LivingAlmostLarge - agreed it would be much easier to pay off our debt without the childcare expenses. We were actually putting closer to $40K per year towards debt before the child (only 1 year). Believe it or not, our student loan debt was at one time much higher! We also had some credit card debt when first married. We are currently paying about $2600 / month for an in-home nanny, all of which is not tax deductable. I have suggested that we try to reduce the spending in this area, but my wife feels very strongly about using a nanny and not a daycare. I agree with your comments about building up the emergency savings fund. Would you suggest a high interest savings plan for this money or should we put some in stocks?
|