Hey all,
So just found out my wife and I have a little one on the way. Our first and we're very excited. : )
We've been sort of mustache-light for a couple of years now (e.g. max 401k, cord cut). Our goal is less early retirement and more just shrewd saving as much as we can in NYC. We're not hardcore but we're conscious.
I was looking for some feedback about how to adjust finances and other tips in preparing for the kiddo.
A big point is that we're in the house-buying market and we've got savings of about $120k that will go into some combo of down payment and renovations. So although we make good money, most of our savings is earmarked for house stuff.
We're both 30 years old. At the moment we don't pay rent due to a fortunate family situation.
Combined annual gross salary: approx. $190k
Retirement savings (in 401Ks, IRAs and Roths): $100k
Current savings rate: about 37% of monthly income
Savings breakdown:
Currently I'm maxing my 401k annually. My wife is only matching to the 4% her company provides. The other big chunk of our savings has been a monthly contribution of $2k to the "house" fund mentioned above.
I don't have specific questions, exactly. We live well above our means at the moment and still manage to save at the 37% rate. That said, with a monthly take-home net pay of approx. $8000, we could probably stand to rearrange things a bit with a baby due in the summer.
Any tips or suggestions? Things that worked for you? Suggestions for articles to read or other things to check out?
Thanks!