Alright, so I didn't keep up with my last journal, and even with that, there were a lot of off-topic posts in it that made it a bit cluttered. So, I'm starting over - I just did a run down of what I owe, what I have invested, and what I have in cash, and figured I'd post them here, get opinions, and see where it takes us.
We are a family of 3, married couple, 26 years old, and a 7 month old at home. I work full time as an insurance agent, my wife is in her last semester of school (clinicals), on her way to become a Physical Therapy Assistant (she already holds a Psych degree as well).
Year End Report
Mortgage - $60,691.04 - 15 year mortgage at 3.75% - Monthly payment, including escrow, $650
Shed Loan - $3,617.17 - 3 year loan at 5.4% - Monthly payment of $251
Student Loans - $48,191.28 - Deferred until 3/28/15, payment will be $300.24 a month
Credit card - $988.98 between two cards - Not exactly sure what happened here, I'll have to do some looking at the balances. Regardless, the balance originated after the last bill date, and they'll be paid in full my next pay check.
LP - $1,030 - this is paid monthly or in full, bill will be due in late Jan (since I live on an acreage, I don't get a heat bill like most people. I own my LP tank and have to pay when it needs filled)
Hospital - $2,200 - stuff from the pregnancy not covered by insurance - I pay $50 a month, no interest.
No car loans
$32,573.43 between my wife and myself, most of that balance is in the 401k of my past employer - I've only been eligible for a 401k with my current employer for 6 months, and I'm contributing 8%, they contribute 3% (regardless if I contribute or not)
Checking - $865.36
Money Market - $1,216.61
Savings - $3,075.38
Total - $5,157.35
My wife will be starting clinicals in January, should finish by mid April, and then will be looking for a rehab tech job until she can take and pass her boards and get a PTA position.
I take home about $1,800 a month, after tax and 401k, and that is our SOLE take home money at this point. I also spend a couple hundred hours in the field during the year, which usually brings in another $3-$4k. My monthly income does vary quite a bit, but $1,800 is about the base, plus any commissions from new business or renewals that I receive.
Student loans are deferred as we couldn't afford to make the payments with my wife not working due to school (which is awesome, I'm happy that she is going to be able to do what she loves) and having to pay for day care for our new born (who is now 7 months old).
Here is my plan - the shed loan will be paid off with our tax refund, which we will get, and it should be sizeable. Whatever is left will be applied to our remaining doctor bills. That will free up the funds needed to start making my student loan payments again until my wife can get finished up with school.
We don't go out much, we don't spend a lot on eating out, I do have DISH, which I hate paying for, but it's college basketball season and I'm fine with paying for it, for now. It'll likely be cancelled sooner than later though, which saddens me.
Day care runs $75 a week, but that'll move to $100 a week once my wife starts clinicals.
We spend a lot on fuel, but that was because my wife was driving 40 miles, one way, each day to class. Her clinicals are closer, so that'll go down. I also drive for work, but get reimbursed mileage, so that helps. I'm just terrible at tracking my work mileage and deducting my reimbursements from what we pay per month in fuel.
Wow, long post, let me know your thoughts, criticisms, and anything else you want to say! I'm pretty thick skinned, no worries.
Happy new year everyone, here is to hoping 2015 is as good, if not better, than 2014 was!