrote:OP - some of the things on that list are wishlists and I wanted to see what was realistic. No family financial help and mortgage is reasonable approx 2K. No credit card debt or car debt but will need a new car soon. Paid off huge student loans ourselves. Paid for our house down payment ourselves. Courthouse wedding.

We recently came into this income and I had thought it would bring us more. We live near a fancy private school and friends send their kids there, it made me sad to realize we cannot afford it. We also haven’t traveled internationally since our kids were born.

We were debating if we could afford a 300$ vacuum since ours broke and I realized …what does this income even mean for us, hence the reality check here.

If you make 320k and your mortgage is 2k and you can't afford a new vacuum something is very very wrong with your finances.

OP - About 80K is new income for the past few months since like March, this is new for us. And until recently a good chunk went to student loans.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:OP - some of the things on that list are wishlists and I wanted to see what was realistic. No family financial help and mortgage is reasonable approx 2K. No credit card debt or car debt but will need a new car soon. Paid off huge student loans ourselves. Paid for our house down payment ourselves. Courthouse wedding.

We recently came into this income and I had thought it would bring us more. We live near a fancy private school and friends send their kids there, it made me sad to realize we cannot afford it. We also haven’t traveled internationally since our kids were born.

We were debating if we could afford a 300$ vacuum since ours broke and I realized …what does this income even mean for us, hence the reality check here.

If you make 320k and your mortgage is 2k and you can't afford a new vacuum something is very very wrong with your finances.

OP - About 80K is new income for the past few months since like March, this is new for us. And until recently a good chunk went to student loans.

What's your monthly take home? ~12k? 2k mortgage...that's 2,500 a week leftover. What are your childcare costs?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:OP - some of the things on that list are wishlists and I wanted to see what was realistic. No family financial help and mortgage is reasonable approx 2K. No credit card debt or car debt but will need a new car soon. Paid off huge student loans ourselves. Paid for our house down payment ourselves. Courthouse wedding.

We recently came into this income and I had thought it would bring us more. We live near a fancy private school and friends send their kids there, it made me sad to realize we cannot afford it. We also haven’t traveled internationally since our kids were born.

We were debating if we could afford a 300$ vacuum since ours broke and I realized …what does this income even mean for us, hence the reality check here.

If you make 320k and your mortgage is 2k and you can't afford a new vacuum something is very very wrong with your finances.

OP - About 80K is new income for the past few months since like March, this is new for us. And until recently a good chunk went to student loans.

What's your monthly take home? ~12k? 2k mortgage...that's 2,500 a week leftover. What are your childcare costs?

OP yes about right, about 19K for daycare for one child, two years left. Other in public school. I spend around 600$/1000$ on something not for our family (will leave it to that).

I think the other poster who said intermittent vacations and no private school has it correct. It sucks. I thought this money would be life changing instead I barely get to save more in retirement or 529.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:OP - some of the things on that list are wishlists and I wanted to see what was realistic. No family financial help and mortgage is reasonable approx 2K. No credit card debt or car debt but will need a new car soon. Paid off huge student loans ourselves. Paid for our house down payment ourselves. Courthouse wedding.

We recently came into this income and I had thought it would bring us more. We live near a fancy private school and friends send their kids there, it made me sad to realize we cannot afford it. We also haven’t traveled internationally since our kids were born.

We were debating if we could afford a 300$ vacuum since ours broke and I realized …what does this income even mean for us, hence the reality check here.

If you make 320k and your mortgage is 2k and you can't afford a new vacuum something is very very wrong with your finances.

OP - About 80K is new income for the past few months since like March, this is new for us. And until recently a good chunk went to student loans.

What's your monthly take home? ~12k? 2k mortgage...that's 2,500 a week leftover. What are your childcare costs?

OP yes about right, about 19K for daycare for one child, two years left. Other in public school. I spend around 600$/1000$ on something not for our family (will leave it to that).

I think the other poster who said intermittent vacations and no private school has it correct. It sucks. I thought this money would be life changing instead I barely get to save more in retirement or 529.

Are you American?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:OP - some of the things on that list are wishlists and I wanted to see what was realistic. No family financial help and mortgage is reasonable approx 2K. No credit card debt or car debt but will need a new car soon. Paid off huge student loans ourselves. Paid for our house down payment ourselves. Courthouse wedding.

We recently came into this income and I had thought it would bring us more. We live near a fancy private school and friends send their kids there, it made me sad to realize we cannot afford it. We also haven’t traveled internationally since our kids were born.

We were debating if we could afford a 300$ vacuum since ours broke and I realized …what does this income even mean for us, hence the reality check here.

If you make 320k and your mortgage is 2k and you can't afford a new vacuum something is very very wrong with your finances.

OP - About 80K is new income for the past few months since like March, this is new for us. And until recently a good chunk went to student loans.

What's your monthly take home? ~12k? 2k mortgage...that's 2,500 a week leftover. What are your childcare costs?

OP yes about right, about 19K for daycare for one child, two years left. Other in public school. I spend around 600$/1000$ on something not for our family (will leave it to that).

I think the other poster who said intermittent vacations and no private school has it correct. It sucks. I thought this money would be life changing instead I barely get to save more in retirement or 529.

Are you American?

OP - how could you tell (I know how). I am not. Live in America but born and raised somewhere else.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:OP - some of the things on that list are wishlists and I wanted to see what was realistic. No family financial help and mortgage is reasonable approx 2K. No credit card debt or car debt but will need a new car soon. Paid off huge student loans ourselves. Paid for our house down payment ourselves. Courthouse wedding.

