Ok I'll jump on the budget bandwagon

[Anonymous]

Anonymous wrote:Not the OP, but our budget also has a misc category which covers things like copays and minor maintenance issues (new toilet flapper, oil changes). For major maintenance costs (like plumbing work or a new roof) it comes out of our savings--we always keep a good chunk of savings readily available to cover things like this and then gets replenished. So I don't think of it as a line item in my savings, I just make sure we always have a good cash reserve available to cover anything that might come up.

Can I ask, how much do you have in your maintenance fund? We just bought a house and I am trying to figure out how much I should have in reserve that is separate from our emergency savings (i.e., the money we would use if one of us lost our job or if we had a medical emergency). Is $10K enough? Do you add to it constantly, or set a certain amount and only replenish after a big expense?

[Anonymous]

NP here.

Agree with cutting food at work and carpooling or using Metro. Wife also needs to cut the haircut costs, you can get a nice one for $100 in this area.

I don't see water in your budget.

You have a nice low mortgage, I'd max retirement. I'm not sure what the actual question is here, you're living pretty well below inside your income especially for a family of 5.

[Anonymous]

For a house emergency fund, think about the most expensive thing that could die that you'd have to replace immediately, like a new HVAC system. That could be up to 10K depending on your home, and probably gives you room to spend on smaller projects while still keeping a core $5-7K in the account. It is up to you how you replenish it.

[Anonymous]

Why not enjoy the fact that you can afford your lifestyle and still save? Other than potty training, your expenses will drop tremendously once you give up your nanny, assuming you don't do private schools.

Even if you're spending it on lunch at Chipotle, there is someone happy that you're coming in because they keep their job. Your wife deserves to splurge on a nice haircut assuming you have no debt other than mortgage.

Any student loans?