Help me figure out how to better allocate our 300k income.

[Anonymous]

per month:
mortgage - $4,200 (too much).
car - $500 (payment and insurance)
bills/misc. - $800
student loans - $1600
child care for 2 under 2 - $2800
parking - $250
housecleaning - $240
groceries/gas etc. eat up the rest.

It almost feels like no discretionary income, and we both have credit card debt because things feel tight. what can we do about our mortgage? when we bought, I was making more, and have since gone part time. we have only owned for 2 years. would it make any sense to sell?

[Anonymous]

What's the interest rate on your mortgage?

[Anonymous]

How much do you owe on the house and how much do you think it's worth?

[Anonymous]

The rate is 4.2, so pretty low. We owe about $600K, I think its worth about $700K.

[Anonymous]

Selling and buying another will cost you just in transaction costs (about $80K for us). Can you re-fi?

At 300K, you might think about a financial planner, if not regularly, then at least a one-time consult.

[Anonymous]

When can you re-fi and what would be the goal?

[Anonymous]

Given the mortgage and student loans, I am surprised you have such high car payments. Why didn't you save for a car first, and then buy a house?

[Anonymous]

With car payments and student loans and now credit card debt, maybe you should try cleaning your own house?

[Anonymous]

We have a lease, which is almost up. So that will go away, and the car includes the insurance payment. We don't have any time to clean the house - 2 under 2, and we both work 40 plus hours a week (that's part time for me).

[Anonymous]

Child care should go down later

[Anonymous]

What is your bring home pay per month?

Is there anyway you can change the parking fees? Another area is the bills/misc that's eating up $800- that's a lot!

Maybe you could cut the housecleaning in half if they come every other week or half as often? I realize that you need it for your sanity, but your student loans are pretty high to afford that expense.

[Anonymous]

yup this is why 300k hhi is hard and the home isn't even that expensive

[Anonymous]

Anonymous wrote:What is your bring home pay per month?

Is there anyway you can change the parking fees? Another area is the bills/misc that's eating up $800- that's a lot!

Maybe you could cut the housecleaning in half if they come every other week or half as often? I realize that you need it for your sanity, but your student loans are pretty high to afford that expense.

I expect that figure is already for every other week.

OP, what happens at the end of your car lease? Do you plan to buy the car?

[Anonymous]

Anonymous wrote:yup this is why 300k hhi is hard and the home isn't even that expensive

Oh, shut up. Please. Her 300k allows her to pay a huge mortgage, 1600 in student loans and 2800 in childcare. Most people can't pay their loans at that rate or afford a mortgae's worth of childcare.

Not to mention a housekeeper.

When her huge loans and credit debt are paid off, and childcare is in the rear view, she won't know what to do with her income.

[Anonymous]

Anonymous wrote:

Anonymous wrote:yup this is why 300k hhi is hard and the home isn't even that expensive

Oh, shut up. Please. Her 300k allows her to pay a huge mortgage, 1600 in student loans and 2800 in childcare. Most people can't pay their loans at that rate or afford a mortgae's worth of childcare.

Not to mention a housekeeper.

When her huge loans and credit debt are paid off, and childcare is in the rear view, she won't know what to do with her income.

In 30 years?