We recently came into this income and I had thought it would bring us more. We live near a fancy private school and friends send their kids there, it made me sad to realize we cannot afford it. We also haven’t traveled internationally since our kids were born.

We were debating if we could afford a 300$ vacuum since ours broke and I realized …what does this income even mean for us, hence the reality check here.

If you make 320k and your mortgage is 2k and you can't afford a new vacuum something is very very wrong with your finances.

OP - About 80K is new income for the past few months since like March, this is new for us. And until recently a good chunk went to student loans.

What's your monthly take home? ~12k? 2k mortgage...that's 2,500 a week leftover. What are your childcare costs?

If you make 320, how is your take home only 144 (12/month)? That makes no sense.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:OP - some of the things on that list are wishlists and I wanted to see what was realistic. No family financial help and mortgage is reasonable approx 2K. No credit card debt or car debt but will need a new car soon. Paid off huge student loans ourselves. Paid for our house down payment ourselves. Courthouse wedding.

We recently came into this income and I had thought it would bring us more. We live near a fancy private school and friends send their kids there, it made me sad to realize we cannot afford it. We also haven’t traveled internationally since our kids were born.

We were debating if we could afford a 300$ vacuum since ours broke and I realized …what does this income even mean for us, hence the reality check here.

If you make 320k and your mortgage is 2k and you can't afford a new vacuum something is very very wrong with your finances.

OP - About 80K is new income for the past few months since like March, this is new for us. And until recently a good chunk went to student loans.

What's your monthly take home? ~12k? 2k mortgage...that's 2,500 a week leftover. What are your childcare costs?

If you make 320, how is your take home only 144 (12/month)? That makes no sense.

Federal health insurance which is $$$$ for a family of four, pension stuff, and we’re both maxing out 401K for first time (and putting some in Roth 401K since March because we have no Roths).

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:OP - some of the things on that list are wishlists and I wanted to see what was realistic. No family financial help and mortgage is reasonable approx 2K. No credit card debt or car debt but will need a new car soon. Paid off huge student loans ourselves. Paid for our house down payment ourselves. Courthouse wedding.

We recently came into this income and I had thought it would bring us more. We live near a fancy private school and friends send their kids there, it made me sad to realize we cannot afford it. We also haven’t traveled internationally since our kids were born.

We were debating if we could afford a 300$ vacuum since ours broke and I realized …what does this income even mean for us, hence the reality check here.

If you make 320k and your mortgage is 2k and you can't afford a new vacuum something is very very wrong with your finances.

OP - About 80K is new income for the past few months since like March, this is new for us. And until recently a good chunk went to student loans.

What's your monthly take home? ~12k? 2k mortgage...that's 2,500 a week leftover. What are your childcare costs?

If you make 320, how is your take home only 144 (12/month)? That makes no sense.

Federal health insurance which is $$$$ for a family of four, pension stuff, and we’re both maxing out 401K for first time (and putting some in Roth 401K since March because we have no Roths).

Wow; okay yeah that makes sense. I think because you are doing all of those responsible things, you can’t do the fun things that you’re talking about. You are doing amazing, but you are saving so much that you can’t do all the other things too!

[Anonymous]

OP again - I mentioned the fed salary bc we truly see half of income. So 320k divided by half, then divided by 12, around 13Kish.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:OP - some of the things on that list are wishlists and I wanted to see what was realistic. No family financial help and mortgage is reasonable approx 2K. No credit card debt or car debt but will need a new car soon. Paid off huge student loans ourselves. Paid for our house down payment ourselves. Courthouse wedding.

We recently came into this income and I had thought it would bring us more. We live near a fancy private school and friends send their kids there, it made me sad to realize we cannot afford it. We also haven’t traveled internationally since our kids were born.

We were debating if we could afford a 300$ vacuum since ours broke and I realized …what does this income even mean for us, hence the reality check here.

If you make 320k and your mortgage is 2k and you can't afford a new vacuum something is very very wrong with your finances.

OP - About 80K is new income for the past few months since like March, this is new for us. And until recently a good chunk went to student loans.

What's your monthly take home? ~12k? 2k mortgage...that's 2,500 a week leftover. What are your childcare costs?

OP yes about right, about 19K for daycare for one child, two years left. Other in public school. I spend around 600$/1000$ on something not for our family (will leave it to that).

I think the other poster who said intermittent vacations and no private school has it correct. It sucks. I thought this money would be life changing instead I barely get to save more in retirement or 529.

Are you American?

OP - how could you tell (I know how). I am not. Live in America but born and raised somewhere else.

I'm sorry the American dream we sell the world turned out to be a crock of shit. Sincerely.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:OP - some of the things on that list are wishlists and I wanted to see what was realistic. No family financial help and mortgage is reasonable approx 2K. No credit card debt or car debt but will need a new car soon. Paid off huge student loans ourselves. Paid for our house down payment ourselves. Courthouse wedding.

We recently came into this income and I had thought it would bring us more. We live near a fancy private school and friends send their kids there, it made me sad to realize we cannot afford it. We also haven’t traveled internationally since our kids were born.

We were debating if we could afford a 300$ vacuum since ours broke and I realized …what does this income even mean for us, hence the reality check here.

If you make 320k and your mortgage is 2k and you can't afford a new vacuum something is very very wrong with your finances.

OP - About 80K is new income for the past few months since like March, this is new for us. And until recently a good chunk went to student loans.

Good info. That makes this easier, IMO. Take the $80K post tax. Divide by 12. Add that to the monthly student loan payments that recently ended. That is your the "extra" money you have each month. What in your OP will this cover? That is your answer.