This is sort of a check-in as our life is about to rapidly change in the next year. Married age 30, 31 with 2 year old kid.
Life Situation:
IRS filing status: 0
Dependents: 1 (Hoping for another this year.)
Location: Midwest
Salary: Husband in IT 40k; Wife CNA 15k
Pre-tax: 401k 6% of Wife's
Post-tax: Roth 24% of Wife's
Federal tax: Husband 3,013 Wife 385
Social Security tax: Husband 2,489 Wife 954
State: Husband 1,262 Wife 223
Bills:
Rent: 600
Phone: 49.73
Internet: 62.95
Electricity: 180
Gas Bill: 67
Car Insuance: 60
AAA: 9
Life Insurance:32
Hulu: 12.75
=1073.43
Monthly Spending:
Food: 300
*Gas: 125
Pet food: 100
Diapers: 50
Miscelaneous: 80
Health Insurance: 0 (Covered by ACA subsidies)
=655
Savings:
House Downpayment: 300
Doctor: 430 (saving for 4k-ish birth of kid number 2)
Dentist: 72.5
Car Repair: 100
Vet: 100
**Vacation: 300
Family Events: 55
Christmas: 34
=1391.5
Total Monthly Spending =3200 (Anything extra income goes to Downpayment or Vacation)
Assets:
Car 2007 Prius 200k miles =4k
Savings:
Car Repair: 287
Car Replacement: 140
Christmas: 35
Dentist: 145
Doctor: 785
**Vacation: 1000
House Downpayment: 5079
Vet: 602
=8073
Retirement:
Ira: 3500
Roth: 6200
Ira: 7500
Roth/401k: 9000
=26200
This budget is new this year, because in January our savings for our house down payment allowed us to use the last month's income to budget. Turns out we were leaking money and had no idea. This year we're trying to save for a family group trip to **Hawaii 6k, a second child 4k, and a house down payment 10k, which is a tad overwhelming. THEN we realized that my husband wants to leave his current job in Fall of 2021, but he has a 3 year non-compete clause in IT. When he does leave his job, I want to do something else for work. This made buying a house less important, because we have no idea what we're going to do.
I have a bachelor's in Wildlife Ecology, but have been working as a CNA for the last 10 years. I spend my day with the toddler and work 4 hours in the evening. The flexibility is great, but I want to do something else. Help me out here guys, book keeping maybe? I need a part-time job that would be quick to train for.
My husband has to figure out how to work around the non-compete. He finally realized he was under paid, but hasn't searched for a job in 5 years and had no experience when he first started. He has an associates degree in Cisco Network Administration and has been running a tiny hospital's IT. Is getting a bachelor's worth the expense?
TLDR: We have until Fall 2021 to both pick new jobs, decide where to live, maybe buy a house, and have a second kid. What can we do to prepare ourselves for this major change?
*Gas bill is high because of frequent one hour trips to visit family on weekends. If we bought a house or changed jobs, that commute would be considered in our location.
**Our vacation to Hawaii is with the large extended family. We are loathe to miss it, and are hoping to hack the vacation with credit card churning and bank bonuses.