What is you Mortgage Payment and Gross Salary?

[Anonymous]

Anonymous wrote:

Anonymous wrote:- Average $260k (combined), this fluctuates due to DH yearly bonuses gradually being less due to market; but my salary is gradually increasing.
- 3,500 mortgage (15 yr fixed, 9 yrs left) smartest move we've made
- 2,000 (PT Nanny for 2 DC + PT preschool, used to be - 2,600 month for FT Nanny, but cut back to part-time Nanny)
- 850 per month for private high school for eldest DC
- 200 house cleaning (every other week)
- 400 mth car insurance (putting our eldest on our car insurance doubled our insurance + we have 3 expensive cars)
- No car payments or any debts (pay off our credits cards monthly)
- don't currently save for college (should, but don't)
- max out on my 401k (DH doesn't have one though)
- I put in both FSA and HSA fund

We're tax ignorant, and since our normal tax guy (legitimate) moved and we switched tax guys, for past 3 years doing taxes have owed additional 10k each year in taxes (is this normal?) We both have employers that takes out our taxes, and besides us, don't claim additional dependents on our paychecks. Plus, recently within past 3 years have had two more kids (we have 3 DCs total). Our income has not drastically gone up, so don't why we're suddenly owing so much every tax season. I'm thinking we might be getting screwed somehow with this tax guy! Let me know if this seems right or not. If not, if anyone can recommend a good tax guy in the Fairfax or Loudoun County area

BTW - I have to say, kids do make a HUGE difference in your finances. Prior to having the additional 2 DCs a few years ago, 'budget' was not in our vocabulary. We never had to worry about money. Now, with the childcare and school expense + activities, additional food, clothes, etc - we find it very difficult to put money in savings each month. We use to be able to save up to 80K a year, but not anymore. We're lucky if we can save 20k a year, and now 1/2 that goes to taxes in April(:

Why three expensive cars if you're having difficulty saving?

We bought the new cars (2-4 years ago) before the 3rd DC, so at the time wasn't as much of an issue and we could afford. We always pay cash for cars (don't believe in having car payments). It wouldn't make sense to sell the cars now and we plan to keep them a LONG time BTW - although these are expensive cars, thus tax+insurance is high, we always get at least 14-16k off sticker. For example, the sticker on my suburban was 54k, but we paid 36k. The time to buy is Oct-Nov when they get next year's models in, and are trying to get rid of last years models.

[Anonymous]

To the OP who asked if owing 10k is normal. Here's how to fix it. Adjust as needed:

If you get paid 24 times a year, and want a bit of a refund (since you are probably getting penalties), you have 11 months left, thus 22 pay checks. 10k/22=454, so round up to $500.

Monday at work, go talk to HR or the web equivalent, and arrange to have an extra $500 withheld per paycheck.

Then you are done.

[Anonymous]

Anonymous wrote:Also, if I crossed over from the non-profit world, I could probably make some serious bank, but the trade off is that I love my job, have a great deal of flexibility, and uh, I love my job and have flexibility.

Same here. I'm a teacher and make $65K, but if I moved into Admin (and could so easily) I'd easily make 20-30K more. Could finally get a new car and pay off some other things...but would lose a lot of time with DS. Not worth it. But to answer the OPs question, both DH and I make about the same, so we gross $130K and pay $2300 in mortgage and condo fees. Add in $1K/mo for preschool, and we're pretty much maxed out. But happy and love our life! There's so much pressure here to make more, do more, have more, buy more..I try to not get sucked into it but it's hard sometimes. Our 5yr plan includes moving out of the area, to, as another post discussed "a slower pace of life."

[Anonymous]

140K income
2200 mortgage on 500 K house
no childcare costs because DH and I flex hours (he is part time)
one 12 year old car
one "new" car that we bought used last year with 250 / month payment
no student debts as DH's parents paid for school and I was on scholarship
we will probably do private school, since we moved into a beautiful, safe neighborhood in DC that nonetheless does not have the best schools.