You look like you're doing alright. Is the 10% into retirement pre-tax, so that you're saving around $700 in addition to the $2866 leftover?
The thing that stands out is the PMI. What's your mortgage interest rate, and what's the feasibility of paying down your mortgage to remove PMI, maybe with a refinance?
Will your daycare reimbursement increase with child #2?
What's the interest rate on the student loan?
The car insurance looks a bit high.
What's the reason for the car savings if you bought a car recently?
Didn't see anything about taxes - is the $7K/mo after taxes and pre-tax deductions?
The rest of the post looks great. Clarifying (http://forum.mrmoneymustache.com/ask-a-mustachian/how-to-write-a-%27case-study%27-topic/) the "getting from gross to spendable income" part would make the whole thing even better.
That is after taxes, insurance, hsa and fsa are taken out.
An employee covered by an HDHP and a health FSA or an HRA that pays or reimburses qualified medical expenses generally cannot make contributions to an HSA.They do note exceptions to "generally cannot" - just checking to ensure you fit within one of those exceptions...?
Category | Monthly | Comments | Annual |
Salary/Wages | $9,967 | $119,600 | |
Pretax Health Ins. | $250 | $3,000 | |
Daycare FSA | $500 | Above IRS limit? | $6,000 |
HSA/Pension | $554 | $6,650 | |
FICA base salary/wages | $8,663 | $103,950 | |
Traditional IRA | $458 | Room to increase? | $5,500 |
401(k) / 403(b) / TSP / etc. | $3,000 | At maximum | $36,000 |
Income subject to IRS tax | $5,204 | $62,450 | |
Federal Adj. Gross Inc. | $5,204 | $62,450 | |
Federal tax | $168 | 2015 rates, MFJ, stand. ded., 4 exempt. | $2,020 |
State/City tax | $208 | Guess, using 4.00% * Fed. AGI | $2,498 |
Soc. Sec. | $537 | Assumes 2 earners paying | $6,445 |
Medicare | $126 | $1,507 | |
Total income taxes | $1,039 | $12,468 | |
Add Daycare reimb. | $500 | $6,000 | |
Income before other expenses | $4,665 | $55,982 | |
Monthly Expenses: | |||
Mortgage | $884 | $10,607 | |
Property Tax | $298 | $3,572 | |
Home/Rent Insurance | $74 | $893 | |
Car Insurance | $110 | $1,320 | |
Car Maintenance, Registration, etc. | $500 | $6,000 | |
Childcare | $580 | $6,960 | |
Clothing/Shoes | $25 | $300 | |
Dining (Pizza, Restaurant, etc.) | $20 | $240 | |
Electricity | $80 | $960 | |
Fuel/Public Transport | $175 | $2,100 | |
Gas/Oil for heating | $46 | $552 | |
Groceries | $300 | $3,600 | |
Household; Maintenance | $163 | $1,950 | |
Internet | $55 | $660 | |
Landscaping/Yard work | $272 | $3,264 | |
Life Insurance | $34 | $408 | |
Miscellaneous | $100 | $1,200 | |
Pets | $40 | $480 | |
Phone (cell) | $32 | $384 | |
Recycling/Trash | $26 | $312 | |
Travel/Vacation | $100 | $1,200 | |
Water/Sewer | $40 | $480 | |
Wine/Beer/Tobacco | $30 | $360 | |
Non-mortgage total | $3,100 | $37,195 | |
Loans: | |||
Student Loan | $150 | $1,804 | |
Other tax-advantaged investments: | |||
Roth IRA | $458 | $5,500 | |
Total Expense | $4,592 | $55,106 | |
Total to invest | $73 | $876 | |
Summary: | |||
"Gross" income | $9,967 | $119,600 | |
Income taxes | $1,039 | $12,468 | |
After-tax income | $8,928 | $107,132 | |
IRA+401k/403b/TSP/457 (Savers' credit) | $3,917 | $47,000 | |
Living expenses | $4,788 | $57,452 | |
Non-mortgage loans | $150 | $1,804 | |
After-tax investable | $73 | $876 |
Why life insurance? Check out MMM's post - Insurance: A Tax on People who are Bad at Math?
Appears you could maximize 401k ($36K/yr), IRA ($11K/yr) and HSA ($6,650/yr) and still have money left over with your current income. By "appears" I mean taking some guesses based on the OP - see the case study sticky (http://forum.mrmoneymustache.com/ask-a-mustachian/how-to-write-a-%27case-study%27-topic/) to download and enter your own numbers if interested.
The more you can invest now, the more flexibility you should have later.... Good luck!