Submitted by tradingext t3_zzc1r2 in personalfinance
Hi guys, we've been reading this thread for a long time and now we are finally able to share something with you.
We've been accurately putting our expenses this year and this is what we've got:
Do you think we are in a good shape (planning to have kids and buying a house in a year or two)?
Your expenses look very reasonable to me, as do your investments and savings in proportion to your income. I'm 29 so about the same age as you guys.
How are your taxes so low?!?! I pay ~$15,000 more in taxes than both of you combined but I make significantly less than M. Hell, even federal income tax alone for me is about what you pay in overall taxes, let alone social security tax, state income tax, etc.
I'm very jealous of how low your rent is! I pay $2600 a month and I live alone...I'm also jealous of how little you guys pay for health insurance! I tried to look at premiums and they wanted $1600 a month and I noped out.
What is "Babstvo" and "Terapevt"? Is there any way you can cut down on those expenses?
Whatever the $3300 in debt is, I would just pay it off immediately. You can certainly afford it and with high interest rates these days I wouldn't want any debt no matter how minimal it is.
I have no idea how much houses cost where you live but it looks like you guys are on the right track. Kids are hella expensive and I'm not sure how much money it takes so hopefully someone with experience in that regard can chime in.
What app did you use to make this?
How do you make theis type of graphs?
Try sankeymatic dot com
Thank you for your feedback.
> How are your taxes so low?!?! I pay ~$15,000 more in taxes than both of you combined but I make significantly less than M. Hell, even federal income tax alone for me is about what you pay in overall taxes, let alone social security tax, state income tax, etc.
I think you pay less when you are married and fill jointly.
> I'm very jealous of how low your rent is! I pay $2600 a month and I live alone...I'm also jealous of how little you guys pay for health insurance
Yeah, I think this is because of the suburb and our landlord hasn't raised it for several years. We are very lucky.
> Whatever the $3300 in debt is, I would just pay it off immediately. You can certainly afford it and with high interest rates these days I wouldn't want any debt no matter how minimal it is.
Yeap, I couldn't agree with you more.
The app is: https://sankeymatic.com/build/
>I tried to look at premiums and they wanted $1600 a month and I noped out.
idk, I'm also confused about the medical insurance, because a few of my friends pay literally nothing and get the premiums from their employer.
The health plans (cigna) my employee provides are:
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woooooooo
lots of colors
Some interesting tidbits: boardgames $900, a fridge 1623, a TV 1150. No idea if that is monthly or left to pay or whatever, and I don't need to know.
You have your income down and your expenses down.
you have retirement planning going on.
You have savings.
You can definitely afford a $1500 monthly payment since you already pay that in rent.
texas has the wackadooble energy companies where you can find the cheapest energy and hope and pray everything does not freeze.
You have no state tax.
You two are probably more knowledgable about your financial preparedness than 97% of the people in your age bracket in North America.
I think you are solid and you two know what you are doing and would handle any weird thing thrown at you.
I say buy a house and have kids.
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> How are your taxes so low?!?!
Just back of the envelope MFJ math, $125k of taxable income and assuming the standard deduction of $26k, OP's federal tax ought to be about $13k, so a bit higher than they withheld.
They're benefiting from the married filing jointly status, which is basically double the single status, and one of the two of the couple earns almost nothing.
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