Reply to How did you afford your $1M plus home?

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[quote=Anonymous][quote=Anonymous]OP again. We take home about 19k (after paying into healthcare costs which are high for our firm, 401k, etc). Nanny is 3500/month. Family help is about 2k/month now but that will go up in time. We've also had to bail out the parents from a foreclosure and pick up emergency health expenses so all of those things took a toll early on and ate up money we could have saved. Also, we weren't as disciplined about savings until the last few years (paid for our own modest wedding etc). Student loans from college are 1k/month. Hoping we find a house eventually that has room for an au pair so we can cut way down on childcare costs. For those who have incomes similar to ours, thanks so much for posting your budgets. We know we can cut down in some areas but there aren't huge areas of excess (lavish vacations, jewelry, fancy clothes, cars, etc). 
I'd like to put together a larger downpayment (wait until we can save enough) rather than raising our monthly cost if possible. It just seems excessive to spend more than 4500/month. We realize our HHI income is high now so it worries me to take on even more monthly expense.[/quote]

19000
-3500 Nanny
-2000 Family
-1000 Student loans
-4500 Mortgage
= 8000

Where are those $8K going?

You have to get out of the mindset that you need a certain type of home for your happiness. If you've ever lived in NYC, you know that not every child needs his/her own bedroom (although I do find having more than one toilet available very, very nice when you have children!); you also know that having more rooms in a house does not equal more happiness. The dining room table doubles as our "office" when we need to work from home--we don't need a separate room for an office. Guests can use the pull out sofa for a bed, or stay in a hotel nearby--we don't need a dedicated guest room.

Before you think about buying another home, I would take a hard look at your own parents, whom you are supporting, and ask if you want your children to be placed in the same boat. Do not take on additional debt, especially a mortgage, if you already feel uncomfortable with your current expenses.[/quote]

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