Finances with big mortgage

[Anonymous]

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

You’re spending extravagantly and are then somehow surprised that you feel stretched? Why are you wasting so much money?

[Anonymous]

Anonymous wrote:

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.

You basically told OP, "You take home $20K and your expenses are $20K - what's the problem?" Most people earning $400K wouldn't think it's OK not to save any money beyond their 401k.

[Anonymous]

You are clearly spending too much month to month on STUFF. I am in a similar situation with a very large mortgage, decent income, childcare costs and another kid on the way. We don’t have family help other than the occasional evening babysitting by grandma. You need to trim the fat and stop eating out, shopping etc. and build up some cushion to pay for the new baby stuff. An alternative is to see if your parents would put the nanny money in a recast to your mortgage to lower the payment and send your kids to daycare which should be cheaper than a nanny.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

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.

You basically told OP, "You take home $20K and your expenses are $20K - what's the problem?" Most people earning $400K wouldn't think it's OK not to save any money beyond their 401k.

OP is young and at one of the most expensive phases (new house, young kids, newborn and need for nanny, etc) of life. The concern she expressed is making ends meet, not early retirement or how much she ought to be saving. She expressed anticipation of higher income in the future. Most people are not maximizing savings or saving much at all while having a newborn.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

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.

You basically told OP, "You take home $20K and your expenses are $20K - what's the problem?" Most people earning $400K wouldn't think it's OK not to save any money beyond their 401k.

OP is young and at one of the most expensive phases (new house, young kids, newborn and need for nanny, etc) of life. The concern she expressed is making ends meet, not early retirement or how much she ought to be saving. She expressed anticipation of higher income in the future. Most people are not maximizing savings or saving much at all while having a newborn.

Because most people are not making $400k, duh.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

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.

You basically told OP, "You take home $20K and your expenses are $20K - what's the problem?" Most people earning $400K wouldn't think it's OK not to save any money beyond their 401k.

OP is young and at one of the most expensive phases (new house, young kids, newborn and need for nanny, etc) of life. The concern she expressed is making ends meet, not early retirement or how much she ought to be saving. She expressed anticipation of higher income in the future. Most people are not maximizing savings or saving much at all while having a newborn.

Well we had a 200k HHI when we had a newborn and somehow we managed. To say that you can’t survive on 400k while also buying a ridiculously expensive house is nuts.

[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.

I actually think the 1k for clothes, food, and gas is reasonable. We probably spend close to 1k just on food at a much lower HHI. But our lawn care is much less (we do some ourselves plus have a weekly mower for $200/month). And why do they need so much new decor?

[Anonymous]

OP here -

I agree we need to cut down the two shopping expenditures. I’m not the only one with a credit card so it’s not as simple.

The reason I have 1k for furniture is that our house is slowly being furnished. We didn’t move in with much so we are now buying outdoor furniture (porch, patio, deck) and indoor furniture. There’s seven bedrooms, an office, basement theater, etc that look bare without being somewhat furnished. We’re trying to find good deals rather than splurge all at once. We also inherited a large outdoor jacuzzi that needs to be maintained.

The grandparents rather pay for help and pitch in here and there rather than quit their jobs and become full time babysitters. They also refuse to retire.

[Anonymous]

Anonymous wrote:OP here -

I agree we need to cut down the two shopping expenditures. I’m not the only one with a credit card so it’s not as simple.

The reason I have 1k for furniture is that our house is slowly being furnished. We didn’t move in with much so we are now buying outdoor furniture (porch, patio, deck) and indoor furniture. There’s seven bedrooms, an office, basement theater, etc that look bare without being somewhat furnished. We’re trying to find good deals rather than splurge all at once. We also inherited a large outdoor jacuzzi that needs to be maintained.

The grandparents rather pay for help and pitch in here and there rather than quit their jobs and become full time babysitters. They also refuse to retire.

You’re rich and privileged. Stop whining and pretending to be clueless.

[Anonymous]

Anonymous wrote:OP here -

I agree we need to cut down the two shopping expenditures. I’m not the only one with a credit card so it’s not as simple.

The reason I have 1k for furniture is that our house is slowly being furnished. We didn’t move in with much so we are now buying outdoor furniture (porch, patio, deck) and indoor furniture. There’s seven bedrooms, an office, basement theater, etc that look bare without being somewhat furnished. We’re trying to find good deals rather than splurge all at once. We also inherited a large outdoor jacuzzi that needs to be maintained.

The grandparents rather pay for help and pitch in here and there rather than quit their jobs and become full time babysitters. They also refuse to retire.

This line item doesn’t make sense to me. Are you buying used furniture or stuff off Craigslist?

Even if you go to a mass retailer like Haverty’s you can’t really get anything for $1k. I’m guessing a sofa at ikea is around 1k these days.

We furnished a large house in early 2021 and probably spent $100k easily. We bought expensive custom pieces. Our outdoor furniture alone was around $15k.

Even if this $1k is on an annualized basis you’re talking maybe buying a pottery barn sofa, armchair and a rug. That’s it.

[Anonymous]

Outside of some beds, a dining room set and living room set, furnishing a mansion is a want, not a need. Cut back on it.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

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.

You basically told OP, "You take home $20K and your expenses are $20K - what's the problem?" Most people earning $400K wouldn't think it's OK not to save any money beyond their 401k.

OP is young and at one of the most expensive phases (new house, young kids, newborn and need for nanny, etc) of life. The concern she expressed is making ends meet, not early retirement or how much she ought to be saving. She expressed anticipation of higher income in the future. Most people are not maximizing savings or saving much at all while having a newborn.

Well we had a 200k HHI when we had a newborn and somehow we managed. To say that you can’t survive on 400k while also buying a ridiculously expensive house is nuts.

You guys are clearly idiots because we managed with a newborn on 80 HHI.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

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.

You basically told OP, "You take home $20K and your expenses are $20K - what's the problem?" Most people earning $400K wouldn't think it's OK not to save any money beyond their 401k.

OP is young and at one of the most expensive phases (new house, young kids, newborn and need for nanny, etc) of life. The concern she expressed is making ends meet, not early retirement or how much she ought to be saving. She expressed anticipation of higher income in the future. Most people are not maximizing savings or saving much at all while having a newborn.

Well we had a 200k HHI when we had a newborn and somehow we managed. To say that you can’t survive on 400k while also buying a ridiculously expensive house is nuts.

You guys are clearly idiots because we managed with a newborn on 80 HHI.

Yes but that means you didn’t live in a 6k sqft, $2M house in McLean that has a movie theater.

[Anonymous]

Only a grown ass adult who is still a parasite their parents pocketbook buys a house that expensive on a 400k wage slave income.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

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.

You basically told OP, "You take home $20K and your expenses are $20K - what's the problem?" Most people earning $400K wouldn't think it's OK not to save any money beyond their 401k.

OP is young and at one of the most expensive phases (new house, young kids, newborn and need for nanny, etc) of life. The concern she expressed is making ends meet, not early retirement or how much she ought to be saving. She expressed anticipation of higher income in the future. Most people are not maximizing savings or saving much at all while having a newborn.

Well we had a 200k HHI when we had a newborn and somehow we managed. To say that you can’t survive on 400k while also buying a ridiculously expensive house is nuts.

You guys are clearly idiots because we managed with a newborn on 80 HHI.

I actually think you are the idiot being a grown up adult with kids on an entry level income still.