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Money and Finances
Reply to "Huge raises (for us)- no idea what we can afford for remodel"
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[quote=Anonymous]You are in the high spending years with kids that young. I noticed in your post that you seem to be spending the same money multiple ways. You said you would use the raises to increase college savings, retirement savings, and do a major house renovation. Be careful you are not double or triple counting your money. I recommend setting your retirement savings rate at 20% of gross and figure out your target for college savings. Aim to set another 10% aside for a longer-term savings like this house project. Then see what you have left over. It would be a shame to go another decade with a kitchen that does not meet your needs. Life is for a living and money is for spending. But you need to make sure you are on track for your long-term goals before spending on wants. Obviously get rid of that debt quickly.[/quote]
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