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Belated January Wrap Up

February 19, 2020

Net Worth and Money News

Our net worth ticked up again, hooray! It rose about 1.8%. I’m front loading my retirement again, and switched T’s as a percentage of his income. That will ensure that a bunch of savings come out when he gets summer salary.

I discovered we’d been grandfathered in to Capital One 360s old savings account, and the rate had plummeted. I moved everything over to an account getting more interest.

I hope to do taxes next month, and my goal is to do it without TurboTax. In past years, we waited until too close to the deadline and got frustrated enough to just pay for TurboTax. It isn’t even really about the money, it is about not wanting to support the tax prep software industry. Our taxes are not totally trivial, but they are something two educated people willing to put in a bit of time can handle.

Spending Bullets (excluding childcare, mortgage, property taxes and car/home insurance):

  • Monthly spend (excluding some major categories): $2046, which seems very low for us!  
  • Highest single transaction that hasn’t been featured in a previous month: $217.05 at IKEA for toy storage, a lamp, and a few other miscellaneous items.
  • Most annoying expense: $140 for a “dig proof” dog bed. We had an incident with a Roomba freaking out the home alone dog, and he started freaking out in his crate and digging up his bedding. He got over his neurosis, but we did end up with a new bed.
  • Expense that brought the most joy or utility:  $14.19 for a poke a dot book that LO is OBSESSED with.
  • Donations (for accountability): None this month, will have to roll over into next month.

House Projects

I feel like January was mostly just a struggle to keep our house in order. I can’t remember any improvements, but I’m sure T did some maintenance tasks here and there.

Work

I’ve been at this job 5 years. It has had ups and downs, but in general, it is a really good fit.

I regularly feel out of my depth, including right now on this new project. We have the most amazing project manager, who not only is extremely effective at his job of project managing, but also could do probably 30% (or more!) of the jobs on the team, many of them better than the person actually assigned to the job. This includes my job. I mean, obviously he can’t do ALL THE JOBS at the same time, and the idea is that he may some day retire and the rest of us will have to rise to attempt to fill his shoes. . . But it is a little disheartening to know that he could just do everything I’m doing, and he could do it faster and better. It is also good, because he knows what I should be doing and can help if I’m stuck. I think this type of manager is not the norm, and I am lucky to get to work with him. But that also makes it hard/impossible to impress him!

Other life stuff

My dad is temporarily in the area again working for a few months, and mostly driving me and T crazy. He stayed with us for about 2 weeks, then stayed with my uncle for a bit, and just now found his own temporary place. Now that he has his own space, I hope we can enjoy the luxury of getting to spend time together on a more regular basis. My house is just too small for hosting long term guests, unless perhaps they were an extremely conscientious and quiet guests (he’s not).

LO is doing so well, and is so much fun! She has started talking a bit. She has started climbing on everything (eek!). She is a happy little kid, and we are so lucky to have her. The one nap schedule is working out fantastically for our family, although she occasionally takes 2 naps if we have car time.

January links and snippets

January 29, 2020

Links:

A reminder to myself to to keep investing in long bull markets – they can last a really long time!  Anyone who pulled out of the market after the big dip in December 2018 missed out on big gains in 2019.

The existential dread of Mini Brands.   You can buy (tiny) branded plastic junk, wrapped in more plastic. Have we reached peak consumerism? This concept makes me feel a little sick.  I have heard that when you have kids, plastic junk just starts flowing into your life, and it is really hard to stop it. 

I had missed this post from October on GRS, where Jacob Fiske Lund of Early Retirement Extreme gave an update on the past years of his life.  I used to comment on his blog (and vice versa, at least before he became popular).  Despite generally not wanting to make the same choices as he did (RV life, etc.), I very much admired his logical and determined approach, in addition to the way his mind worked and his writing style. It was a pleasure to read this update!  I also read the comments, and thought this response from Jacob was also true:  “The sudden popularity of the FIRE-movement has resulted in […] people jumping into w/o thinking about why they’re doing it; basically treating FIRE as a product they can consume to become happy.”

For parents of babies: Complaint to HR

Snippets: (A snippet is a thought that I might have expanded on and turned into a blog post, had I wanted to spend more time blogging.)

I performed a few unnecessarily financial calculations.

1) Having a second child would delay our FI (w/house but not health care) by 9-12 months. This number is (lots!) smaller than I expected, but (as usual) it is a simplified calculation.

