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

[Anonymous]

Anonymous wrote:I posted this on another thread from someone with a high income but no money. You might try day-trading your remaining liquid assets. There is a day-trading school in the DC area:

http://www.tradingacademy.com/washingtondc/

Though there are risks, you could double or triple your money.

Hahahahahahahahaha. No.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Thanks so much for all the great advice. I realize we make a great deal of money, we are just in a crunch right now because we bought the house too quickly and it was too expensive, and subsequently I reduced my hours and we had a second child within a year (unplanned, obviously), so we are in serious catch up mode. Got the apps, called around and reduced cable, phone bill, cancelled gym membership, etc., so I think we are on the right track. Strict no Starbucks policy, and no eating out (we never go out to dinner anymore but we both eat lunches out). Also, I extended my leave so we were without my paycheck for awhile. So now I have a plan to pull out of debt and start saving again.

What exactly did you say to cable and phone people to reduce your bills to them? This is something "they" always tell us to do, but I don't know how likely it is that I will be able to convince the rep to help.

Hi there -- basically, I told them I needed to lower my payments and that I was unhappy with how high my monthly bills were. That was it. And I went through two different reps until I got one who was helpful and friendly. I am now paying $89.99 for my iphone's unlimited data and calling and texting and my ipad, and $120 for cable/internet/land line. To those that know -- reasonable? not reasonable? when our bundle is up, we will drop cable.

[Anonymous]

OP you say in your post that you are part time and in other that you both work >40 hours per week. Which is it? If you are actually part time, maybe you could do the housecleaning.

That said, I think housecleaning is actually pretty worth it. I'd downsize my car before I got rid of that. And do you really need $250/month for parking? Youch! I'd also get rid of cable. You can't have time to watch TV anyways with 2 under 2.

And what is your monthly take home?

[Anonymous]

OP you say in your post that you are part time and in other that you both work >40 hours per week. Which is it?

Unfortunately, in some hideous jobs (law firm associate), 40 hours a week is viewed as part time.

[Anonymous]

Anonymous wrote:

OP you say in your post that you are part time and in other that you both work >40 hours per week. Which is it?

Unfortunately, in some hideous jobs (law firm associate), 40 hours a week is viewed as part time.

Exactly. this is me. I make 80% of my former salary for working 4 days a week. I am off Friday, but my kids are 16 months apart so its kind of a blur. I could clean when they sleep, I know, and I probably should.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Thanks so much for all the great advice. I realize we make a great deal of money, we are just in a crunch right now because we bought the house too quickly and it was too expensive, and subsequently I reduced my hours and we had a second child within a year (unplanned, obviously), so we are in serious catch up mode. Got the apps, called around and reduced cable, phone bill, cancelled gym membership, etc., so I think we are on the right track. Strict no Starbucks policy, and no eating out (we never go out to dinner anymore but we both eat lunches out). Also, I extended my leave so we were without my paycheck for awhile. So now I have a plan to pull out of debt and start saving again.

What exactly did you say to cable and phone people to reduce your bills to them? This is something "they" always tell us to do, but I don't know how likely it is that I will be able to convince the rep to help.

Hi there -- basically, I told them I needed to lower my payments and that I was unhappy with how high my monthly bills were. That was it. And I went through two different reps until I got one who was helpful and friendly. I am now paying $89.99 for my iphone's unlimited data and calling and texting and my ipad, and $120 for cable/internet/land line. To those that know -- reasonable? not reasonable? when our bundle is up, we will drop cable.

The cable/phoen/internet isn't bad. Drop the data on the iPad. I know it's only $15/month but dont' they tack on a bucnh of various telecom taxes? If you're out, you can just use your iphone for data if there's no wifi nearby.

A friend switched to Boost Mobile (sells through Walmart I think) for his iphone and his bills dropped a lot. Also look at GoPhone (AT&T) if yo uhave an AT&T iPhone. It's pay as you go (pre-paid) so no monthly contract. If you don't use your iphone that much, it may be worth it.

For example, we were paying $5/month each for 200 text messages = $10/month = $120/year. Turns out we pretty much text each other so it uses iMessage (data network) so we were only sending like 10 texts/month total not to each other. I dropped that to the pay as you go 5cents/text and there's a bit of savings.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Thanks so much for all the great advice. I realize we make a great deal of money, we are just in a crunch right now because we bought the house too quickly and it was too expensive, and subsequently I reduced my hours and we had a second child within a year (unplanned, obviously), so we are in serious catch up mode. Got the apps, called around and reduced cable, phone bill, cancelled gym membership, etc., so I think we are on the right track. Strict no Starbucks policy, and no eating out (we never go out to dinner anymore but we both eat lunches out). Also, I extended my leave so we were without my paycheck for awhile. So now I have a plan to pull out of debt and start saving again.

What exactly did you say to cable and phone people to reduce your bills to them? This is something "they" always tell us to do, but I don't know how likely it is that I will be able to convince the rep to help.

Hi there -- basically, I told them I needed to lower my payments and that I was unhappy with how high my monthly bills were. That was it. And I went through two different reps until I got one who was helpful and friendly. I am now paying $89.99 for my iphone's unlimited data and calling and texting and my ipad, and $120 for cable/internet/land line. To those that know -- reasonable? not reasonable? when our bundle is up, we will drop cable.

Cut unlimited talk, text and data. If you're in Biglaw you're probably not making many phone calls before 9 anyways and usually texting on the same network is free. Also, doesn't your firm reimburse you for data costs? If so, that portion of your phone bill isn't really an expense. Another way to save money on the phone plan is to get a family plan with either set of parents which will reduce costs.