Budget review - short and long term goals

[LadY]

I don't have answers to the questions that you have but you should refinance you car loan to a lower rate. Penned offers 1.49% right now. I refinanced mine in august from 5%. It was Very easy to do! Everything is online.

They don't charge anything for refinancing.

[iliketosavemoney]

Year 2013:

Income per month:
I contribute 6% to my companys Roth 401k.
Fiances company does not offer a retirement plan.
Combined take home pay of 6800 per month

Debt per month:
Cash savings - 2400
Roth IRA - 920
Mortgage/Tax/Insurance - 1138 (129,000 @ 3.375 / 15 year)
Water - 60
HOA fees - 235
Student Loan - 77 (9700 @ 2.2)
Car Loan - 177 (7500 @ 5.2)
Car Insurance - 150 (2 cars)
Internet - 55
World Vision - 30
Cellphones - 270 (4 smartphones, 2 for parents)
PSEG - 40 avg
Electricity - 80 avg
Groceries - 400
Gas - 400
Whatever is leftover is usually used up for something..

Balance:
Roth IRA - 9000
Roth 401k - 13000
Cash savings - 20,000

Goals:
- We are getting married in 6 months. Estimating the wedding cost to be around 30,000 to 35,000. We are able to pay in full for the wedding by the date. We know there will be a significant amount of gift money given to us for our wedding but we are not counting that into our plan.
- We want to have a child right away. Not sure how this will work out as I hear some people take years to conceive and some people conceive right away.
- Currently in a small 1 bedroom condo so maybe move to a 2 bedroom when the baby needs its own room. Keep the first home as a rental unit or sell and use the money for more down payment on the new home??
- I want to max my Roth 401k but am holding off to save for the wedding. After we are married, have to save again for a down payment on a bigger home. Then maybe I can max out the Roth 401k. Or should I max it while saving less in cash?

Any suggestions or comments on how to better achieve my goals? Or maybe even change my goals?



Year 2026

Income per month:
Max my 401k.
Combined take home pay of 9000 per month

Debt per month:
Cash savings - 20000
Roth IRA - 1250
Mortgage/Tax/Insurance - 4800
Water - 80
Car Insurance - 150 (2 cars)
Internet - 90
Cellphones - 200 (7 lines)
Gas/Elec - 400 avg
Groceries - 600
Gas - 200


Balance:
Roth IRA 1 - 372,000
Roth IRA 2 - 208,000
401k - 598,000
Cash - 20,000