Hi everyone. I hope you are able to shed some light on some areas I may be able to improve on. Here's my details:
Income: $90K a year, $5581 average per month after taxes. We are a single income family--my husband is a senior software developer, and I stay home with our three kids (ages 3, 2, and 9 months).
Current monthly expenses:
$200 donation to our church
$600 Food (We eat at home 99% of the time and husband packs a lunch everyday)
$150 Gas
$100 Shopping (used kids items, gifts, clothing)
Subtotal: $1050
"Fixed" expenses
$1956 Mortgage (10-year mortgage on a $250K house, 3.25% interest rate)
$220 Property tax
$115 Homeowners Insurance ($1000 deductible, never had a claim)
$70 Natural Gas
$9 Netflix (My husband insists that we keep this)
$54 Car insurance (Liability-only insurance for our two paid-for older vehicles)
$22 Cell Phones (Two Moto G with Republic Wireless, both on the $10 a month plan)
$30 Internet
$89 Electricity
$38 Garbage/Water/Sewer (one bill through the city)
$107 Husband's Life Insurance ($1M, 30 year policy--he is the breadwinner and unfortunately has some bad health history in his family including his father passing away young)
$40 My Life insurance policy ($500,000 20-year policy)
$525 Student Loans (We are paying these as fast as possible, have paid off $50K in the last two years)
Subtotal of this section: $3275
Variable expenses
$150 Car Repairs
$150 Home Repairs
Subtotal of this section: $300
Total of all listed expenses=$4625
Monthly income $5581-Expenses=$956 remaining--which goes towards student loan principal.
My husband is currently contributing 6% of his salary and employer matches 3%, so 9% of salary amount ($8100 annually) going into a 401k right now.
On the side I sell anything we aren't using, sign up to get credit card bonuses, and what not. Even though this budget shows only about $1000 available towards extra student loan principle per month, I've been averaging about $2000 extra per month.
Not planning on retiring in the near future. Just focused on getting out of student loan debt.
Assets: $170K in IRAs (Vanguard, Index Funds: REIT, Total Stock, Total International)
60K equity in House
Liabilities: 50K in student loans 4-4.7% interest rates
Specific Question(s): Where could I cut more on my budget? I have cut tons of stuff out the last three years, so to me, it seems "bare bones"--but what I am missing? Any bills that seem too high? I'm interested in any ideas or reactions you have to my numbers.
Thanks!