After taking some advice from those on this forum in past posts, I have revised our budget/plan and wanted to see if anyone thought things could be further fine tuned in any areas:
Full Background:
Husband and wife, no kids, very early 30’s. Current combined household income: $130k-140k a year depending on bonus.
We bumped up my wife’s 401k percentage to 15% (plus she gets 9% vested match on top of that for a total of 24% of her income invested to 401k). I invest 28% of my income and get a 5% match as well. End result is about 40-42k a year inclusive of company matches that we invest, which is around 30% or so of our gross income. I invest in roth accounts and my wife in traditional. We have roughly 190k total invested, which consists of about 130k in traditional and 50k in roth.
We keep about 7 months expenses in an emergency fund and have a total net worth including our home equity of about 408k to 468k (depending on if you value our house conservatively at initial purchase price or at what we could currently get for it if sold today minus fees). Not that this figure matters in the grand scheme of things, just highlighting progress.
Monthly Net Take Home after taxes, benefits and retirement contributions: $5,664
Mortgage/Taxes/Ins: $1474
Flood Ins: $33
Cell Phone: $64
Internet: $71
Termite Treatment Membership: $17
Lawn Care: $60
Gym: $50
Tolls: $110
HOA: $4
Doctors: $30
Groceries/Toiletries/etc.: $500
Gas: $300
Car Ins: $175
Water/Sewer: $110
Natural Gas: $140
Electric: $100
Medication: $85
Misc. Buffer (haircuts, birthday gift, etc.): $100
Tithe: $40
Cloud Storage: $3
Dinners Out/Fun: $250
Total monthly spend: $3,716
Amount left over: $1,948
With the $1,948 left over, I was thinking of starting a roth IRA for my wife and throwing $500 a month in there and then using the remaining $1,448 to add to additional cash savings each month so we can save up for future home repairs, future replacement vehicles: etc.
How are we doing thus far as a newly married couple trying best as we can to invest as much as possible and put our budget/monthly spending on autopilot?
Full Background:
Husband and wife, no kids, very early 30’s. Current combined household income: $130k-140k a year depending on bonus.
We bumped up my wife’s 401k percentage to 15% (plus she gets 9% vested match on top of that for a total of 24% of her income invested to 401k). I invest 28% of my income and get a 5% match as well. End result is about 40-42k a year inclusive of company matches that we invest, which is around 30% or so of our gross income. I invest in roth accounts and my wife in traditional. We have roughly 190k total invested, which consists of about 130k in traditional and 50k in roth.
We keep about 7 months expenses in an emergency fund and have a total net worth including our home equity of about 408k to 468k (depending on if you value our house conservatively at initial purchase price or at what we could currently get for it if sold today minus fees). Not that this figure matters in the grand scheme of things, just highlighting progress.
Monthly Net Take Home after taxes, benefits and retirement contributions: $5,664
Mortgage/Taxes/Ins: $1474
Flood Ins: $33
Cell Phone: $64
Internet: $71
Termite Treatment Membership: $17
Lawn Care: $60
Gym: $50
Tolls: $110
HOA: $4
Doctors: $30
Groceries/Toiletries/etc.: $500
Gas: $300
Car Ins: $175
Water/Sewer: $110
Natural Gas: $140
Electric: $100
Medication: $85
Misc. Buffer (haircuts, birthday gift, etc.): $100
Tithe: $40
Cloud Storage: $3
Dinners Out/Fun: $250
Total monthly spend: $3,716
Amount left over: $1,948
With the $1,948 left over, I was thinking of starting a roth IRA for my wife and throwing $500 a month in there and then using the remaining $1,448 to add to additional cash savings each month so we can save up for future home repairs, future replacement vehicles: etc.
How are we doing thus far as a newly married couple trying best as we can to invest as much as possible and put our budget/monthly spending on autopilot?
Statistics: Posted by BizarroJerry — Sat Jun 15, 2024 3:46 pm — Replies 10 — Views 495