Hey All
I did one of these a while ago, but I figure it should update since we just bought a house. Here is the situation:
Monthly Income:
Me: (Age 30)
$3,176.78 (this is net tax, HDHP, $240 monthly HSA contribution and a 6% 401K contribution with 3% match, paid bi-weekly, so I get 2 “extra” checks every year)
Employer puts in an additional $240 a month into HSA, so a total of $480 monthly
Spouse: (Age 31)
approx. $1,800 (about 30 hours of work a week, paid semi-monthly, will drop to 20 hours in a couple of months and possibly quit working to stay home with our 1 year old within a year)
Total: $5176.78 (Does not includes HSA contributions from my employer)(My net income alone will be around $3472.72 because of reduced taxes)
Monthly Expenses and Savings:
Mortgage: $1294.37, includes $37.75 for HO Insurance, $64.75 for PMI and $147.94 for taxes
Utilities: Previous owner averaged $300 a month for Electricity, Gas, water and garbage, hoping to cut this down, but let’s work with this figure for the time being.
Internet: $30
Phones: $55, with Republic Wireless (includes 12.5 a month for replacement phone as needed)
Gifts: $66.67
Food: $260
Hygiene: $20
529 Contribution: $10
Date Nights: $40
Misc: $150
Gas for Cars: $75 (5 mile commute, spouse works from home)
Car Insurance and oil changes: $128
Diapers and other baby supplies: $60
Tithing: $695 (will drop to $462 if/when wife stops working)(Non-negotiable).
Total Expense: Total Expenses: $2984.04 ($2751.04 if spouse stopped working)
Savings (In addition to 401K and HSA)
Vanguard Roth IRA: $110
New Car: $117.51
Home Repairs: $117.51
Vacations: $117.51
Additional Mortgage Payment: $798.13
Additional Roth IRA: $199.53
Additional Vacation: $199.53
Additional Money for Spouse: $133.02
Total Savings: $1792.74 ($462.53 if spouse stopped working, could possibly be more)
Assets:
1998 Saturn Sedan $500
2006 Nissan Sentra $4000
Bank/Checking Account: $3807 (Used most of our liquid funds for the down payment)
529 Plan for Child: $187
John Hopkins 401K: $1,861
Vanguard Roth IRA: $8,467
Vanguard SIMPLE IRA $2,809
Vanguard IRA: $3,863
Appraised value of the home: $260,000
Total Assets: $285,494
Liabilities:
Mortgage: $222,000
Net Worth: $63,494
Goals:
Wife wants to quit and stay at home with our child (9 months old)
Want to start saving at least 15% of take home for retirement, including 401K and match.
-Should I include HSA contributions? I am thinking of increase my HSA contribution, but I have noticed that we have been using the HSA quite frequently for health cost and I am not sure if it is appropriate for a retirement vehicle.
-Best place to invest with an HSA, my employer has Avidia Bank, but thinking of doing In-service transfer to HSA Bank once I get around $5,000?
FI attainable by the time I turn 55? If not, what adjustments need to be made? I should note that we plan to have 3 kids an employer plans to increase match from 50% up to 6% to 50% up to 7% in a few months.
Best way to allocate the “extra” two paychecks from my work? Is it too early to save for a wedding(s)? Should I even worry about saving for college our kid(s)?
Thanks!