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| I'm honestly surprised you can make that work. I'm assuming take home before benefits are taken out to be around $50k on those wages.
Payment + taxes + insurance on $160k mortgage for 30 years runs about $975/month. Add another $200 for utilities. 2 kids in daycare is at least $1000/month. Just those two items run $26,100 per year. Health insurance likely costs $500/month. Now you're at $32,100 without paying for anything else or saving any money.
At my house, it would be damn hard to get by for less than $500/month in groceries for 6 people. Now you're at $38,100. Life/auto/other insurances add $200/month, now up to $40,500. Gas for 20k total vehicle miles per year at 25 mpg is $2400 - up to $42,900. $200/month for phone/internet/entertainment (probably too low) and you're up to $45,300. Even a couple cheap cars adds a $300 payment. Boom, you're at $48,900.
Leaving you $1100/YEAR in your budget for.....literally everything else: haircuts, clothes, eyeglasses, etc., etc., etc. Even if you cut the mortgage in half, you only have about $7000/year to save or spend on anything other than regular monthly expenses. That's not easy to make work no matter how frugal you are. | |
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