2) Our house in a high cost area delays FI by at least 5 years.  This wouldn’t be solved by renting, it is driven simply by our desire to live in a high cost area. Yikes.  A lot of this is driven by the maintenance budget I hold, which is perhaps more generous than it needs to be.

3) My estimated social security earning will increase by about $1.2k/year for each year worked in the next 5 years, then about $800/year for 5 years, then $600/year for 10 years.. then even less than that. This assumes the current rules apply and I begin withdrawals at full retirement age.

4) The cost of me being a stay at home parent would be approximately $75k+/year, calculated as Gross Income – Childcare – Taxes Saved (estimated). Our taxes saved aren’t as dramatic as some families since I shelter a large fraction of my income already.  This is just the in-the-moment costs, not the salary growth, not the retirement growth, and not the benefits.  (We mostly use T’s benefits anyway.)

I calculated this after reading a post where a SAHP came up with a significantly lower estimated cost for his/her family.  It obviously depends heavily on the earning potential. Also, the assumptions on how much a SAHP can save the family, outside of childcare, seemed inconsistent with my experience, as a working parent who doesn’t hire things out. Would I really have more free time to optimize spending/finances/household if I was a SAHP? Parenting a young child is pretty consuming.

So… this is a cost I’m unwilling to take on until we are significantly closer to financial independence. The cost of reduced hours/reduced salary is something I’d consider, but it isn’t compatible with my job & child care options right now

Parenthood: One year and beyond!

January 19, 2020

Here are some updates about life with LO these last several months.

Personality / Milestones

On her first birthday, LO took her first wobbly step.  From there, she quickly gained skills as a walker / runner, and is always on the go.  She is still her usual zany and sweet self.

At 15 months, her vocabulary is limited, although she has a wide range of babbles and words are emerging. Her first word was probably Dada, but it is unclear at what point she was using in context, rather than babbling.  She also has been saying “this?” and “that!” for a long time, and also “dog”.  She babbles mamamama, but doesn’t use it to refer to me.  She now says “cheese” and a similarly sounding “shoes” and “trees” and “teeth” in context.  Also, “moo” for cows and “sssss” for snakes.  She’s working on identifying body parts and can point to many (foot, nose, eyes, ears, etc.).

Some mini tantrums have started, especially when we remove items from her possession, or other random toddler reasons.

She is really into peek-a-boo, getting pushed around on her little car (or pulled on a blanket or in a box or whatever – just zooming around), and climbing into boxes and other containers. She got a lacing toy for Christmas and is pretty obsessed with it.

This will sound a little silly for such a young kid, but we started a tumbling/gymnastics “class” with her.  It is very cute, and it was honestly more so we could have a parent/kid activity to do together since most of that stuff is during the work day.

Childcare

Daycare is still amazing and great.  The ratio is low, the teachers are experienced and caring, and I have basically no complaints about it. LO gets so much out of it, and has so much fun.

When they sent out pricing updates for next year, they benchmarked themselves against some other local centers, and I was shocked to learn that you could indeed spend EVEN MORE (20%+ more!) than we are spending for full time infant care. The only other centers I had looked into were slightly less expensive than ours, but I guess there are some very fancy options!

Eating

She’s almost entirely self-feeding, and eating a lot of what we eat.  We help out with utensil use.  She’s a picky eater sometimes, other times she’s not.   We just keep feeding her things in hopes she’ll eat them.  We also rely on daycare to feed her a variety of foods, and fall back to some “toddler food” staples at home. I had an idea that our toddler would eat what we eat at a young age, but reality is a little different.  We try.

Routines & Sleep

Just after 11 months, she started routinely sleeping through the night (ceased waking around 4-5 am to nurse).  Hooray!  After her first birthday, we dropped down to two bottles (during the work day) to use up the remaining frozen breast milk, then switched to cows milk in cups.  I quit pumping within a week of her first birthday, and my supply quickly diminished.

After the new year, we moved to a one nap schedule at home and at daycare. She’d started refusing one of her naps each day at home, so the timing was good. It is going pretty well so far, but we’ve had occasional issues with early wake ups.

Co-parenting

With nursing ending, this has felt relatively balanced to me.

