Wouldn't it be nice to live on just 1 income?
I have thoughts of saving J's income and live on just mine. It is not possible at this point cos we are paying for his student loans. What we are currently doing is saving as much as 15% of our net pay. It feels tight when we save 15% but that's the point I think.
When our child starts kindergarten, that'll cut our childcare cost by half. That will mean more savings, but I think it's wiser to put the extra towards his loan. We pay $450/fortnight to childcare and around $650 a month to student loan. That's a total of roughly $1550 with the exchange rate fluctuations. I'm still driven and we have to keep our motivation up.
Excluding our Kiwisaver contributions, our monthly net pay is about $7700. That's a lot and so I don't want to be complacent about money. There are many families out there who struggle hard.
We are back to actively saving for the kid's education fund. We put away $100 a month for him although I know that needs to be increased within the next year. I see ourselves debt-free, excluding mortgage, within 2.5 years. In fact, we have agreed that once we replenish our savings back to $12k, we'll put all extra monies to debt, which should get us non-mortgage-debt-free in less than 2 years! That sounds so much fun!