My husband has been staying home as a stay-at-home dad since 2010. Now, he's almost finished with his Masters in Education. He's going to be a teacher!
I make about 65K, and we're able to live off that. We have no credit card, car, or student loan debt. We DO have a mortgage around $170K. I think our interest rate is around 4.5%. We have about 40K in the bank. We are 30 with 3 children. The youngest is 4 years old. My husband will make around 50K.
Our goal is to continue to live off 1 salary and save the rest. Our expenses won't really increase, as our daughter is already in preschool while my husband does college and student teaching.
So what should be our plan?
I'm thinking I need to up my contribution to my 403b, right? Right now, work pays 6% and I'm paying 4%. What % should I do?
The 403b couldn't be used to pay off our house, though, so I'm a little bothered about that.
What else do we do with our money? Ideally, we'd like to save for paying off our house and retirement. How do we do that? I know we want to take advantage of tax benefits, as our income is going to increase considerably, but I'm not really sure what to DO.