Hey everyone. I'm going to do a quick run down here of where we were at year end, and how our budget looks. Poke holes, help optomize, give thoughts, ideas, what-have-you.
Me, 29, Wife, 28 - Oldest daughter turns 3 in May, littlest turns 1 in May. Oh, and we have a dog...
I'm an insurance agent, wife is a PTA
2016 tax return...
Taxable income: $38,974
We got $2,052 back in fed taxes, 339 in state.
Gross Estimated Monthly Income (after taxes, benefits, HSA, and retirement contributions)
Me: $2,200 (this is the number I used last year, should probably be closer to $2,400 a month now, but I'm leaving it as my first paycheck had my year end bonus in it, so I don't know what it's going to end up with monthly, to be honest).
I make about an extra 4-6k a year helping a farmer in the spring and fall
DW has a state pension, I use a 401k (10% of my income, employer contributes 3% max)
Mortage: $309.35 - PITI total
Car payment: $271.62
Student Loan: $189.62
Electricity: $200 - estimated
City (heat, water, trash) - $250 (usually around $150, using a higher amount as we are in winter now, so our LP usage is quite high)
Cell phone: $155 - we are in a very rural area, we've found one carrier that actually can get me service in town
Hospital: $100 - paying off the baby...interest free
Car Insurance - $89.83
Life Insurance - $83 (whole life - I know, you all hate it)
Daughter things... - $50.00
Groceries: $300 - includes formula for the baby, even though that is quickly winding down
Fuel - $200
Dog - $50
Entertainment - $100.00
Auto transfer to savings - $100
Auto transfer to kids CD's - $25 each, $50 total (both sets of grand parents have 529s open for them that they contribute to)
My old 401k - $30,918.69
New 401k- $13,045.85
DW Pension: $8,891.31
DW IRA - $1,671.24
HSA - $460.61
Daughter 1 CD: $1,253.57
Daughter 2 CD: $527.34
Savings Account: $2,000
Not adding vehicles - my truck is paid off, her SUV is what we are making payments on...at 1.9%
Mortgage: $23,049.61 remaining on 15 year loan @ 2.75%
DW Car: $13,400 remaining
Student Loan: $16,413.65
Chase Credit Card @ 0% - $497.50 to be paid off by 6/27/17
Total Debts: $58,382.91
$52,332.28 (higher if I added my truck in...but eh)
To be more financially secure - we'd like to see the savings account to be at $5k
Not really into the retiring early thing - I love what I do, and foresee that continuing into the future. We live in a very rural area, I love my job, my customers, and what I do. Yes, it's God awful slow at times, and other times it is busier than I'd ever imagine, but that's the nature of the beast. I'm not sitting in a cubical, I can leave and go visit my customers and prospects when I want to.
So, if we hit our budget every month, we'll have an extra $646.58 to play with. More than that, actually, as I am typically making more than what I listed per month, with commissions. But, I don't like to include that because it's variable in a big way. I know there are better things to do with that money than stock it into a savings account that isn't earning much, but it's a comfort thing my for my wife. After that, we'll be hitting my student loans pretty hard.
What do you think we should be focusing on? What questions do ya have?