WOW! I am really diggin' this community! Thank you for the responses...let's keep going.
...They have a $29.99 basic plan that they do not advertise. I understand that your wife may want certain channels while she's home with the kids, so I'd ask her what channels are essential for her...
We dropped from the top money-wasting package down to the most basic listed on the website. Of course, they tack on fees for two HD boxes, taxes, etc.
...I now have iPhones on contract with VZW and we pay about 25% less than you. If you don't share a plan, look into it. Do you have more data than you need? My wife and I share 1 GB/month, which is enough so long as we don't watch streaming video when off wifi...
We have 3 lines - me, wife, and my mother. Mom's contract is up July this year and we'll be cancelling that line. My line is grandfathered in to the unlimited data package and she's on 2GB. We could likely make some changes with the data package and save some $ until the contracts expire. Good idea.
Any way to cut that transportation budget? Is there an alternative to driving to work?
I could bike to work, and I'd love to as I'm an avid mountain biker however - I work in a professional setting and without a shower, I'd hate to be smelling up my office all day. Imagine coming in to pick up your new vehicle and the guy doing all your paperwork smells like a ripe onion! Not good for my bottom line! My transportation to work is essentially free, other than the cost of gas. I drive a company vehicle - new inventory, turned in at 4000 miles. Currently, I'm driving an economy car, getting 34mpg through town. I think I'm doing pretty good on that side of things.
We own..err, the BANK owns, our vehicle - a VERY non-mustachian full-size SUV. When we first sat down and had "the talk" the idea of selling the vehicle threw my wife for a loop. She thought I was taking away her nicest "thing" she has. After a few days, when the seas had calmed, we were able to seriously discuss selling the vehicle and getting something for cash. This option has since been taken off the table, but my be brought up once again as we've gained considerable "equity" - I could gain $3-$4k in a private sale.
Just want to say congrats on actually following through with suggestions. Of course, it's always harder to put them in place than just agree to them but it is refreshing to read your willingness to be flexible!
Thanks! Over the last 30 days, I've really been able to focus on the big picture and where I want us to be in 5-10 years. My wife had a hard time at first, but she's there with me now.
This can be simplified by selling first and renting or staying with family while house shopping but this may or may not be feasible with small children...
Living with family *may* be an option. Something I am going to discuss with my father in the coming weeks. The only problem - he lives 35 miles away from my job.
First, get dw over to babycenter...
Emailed her the link! Thanks!
... $70 for diapers??? Should be $40. Your kid can shit in luvs. Or cloth. Or let them run naked..he'll be potty trained in 3 days ;-) Plus, getting wifey over there will get her up to speed with you and she'll hear (read) many many many telling her that direct tv is a ripoff...
She tried the cheaper diapers last week, poor guy wet through nearly every one of them. Keep in mind, this budget just started last month. $70 was her approximate amount needed. We very well may end up spending less.
Second, i don't understand the 401k issue.. Did you just drain $14k out of it? Or is $14k the current balance? Are you currently contributing 4% to get the match?? If not, then at least do this!!!
Per DR's Baby Step program, contributions to the 401(k) cease until debt is gone. I have $14k in there now.
I understand your reasons for wanting to contribute to the roth ira before maxing out 401k, you have easier access to it, however lowering your AGI by $17,500 will open up some tax savings. You'll have to run the math to see how much you should contribute vs how much savings you'll get.
I have time to deduce this strategy and I definitely appreciate your input. This option could make sense.
Have you adjusted your withholdings? Did you get a tax refund?
No. $1100 liability.
Can your break down the debt? How much is cars vs sl? Etc.
Sure (sorry, this post is getting really long, but you asked!)
IA IRS $950.06 - snowball will pay this off this month
FED IRS $5,350.00
DAD1 $169.00 - snowball will pay in full June
VS CC $429.00 - snowball will pay in full June
IH CC $633.09 - snowball will pay in full July
SIG LOAN1 $630.60 - snowball will pay in full June
SIG LOAN2 $1,368.39
DAD2 $2,000.00 - this was a "gift" from a few years back, he isn't expecting repayment but I'm paying him back!
MERRICK CC $2,613.42
MEDICAL $3743
STUDENT LOAN $4,217.94
USAA CC $4,519.71
SUV $20,360.84
I know you're in the car biz..but i bet that car NEEDS to go.. I could be wrong...but...
See above in my response to KingMe - I drive a new car for "free" and my wife drives an un-mustachian SUV.
What sl repayment plan are you on?
Not entirely sure, but the interest rate is at 2.5%. Payment is setup on autopay at $83/mo
I'm getting about a $3000 snowball?? Is this correct??
$2182 this month, $2327 in June (small bonus coming in June, going toward debt)
Ok, i'll stop there... By the way, we started with dave ramsey and moved over to mmm too ;-)
Thank you very much for your face punching. Keep it coming.
Just curious - what else is included in that $3,600 total? The things you listed out add up to around $1500ish
Here's the entire $3600-ish:
Mortgage $949
H/hold maint $400
Groceries $385
Gas $215
Vehicle repairs/tires/maint $200 - saving for tires and brakes needed before this winter
License $145 - annual fee on our vehicle is $421, due every September, just started saving for this last month :-/
Gas & Elec $138
Water $70 - saving each month for 90-day billing
Trash/sewer $188
Phones $214
Internet $72 - monopoly in our area
TV $97
Kid's clothes $30
Life/Auto Ins $182
ID Theft $13
Toiletries/Hair cuts $60
Daughter's School $125
Netflix $8 - I'd be happy with *just* Netflix and drop DirecTV...trying to bring my wife around
Pets (black lab and cat) $70
Diapers $70
TOTAL $3631So I've elminated from this "necessity" (I use that term loosely at this point, guys) any spending cash for either of us, vacation and entertainment fund, and any other small miscellaneous stuff - vitamins, babysitters, clothing for us, gift giving. Trying to get this down to the nitty-gritty.
Thank you all for your input to this point...keep it rolling!! I'm excited to get this figured out!