It's been a while since I've been actively Mustaching, so my budget's crept up quite a bit. I'm trying to work up the courage to relocate soon and I've been putting aside money for that, so my numbers are a little off. The idea is to go to Ohio and work in the food industry, if possible. I'm doing regulatory work right now.
Life Situation: 32yo; married filing jointly, no dependents, live in the west, want to go to the Midwest.
Gross Salary/Wages:This is where it gets a little dicey. I make about 56k a year and DH makes about 38k, but a big chunk of the money goes towards a relocation savings account.
Individual amounts of each Pre-tax deductions 401k, HSA, FSA, IRA, insurance, etc.: $500 total
Other Ordinary Income: I work 2 additional part-time jobs (one doing legal work on the side) and the other as a tech in a mental hospital. These vary quite a bit from year to year, so about 6k average
Qualified Dividends & Long Term Capital Gains: N/A
Rental Income, Actual Expenses, and Depreciation: $1300, expenses are about $800 respectively, so net is $500. I know the houses will need repairs soon, so all the money sits in a rental account for the inevitable other shoe to drop.
Adjusted Gross Income: After all the savings and everything else is taken out, we take home about $3873 a month.
Housing: $450 a month (we have a tenant, mortgage and HOA payments)
Phones: $90 a month for all the lines
Utilities: $250 (estimate - just moved and haven't gotten bills yet)
Cable for tenant: $81 (condition of tenant paying increased rent - from $400 - $500)
Technology (Hulu, Netflix, Cloud backup, phone security, journal app): $30
DH's credit card: $244
My student loans: $680
Cars (insurance + gas + random expenses): $180
Beauty: $200 (this one is pretty non-negotiable while I live here. My hair is completely unmanageable and there's only one salon that will deal with it. When I live in a more humid climate, that will be different)
Licensing fees: $70 (comes out twice a year, but I set money aside for it)
Expected relocation expenses: $1000 a month (other categories in my budget will correspondingly decrease)
Car 1: $5000
Car 2: $800
House 1: $172.5k
House 2: $38k
House 3: $36K
Retirement: 33k (just me. DH has his own with more, but I'm not sure how much)
Relocation savings: $9k - Hoping to not touch this if I don't have to.
House 1: $138k
House 2: 26k
House 3: 20k
Student Loans: 41k
DH's credit card: 7.5k
DH's 401(k) loan: 4k
Tax bill: anticipated 5k
Specific Question(s): I want help figuring out how to afford the move when a giant chunk of our income will be gone. I know I need to pay off my debts, but I don't know if it makes sense to put money into that when I know a change will be coming. Am I crazy?