I feel like we are spinning our wheels and just cannot get ahead. We have some major expenses coming up but also some debt to pay off and an emergency fund that needs to be increased. Our biggest issue right now is sticking to our budget because on paper we should have enough to accomplish our goals. But it never seems to work out this way. Here are some details:
Income #1 - $6350 per month net (14% going to 401K - currently at 210K)
Income #2 - $100-$750(has been on the low end...but with my youngest starting school this fall I anticipate this increasing - but no guarantee).
Debts:
Mortgage - $222k (18 years left on 20 yr. loan at 3.75%)
Braces - $4400 (0% until May '15)
Student Loan - $3k (3%)
Citi Card - $813 (0% until Sept. '14)
Chase Card - $760 (13%)
Furniture Card - $500 (0% until 1/15)
Best Buy - $983 (needed fridge - 0% until 5/15)
Monthly expenses:
Mortgage - $1940
Braces - $400
Student Loan - $150
Citi - $20 min.
Chase - $25 min.
Furniture - $22 min.
Best Buy - $25 min.
Gas/Electric - $250 (budget billing)
TV/Phone/Internet - $222
Verizon - $167.50
Life Insurance - $75
Car Insurance - $83
Groceries - $800
Eating Out/entertainment - $150-200
Gas - $200
Kids Activities - $150
Gifts - $100
TOTAL =$4830
Income = $6500
Left Over = $1670
SAVINGS - We currently have $11,000 in savings and we want to get this up to more like $30k. But this is going to take a LONG time because we also have some serious expenses coming up this year.
We own our two cars which should last us at least 5 more years. Two Toyotas at 85K and 110k miles. We only add maybe 5k miles per year on each.
Expenses on the horizon -
Siding - We have to replace one side of our house $3,600
Windows - We have to replace two large picture windows $3,000
Wedding - My brother is getting married across the country this fall and my whole family is in the wedding. I am getting plane tickets paid for by my dad (miles) but the rest of the wedding I anticipate will cost us $2,000.
So, my question is. Where should we prioritize our extra funds? Savings? Debt? I'd rather not reduce 401K contributions but I know that's an option. We are 36 and 37.
Income #1 - $6350 per month net (14% going to 401K - currently at 210K)
Income #2 - $100-$750(has been on the low end...but with my youngest starting school this fall I anticipate this increasing - but no guarantee).
Debts:
Mortgage - $222k (18 years left on 20 yr. loan at 3.75%)
Braces - $4400 (0% until May '15)
Student Loan - $3k (3%)
Citi Card - $813 (0% until Sept. '14)
Chase Card - $760 (13%)
Furniture Card - $500 (0% until 1/15)
Best Buy - $983 (needed fridge - 0% until 5/15)
Monthly expenses:
Mortgage - $1940
Braces - $400
Student Loan - $150
Citi - $20 min.
Chase - $25 min.
Furniture - $22 min.
Best Buy - $25 min.
Gas/Electric - $250 (budget billing)
TV/Phone/Internet - $222
Verizon - $167.50
Life Insurance - $75
Car Insurance - $83
Groceries - $800
Eating Out/entertainment - $150-200
Gas - $200
Kids Activities - $150
Gifts - $100
TOTAL =$4830
Income = $6500
Left Over = $1670
SAVINGS - We currently have $11,000 in savings and we want to get this up to more like $30k. But this is going to take a LONG time because we also have some serious expenses coming up this year.
We own our two cars which should last us at least 5 more years. Two Toyotas at 85K and 110k miles. We only add maybe 5k miles per year on each.
Expenses on the horizon -
Siding - We have to replace one side of our house $3,600
Windows - We have to replace two large picture windows $3,000
Wedding - My brother is getting married across the country this fall and my whole family is in the wedding. I am getting plane tickets paid for by my dad (miles) but the rest of the wedding I anticipate will cost us $2,000.
So, my question is. Where should we prioritize our extra funds? Savings? Debt? I'd rather not reduce 401K contributions but I know that's an option. We are 36 and 37.
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