T is a morning person and is almost always the one to get her from her crib.  Usually, he hands her off to me after a diaper change, so he can finish/start making coffee. Sometimes, the coffee is done and I help with breakfast or get showering. We kind of wing the morning routine, for better or worse. We trade daycare drop-off and pickup, depending on what makes sense for that day’s obligations. Sometimes T is able to work from home for half of the day, otherwise I come  back and walk the dog at lunch – just like I used to. Weekends we both spend a lot of time chasing her about and playing with her.  Each day isn’t always equal, but in the long run, we both do a lot of child care and both take care of a lot of other responsibilities.

Do we need life insurance when we are on our way to FI?

January 7, 2020

We each have modest life insurance through our employers.  With T getting tenure, the likelihood of no longer having access to that life insurance is low.  It is a little less sure for me.

If I were to pass away, T would get all of my retirement accounts. Unfortunately, retirement budget really wouldn’t change significantly. We share a home, we share a car.  He’d need less food and such. Assuming I die while employed, he’d get a life insurance payout sufficient to pay off about half the remaining mortgage balance, and about $20k/year until LO turns 18. Regardless of whether I’m employed at my current employer or not, he’d also get about $27k/year in social security survivors benefit until LO graduates high school. Conclusion:  While I’m employed at my current job, I feel comfortable that LO and T would be taken care of.  If I was no longer employed at my job, they’d still be fine, although it would be nice to have given T more of a head start on the mortgage pay down.  He can meet his bills without me (esp. assuming SS survivor benefit to help with childcare costs), but he wouldn’t be able to save aggressively.

If T were to pass away, I would get a life insurance payout that could pay about 60% of the remaining balance on the mortgage, and a similar $20k/year until LO turns 18. His social security earnings history is not as strong as mine (grad school), so I estimate the survivor benefit for LO to be at about $14k/year until she graduates high school  Conclusion:  This is probably fine too, although savings progress would be a bit stalled while LO is not yet in school.  Again, it would be nicer if the mortgage could be vanished.

As our financial position continues to improve, the need for life insurance will continue to decrease. Still, we aren’t quite in a place where I’m comfortable saying we don’t need it.  We are most vulnerable right now, when LO is young and needs full-time and very expensive childcare. It wouldn’t be a financial disaster if one of us passed away, but it would not be ideal. I’m comfortable with relying on job-based life insurance for T, but I worry slightly about doing the same for myself. The ideal situation would be for the survivor to be able to eliminate the mortgage entirely, which basically puts the survivor at FI status (pending market corrections, etc.).

Based on this, I’m going to shop for a 10 year term insurance for both of us, separate from our jobs. A quick estimate shows that I should be able to get $500k of coverage for around$200/year/person, which seems worth it.  We could also consider dropping the supplemental life from our work policies (but probably wouldn’t).  I expect we’ll be legitimately FI within 10 years, and don’t expect we’d need life insurance after that point.  Am I wrong?

Any recommendations on how to evaluate and purchase life insurance?

2019 Highlights, 2020 Priorities

January 4, 2020

2019 Highlights

  • LO grew from ~2 months to 14 months!  She started nanny share, then she started daycare, and is thriving. She rolled, she sat, she started solids, she crawled, she walked, she clapped, she babbled, she talked.
  • We just barely hit a 50% savings rate by my calculation method (which is imperfect, but adequate for the purpose of competing against myself).
  • I lost about a month of income due to part of my maternity leave being unpaid.  The rest was paid with banked vacation and sick leave that I’d hoarded for years.
  • We maxed out our tax deferred space and two Roth IRAs.  Hooray!
  • We opened a 529 for LO to house gifts, and started her off with $1k.  Her cash gift total for 2019 was $200.  I expect similar amounts most years – we don’t have any wealthy family members that would feel a need/desire to contribute a significant amount.
  • We sent $8k to mortgage principal, although we reduced cash position by a similar amount.  (Still a good move, given our cash position.)
  • T achieved tenure!  He also got a raise, though not a huge one, more than usual.  My raise was a modest raise, but I should be ready for a promotion this year.
  • We traveled to the midwest in February before I returned to work to visit my family.
  • My little sister got married and we traveled Las Vegas for the wedding.  It was our first “vacation” with the baby, but it was not very vacation-y.  The wedding was great, though!
  • We traveled to Colorado for a week for work. T played stay-at-hotel-dad while I worked.  ❤
  • I finally got to start a new project at work!  It is based locally with a really good team.  Hooray!
  • We traveled to T’s hometown for the holidays and saw his entire immediate family + their SOs/kids, plus many other relatives.  LO met her cousins and hung in there with the long travel days, weird/new sleeping arrangements, and 3 hour time change.

