Reply to $14k net HHI - Budget Input

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[quote=Anonymous][quote=Anonymous]You've gotten some good suggestions as to what to cut.

Once you cut them, start saving. Start an emergency fund. Start a 529 for your DD. Start a car fund so you can pay for your next car in cash.

Somewhere along the line you were lead to believe that debt is good. It's not good for you; it is good for the people lending you money! Yes, you can hold a reasonable mortgage and perhaps some student loans, but financing and leasing luxury cars is just ridiculous!

What is the plan for the investment property? Are you getting any benefit out of it whatsoever? Any though about selling it to cut your losses there?

Kudos to you for realizing that you are hemorrhaging money and trying to do something about it. Hunker down now while you have one young child. They only get more expensive! And then you have a second! Is your DH on board? You should be able to get things under control relatively quickly if you to a real spending diet for about 6 months and make some tough choices.[/quote]

Appreciate the feedback. DH is on board for sure - I tend to be the spender. We have just been way too lax about where our money has been going and didn't start seeing the red flags until we added childcare into the mix as we were easily covering all before. I'm surprised how many people see the car expenses as so high, very much thought that was the norm as it seems to be with our friends. But that's exactly what I'm looking for here - What immediately seems unreasonable to someone with an outside perspective.

Investment Property can't be refinanced until we're under 75% LTV but as soon as we hit that mark, and current renters move out (time to increase rent) we should be able to get it back to being covered by rent. We like the idea of someone else paying into an investment for us. The mortgage went off an ARM last year which is why we are all of a sudden paying each month. In the past, it was always covered by rent. Definitely an area that needs to be addressed.

529 is on my to do list this week as grandparents are wanting to start putting funds in. Other savings are a top priority once we get a handle on things. [/quote]

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