sorry to be brief, i am at work and cant elaborate as much as id like
my advice would be to add up yours and your wife's total net earnings and figure out a good balanced budget that will provide a decent sustainable return in the long-run. It is very easy to fall into a trap as soon as you begin to make more money (cars, homes, etc.). try not to spend
80%+ of your income into personal consumption, so leave more than 20% of your net income for savings.
i would expect that our preferences are different from each other. personally, i have never been in credit card debt, but i do have a deferred college loan.
what i would do
- put a little more into your 401K, if you never see it, you will adjust your income proportionally
- with your extra earnings, setup a seperate bank account and have them remove a certain % from your paycheck. this way you will have an extra cushion saved up for your planned parenting
- lastly BE PATIENT! your horizons are greater now than what they were before and your expectaions have increased. dont go crazy and spend on un-necessary things that you never bothered to purchace before. now that you have your goal in mind, create a budget between the two of you to save up for it
hope this helps