First time poster. Poor formatting/lack of info to follow.
25M, married 40k Gross Income Contribute 13% to 401k (company matches: 100% on 1% and 50% on next 5%) for a total of 16.5%. After all fixed monthly expenses (I pay majority of bills: mortgage etc) I only have 200/mo left for saving. I can list it all out, but its not anything I can cut. The only thing I could is 50/mo personal fund..which I think isn't anything crazy but am open to it.
Savings: ~3k checking ~9k 401k
Wife, 25F 35k Gross Income Contributes 4% to 401k (company matches: 100% on first 3%) for a total of 7%. After all her fixed monthly expenses, once again nothing can cut..she has around 500/mo left for saving because I pay lions share of bills. She also has 50/mo personal fund.
Saings: ~3.5k Checking ~4k 401k
Other: Together, we have about 16k equity in our current home, which we just aren't very happy in..
Goals: We want to build our own house within the next 5yrs. Something small, but nice. (Ranch) This will be ~250k with land + Construction which is a very conservative estimate.
Advice Needed: Should I reduce my retirement contributions, for now, to 6% which will give my whole company match for a total of 9.5% to more aggressively save towards our goal? Is this enough, for now? That would be roughly an extra 200/mo to save towards our goal...
Total savings/mo: 700 900 if I reduce my retirement contributions, for now.
Once again, first time posting and on mobile..sorry if I goofed on formatting. Thank you in advance for any help you can provide on recommended % for my age.
Submitted June 25, 2017 at 08:24AM by InternalBalance http://ift.tt/2t5hVM5
