How AI Legalese Decoder Can Help New Parents Navigate M25 and Improve Baby’s Future
- April 12, 2024
- Posted by: legaleseblogger
- Category: Related News
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## Financial Planning for a Better Future
I am a 25-year-old individual who is focused on setting myself up for a better future, especially after welcoming a new baby into my life. Currently, my entire salary is allocated towards covering bills, taxes, and food expenses. Despite these financial obligations, I make it a point to save 10% of my after-tax income in my investment account. Additionally, I receive company shares worth approximately $6000 annually.
As I strive towards financial stability, my next goal is to tackle my car loan in order to eliminate debt. While I have the financial capability to pay off my kitchen loan, which has a 0% APR, I have chosen to keep it for now as the money in my savings account accrues some APR on top of it.
Given my current financial situation and goals for the future, I am seeking advice on how I can optimize my financial strategies and create a more secure plan for the future.
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****** just grabbed a
> just got a baby
I hesitate to ask.
You don’t mention anything about your job or education level. It would be helpful to know a few details
I’m curious about your mortgage, what are the terms?
I’m always surprised to see people either have an expensive mortgage ($3k+) or a really cheap one ($1k). But rarely in between. I’m in between.
I would say to just keep going at it & not stress too much right now. You have 18 years ahead of you of being a father & right now you should focus as much energy as possible on the baby. Enjoy this stage of life because it doesn’t last forever.
You & your wife are saving a good amount – even though your whole salary is going to bills/taxes/food, you both are still saving $2,300 a month which is $27k a year. That’s future proof.
I had my daughter at 22 & we were flat broke – I made barely $25k a year & my wife lost her job shortly after she gave birth. I stressed so much about finances & how we were going to get by. I basically ran myself ragged. Somehow, we made it work. She’s 4 years old now & things are much better for us all. I really regret stressing out as much as I did. Sure, we weren’t able to save at all when we first had our daughter, but now we’ve got a good amount of savings & have caught back up.
As you get older, you will make more & more money, and things will get easier & easier. I’ve nearly tripled my income in the last (almost) 5 years. If you keep being smart, keep saving, keep making good decisions, you will be ok.
Enjoy your newborn.
It is a bit hard to offer suggestions just by looking at your current budget and not understanding your total debt burden , value of home….
however as things stand… is the plan for your kid to go to preschool/daycare? Knowing that you live in the UK i believe that while most things are a little cheaper then the states… childcare isn’t one of them!
In addition, for your budget does it include the cost of diapers, food, clothes, et.cetera?
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Do you have an emergeny fund?
Do you have a house maintence fund?
Do you have any other debts?
What are bills 543?
When does your mortgage rate go up?
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So the TLDR is probably can be some improvements but without knowing more it is hard to provide quantitative advice.
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The only advice I can give is be a great dad to your kid and enjoy all the small moments before they go away! Money while important isn’t the most important thing to focus on right now! When my kid was 2 weeks old I could barely function so props to you for being able to think about budgets
I assume the taxes out of your income is income tax? Or is that property tax or something. If income tax, shouldn’t your wife’s 2k net out taxes as well?
Your wife has to pay taxes too you know..