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Archive for August, 2007

Holy Moly!

August 14th, 2007 at 11:26 am

Wow, it has been quite a while since I've updated. I find when I stray from this site my spending goes up and my motivation goes down. Slowly but surely Im getting back on track.

Lets start with an update: our only debt is our mortgage (a whopping 202K) and DHs student loans for his MBA (around 12K). We have our emergency fund established and need to focus on paying down debt, saving for our kids college and our retirement.

Weve only saved about $1500 for my almost 3 year old. Were just deciding exactly how we want to invest it. With another child due in November, its going to be tough to put away any amount of money for both but were going to try!

Im going to take 4 months of maternity leave so Ive been trying to estimate how much well need for that. We always have the E fund to fall back on but Id like to save that for a true emergency not something we know about and can plan for. I think we decided we need around 8K. 4 months of mortgage payments ($6K), $1K for car ins due in December and $1K for Christmas. Everything else we should be able to cover with DHs paycheck (he makes considerably less than I do). Of course when I go back to work we will have additional childcare expenses. Sigh, its neverending!

Some portion of the $8K needed for my maternity leave will be covered with s/t disability. Im not exactly sure how much this is going to be. I should get 70% of my salary for 6 weeks. But, there is a 10 day waiting period so really that is only 70% of 4 weeks pay. So somewhere around $3000 - $3500. That leaves around $5K. I have $1800 saved up in our savings acct and DH has about $3K in a money market acct. So were just about covered. Id like to have a little cushion though (say $500-$1000) just in case his paycheck doesnt quite cover everything. I think we should be ok when the time comes.

Ive started back into couponing. I forget how addicting finding deals can be! It really turns into something of a hobby for me. I hope I can make it worthwhile!!

The next thing I want to do is create a personal financial statement . Im scared to look at our 401K balances though. I fear we are way behind schedule. We are 35 and 37 years old and I think we only have about $100K total. We each put in 10% of our salaries, but thats only been for about the past year or so.