Food, clothing, vacation. OK, here you hold back, with us 4 people it’s definitely higher. But everyone as they like
How much have you estimated for that? As I said, these are the values I roughly determined from our consumption over the last two years (I tended to round up).
You want the second child after moving in, so a salary will partly be missing for at least 12 months.
That’s why the first year of the KfW loan is interest-only.
What if something happens to the car, for example? You have a total of 550 euros for “purchases,” which can be difficult in case of a major car repair.
You probably meant 250 €, that’s 3000 € per year, I can’t remember if I ever had such an expensive repair on the car. But in principle it’s of course possible, although I consider it rather unlikely.
Also, vacation pay, bonuses, etc. are not included in the salaries.
You want to make special repayments, but currently you only have 29 euros per month left over.
Since special repayment options usually do not cost extra anymore (as I have heard), I have included the option for the future when the salaries have increased.
Are the 611 euros per month daycare costs for 1 or 2 children?
For both children, both are also included in the food expenses.
Honestly, I don’t like the household budgeting approach. Adding variable costs + fixed costs, calculating the surplus from that and then putting 100% of it into the payment would not be the right approach for me. You calculate the month at around +/- 0. I wouldn’t feel comfortable with that, I need something like a monthly surplus, a buffer, whatever. You do it in terms of items like “vacation” and “purchases” – but I also have those separately. You should really try it out to see if it works like that.
In principle you are of course right. On the other hand, too large a buffer means you pay off unnecessarily long and thereby pay more interest than necessary. That’s why I tried to capture our living expenses as completely as possible. If I was unsure, I always rounded up instead of down. It’s definitely tight in the first years, I admit that. If it’s not enough, a vacation is simply smaller, but of course that is an individual matter of attitude.
I always find other people’s household accounts interesting :) You like to compare with yourself. For example, if I see that you spend (have to spend!) 600€ on childcare, private health insurance on top, another 800€ on cars – then 5,500€ per month melts away. Highly individual, the whole thing.
Childcare halves after 3 years and disappears after 6 years (both then in school). The cars are unfortunately necessary, but with the leased car you can of course save by buying a cheap used one.
What is that about? Do I understand correctly that you currently have about €9,500 principal outstanding on a consumer loan and until the end of the term you have to pay an additional €3,600 for residual debt insurance? If yes: get rid of the residual debt insurance immediately – stupid product! Possibly have the contract independently checked whether everything was lawful. There were times when RSV nonsense was offered with a certain coercion; that was cancelled by the Federal Court of Justice. One should also check whether the loan can be paid off directly from equity. The terms are probably considerably worse compared to construction financing. In return, the equity commitment on the mortgage would be reduced and thus the terms – that would have to be compared.
It’s an interest-free loan and the residual debt insurance is planned for the new build (estimated costs).
Phones included?
Work phone…
For two cars quite little. Especially if one is leased (usually full comprehensive insurance + GAP coverage). Really complete?
That is only the cost for the first car (old Golf 4). If a new one is due, we have a promise of financial support from the family. The leased car runs through the employer and costs 400 € total.
What is it for? For a current property? For the future property, it should be included in the 425€ ancillary costs you planned separately. 480€ p.a. also seems rather high to me. Of course depends on the scope of services (and the building).
That is intended for the future property. If it’s covered by the ancillary costs it’s simply a buffer. The ancillary costs are difficult to estimate, that’s why I listed them separately.
Since you are currently heavily using Riester, a consultant will probably pick that up and talk about Wohnriester.
I expect that too, but we don’t want to put our entire pension into the home. The Riester remains untouched for now; we only touch it in an emergency.