Reply to We make $260k combined….why do I feel like we have no money?

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Reply to "We make $260k combined….why do I feel like we have no money?"

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]As someone with a very similar household income, but with two kids who have aged out of childcare, my advice is to just hold on tight! Your expenses, even your mortgage, look reasonable to me. But childcare is a killer. You say you have no savings, but you are contributing a decent amount to your retirement savings. That’s all we did when we were in your stage of life. I know it feels tight, but your income is good. Things will be so much easier once your kids are in school. [/quote]

This. All your numbers are VERY close to mine -- 250k HHI, out PITI is 3700, our childcare is 3500 (three kids) -- Once we had the third we cut back our 401k to just enough to match and stopped putting away in 529s .... we are in pure survival mode. We have 1.5 years left till we are only paying aftercare and then we will reroute the funds back to retirement and 529s. I also keep an eye on real estate -- if a unicorn of a house popped up that could keep our same quality of life but reduce our mortgage --- we will be moving. [/quote]

This is insane. You bought way too much house. [/quote]

Really? That’s well below what all the mortgage/HHI calculators say you can afford (e.g., 28% of gross income rule)[/quote]

With 3 kids? Pp (and op, in a similar situation) aren't saving for college and are barely saving for retirement. Because they overspent on their houses.[/quote]

With rising interest rates and home prices, a lot of people are spending a greater percentage of their income on housing.  And it's not like rents have gone down either.

We bought 9 years ago and have a very comfortable PITI of around $2k per month.  A younger couple just bought the house next door to us- it's essentially the exact same house- but the sale price was 30% more than ours and with higher interest, their mortgage is $1k more!   And this isn't Bethesda or anything like that.  I feel for families trying to buy a house these days.[/quote]

Life is about choices.  Either they could afford it and made the choice or they would have picked a cheaper house.  Its time to live within your means and plan for things like inflation or unexpected expenses.[/quote]

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