NEW MORTGAGE PAYMENT REVEAL👀💸 | Budget With Me | March 2024

[@lcn706]

We’re in the same exact situation. Just bought a home that’s a tad more than we’d like BUT it’s in an area we love, the kids are going to love it and I’d rather invest more in a home long term that we’re happy in.

[@fasteddy3336]

If you have a large tax refund you need to change your exemptions so you don’t get a large tax return. Uncle Sam doesn’t pay interest. If you got $4000 back this year, that could be $333.33 in your monthly budget. You want your taxes to be close as you can to zero.

[@PRRS08]

I would assume it was from claiming children

[@laurensmoneymindset]

Yeah, we usually aim for that but I messed it up this year somehow. Agree that I’d rather have that money in our pocket throughout the year!

[@venchenzo4493]

What I like to do is 6 months into the year, I got to the W-4 withholding estimator on the IRS website to figure out if I'm gonna get a refund or owe tax by the end of the year.@@laurensmoneymindset

[@Brookm-e2q]

Seriously? You’d rather pay a lump sum of taxes once they’re due every year, then get a return?

[@JKRBW]

​@@Brookm-e2qNo, if you do that the IRS fines you for under contributing. The goal is to break even. We use the IRS calculator once a quarter to see where we are. We owed $6 for federal this year. Spot on.

[@jessieschultz429]

You look so happy in your new home, good for you. Here in NE Florida the rent is insane. New apartment buildings are going up all over the place & are charging $1800 for 1 bedroom. So crazy!

[@mrachel3]

I would not consider replacing the carpet as something that could have waited. To me that was necessary.

[@alwaysemilia]

Yeah, covered in animal pee? If you can avoid living with that, it definitely needed to go. My mom ripped out the carpet herself when I was little bc it was covered in cat pee and cig burns 🫣 we were lucky that the super old house she bought had nice wood floors under a lot of padding, so they weren’t damaged.

[@C_Beaty]

Same. When we bought our house in 2022 we knew we'd have to replace the old, stained, smelly carpet upstairs. Luckily we had enough money saved to take care of it right away, and a couple months left on our apartment lease, so we were able to get that done prior to moving in.

[@LegacyStacker]

Hi Lauren Miller! Great to see this, you didn't let the relatively high price of the house, or the relatively high interest rate stop you from buying a home. And, you've got it right, you'll most likely refinance as the interest rates come down in the first couple of years. I don't know if you put 20% down, if you didn't, you're probably paying PMI as part of your mortgage as well. If so, keep in mind, once you have 20% of equity in your home, you can have the PMI removed, which will lower your monthly mortgage payment as well. And, it doesn't have to be only money you put against your property, as the property appreciates, that can also be accounted for in making up the 20%. 😎🏆

[@charity7273]

I mean.... You all have done a ton of work in paying down so many of your other expenses. Eventually your kiddos will be in school. And you are still highly skilled and if it came down to an emergency you could (while you would loathe it lol) go back to work as a lawyer for the income. You all will be fine. Love to hear how happy you all are in the new home!

[@ssarabia2124]

Our housing cost is 21% of income but we live in the Midwest.

[@christineapro8852]

I'm Australian and our housing market is in a similar predicament. Our interest rates are returning to what is considered 'normal' in the country but considering the amount that people are mortgaged is crazy. The average mortgage in Aus is 650-750k AUD which is about 420-480K USD. It is really sad what is happening in pretty much all the OECD countries. Hopefully your family can refinance in the near future

[@Lp2074]

I am in NY. For me taxes, insurance and mortgage cost me $4000 per month and that is with a 4.75 interest rate. I feel your pain! Hang in there. I have been out of work almost a year now and solely depending on my husband’s income which doesn’t cut it.

[@Alexandra_Gavrila]

Don't worry about setting a good example! Even when you know better, the current market situation gives you no choice.. When you buy for the long run it has to be the best possible house, otherwise what's the point, no? :)

[@Plantation1984]

Enjoy your videos! Wife and I live on Long Island. Got into house with high interest rate and top of market. Feel very similar to you guys. Doesn’t mean you don’t know what you’re doing, just doin what ya gotta do. Stay on the grind 🤜🏻

[@herfinancialplan]

in the same boat, we felt we were ready and comfortable enough to have a high mortgage, we're paying $3800 (escrow, mortgage and taxes). we're hoping to refinance too went the rates go down and keep the same payment but throw it at the principle

[@wunderwriter1]

You make sufficient income to offset that payment, and you’re in a home you love in an area you love. If you waited you may have ended up spending even more or potentially being priced out of the market entirely. I think you made the best decision you could have for your family, and you aren’t expected or required to set an example for others. People can like it or not; it’s your money and your family and ultimately none of their business, KZbin or not.

[@lovelyleblanc7]

Do you include 401(k) contributions and employer match in "Pay Yourself First" category?

[@turtlescanfly7]

She switches between using a gross and a net budget. I’m not sure which one this is but if it’s the gross then yes, but if it’s the net budget then no it’s not reflected.

[@Randizzl3]

She said it’s net income.

