Wife (27) and I (29) are looking for advice on financial planning. I have been doing research over the past year and have formulated a plan and wanted to receive feedback.
Background info:
Family of 3 (1 year old child) living in Houston, TX. Bought our home in 2020 for 330k and mortgaged 260k @ 2.5 %. ( I have zero interest at this point paying off anything extra on the mortgage). We are both nurses in the houston area, i work fulltime( no OT) and net 65k year (post tax, insurance, other benefits) and wife works per deim (20 hours a week) and nets 40k. Our monthly budget consists of :
Mortgage : 1800
Utilities: 350
Car payments ( ending in 12/23): 525
Car insurance: 120
Husband CC (gas/ groceries) : 1200
Wife CC ( shopping) : 300
Cell/internet/streaming: 240
Savings as of 4/22 :
Husband Roth : 28k
Wife Roth: 28k
Checking (joint): 12k
Savings joint : 28k
Debts as of today:
Cars: 11k
Home : 252k
As of 5/22 my wife and I were able to take travel nursing assignments in the north east, which increased our income immensely. We will be ending our travel assignments in 5/23 and return to Houston to staff positions making similar to what we made prior to travel nursing.
Travel income net:
Husband : 150k
Wife : 130k
Monthly budget
Same amount as it was working in houston ( still paying all same bills and mortgage)
Travel nurses additional monthly expenses ( ending 5/23)
Rent : 2800
Gas (extra ) : 100
Moving expenses for the year: 200
Savings as of 2/23
Husband Roth : 40k ( maxed out 22/23)
Wife Roth : 40k ( maxed out 22/23)
Husband fidelity : 27k
Holdings consists of SPY and VTI (50/50)
Wife fidelity : 27k
Holdings consists of COST (love their business model) and SPY (50/50)
Joint HYSA ( 3.75%)- 130k
Joint checking – 12k
Joint savings – 5k
I bonds total – 25k
The plan:
By 5/25 I should have 200k in the HYSA account.
Over the past year I have been DCA’ing into both our investment accounts 500$ each per week and plan on continuing this using our money in the HYSA account over the next few years. I plan to use the I bonds as a liquid emergency fund once they mature, in the mean time I would keep between 15-20k in liquid funds via household checking/savings account. Nursing is a career that is typically always in demand and I do not worry too much about myself and spouse losing our jobs at the same time. I also plan to use HYSA to max out Roth contributions at the start of each year. As of now I have not started a separate account for our child college fund, and am open to any advice on that as well.
How does that look? Thanks in advance!
tldr: 200k HYSA (3.75%)
Continue DCA’ ing 1k a week into etf’s and maximizing roth every year? Any other suggestions?
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