We are planning to buy a house in Bay Area and I am trying to see how much left over income I need after paying off mortgage. I have a really good idea of other costs but given we don’t have children yet (we might have in coming one year), I don’t know what all expenses usually come up.
- I think a good professional nanny would be around $4k per month. Or more? if we go with day care that’s around $3k per month? if spouse decides to not work or take a break, this cost can be zero.
- medical costs? I have no idea of those. How much should I plan to spend here out of pocket?
- do costs increase when they need to go to pre school at 3? Since you probably need day care in afternoon in addition to preschool. How much?
- if going to public school, costs should be pretty minimal. But you would still need to pay someone to watch them during after school if both are working. Still ~ $3k per month or less?
What else am i missing?
1. Daycare cost/Nanny. Anywhere from 3K - 4K
2. Medical but should not be too crazy given you work in FB and should have excellent insurance. I would say max 1K a year if you have a healthy baby
3. Biggest cost would be other baby expenses with wipes/diapers/food. Anywhere from 250 - 500 a month.
4. One time cost of baby room, car seats, stroller, bag and all comes to about 1.5K
5. Insurance costs would go up for family. About 120 bucks a month or so
I would say miscellanies cost another 200 a month.
For someone in FB, minting millions this should all be chicken feed 😁