Sorry long post!
So like the title says, my girlfriend’s (22F) parents are giving us a decent amount of money $40,000-50,000 usd hoping that is a good amount to put down on a down payment for a home.
After crunching some numbers and doing some thinking with today housing market I think we are in a good spot, but wanted to ask what you all think.
So our current finance: I (24m) has been working full time for a while now and saved up a number I’m proud of $20,000. I have another $2,200 in checking. My really salary is 71,500 which is going up to 73,000 in June. I put 8% in my 401k and my company does %3 of my salary (so over $600 all together), I also have an HSA that my employer puts money in every month that I am investing. Together I have about $13,000. Did Robinhood when I had no money so I have $221 in there. With taxes and all deductions I pull in 1829 per check plus $120 for internet and wife reimbursements per month. 12 month span would be: about 48994 a year after all deductions and 401k contributions.
I already put a deposit on her ring before learning about this lump some of money and I will go pick it up next Monday taking about her $3870 out. I work remote so I have no car (though I want one), my phone bill is about $100 (work covers $80) a month our current rent is $800 utilities Range from $50-$150, internet is $40 (work covers this), and we have a lotttt of subscriptions ($150). I have student loans $19000 where my monthly payments are super low ($30) I usually put $120 towards these. I put 8% in my 401k and my company does %3 of my salary (so over $600 a month all together), I also have an HSA that my employer puts money in every month that I am investing. Together I have about $13,000. Did Robinhood when I had no money so I have $221 in there. We live probably above our means imo I do manage to save almost 1,000 not including my 401k. That’s with eating out, clubbing, shopping, ect. We’d cut back on the bars if we got a house probably (we currently live in the city)
Her (22F) is still in school getting her masters. She works a part time job but really focus on her athletics (since she’s in scholarship) she maybe pulls in $400 a month currently (we don’t spend her money). When she graduates she will be looking for sports related jobs. She has nothing lined up but has heard back to a few places. We can expect her to make anywhere from 20k to 40k (to be safe 20k, I like worst cases scenarios). We plan on using her income to throw money at my loans.
On paper it makes sense to buy a home (rents increasing) and everywhere we look rents as much as some mortgages, but then again homes have a lot of expenses to come with it (closing fees, furniture, appliances, taxes, possible HOA fees) we also want to think abt a wedding plus immigration fees (she’s foreign) and possible a 2nd car (this is a want). I’ve always had financial anxiety, so it’s always good to hear other opinions or tips before moving forward.
Thanks!
Edit: probably should include this, but we are not looking to buy like tomorrow. Our lease isn’t up for a while and we PLAN ON BEING MARRIED before we close on anything. House will be in her name anyways, so even if we arnt married yet I’d be a “renter”.
So like the title says, my girlfriend’s (22F) parents are giving us a decent amount of money $40,000-50,000 usd hoping that is a good amount to put down on a down payment for a home.
After crunching some numbers and doing some thinking with today housing market I think we are in a good spot, but wanted to ask what you all think.
So our current finance: I (24m) has been working full time for a while now and saved up a number I’m proud of $20,000. I have another $2,200 in checking. My really salary is 71,500 which is going up to 73,000 in June. I put 8% in my 401k and my company does %3 of my salary (so over $600 all together), I also have an HSA that my employer puts money in every month that I am investing. Together I have about $13,000. Did Robinhood when I had no money so I have $221 in there. With taxes and all deductions I pull in 1829 per check plus $120 for internet and wife reimbursements per month. 12 month span would be: about 48994 a year after all deductions and 401k contributions.
I already put a deposit on her ring before learning about this lump some of money and I will go pick it up next Monday taking about her $3870 out. I work remote so I have no car (though I want one), my phone bill is about $100 (work covers $80) a month our current rent is $800 utilities Range from $50-$150, internet is $40 (work covers this), and we have a lotttt of subscriptions ($150). I have student loans $19000 where my monthly payments are super low ($30) I usually put $120 towards these. I put 8% in my 401k and my company does %3 of my salary (so over $600 a month all together), I also have an HSA that my employer puts money in every month that I am investing. Together I have about $13,000. Did Robinhood when I had no money so I have $221 in there. We live probably above our means imo I do manage to save almost 1,000 not including my 401k. That’s with eating out, clubbing, shopping, ect. We’d cut back on the bars if we got a house probably (we currently live in the city)
Her (22F) is still in school getting her masters. She works a part time job but really focus on her athletics (since she’s in scholarship) she maybe pulls in $400 a month currently (we don’t spend her money). When she graduates she will be looking for sports related jobs. She has nothing lined up but has heard back to a few places. We can expect her to make anywhere from 20k to 40k (to be safe 20k, I like worst cases scenarios). We plan on using her income to throw money at my loans.
On paper it makes sense to buy a home (rents increasing) and everywhere we look rents as much as some mortgages, but then again homes have a lot of expenses to come with it (closing fees, furniture, appliances, taxes, possible HOA fees) we also want to think abt a wedding plus immigration fees (she’s foreign) and possible a 2nd car (this is a want). I’ve always had financial anxiety, so it’s always good to hear other opinions or tips before moving forward.
Thanks!
Edit: probably should include this, but we are not looking to buy like tomorrow. Our lease isn’t up for a while and we PLAN ON BEING MARRIED before we close on anything. House will be in her name anyways, so even if we arnt married yet I’d be a “renter”.