2020 Financial Priorities

Max out all tax-deferred space. I’ve been vague on this, but here it is.  T and I both have access a 457b and a 403b, which have separate $19.5k limits. T also has tax-deferred pension contributions and some non-voluntary retirement contributions that come out of summer salary (and don’t contribute to the voluntary $19.5k 403b limit). So, we defer a LOT of taxes, and ultimately will shift some from the ~22/24% bracket to a lower bracket (probably). It is amazing, and it is unfair. (That is is one reason I’ve been vague about it – because it is unfair.)  This inflates our savings rate, as our pre-tax dollars are worth less than post-tax dollars in a brokerage account.  We’ll have a higher income tax burden in retirement, but I’m taking the tax break today while the demands on our income are the highest (mortgage, childcare).

Pay for roof (out of sinking fund). I’ll count the roof in our yearly spending and when calculating our savings rate. The point of noting the sinking fund here is that I intend to reduce our cash savings by roughly the amount of a roof. If we cash-flowed the roof, we wouldn’t be able to afford all other savings goals.  I created this sinking fund during the first couple of years after buying our house, because we knew a roof was on the horizon.  With this major looming expense out of the way, I feel comfortable reducing our cash position a bit. If the roof costs less than $20k (I hope it does!) we can also consider some other smaller projects.

Max out our 2020 Roth IRAs for $12k (in lieu of college savings). I really want to put the mortgage above this, but I’ll kick myself later for forgoing tax advantaged space.

Pay $20k extra to the mortgage. This is dependent upon our tax refund being approximately what I’m expecting.  It is dependent on T having full summer salary (which depends on some childcare issues this summer).  It is also dependent on me fixing our tax withholdings, so we don’t overpay throughout the year again.

Spend no more than we did in 2019, excluding the roof. The uncertainty of what a new roof costs was making a savings rate target hard to set. I really want to hit 50% for arbitrary round number reasons.  If the roof is free (haha), we could achieve ~55%+.

Reduce spending on Amazon by 50%.  This won’t actually save us much money, because I’ll buy the items I need elsewhere. Still, I’d prefer to support other companies (Costco, Target) when the price is similar. Plus, Amazon has gotten much less reliable, and I’m unhappy with how they (don’t) deal with the issue of counterfeits and aren’t responsible for their supply chain.  Step one is to figure out what our Amazon total was in 2019.  I’m not sure I want to know…

2020 Other Priorities

I used to make a lot of yearly goals, and I’d usually meet most of them. My ambition seems to have waned, and since having LO, keeping her alive and well while juggling work feels like it is enough. (But I can’t totally blame LO, as this trend started before her.)

Finish estate planning. We fell off the radar at the lawyer and shamefully never finished this. Our plan is to do something simpler than what I was initially planning, and leave everything to T. We agree to leave the complexities of protecting LOs claim on things in the case of survivor remarriage after a death to be dealt with by the survivor with a prenup and/or new will/trust. I trust T to arrange things fairly, if the situation arose, and vice versa. It must be set up such that if the survivors dies after remarriage, the trustee of LOs new trust cannot be the new spouse. (I cannot trust any person who is not LO’s parent to appropriately prioritize LO over themselves.  Money does strange things, even to mostly decent people.)

Improve meal planning and reduce meat consumption. I’ve been working towards better meal planning and mostly succeeding. We used to eat meat-free meals a lot of the time, but when I was nursing and temporarily dairy-free, more meat focused meals came into the rotation in order to satisfy my hunger.  I’d like to move back to less meat, but still filling and healthy. I don’t have a firm goal on this. It is a direction rather than a destination.

Reduce dryer usage and wash more things on cold. This is not a habit, and I really really love the convenience of my dryer….  Still.  We don’t really have a lot of space for luandry, and there are several loads each week I wash on hot for either sanitizing reasons or for allergy reasons.  We likely need to purchase a new clothes drying rack for this to work.

We don’t have any vacation travel planned, but will visit our family and make some work related trips into mini-vacations. (I’m hoarding vacation days again, in case we decide to have another kid and I need to self-fund another maternity leave.)

That’s all I have for now, and I don’t want to artificially add more things, so I will leave it there.

Happy new year!

December Wrap-Up

January 1, 2020

Net Worth and Money News

Our net worth was up about 3.5% this month, and I can hardly comprehend the deltas any more. When I first started tracking my net worth, it could take an entire year to accumulate a ~$20k net worth increase.  Now, we regularly see swings larger than 20k (in either direction) each month. It is just wild.

