Hello,
I would like people to critique my 2017 budget forecast and savings plan. Background: 26 y/o, received promotion in November 2016 to 80k salary. I am progressing really well at work and might even be up for another promotion by end of 2017. I am debating on pursuing an MBA or not. I already have a 6 month emergency fund saved.
2017 monthly budget forecast:
- Pre-tax income: $6,667
- 401k contribution: $1,500 (max 401k at $18,000)
- HSA contribution: $283.33 (max HSA at $3,400)
- Health Insurance: ~$158
- Taxes: ~$1,280
- Post-tax income: ~$3,300
- Rent: ~$1,000 (plan to move in 2017, rent might go up by a couple hundred)
- Utilities: $50
- Phone, cable: $150
- Groceries, eating out, coffee: ~$450
- Car (gas, insurance, etc.): ~$225
- Entertainment: ~100
- Gym: ~$50
- Vacation: $125 (plan to save 125 per month for a vacation in the summer)
- Clothes, gifts, electronics: ~$175
- Roth IRA: $458.33 (max out Roth IRA at $5,500)
- Long-term invest: $100 (investing Vanguard ETF)
- Short-term savings: $500 (evaluating to purchase apartment within 5 years)
Current Savings:
- 401k: ~$32k
- Roth IRA: ~$18k
- Emergency fund: ~$12k
- Brokerage: ~$22k
- Savings: $10k (currently in BOA, thinking of CD or Ally savings) (I plan on using my savings and brokerage ~$32k as part of down payment)
Any thoughts or critiques? Am I putting too much towards retirement? Apartments I have been looking at in Boston are ~$500k, meaning 20% is ~$100k. I plan on marrying my girlfriend within the next 5 years and we both have good savings and would each contribute $50k.
Submitted January 11, 2017 at 08:26AM by AdultinginBoston http://ift.tt/2j7SDs7
