(1) Max out 401ks - $33,000
(2) Max out IRAs - $10,000
(3) Prepay mortgage - $1200
(4) Add to baby fund - $3500
(5) Add to emergency fund - $7000
(6) House/Furniture fund - $3000
Total - $57,700
(1) - $20,614 (62%) (goal is $33,000)
(2) - $10,000 (100%) (goal is $10,000)(Completed)
(3) - $900 (75%) (goal is $1200)
(4) - $3083 (88%) ($9244 in our baby fund, goal is $10,000)
(5) - -$2276 (-33%) ($22,132 in our emergency fund, goal is $32,000)
(6) - $3000 (100%) (Completed)
Total - $35,321 (61%)
Also, Christa asked if I could elaborate on our Baby Fund. Best case scenario, the Baby Fund will be used for "start up" costs like crib, decorating the baby's room along with birthing costs. Even though we have good health insurance, I understand from friends that the co-pays can run up since you have a co-pay for the hospital, the ob/gyn, etc. Worst case scenario, the Baby Fund will be utilized for fertility treatment costs. We have not gotten to the fertility treatment stage, but so far we are not pregnant so that is a possibility.
One of the reasons we got our finances in shape after we got married was so we would feel more comfortable moving forward with having a baby. So at this point, we are not delaying our efforts due to finances and the baby fund is just a way to save some extra targeted money for that goal.
2 comments:
I am a mid-twenty something female who has really taken a liking to your blog. I haven’t gone as far as to track my own savings and expenses as well as you but that is my goal. When I saw the baby fund it really made me think about what it takes to have a child and the cost (time not included) to set up my own finances to be fiscally responsible to have a child. As of now I am a ways away from even thinking about having a child but the second I have that want or even think I am somewhat ready I will be starting a similar account.
It seems that you are also a bit away from having a child and another thing to think about when that child is born is to setup an educational fund. I cant remember what this account is named but I know that the child can use the money in this account for college or some type of tech school. It seems like a great thing to setup the second a baby is born to make sure that their future s thought of at the beginning.
Thanks and best of luck!
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