Thanks everyone. Well done! There was by and large consensus among everybody and so that was heartening. And we are pretty much on a sensible track.

Incidentals happen ALL the time (shoes, clothes, books, birthdays, car repairs, haircuts, extra-curricular activities, runs to Target, eating out, etc). Tutoring helps though income stream is variable.

After working hard to be debt-free, an emergency fund is what we are working towards now. Need to make bigger contributions to retirement as well. Housing is very low priority right now. Saved childcare cost in a year will probably go towards more extra-curricular activities or down-payment fund? We'll see how this plays out. If we do like a house and the numbers look good, we can borrow from family for down-payment as well.

Anonymous wrote:

Anonymous wrote:Does no one buy clothes, shoes, cell phone service, household things, presents, and all the incidentals?

ITA. Every time I look at these budgets I wonder how these people don't end up at Target buying laundry detergent, drawer pulls, light bulbs, and an ironing board with me.

Yep, add to that car repairs/maintenance (oil changes, brakes as well as other mechanical issues - will average at least $80 per month for the two cars over the course of a year).

Anonymous wrote:

Anonymous wrote:Oh, 120 is take home! Then you're basically in our situation. Ok, 10:16 again with revised numbers.

Rent a 3 bedroom in further out MC burbs: $1800
Childcare for younger kid: $1100
No aftercare for older one since you can pick up?
Life insurance: $200
Renter's insurance: $10/month
Car insurance: $170
Gas: $120
Food: $1000
Utilities: $200[internet, water, heat, no cable]

Savings: $1500 (you'll have 3 months worth of above expenses saved up by Oct)
College accounts: $1600 for both kids
Retirement: $1800 total contributions for you & DH
Vacation: $300

Life insurance at 200? That's crazy.

Crazy too much or crazy not enough? I get a decent amount through work, employer subsidized plus we supplement with more that we get privately. So I was kind of taking a stab in the dark about what some one else should expect to pay out of pocket. I'm assuming OP is older than I am, so would need to pay more.

Anonymous wrote:Does no one buy clothes, shoes, cell phone service, household things, presents, and all the incidentals?

ITA. Every time I look at these budgets I wonder how these people don't end up at Target buying laundry detergent, drawer pulls, light bulbs, and an ironing board with me.

Anonymous wrote:Oh, 120 is take home! Then you're basically in our situation. Ok, 10:16 again with revised numbers.

Rent a 3 bedroom in further out MC burbs: $1800
Childcare for younger kid: $1100
No aftercare for older one since you can pick up?
Life insurance: $200
Renter's insurance: $10/month
Car insurance: $170
Gas: $120
Food: $1000
Utilities: $200[internet, water, heat, no cable]

Savings: $1500 (you'll have 3 months worth of above expenses saved up by Oct)
College accounts: $1600 for both kids
Retirement: $1800 total contributions for you & DH
Vacation: $300

Life insurance at 200? That's crazy.

Does no one buy clothes, shoes, cell phone service, household things, presents, and all the incidentals?

Oh, 120 is take home! Then you're basically in our situation. Ok, 10:16 again with revised numbers.

Rent a 3 bedroom in further out MC burbs: $1800
Childcare for younger kid: $1100
No aftercare for older one since you can pick up?
Life insurance: $200
Renter's insurance: $10/month
Car insurance: $170
Gas: $120
Food: $1000
Utilities: $200[internet, water, heat, no cable]

Savings: $1500 (you'll have 3 months worth of above expenses saved up by Oct)
College accounts: $1600 for both kids
Retirement: $1800 total contributions for you & DH
Vacation: $300