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Author: zol Three stars, 500 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 76398  
Subject: Re: Is this a sin, or being practical? Date: 2/28/2014 5:19 PM
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It is wrong to think about cutting back for other life priorities? Am I sinning against Fool-kind? Or is that just the way life goes?

Don't concern yourself with sinning against Fool-kind. Your priorities do not need to be approved by anyone here except your wife.

Having said that, we have also struggled with balancing currents needs AND wants vs future. We don't know how long we will live. Also, kids are little and living with us for a "short" amount of time. So, what to do? Focus on the things you can control:
- Contribute to the 401k to get the most out of it (do you get a match?)
- As you are doing, examine expenses and see where you can cut. Continue saving for home owner expenses.
- Child care is expensive but not forever. What will you do after you no longer need to pay for child care?
- Take advantage of opportunities to save like using a Dependent Care account (save on taxes) for childcare expenses now and for camps later, check if 529 accounts are deductible, etc.
- Consider moving to a less expensive place/state if it makes sense for your family
- Think and plan for college now. If you have a high income your kids may not qualify for assistance. How will the kids cover college expenses in 18 years? Would you still be on track to retire at 55 if you cover college? Would you consider retiring later?

I can say from experience that plans will change. What you may not consider feasible now may be feasible down the road.

- zol
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