Where is your wife’s health insurance included, which continues during parental leave? As a civil servant, she is privately insured, and the contribution must also be deducted here.
The car was already mentioned. And now clarified faster than I could post.
450 € for groceries, clothing, diapers, and later kindergarten/school... That would be too tight for me. Our kids are almost out of the house, and just the bus tickets for school cost 100.00 € from the budget every month. And both schools are only 12 km away.
Clothing, vacation... all things of course, but they are still missing in the list.
Surely you will get enough credit. Your wife is a civil servant, and if you calculate half-time with 1,000 €, that is at least higher service level.
Have you also considered whether it might be financially better for you if the man goes on parental leave? Then the problem with health insurance might be solved, unless you are also privately insured.
So, now I come to your question or rather the answer
My then future wife’s health insurance is not included in the calculation mentioned above. (We are currently still inquiring.) Part of it will be covered, and the other part has to be paid by ourselves during parental leave.
During parental leave, we expect an income of about 1,000 euros; it will probably be a bit more. From that, as you correctly pointed out, her health insurance and the health insurance for the first/second child must be paid.
I am employed (technician) and insured under the statutory scheme. We did a calculation once; tax-wise, there would be about a 100€ difference, which would be even more advantageous for me. As mentioned, I am still at the very beginning of planning and have no time pressure, so I am grateful for any criticism, etc., because often you forget things and don’t actually know better. I absolutely don’t want to go into this blindly, hence all the questions and posts here. Yes, as you can see, you are perfectly well supported here.
In principle, I think it’s good to reckon with only one income if that should be possible. Most cannot do that. Whether you can actually do it, I’m not sure at the moment.
Even if some items in your household calculation might be generously estimated, I miss a few things:
Phone, daycare costs (if your wife will be working again then), clothing, hobbies, possibly other expenses...
Groceries (what about hygiene articles?) I think are too low, especially with children, but I believe there was a discussion about that here before.
I also think you will probably find it hard to manage with the 250,000 €, depending on the size and equipment of the house. But if you deduct ancillary costs, want a double carport, and maybe a basement, that won’t be enough. And with the aimed 750 € monthly, it will surely be tough.
I was simply of the opinion to present the worst-case scenario and assume what would happen if, for example, only one salary—in this case mine—were available. That’s why I tried to set up the calculation this way. In practice, of course, the second salary of my wife would also have to be factored in during the first year of parental leave and then the part-time salary.
Regarding the second part, with the 250,000 €, that’s exactly the point where we are not sure if that would be sufficient. Of course, you wish for a basement and so on, but if financially not possible, one would have to omit, for example, the basement and plan the utility room on the ground floor instead.
What I have read said that you should always imagine or set yourself a target number and not exceed it, and that point is currently a bit difficult. Hence my further questions to you.
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If you meant me, among others: It should not come across that the financing is tight, for the reasons you mentioned. And if it’s clear that the woman will return to work part-time shortly after the children arrive, then all is well.
But presumably, he will have to at least calculate with the wife’s part-time salary, because as mentioned, 250k will probably be tight, and I also consider the desired monthly rate very tight alongside additional costs.
No, that referred to the previous post.
But I fully agree with you that definitely expense items are missing.
I would rather make a realistic calculation, with all income and all expenses, instead of forcedly calculating with only one salary here (unless there is only one borrower).
I must neither sugarcoat nor exaggerate the project by adding 100€ to every expense item or leaving out income.
Conversely, I must of course also consider all expense items (daycare, clothing, replacements, vacation, etc.).
Additionally, I would make a worst-case calculation for a certain period with only one salary for maybe 3-4 years and all necessary expenses.
During that time, one can omit contributions to the home savings plan, for example, if after that time there is enough leeway to catch up on the installments and reserves for necessary reinvestments (e.g., car).
Okay, that would then naturally be another option to also include my girlfriend (wife) and her salaries in the mentioned years in the calculation. As I said, I don’t want to sugarcoat or gloss over anything, which is why I am here and keep asking you. Because it’s very important to me to approach the matter with open eyes and common sense.
As was also written: the following was not included or considered. Any special payments such as child benefit, holiday and 13th salary, and also an additional income of 2,200 € per year. These were left out, as one must also sometimes assume (one can) that some of it will be lost. Well, child benefit probably not, but nevertheless.
For me and my partner, it is currently about knowing what one can afford (could afford) and what to expect, in order to truly be able to fix this based on numbers. The values for, e.g., house ancillary costs, I had from newspapers on the topic of building financing, but as you saw, kindergarten, clothing, etc. were forgotten.