In yet another flip flop on where to prioritize the mortgage, we sent in $8k to mortgage principal. It’s a spoonful of water in the bucket, but it helps.  If we accumulate enough of these little spoonfuls, a recast would lower our fixed costs. My real dream is to refinance into a 15 year mortgage, but the payments are out of my comfort zone for now (even if my budget shows we could afford it).

Spending Bullets (excluding childcare, mortgage, property taxes and car/home insurance):

  • Monthly spend (excluding some major categories as noted above): $5,681
  • Highest single transaction that hasn’t been featured in a previous month: $1,670 for a new espresso machine. This was 100% T’s choice. It pained me just a little bit to enter it into our expenses.  The way we do joint finances is essentially that we have one pot, and we both are frugal, and we buy what we want/need. (This wouldn’t work if you have a tight budget to meet.)  Significant purchases are always discussed. Still, in the end, we pretty much always come down to the decision residing with the purchaser, entrusting that person to make a good decision. My input was several months of “I don’t think it is necessary / worth it. Can’t you find something at a lower price point?” But, I don’t make the coffee, nor do I really care significantly about the coffee, other than that there IS coffee of some sort. T is very into it, and he makes us each a coffee every morning. If he thinks it is truly worth it, then who am I to tell him it isn’t?  We can afford this.  There is a line, I’m sure, but I guess $1,670 isn’t crossing it?  He’ll sell his old set up for about $250.
  • Most annoying expense: $1,038 for the dentist. T suddenly needed a procedure done. We hit our out of pocket coverage limit, which is pretty low.  Our dental insurance is not super great. We can reimburse from our FSAs, but we generally don’t put a lot of extra money in the use-it-or-lose-it account. I usually ignore things paid from our FSA in my spending logs, so we’ll see what we actually have to cover out of pocket.  We can carry $500/year over in our FSAs, so they weren’t totally empty (as you might expect they would be in December).  Still, we didn’t put a lot in them for next year, so we’ll wipe them out to pay this bill.
  • Expense that brought the most joy or utility:  All of the gifts for others!
  • Donations (for accountability): $150 for the local food bank, $100 for a local dog rescue of our puppies breed. The woman who runs it is awesome. Saving animals is generally low on my charitable giving priorities, but I mix in some local/personal giving with my higher impact giving.

House Projects

I don’t think we had a lot here, between travel and LO being sick.  We decorated for Christmas, then undecorated. We moved the nursery glider into the living room and put the non-kid friendly chair (leather, not cowhide print) in storage for now.  I sold a non-kid friendly side table that I never really loved anyway.  (I did love the idea of it when we bought it.)  I had it listed at $75, but kept getting low ball offers, because people expect to be able to negotiate.  I added “price firm” to the ad, and got more offers – but people wanted to meet me in the city or asked too many questions.  Finally, someone offered to pick it up and pay $75, and it was gone!

Work

Nothing of interest to say here. Work was good, although a little slow with a lot of people in and out for vacations.  I expect the new year to be very busy.

Other life stuff

LO was sick for just before the holiday, with a moderate fever for about 5 days.  Aside from the fever, she was mostly fine and treatable at home with Tylenol.  Luckily, it cleared up just before we had to travel. She was stuck with the lingering runny nose and hacking cough, neither of which you can do a whole lot for, but at least she was feeling less miserable.

We had brought her to the doctor 2 days before she fell ill. She was having some excessive crying at bedtime and was possibly more clumsy/stumbley than usual, so we wanted to get her ears checked.  Her usual pediatrician wasn’t available and the one we saw had us waiting for over an hour for our appointment.  The medical assistant made it obvious that this was a routine, noting she “spends a lot of time with her patients” (at the expense of the schedule). That is not acceptable, especially with a fussy one-year-old in tow. I understand doctors hate being forced into schedules that allocate brief appointments, but for goodness sake, I just wanted someone to look into her ears for a second. Most infuriatingly, the doctor did the physical exam, asked us to meet her in her office down the hall, then went to see another patient for 15+ minutes.  THEN she came back to say “it is probably just teething, try ibuprofen”  Thank heavens for our regular doctor, who rarely makes us wait any more than the usual.

