- 5 years ago
- Wedding: October 2013
We haven’t even begun trying to conceive yet (that won’t be until late spring 2014), let alone even MARRIED each other yet — but I’m always trying to think ahead!
I will begin by saying that my future husband and I are on an excellent savings trajectory (minimum of $1K/month), but we like our luxuries (HD cable package with HBO and two DVRs, weekend trips, Bruins games in loge sections once per season, frequent takeout, luxury tech gadgets, and wine collecting) and don’t want to give them up once we have a baby. Are we being unrealistic?
Some numbers and facts: We live around one hour north of Boston, MA, so cost of living is high. We bought a modest home together ($257K) so that we could enjoy the aforementioned luxuries, and our 30-year fixed mortgage payment at 3.75% is less than $2K/mo. Our combined gross income is around $130K, which is slightly above average for our area. We have one car payment (2014 Subaru Outback 2.5i Limited) for a 60-mo. term at 1.99%; my car is paid for and has about three more years of life left (2005 Toyota Corolla LE with 114,000 miles and change), as I plan on driving it into the ground. It’s a solid car that suits my 15-minute commute, so why not? Also throw modest CC debt into the mix — we do pay it down and we’ve had our new house and wedding items to deal with, so it won’t be forever that it’s as high as it is at the moment.
Okay, so the point of all this. We’re planning on being full-time working parents who will pay for day care, but the cost of day care (avg. of $1K/mo. in our area) is daunting. Like freaking-me-out daunting. We are planning to continue saving at least $1K/mo. as we have been for the past few years — we’ve been used to it due to buying our house and saving for our wedding — but how long will that last once we become parents? Should we rethink our lifestyle?