Hey r/personalfinance, so basically what the title says. What I made last year is $28,000 and this new position is a salary of roughly $50,000 a year.
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My rent+utilities are about $450/m.
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I put away 15% into 401k with my company matching 6% of it.
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My total insurance costs are roughly $200/m
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I also put $50 a paycheck away into company stocks and currently. They also match 15% up to $1,800.
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I don't currently pay my phone/car insurance but I want to take them over from my mom as soon as the position begins. My company also will pay for 75% of my phone bill.
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I have about $4,000 in my savings account + $2,000 in company stocks.
At my company, there is tremendous room for growth and reliable job security. It is also very realistic that in the next 3 years I could be looking at another promotion which would increase my salary to 80/k a year, but I would have to relocate most likely.
As far as my living situation goes, I live with my girlfriend and 2 roommates. It is a month/month lease and my name is the only name on the lease (I am free to sublease as I please, the landlords and myself are friends). The house is good value for the area, but still not the nicest place in the world. I'm still looking to perhaps buy a home in the next 6 months, or at least move into a new home. I would be interested in renting out a room if I chose to buy, and also keeping the house if I am forced to relocate in the future. If I were to buy, I would probably be interested in a manufactured home. There are some very nice move in ready ones in the area for $80,000-$120,000 + land included, whereas many of the regular homes in the area start at $140,000 and have significant issues.
My car is paid off, but it is having some problems and I will likely buy a more reliable vehicle for around $20,000. This will ultimately result in me taking out around a $8-10,000 loan after about $10,000 trade in.
Basically what I'm asking, is what should I do now? Should I buy a home now or just rent instead? Do I increase my 401k, and how much should I put into savings? Are there other things I'm forgetting?
Thank you!!
Submitted October 28, 2017 at 11:34PM by Sandwich_Crust http://ift.tt/2zNpneB
