From time to time, I receive questions from the Marriage, Kids and Money audience. I thought this week I’d shake up the show format a little bit by answering one of the questions I received recently about controlling expenses when we have a high income. Enjoy!
I saw Dave Ramsey live a couple of years ago and it resonated with me. I began promptly to hack away at my debt and contribute 15% to my 401k. I gross $8,000 a month before all the fun stuff comes out, including insurance, etc.
$500 goes into a high yield savings (Currently, there is about $6,500 in that).
$1425 is currently my mortgage payment. Then we have all the normal bills, etc.
The summer was a bit brutal on my budget as I spent $750 in 6 weeks on summer day care, plus $1,000 on a broken AC.
So given all that … My question is “How can I get ahead?” Maybe I just need patience?
We’re planning on moving soon and I am already doing research on how I can find a safe place in a good school district. But I don’t want that to drive us further into the monthly mortgage hole.
Anyway, I hope I do not sound overly neurotic but I would love your input.
The other day I was emailing with Heath, a listener of the podcast. Heath commented that my show has a family-focused tone to it, but it can really be enjoyed by single guys (like Heath) who don’t quite yet have a family as well. The compliment was extremely appreciated – thank you Heath – and it got me thinking. What advice would I have for myself 10 or so years ago before I met Nicole before I had kids and before I knew anything about money?