Help me figure out how to better allocate our 300k income.
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Anonymous
| Perhaps that is why housing prices remain so high in DC. People think they can afford these high cost houses, even when they can't. It would seem reasonable that someone with HHI $300000 could afford a house in the area. But unless you bought before the bubble, you need to come to the table with a large down payment. If not you will have a high mortgage. Hone prices are too high for what you get. |
Anonymous
| My household has similar income and expenses. We have lots left over every month. Stop snorting coke? |
Anonymous
| Can you find a cheaper day care option? |
Anonymous
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Given your expenses, why did you feel you could switch to a part-time work schedule? And, since you only work part-time, why are your daycare expenses so high? Don't you now need less daycare? This does not compute.
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Anonymous
| I thought her part time was still 40 hours a week. |
Anonymous
| I went part time because I make $180 k part time and we have 2 under 2. And my husband works insane hours. We also max out all pre tax vehicles for tax purposes, so hsa, 401k, etc. |
Anonymous
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Please stop saying you work part time. If you are working 40+ hours a week, it's not part time. I realize you may have scaled back your hours, but you're just confusing people.
You listed $10,390 in expenses (+groceries and gas). What's your take home each month? You mentioned credit card debt--how much are you paying on that? You really do need to itemize the grocery/gas/and "other" bills if you expect meaningful advice. Have you adjusted your with holdings to reflect the salary changes (there's a calculator on the IRS website). Do you get a bug tax refund that you could spread out over the year? |
Anonymous
| This is just life at your stage of the game. Things will improve as your kids no longer need daycare, you pay down your loans, and you begin to accumulate wealth. I bet you guys are pretty young, so give it time. We make much less than you do and we have money in the bank. But we're in our 50's. Your choices at your stage of life are either live below your income a little longer and delay the house, the car payment, etc. or go for those things recognizing money will be a bit tight as a result. |
Anonymous
| Look at your dining out expenses and your grocery bills. Maybe there's some cutting back you can do there? Eating out less, fewer convenience meals, switching to a cheaper grocery store? |
Anonymous
Snort! You are very out of touch as to what "middle class" is. |
Anonymous
You do know that when the lease is up, you have to either buy the car or give it back, right? As for no time to clean the house - gimme a break. Yes, I know you're busy. But you are over-extended, and you need to trim the low-hanging fruit. It's a hell of a lot easier, and makes must more sense, to cut the cleaning service than it is to move. For God's sake woman, use your head. |
Anonymous
Well, let me tell you what I did - you take from it what you will. I'll be crucified on this forum for saying this, but I was struggling a bit with cash flow (on the same income), largely because the "little things" had eaten away thousands a month. First, I worked towards paying off the car - in my case that saved about $700 a month. Then I ditched cable and went with hulu and netflix, at a cost of $15 bucks a month instead of closer to $120. That saved another $100. I ditched our home land line - who uses it anymore - saved another $50 a month. I refinanced our mortgage saving another $200 a month. I successfully contested our property taxes, saved about $50 a month. I upped our insurance deductibles on our car insurance - we are not poor and I don't particularly care whether my deductible is $250 or $500 or $1000 - to me car insurance should be for catastrophic loss - but the monthly outlay is quite different - this saved perhaps another $20 a month. I got rid our housekeeper and decided to do it myself - $250 a month. I got rid of our lawn service, saved another $250 a month there. (Yes I was being robbed) I got a programmable thermostat for our house, saved maybe $20 to $40 a month (surprisingly effective actually). I shopped our home owners insurance around and saved another $20 or $30 a month. I negotiated with maintenance companies (i.e. heating and air) during their low season for a better rate for annual services. Cant remember what I saved, but it was something. I swapped cars with my spouse who has the much longer commute - almost to baltimore - but had been driving the low-mpg car. Not sure how much diff that made but its something. All told, I estimate I saved somewhere around $1,500 to $2,000 a month. |
Anonymous
Going into credit card debt with an income like this is just stupid. You should never "go for things" that you can't afford. What if one of these parents becomes disabled? Disability insurance does not cover everything, nor does it last forever. What if one of their young children needs special services, or God forbid, has an illness that requires a parent to take a long period of leave. There's no way these numbskulls can afford their mortgage or student loans if they even have a brief loss of income. |
Anonymous
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8:32 gave you some outstanding advice. The little things add up.
It's hard to believe, but cable is actually a luxury. That daily Starbucks fix or $8 deli sandwich is a luxury. Make your coffee at home and pack your lunch. What kind of groceries and where are you buying them? Less meat, more beans and rice and pasta. Dial back purchases of organics and name brands in favor of store brands. Sign up for your store's rewards program. I get weekly emails from Safeway and Harris Teeter and I can pre-load my card with all the coupons. It's amazing how much I can save without any effort at all. Yes, a housecleaner and lawn service are both major luxuries. Figure out with DH a schedule that either has you doing a little bit of chores each day all week long, or block 2hrs on the weekend that is dedicated to cleaning, ideally during the kids' naptime. If you can't find the time, have groceries delivered. The $7 delivery charge frees up that time to clean the house and is cheaper than the housekeeper. When is the lease over? Look for a used car with low payments. Find low-cost or no-cost activities both as a family and as a couple. Going out to eat is a luxury. Parking means you commute? Is there a cheaper alternative that will also then cost less in gas and car wear & tear as well? What else? Without details on the misc expenses it's hard to say. Pick a 2wk block and each of you write down every single nickel that you spend. Then, go from there. I also strongly agree that with an income at that level you should be seeing a financial advisor once or twice a year. You don't mention anywhere what you're putting in retirement or college savings. |
Anonymous
hahahahaaaaa OMG. go fuck yourself. |