I am a new grad nurse entering into the field in ICU, I have $12,000 in student debt currently, but start my 1 year BSN this fall which will leave me with an unknown amount of additional student debt. Luckily I qualify for PELL and other grants/scholarships that should cut that total. My pay will be $40/hour or roughly 5,700 or 4,100 after tax per month. My girlfriend makes approximately 5,800/month.
We currently rent for 2,250/month and have another vehicle bill of 650 per month. On top of this we are paying her parents for 500 a month on something else she has owed them for some time. Writing this out is starting to sound insane that I want a vehicle, but my new job will put me commuting 2 hours per day (rural highway) and my old junker of a car is not one I enjoy or trust driving that far.
She wants to purchase a boat for around 65,000 so we can take the 3 kids out during the summer. We are avid skiers who spend 1,200 to 1,500 a year for season passes and roughly 1,300 for a full season rental. I would would like to spend on re-gearing the girlfriend/myself and the eldest which would reduce the overall yearly rental price to just 2 kids or ~300-450 a year. I begin my job with a 10,000 bonus/year for 2 years, and 6,000 tuition reimbursement which will help pretty significantly with student loans or paying off/towards some things/down-payment.
I have 10,000 in savings in an account with 4.7% interest year over year. The job does 2 pay increases per year and any certification I accrue add a dollar up to $3 an hour pay increase. The bsn adds $1 an hour also. So by this time next year I should be making approximately $43 per hour +/- $1-2 an hour. We have other bills as well, water, sewer, garbage, that is roughly $300/month, and xbox/playstation for $100/year.
Car insurance for full coverage on the pickup is $100/month for her, mine will be more expensive (male with a knock or 2 on driving history), probably $150-250/month for full coverage if I get a shiny new vehicle, life insurance is I believe $150/month or less, triple A which is yearly (cannot immediately recall price), and rental insurance at $18/month. I feel like I should quantify all of this before I finish the post... the total is roughly 4,000/month +/- 500 for insurance and whatever tiny miscellaneous things I may not have mentioned.
We owe 30,000 on the pickup and roughly 13,000 to her parents. My plan was to add an extra 1,000 to the pickup per month, and an extra 500 to her parents. For a total of 1650/ month on the pickup, and 1,500/ month to her parents. For a monthly total of roughly 5,500ish +/- 500 so 6000/month to be safe. Our post tax income will be around 10,000/month if we don't work any overtime which I plan to do an extra shift/week if at all possible.
Feel free to bludgeon me with opinions/facts. After having written all of this out, the whole thing feels overly ambitious and absurd lol. The vehicle I would want would total around $750 a month pre insurance. But I factored in full coverage up top. Her career is extremely secure and as long as I do my best, my job is extremely secure as well. So career longevity isn't a large concern besides the fact I am just entering my field.
In sum we make ~117,600/year. Current debt/bills= ~ 72,000/year without paying on student loans or anything new (boat or car).
Left over after current yearly expenses is ~45,000.
I know there is a lot to sift through here... I apologize in advance.
Thanks any and all for sharing your thoughts, I look forward to hearing them.