[@buyerclub2]

If you wanted to stay in MA. I think you had very few alternatives. I think you understood that renting had many issues. Including lifestyle and potential for appreciation. I don't know what city you moved to, but historically MA has been a good place for real estate. I can tell you, when I bought at $145, and was paying 13% interest I thought it was crazy. Now with the house appraising close to $900, (over 40 years later), and the mortgage long gone, I am very happy I bought. So, yeah you could have lived somewhere else, but MA has lots to offer, and money should not be the sole decision in where you live

[@ddcjenn]

Love this budget, it’s similar to ours, but we also bought in a high market and have a variable rate mortgage so we’re paying upwards of 5700/month on our mortgage, plus insurance and property taxes 😬 we’re in the Vancouver, BC 🇨🇦 area

[@TracyPodz]

I would highly recommend rechargeable batteries, we barely spend anything on batteries anymore 🙂

[@delayedgratification581]

Are old house and new house in the same city, or did you move?

[@Legallyglory]

Dag I thought our 2000 mortgage in NJ was too much. I’m seeing more and more through other people’s budget that we are on the lower side 😮😮😮. Love the budget and who cares I’ll pay whatever I have to to get the house I want nothing beats peace of mind in a peaceful home.

[@aboucher2110]

I’m guessing you’re in Eastern MA? I’m in Western MA and my mortgage is $2,500 which I thought was a lot 😂

[@summerjoy247]

Hey Lauren, we finally found a house as well, so we only stayed in our apt for 9 wild months 🙃 Btw, how do you like the cell phone service with Comcast? That’s a good deal.

[@laurensmoneymindset]

Yayyy!! Congrats 🏡 We love our xfinity/comcast cell service. We were told they use the same towers as Verizon so we haven’t noticed any difference

[@PattisPurse]

HI, Lauren! crazy mortgage about but you are in taxachusetts :) is that a 15 year or 30.. if the first that could be a little better to choke down..

[@hillaryl.gonzalezmaldonado5086]

Hi Lauren, will your net income already have your TSP/401K contribution deducted as well?

[@kitkatbar37]

Do you have a 30 year mortgage? You're going to live for 30 years with a +40% of income mortgage?? Or do you have plans to start making more income?

[@Heydrayheyhey]

Salaries go up over time as you get promotions and get adjusted for inflation whereas 30 year fixed mortgage stays the same (taxes/insurance may go up). Also she said she is hoping to refinance when interest rates go down so this payment should go down.

[@jeannie1592]

​@@Heydrayheyhey I recently learned you can only refinance if you have equity in the home. So, if home values drop and they owe more on their home than it is worth and appraises for, then they will unfortunately not be able to refinance.

[@laurensmoneymindset]

No, we do not plan to live for 30 years with our mortgage at 40% of our income.

[@julianamartinez9737]

can you make a video about how taxes work? why are you setting aside money for taxes? what does a tax return mean and why do we get one? i’m new to the adulting things and would love some answers!

[@chiosaetern9207]

What category does like clothing come out of?

[@laurensmoneymindset]

We pay for clothing out of each of our personal spending sinking funds!

[@chiosaetern9207]

@@laurensmoneymindset I think I am going to start doing that as well

[@ashleydunford4010]

Love that you have a chiro! Love the video! We think alike! :)

[@kdlee3316]

Buy rechargeable batteries to save money and for environment

[@rich5164]

Wow very high debt to income for a “money and budgeting channel” hopefully they are comfortable selling the house and downgrading into something all cash when they are ready to retire.

[@allihead6292]

It seems like all the budgeting people I watch are doing this lately. Or, they take loans for new cars or change their method of budgeting all the time. I think it’s just to keep the content going. I need inspiration to not spend and stick to a goal! These people are all over the place!

[@laurensmoneymindset]

Besides our mortgage, we haven’t increased any of our other expenses and don’t plan to. For the last four years, I’ve talked about the same goals: pay off our debt, invest and get into a house in a good school district for our kids. Hope you and another’s can still find inspiration from my channel!

[@allihead6292]

@@laurensmoneymindset I was also referring to the inheritance for the student loan that then went to the house and you still have the loan, when I said changing direction. I’d be curious what your net worth has increased over the last year years excluding the inheritance or gift money. I know that was kind of harsh, and I know I can view others. Just seems like what you consider “needed” or “earned” isn’t aligned to an example I want to follow. To each their own, you do you, your channel is a success either way.

[@christinewallace9251]

Isn’t your income above the limits for Roth? Seems like it.

[@turtlescanfly7]

Shes not close, she mentioned a few videos back that they’re about 150k and the Roth limits are 228k for married filing jointly

[@livinwiththeedges8283]

We can’t afford pelvic floor therapy either. Such a bummer.

[@laurensmoneymindset]

It really should be covered standard as postpartum care..

[@wealthbuildingstory]

I also feel my housing expenses are high as I live in a high cost of living area but I love where I live, can afford it and not all decisions should be based on making your life the most financially efficient 💗

[@MsCardio1]

You are realizing that the mortgage is almost 50% of your take home budget. Therefore ( to quote Dave Ramsey) "you may need a bigger shovel" You are a lawyer ( and I'll bet a very talented one) I know your past hx of being a lawyer was VERY unrewarding but have you considered small jobs, perhaps at home, such as working for a non profit with low wages but job satisfaction to help increase the income.? You could then devote this extra for expenses and save more in the 401 k. It wasn't clear to me: is you husband putting in enough $$$ to the 401 k to at least qualify for the employer match?