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@stainlessea Thanks for the perspective. This is all good info.

@helpme1508 Good points. Our rent at the moment is a bit lower than market for the condo complex, so we could adjust up to meet market, although the lack of margin is primarily just due to recent increases in the condo association fees. We have discussed raising the rent, but at this point we...

@helpme1508 The 200 is just the difference between rent and the monthly fixed costs (mortgage/etc), not including maintenance. I mentioned this in another comment but we already have a buffer of about $10K dedicated to handling maintenance costs for the property. It's a one-bedroom condo, so...

@helpme1508 Healthcare includes premiums plus $160 per month to an FSA (which we've already exhausted this year due to baby's birth). Essential bills include: electric, gas, water, internet and phone. More than half is for electric and gas. Certainly an area to consider, since a bunch of others...

@piccadilly Thank you! Yes, I am happy/grateful to be able to provide for her and my son during these years.

@piccadilly So we have the $200/month for home improvement that rolls over month-to-month, but primarily that's what the emergency fund is for. It typically holds 6-9 months of expenses, and we dip into it as needed for big-ticket items like a new HVAC system, etc. Is that not an appropriate use...

@resjudicata Sorry, I thought the ($330K equity) parenthetical was clear. We have a mortgage, and have $330K equity in the house. So the 3112 is mortgage + HOA fees. I've edited the original post to be more clear.

Here is our obligatory Sankey: https://i.redd.it/6p6iwwniqtkc1.png Background: My wife and I just had our first baby, and she is planning to stay home with him until he goes to school - so probably for the next five years. I am obviously so grateful that we are fortunate enough to be in the...