i mean you're okay as long as you get married. Cause there's going to be an issue if u two ever break p and depart your separate ways, We aren't sure of your monthly mortgage cost or if you got a fixed interest rate or not.
but if your mortgage rate doesn't go up u should be good. And just think about u start a family any time soon, some funds will have to go to raising a child. I know my friend has a house a decent credit of 640 but her mortgage payments are $866 a month for a $130, 000 home she purchase last year
If you are making $80000, it was not a stretch to purchase a $140,000 house.
Where are you wasting your money? You shouldn't be living close to paycheck to paycheck.
How come you only have $4800 a year for house repairs and savings?
You need to evaluate how you are spending your money.
FYI = a 401K is an employer based plan. If your employer does not offer it, you are not eligible for it.
You can contribute to an IRA or Roth IRA.
These are retirement programs. Yes, you need to plan for retirement but the money is not accessible until age 59.5. You need to also invest in programs that allow you money throughout your life span.
My wife and I are both 30. I make less than what you make but have more in savings, retirement than what you make. We have a house for 115k, which is worth 120k. We finished our basement by ourselves, saved labor cost and took us a month, because we work. You two are lucky at that age to make that much. Only open a 401k if your employer matches it or just open a ROTH IRA at a credit union bank or Vanguard.com, pick one of there retirement funds or 2050 for you. I have a 401k at work and only put in what my employer matches or 6%. Work hard, smarter, save 15% of your income for emergencies, and 20% for retirement in ROTH IRA.
You guys should go to school. Live below your means and save plus invest your money
It seem like you are putting her before yourself. Your lady have a 401k, half a house and savings. Get your 401k tomorrow. If you are having problems then go www.treasurydirect.gov and learn about MYRA and I bonds account
Take Care
With $76-80K income, you should easily be able to afford a 140K house and doing some upgrades
I'm 23 and my gf is 26. Last year we bought a house for 140,000. I love the house but there are a lot of things I want to make better nothing structurally wrong. It just lacks countertops and cabinets. Anyway, I'm always stressing about money. I earn about 38-39 k a year and she earns about the same. We have managed to save 1000 dollars to add insulation to the house to save money on oil. Last year we paid about 1500 for oil. This year we already filled our tank also. Was it a stretch to buy a 140,000 house when we both earn almost 40k a year? I always get nervous. Every month i put 200 in our house fund and she matches. I also out 200 in my personal savings and she has her own savings also. I don't have a 401k yet but my job offers a pension but I plan on getting a 401k within the next year. She has a 401k and contributes to it every pay day. Are we ok? We bought so early because we wanted to take advantage of the market and invest for our future.
