Reply to Budgeting for Private School -- Convince my spouse

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[quote=Anonymous][quote=Anonymous][quote=Anonymous]So we have a disagreement on whether we should continue private school, coming down to how to afford it and not have to sacrifice travel (which is very important to my spouse for both visiting family as well as exposing our kids to the world)

So the biggest concern is that we will have to reduce vacation travel and not be saving enough for college.

Here's our budget, and I'm posting it here because I want the Independent school perspective; money forum will surely tear this stuff apart.  We have 3 kids, though they will only be in private school 2 at time because of the age difference; we will have college costs along with private school, but at that point loans would be an option.  House is an old crummy house with an addition, which is nice enough but expensive because it is close in with "good" schools which we now realize are circling the drain.

[b]We have considered moving, but house prices have gone up so much in places that we think would be better options and it just seems insurrmountable [/b]and we aren't even sure public schools are actually better there (we hear a lot of bad news about FCPS, MCPS, APS on this forum, so hard to tell what is truth)  Kids are thriving at private, so we are reluctant to rock the boat.

Take home Income	$20,040
	
House	-$5,100
Extended Day	-$300
Life Insurance	-$200
Music Lessons	-$456
Internet	-$50
Mobile	-$300
Private School	-$5,667
	
----------------------------
Fixed Total	-$12,139
----------------------------
	
Home Repair	-$1,167
Streaming	-$40
Groceries	-$1,500
Camps	-$500
Kids Activities	-$167
Cleaner	-$300
Cars	-$200
Utils	-$375
Med	-$133
Shop Misc	-$625
	
----------------------------
Discretionary Total	-$5,007
----------------------------

Holidays	-$250
Vacation	-$667
Beach Week	-$417
	
----------------------------
Travel Total	-$1,333
----------------------------
	
----------------------------
Net Savings	$1,561
----------------------------
[/quote]

[b]You're going to pay far more in tuition payments than you would be in extra mortgage payments [/b][/quote]

+1  Theoretically, based on this budget, OP could spend up to 10.6k on mortgage payments (disclaimer: I am not advising this course of action).  Bet you could get good public schools with that budget!  And the mortgage won't increase 3-5%/year.[/quote]

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