Hubby and I are actively TTC and we have just made our proposed baby budget. I'm looking for things we've missed or areas we need to cut or add to. I'm reluctant to cut some luxuries unless really necessary. Here are some necessary details:
We live in the NYC suburbs (about 9 miles outside of Manhattan). Hubby works in Midtown, I work in NJ. He's a senior software engineer (25 yrs old) and I'm a teacher (26 yrs old). When I have the baby, I'll have full pay for 12-14 weeks, then can use up my sick days until I go back to work. I'd like to return to work about 16 weeks after I give birth, barring complications. Baby will then go to daycare.?Hubby will only get 2 weeks off with pay for baby's birth, so he'll only be taking that time. I'll?take care of baby during summer months, so no daycare then. There is a daycare associated with my school, so we don't pay for summer hours unless we want to.?
We have 5x hubby's salary in life insurance and 4x mine through work. Hubby is basically uninsurable by private companies (see medical below), so his life ins is only through work. We have amazing health ins with no premiums and low co-pays. We have both long and short term disability through work. Maternity and well-baby visits are covered at 100% with one $250 co-pay for hospital stay.
Once baby is born, we will have a $25,000 efund and probably $30,000 in 401k and 403b funds (depends on how the market does). We contribute 10% of my income and 17% of his income to retirement, including matches. We are both fully vested. My school will start matching 10% of my salary once I'm there for 10 years (which will be in 8 years).
Hubby gets two annual bonuses which are locked in a year in advance. His 2010 bonuses will net $8,100 and $6,000. These are not included in the amounts below. We're not sure how to use them yet (any ideas??).
DH's income: $5600/month
My income: $2800/month?
Additional tutoring income: $300/month
Property Taxes: $617
Home/auto/umbrella insurance: $175
Donations (charity): $50
Medical: $150 (DH has juvenile diabetes, thyroid disease, and chronic kidney stones. His body hates him.)?
Gym: $90 (We use it 4x a week and it has great family facilities for when baby comes)
Cleaning lady: $90 (can cut if necessary)
Electricity: $125 (average)
Gas (for house): $145 (average)?
Gas (for one car): $125
Train pass: $135 (DH's commute)
TV/Internet/DVR's: $160 (non-negotiable!)
Cell phone: $72
Student Loans: $380 ($10,000 left at 2%, $4,000 left at 5.75%, and $17,500 left at 4.5%)
HOA fees: $250
Groceries: $450-550 (varies; we host friends and family often)
Eating out and lunches at work: $400
Personal care (haircuts, makeup, new shirt once in a while, etc): $150
Home repair/decorating fund: $200
Baby fund: $200 (baby fund will have $5750 in it by October of this year; whenever baby is born, the $250 will go to diapers, formula, school/college fund, clothes, etc)
General savings/efund: $700
Daycare (once I go back to school): $1200 for infant room, then $900 at 1 year old
Total: $8680 (I think)
I welcome all comments and suggestions. I promise not to go crazy. Thanks, ladies!?