We’ve Got a Kid at Elementary School, Live at Virginia, and Earn $170K/year


Welcome to YNAB Money Snapshots–in which you find a real image of somebody else’s budget and financing. They are all anonymous, since sharing cash remains a squirrelly issue for quite a few, but we believe airing them out at the open makes you better with your money narrative. 

As you browse these budgets, remember that a number of people today earn a great deal of cash and a few people today earn just a bit of cash, but we know that it’s exactly what you perform with this money and the way you sense about that cash that means over any annual salary. 

Notice how a family of three at Virginia earning $170,500 annually spent their money in April.


  • Names: B & K 
  • Ages: 37 & 37
  • Location: Virginia
  • Jobs: Accountant & Self-Employed
  • Living scenario: K and I have been married for 15 years and also have a single elementary-aged child.

Earnings: $170,500/year

  • (B ) ) Accountant: $135,000
  • (K) Self-Employed: $35,500

Savings: $329,000

  • Cash on hand: $50,000
  • 401K: $91,000
  • ROTH and IRA accounts: $139,000
  • HSA: $40,000
  • 529 strategy: $1,000
  • Investment accounts: $2,000

Funding: $292,000

April Inflows: $10,132

  • IRS Stimulus Cash: $2,900
  • Self-Employment earnings: $1,500
  • Accounting earnings: $5,732

April Budget

My Savings Groups

Before we began using YNAB in 2014, I managed the money because I’d the bookkeeping degree so clearly (sarcasm ribbon here) I had been the talented and organic option. Regrettably, I pulled everything into a single giant savings wreck (another checking accounts ). The funds were all there but K did not have the warm fuzzies we had sufficient allocated for Christmas, holiday, etc. since it was just one big blob. K worried we would not possess the economies when we had it, but I am all,”oh do not worry babe… accountant, remember?” Turns out K has been correct all along. Lesson learned.

After we changed into YNAB (and from my mind ), we made a group called”Savings Buckets” where we devote cash per month to minimize surprises. It comprises”adulting” items like private property taxation and life insurance savings but we also have fun things. By way of instance, we made the deliberate decision about two years back to make family holidays a priority therefore that we throw hefty savings into holidays. It is also where we shop money for future automobile purchases, Christmas, etc.

Now that K may see just how much we have in each bucket, nerves are calmed and we have pretty much attained budgeting zen.

My Month

April 2020 was a humdinger. The notion of”ordinary” went out the window using COVID-19. School for your kiddo stopped early, K needed to match kid-management into her program, my livelihood transferred from 50-60 nights per year at a resort to my cellar, along with the critters did not understand the reason why they dropped their 8-hour uninterrupted naps every day. The modification was jarring all over.

And speaking of pets, many unexpected vet bills crept up in the kind of a grisly zombie-eye within my bad dog. Even though the expenses far exceeds our budgeted amount, lower costs in different classes caused by COVID let’s roll with the punches. Having less travel, less eating out, and fewer arbitrary Target conducts gave us a great cushion to pay for the vet bills, evaluations, and medications.

My Story

Okay, I admit it. We’re millennials. The type who remember 9/11 and made 110percent to get a home in 2005 because everybody was doing this. We took Dave Ramsey’s Financial Peace University during our church and heard a whole lot. But, we’re much better at speaking about budgeting than really budgeting.  

The aim then was fairly easy –reside on one income K could stay home and increase the kiddo. That meant figuring out the way to gracefully swim from a $70,000 submerged mortgage within our”fantasy” starter house. 

Following the kiddo was first born, K voluntarily continued her fulltime occupation while we stashed economies, reduced debtdrove cars a couple of years more than we ought to have, and cut the cable until it was something. Do you understand they give free TV on the air? I really do. Scraping and saving enabled us to market our home without foreclosing, then let to build more economies (yet again), regroup, dream a bit, and match plan our next move. 

A couple of years after we bought a home which we may cover with just one income, freeing K up to remain home–only to realize she overlooked the struggles of outside-the-home work. However, with the freedom which accompanies strategic budgeting, she can currently conduct gig job when and the way she desires, making her (and me) happy campers all over.

The most critical budgeting success for us was that the day we started to funding a month’s income. It had been about 6 weeks after we began using YNAB. What a relief to know the cash we had been likely to invest has been locked and loaded in our checking accounts.  

Truth be told, we’ve enjoyed continuous and fulfilling professions with increasing incomes, even during down markets and financial fluctuations. That blessing isn’t lost on us to get a moment. However, the crucible of the wonderful Recession now tastes all our financial choices. We always pay money for a vehicle, exploit every advantage in the Target Red Card (debit card, obvi), and suspend the economical expiring meats. When gooey-eyed 20-somethings hurry to share how they are planning to purchase a home because they despise paying rent, I value my emerging grey hair even more.

My Financial Goals

  • Retirement
  • Funding a college savings program
  • A shore home (K insisted that I include this 1 )

There’s been a strange change in our dialogue lately. Within our 20therefore we set goals considering where we wanted to repay, how do I get another car or anything. In our mid 30therefore, we’re considering what it’ll be like to become empty nesters in a couple of decades. Unless a black swan occasion throws us off path (Hi, Coronavirus?) , we’ll be focused on income tax decrease and the way to invest down our time than that which another buy will be. In reality, we do not think about”financial aims” anymore. I’d really like to become a 401k millionaire by 40 which might be possible based on the niches, but I do not be worried about it. We’ve got enough time to maintain saving, a lot of food to consume, and we are healthy. I believe a correct budget permits you to meditate about these more important items.

I’d rate my present financial situation: 5/5

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