Reply to What $PITI should we aim for...

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]I wouldn't go higher than $3000.

For comparison, we are slightly higher HHI than you ($260k) and our PITI is $2200. We also have young kids (k, pk, and daycare) and save a decent amount (max 401ks, Roth's, $500/mo per kid to 529s) and after groceries, fixed expenses, activities, there's not a lot left!

Do you have a lot of room to grow in salaries? If so maybe go a little higher but you don't want to be house poor.[/quote]

Can only increase maybe 30-50k in the next 10 years.
That is similar to what we currently pay. 
We [b]don't do 529s because we cash flow daycare/ tuition now so plan on continuing that. [/b]
Admittedly don't max out 401k, but do contribute to get the match.

Hard to swallow staying in the house we have outgrown in order to put money away for 30+ years from now, but aware it's probably the smarter move[/quote]
I was with you until the last paragraph. Spending twice as much for GT OOS over VT is no less a terrible plan than budgeting 25k/year for college.

This is a terrible “plan” you say you have a baby? Tuition is going to be much higher than what you are paying for daycare.

Why would you set your kids up to start their adult lives with crippling debt? At a bare minimum those daycare payments shouldn’t stop. They should be redirected into 529. You also have no business with your kids in private school if you can’t afford college. You are doing them a gigantic disservice.

I have a senior in high school and a sophomore. It’s not as simple as cash flow. I have one who is an excellent student and got into Georgia tech which is an excellent engineering school. I’m so glad I wont be leaving him out to dry.  Sure I could have insisted he attend VT, but he got into a top engineering school and this is well worth the extra savings we did just in case state schools weren’t enough. Plus with you having a baby and inflation , the expense will be very different in 17 years from now. Schools are opening even more slots for international students and it is making state flagships insanely competitive and are off the table for many residents. [/quote][/quote]

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