So, my wife and I got married late last year and are working towards saving for a house, but we also want to set ourselves up for a nice retirement.
Our take home is effectively $7000/month before expenses.
Our expenses: Rent: $1900 Utilities/Internet: $350ish Gas (car): $200 Car Payments: $810 (about to be $460 after a family situation gets fixed). Car insurance: $166 (lump payment approx. $1k every 6 months) Health insurance (inc. a 350k life ins. Policy): $110 (will approx. double in 1.5 years when she turns 26) Food: $350 Fun: $250 Phone:$45
Total: $4181 (hopefully 3831 soon) Remainder: 2819 (3169 soon)
Expenses include 6% currently taken out for each of our 401k which is company matched 100% (pre tax, I will likely change this to post tax) for both of us.
We have 0 student loans My wife is 24 and I am 28.
My 401k value at this point is approx 9k (didn't have a real job until January 2017, but had a part time job that allowed me to have a 401k in school)
My wife just started her 401k this May (her first real job).
We currently have about 8k in savings (we just shelled out almost $10k for a move to DFW so she could get working (had to break a lease)).
We would like to buy a home in approx. 2 years. Decent homes/good neighborhoods run approx. 290-330k right now.
My question for y'all is where is the nice balance point between saving for a house and saving for retirement at this point in our lives? Any other accounts we should be looking at? Thanks everyone!
Submitted August 04, 2018 at 10:28AM by themoo-12 https://ift.tt/2OJlO1C