Aside from the sickness, LO is doing great.  Walking everywhere, eating well, a few words, lots of playing, very active, very happy, extremely cute. She’s sometimes fighting naps and sometimes crying before bed. We might be ready for a one nap schedule on non-daycare days.  I don’t know.  She sleeps through the night, which is the #1 gift, but I just can’t crack the code to have her consistently drift happily off to sleep for naps and night.  (And if we try to let her dictate when she sleeps, she just stays awake until she absolutely melts down into a cry fest.)

We spent about 5 days in the midwest visiting family, which was really nice. Traveling on planes with a 14-month-old lap monkey was seriously not fun – but we all survived. This was her 4th roundtrip via plane, but the first where she was fully mobile and the first with connections. Daycare was/is closed for 2 weeks around the holiday, so she’s been home another week after we returned. I only had some of those days off, but T was able to largely cover the days I had to work.

I’ve wrapped up my 2019 spending log and started my 2020 projections/plans. I hope to pull together a separate post about some of this soon. I also want to write a decade in review post.  It’s been quite the decade. Happy new year!  Happy new decade!

 

Plans & costs of home maintenance

December 14, 2019

We are a bit more than 5 years into home ownership.

We both got raises this year.  Mine is more modest than his, but I’m not missing any work for maternity leave next year.  If we keep our normal spending roughly flat, we will have some unallocated money.  Hooray! Of course, I would like to save and invest it or pay down the mortgage, and increase our savings rate…  but it likely we’ll tackle one of our bigger house maintenance projects.

The previous owners did some improvements during their time here (~7 years), but the original owners lived here about 50 years and didn’t do much. We’ve been slowly working through mostly non-urgent updates.  Here is a summary of the projects we’ve completed since moving in, and rough plans for the future years.  I’m trying to limit major projects to every 2nd year, although we’ve only been modestly successful at that. Major projects are in the $15k range, and we tend to still spend a few thousand in “off” years.

2014: Furnace duct work ($13.5kish).  This included asbestos removal.  This potentially could have been delayed, but at the time, we wanted to get it done with.
2015:  Drainage ($12kish).  It rained a ton this year and we got water in the crawlspace.
2016:  Nothing major.  Earthquake retrofitting and gutters, about $2k.  The retrofitting was highly subsidized by a couple city / state programs.
2017: Bathroom Remodel, about $15k.  This became an urgent project when we discovered a leak, then some rot behind the shower.  (We never installed the glass shower door budgeted in that post. My main reason is that I’m not sure I want to keep a glass shower door clean.)
2018:  Landscaping (started in 2018).  I’d estimate about $10k over the last two years, which was for a lot of rocks and mulch and such, some plants, and some design work help from a neighbor, and some labor.  T did a lot of the labor himself. The front of the house now looks pretty nice, and the back is improved but not complete.  Also, new washer/dryer and some minor painting and closet reorganization tasks in prep for LO joining the family.
2019: Continued landscaping (accounted for above).  Added some insulation for about $500.  Nothing major this year, but many landscaping costs did fall into this year.
2020:  It is finally time for the new roof!  With no real knowledge, I’m thinking that will run us at least $20k  We also need to paint the exterior.  T keeps hoping that we’ll have time to DIY that job, but I’m skeptical.
2021:  Minor maintenance tasks (whatever comes up)
2022:  Windows.  Many are original to the home and single pane.  We have a few glass slider doors that could make this expensive.
2023:   Minor maintenance tasks (whatever comes up)
2024:  Consider if we want to redo the second bathroom.  The shower tile is only about 5 feet high with painted drywall above (why??) and the tiled counter was pink, but was been coated with Miracle Method to make it a palatable white. It looks adequate, but the coating is slightly chipped and isn’t a permanent solution

At that point, we will be done with the wish list of major upgrades, at least the ones I know about. T want to do something about our ugly fireplace at some point.  Maybe we’d redo some more of the electrical (?). The driveway need some attention  It hope it will be a long time before we do much with our kitchen but I guess kitchen remodels are a thing that people do.  T is always thinking of other improvements, so I don’t think there is any shortage of ideas.

My rough FIRE budget / single income budget includes $9k/year in home maintenance costs.  Our running average is slightly higher ($9.5k), and could jump based on the price of the roof.  We could space non-urgent projects out a bit further to hit this, but it is something of an arbitrary number. I think we’d be able to hit it in the long run.  Assuming a 4% rule, that is driving an additional $225k in invested assets to reach financial independence, but it is a real part of our spending that won’t go away (even if the mortgage eventually will).