Reply to Won the bid on a 900k house and now I feel sick

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[quote=Anonymous]We only have one kid. We are splitting out savings between emergency fund and college fund. We only need a nanny for another year- at that point we plan to put all of the money that had been allocated for daycare into college fund.

Our emergency fund savings are about 150k, so if we need a new roof it or another unexpected expense, it can come from there.

[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]It is doable if you cut costs on things like eating out and vacations. Our HHI is about 280k and we have a 900k mortgage, a full-time nanny, and about 700/month in student loan payments. We still manage to save about 2k/month. But we also brownbag our lunches, make good use of our CostCo membership, etc. Budgeting is key. [/quote]

Wow, can you list your monthly budget, net, etc? This is really, really impressive.

[/quote]

A bit over 15k/month take home after taxes and 401k

4200 mortgage
4000 nanny (including taxes and breedlove fees)
1000 groceries
800 utilities (electric, cable, cell, water)
700 student loans
300 car gas/maintenance (we own our car outright so no loan)
500 kid's clothing/toys
500 our clothing
500 eating out (usually less than this)
750 misc costs (like car taxes, gifts, kid activities)

That leaves about 2k/month for savings. We put work bonuses, tax refunds and other one-time windfalls directly in savings. 
[/quote]

What about kids college? That alone is a $1000 monthly expense and potentially only puts us at 215k for 2 kids TK share when the projected expense is 175k/per child.

We had our roof done 10k right there.

Our cars too were paid off, one finally kicked the bucket and that was another 38k cash we had to lay down.[/quote][/quote]

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