Reply to Is this a reasonable amount of spending money per month based on our income?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]HHI is 320k. No debt except mortgage on a townhouse. Both our paychecks go into the same joint account.

I proposed to my wife that [b]we each get $1200/month of personal spending money[/b] to go into our own bank accounts that we can spend judgement free. I think she’s okay with it but also wishes she could have more per month to blow on stuff. Is this too low? We have no kids yet but will start trying in the next year and [b]are also aggressively saving for a down payment [/b]on another house.

This isn’t money for needs like bills, food, gym, or for shared wants like vacations, activities, or new stuff for the house. It doesn’t include gifts either, that would come from our joint account. It’s basically just an amount that we can individually spend on ourselves without needing to justify it to the other person. [/quote]

These two bolded statements of yours, OP, do not match up or even make sense. 
This is your time to save, save, save since you do seem to want to purchase a SFH. Once you add a child into the mix, you will have wished you saved more. I guarantee you.[/quote]

This !!!!

Once you have to save $250K+ for each kid for college (min for instate) and pay 2-3K/kid monthly for daycare (and still plenty for before/after care until MS) you will wish you had started earlier
[/quote]

Why do you think someone who currently has 350K saved in cash for their next house can't figure out how to save 250K for their children, who aren't even going to college until 20 years later, because they're not born yet?

Why do you think that someone who's currently saving 10K a month won't be able to afford 2-3k in childcare?

Do you really think this couple, who's probably in their early 30's, can't make more money than 300K down the line? And even if they don't, they're going to have amnesia from spending $1200 a month that they forgot how they managed to saved enough for a townhouse and 350K in cash?[/quote]

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