Hey All
Here is the situation:
Monthly Income:
Me:
$2,248.26 (this net tax, healthcare and a 3% SIMPLE IRA with 3% match)
Spouse:
approx. $2,566 (Spouse is currently on FMLA, will get 4 weeks of 60% of salary for Short Term Disability. Will likely resume work in 2 1/2 months from home.)
Total: $4814
Current expenses:
Rent: $500 (We rent from my parents who owe the duplex and they set aside $100 a month for closing cost when we move out and buy a house, they have currently set aside $4,400 for us)
Utilities: About $60 a month for Electricity and Gas, water and garbage paid by landlords.
Internet: $30
Phones: $77, currently with AT&T, plan on switching to Republic in November when our contracts are up.
Food: $200
Hygiene: $20
Date Nights: $40
Misc: $120
Gas for Cars: $100
Car Insurance:$82
Rental Insurance: $11.25
Vanguard Roth IRA: $110
Student Loans: $525 (will pay off the student loans when we get the final hospital bill and make sure we have enough to pay of loans and pay the bill in full since we get a 10% discount to pay off the medical bill all at once)
Diapers approximately $60 (Wife does not want to do cotton diapers)
Baby Misc (Wipes, medical), $30
Donations: $600 (will drop to $375 when wife stops working).
Total Expenses: $2,565.25 (will drop to $2,040.25 when loans are paid off)
Assets:
1998 Saturn Sedan $1,000
2006 Nissan Sentra $6,000
Bank/Checking Account: $11.042.23 (Will use money to pay off student loans and/or medical bills, the balance will be used to save for a down payment.
Vanguard IRA: $3,500
Vanguard Roth IRA: $7,024
NY Life SIMPLE IRA $2,200
Total Assets: $30,766
Liabilities:
Student Loans: $4,484
Medical Bills: ???? (back of the envelope calculation is around $4,200, but unsure until we get the bill)
Total Liabilities: Approximately $8,684
Goals:
Want a 10% down payment (guessing between $20,000 and $22,500 for our market).
Wife wants to quit and stay at home once we save up the down payment.
Want to start saving at least 15% of take home, including SIMPLE and match, after we buy house, (House/taxes/insurance will likely add about $500 net after we don't pay rent, and will likely save $200 a month for expenses.)
Is this feasible? Anywhere we can cut fat?
Thanks!