Finances with big mortgage

[Anonymous]

And thats on top of the "home maintenance" line item.

[Anonymous]

Anonymous wrote:I mean, you are rich. Just do what you do. you’ll be fine, or your inlaws will bail younout.
Neexttt…

+1. If you need more $$ just ask your parents. This is classic DCUM.

[Anonymous]

Anonymous wrote:

Anonymous wrote:OP here -

Yes, 7k includes everything.
We live in McLean high pyramid, but we’re a ways away from kindergarten so that won’t be a factor for a few years.
The intent wasn’t a humble brag.

Key monthly expenditures:
2k preschool
.5k utilities
1k Amazon/Costco shopping
1k clothes/food/gas
1k lawn care/home maintenance
1k miscellaneous stuff
1k furniture/rugs/decor
7.5k total + TBD new baby costs

That $2k total should be halved.

Stop buying furniture/rugs/decor every month. Also, what are you buying at Costco for 1k that isn't food? Stop going to Costco if you can't control your impulse spending.

But even so, how is $6k/month not enough for new baby costs? Plus you'll have an extra $2k when your older kid goes to kindergarten. So you make a 1%er salary but for a few years you'll live like a 5%er family. That might mean daycare instead of a nanny. Trust me, you'll be ok.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:OP here -

Yes, 7k includes everything.
We live in McLean high pyramid, but we’re a ways away from kindergarten so that won’t be a factor for a few years.
The intent wasn’t a humble brag.

Key monthly expenditures:
2k preschool
.5k utilities
1k Amazon/Costco shopping
1k clothes/food/gas
1k lawn care/home maintenance
1k miscellaneous stuff
1k furniture/rugs/decor
7.5k total + TBD new baby costs

All of the bolded except food and gas can be cut down dramatically.

[Anonymous]

Anonymous wrote:I love that OP has to spend 1K on furniture and rugs per month in perpetuity.

NP but we bought a nice Italian leather sectional for $15k so that covers over a year at this budget

[Anonymous]

Shame on you OP. At your age and income level you still depend on parents to satisfy your basic needs?
You make 400k, live a 2.5m mansion, but mommy and daddy still have to subsidize you to afford a child?
I bet that even when your income rises to 500k and 600k, you won't still be able to afford your lifestyle and will still be financially dependent on mommy and daddy. You have no shame? Grow up.

[Anonymous]

Anonymous wrote:Shame on you OP. At your age and income level you still depend on parents to satisfy your basic needs?
You make 400k, live a 2.5m mansion, but mommy and daddy still have to subsidize you to afford a child?
I bet that even when your income rises to 500k and 600k, you won't still be able to afford your lifestyle and will still be financially dependent on mommy and daddy. You have no shame? Grow up.

#generationalwealthgang

[Anonymous]

I would be embarrassed to have my parents pay for my nanny. You are living above your means now and this will continue with someone bailing you out (e.g. parents). You need to get control of your spending and budgeting.

[Anonymous]

Can’t make ends meet on a $450k hhi

[Anonymous]

Anonymous wrote:Shame on you OP. At your age and income level you still depend on parents to satisfy your basic needs?
You make 400k, live a 2.5m mansion, but mommy and daddy still have to subsidize you to afford a child?
I bet that even when your income rises to 500k and 600k, you won't still be able to afford your lifestyle and will still be financially dependent on mommy and daddy. You have no shame? Grow up.

+1

[Anonymous]

Just to keep all of the posters who bought before last year grounded, 7k/mo is more like a 1.5m house (or less) not 2.5m. So could depend on the timing of purchase last year.

[Anonymous]

Anonymous wrote:

Anonymous wrote:We are at a similar HHI and net approximately $20k/month with 2 extra pay periods. After $7k mortgage, you have $13k/mo remaining. Is that not enough? Even if you allocate $6k for childcare, that’s still 7k/mo for basic living expenses.

Congrats, you have the mindset of someone who will be tied to their job until age 65+.

Not sure why you’re coming at me. This isn’t my budget. We net $20k per month and spend $10k so you can take your preaching elsewhere. I’m simply asking why HER budget isn’t working despite numbers suggesting that it should.

[Anonymous]

Anonymous wrote:I would be embarrassed to have my parents pay for my nanny. You are living above your means now and this will continue with someone bailing you out (e.g. parents). You need to get control of your spending and budgeting.

Well maybe not everyone had the benefit of learning how to support themselves. It takes brains and the right work ethic. It’s not the kids fault the parents never instilled this in their kids. Geesh!

[Anonymous]

We have a similar HHI, live in McLean, mortgage about 3500. My parents are not footing my nanny bill but they basically provide free childcare for us by living with us and caring for our baby, also chauffeuring the older one to all kinds of activities. We do have healthy retirement and regular saving. But money is still tight.

The thing is, 400k is just middle class income in this area. We do need grandparents support to survive.

[Anonymous]

Anonymous wrote:We have a similar HHI, live in McLean, mortgage about 3500. My parents are not footing my nanny bill but they basically provide free childcare for us by living with us and caring for our baby, also chauffeuring the older one to all kinds of activities. We do have healthy retirement and regular saving. But money is still tight.

The thing is, 400k is just middle class income in this area. We do need grandparents support to survive.

Do you know what life is like for middle class? Our truly middle class friends are only having one kid, using in-home daycares, staggering work schedules to be home more, or relying entirely on grandparents to watch their kids. I would argue that having a nanny at all makes you at least UMC. Perhaps you don’t feel flush with cash, but you’re doing quite well.