Hi Mustachians!
As a lurker, I'm continually amazed by the awesome community on this forum, there's an incredible amount of wise and badass people here. And, if you consider yourself one of wise and/or badass people, I would deeply appreciate your collective wisdom on our situation (psst, even if you don't, say hi, it's my first post and I'd love to online meet you :) ) .
My husband and I met, dated, and got married all within these past 10 months (what can I say? We don’t waste time). DH is 23, I’m 24, and we’d like to start things off on the right foot. We just began looking into the way of the mustache about 6 months ago, I made my way through every single article, regurgitated it to DH, and he was blown away with wonder.
Goals:
I would like to be a SAHM in the next 2-3 years
DH retiring before 45 would be the dream, but with kids and being a SAHM for the entirety (we’re homeschooling), I’m not sure that’s feasible.
Would prefer to set up a 529 and have $75k in there by the time the children are ready for college.
We will be buying a house in the $150-$200k in the next 3 months, with a 30 year mortgage with an interest of 3.2% and a total payment (including average property taxes, etc) of about $1200. We’d probably put a downpayment of about $10-12k. We will be in this house for a long time, my husband’s job isn’t going anywhere, and we love the area.
Income: My DH gross salary $4253/month (net $3443.36) and I bring home net $2350/month
Current monthly expenses:
Rent: $1400
Groceries/household items: $370
Wants (Includes everything from eating out to haircuts): $105
Gas: $120 -*wince* I know, my husband and I carpool, but I have a looong commute.
Internet: $67/month-I shake my fist at this, but there’s no alternative
Phone: $100 Looked into Republic/Ting, but their service sucks here. Plus, if we switched to Republic/Ting we would also have to buy new ones.
Insurance Bundle (Car/Rental): $185/month.
Gas and Water Bill: $70
Charity: $650
Unexpected Expenses: $100- Sometimes we use this, sometimes we save it.
Total Expenses: $3367
Other:
DH 401k: $340 (company matches that)
HSA Contribution: $550
Expected ER expenses:
-Children! Probably two. We’d like to start in about 2 years. When that happens, we will go down to just DH’s income with the possibility of some side hustle from me at $5-6k/year.
Assets:
Two 2008 cars (Ford Focus and Ranger): No loans. One was a gift, the other was used we paid cash for (under $10k).
Savings: $30k
DH 401k: $12k
My 401k (from previous employer): $11k
HSA: $5k
ROTH IRA: $7k
Index Fund: $6k
We would like to start funneling more of DH’s money and mine into 401ks while my salary goes towards mortgage/building back our savings after our downpayment and move. My family keeps asking about putting more into my Roth, but I'd like to still do my 401k as well...Hm. Anyway, I have to ask, are our goals manageable? Bring on the face punches, or if you have friendly advice, I guess gentle caresses (don’t make it weird though).
Other:
-The reason our savings accounts is high is because we will buying a house in the next 2 months, so this will take a hit for the downpayment/moving expenses/etc.
- We have no debt, thank you parents and scholarships!
-DH is an engineer at a stable company, and he’s on track to conservatively raise his income at approx 3-4% every year. For me, I would like to get into programming at some point, either as my side hustle while raising kids and/or post-kids.