Users want a budgeting tool that helps new parents manage their finances, taking into account changes in income and expenses related to having a baby.
One of my dreams is to have a sunroom. I have received multiple quotes and the best one was 50k. I have 93k in savings. I am having a baby in August. I am switching from full time to part time (not using daycare in the future). Switching next month. I will be making 3,100/month working 1 day a week (i will be doing 5 12 hour shifts a month). My husband makes 4.5-5k a month. So total income will be between 7.6-8.1k a month. Our mortgage is 2,800 (interest rate is 😅, can’t get a lower rate with refinancing) We invest 565 monthly into Roth IRA (not including my 401k). And have life insurance as well. Our monthly spending minimum is 7344 (including possible medical expenses and unexpected spending in that number, as well as investing and baby’s college fund). So leftover we’d have 600-800/monthly. With 93k, would it make sense to do the sunroom. We would end up with 43k left in savings. We will be able to save another 5-10 k before baby gets here as I have a few bonuses coming up. I’m guessing we will end up paying 8-10k for babies birth based on our health insurance. I also don’t get paid maternity leave. But will take the minimum off (6-8 weeks). Opinions? Save longer?