Hello everyone,
I'm new to MMM as a blog and as a Forum. Would love some input on how I can fix this train wreck of household management. I am 24 years old, married with a 5 week old. I work in the finance industry- a perfect example of the cobblers kids being without shoes. I am a partner that business, but didn't include the illiquid asset on the information below. My wife is 29 and is staying home with our newborn for the time being. We have been in our home for 2 years and don't want to move. My main hangup is that I know I have discretionary income, but it just doesn't feel like it. Any suggestions would be appreciated (gloves on or off)
Monthly Expenses
Home Loan 1,068
Student Loan 57
Car Loan for CRV 240
Credit Card #1 62
Credit Card #2 150
Health Insurance 418
Internet 45
Electricity and Gas 180
Water 35
Gas 135
Verizon 140 (am exploring option of switching to Ting)
Life Insurance 125
Car Insurance 151
Food 450
Tithe 300
Total Expenses 3,556
Current Net Income 3,449
Other Income (Woodwork) Varies
Total Liabilities:
Home Loan: $181,900 Rate=3.25%
Student Loan: $3,466 Rate=4.25%
Credit Card #1: $2,850 Rate= 17.24%
Car Loan: $5,525 Rate= 5.25%
Credit Card #2: $2,485 Rate= 24.99%
These are in reverse order of rank. I am paying down Credit Card #2 as aggressively as I can, but with a budget that has negative cash flow, it isn't at an emergency pace.
Total Assets:
Home: $205,000
07 CRV: $17,000
92 Accord: $2,000
99 Silverado: $2,000
401k: $2,500
Pension: $5,000
Thanks to anyone for their suggestions.
Mills