Combined, my husband and I make $225,000 annually. We live pay check to pay check. I have a 401k savings, no personal savings. We were caught up in the housing bubble and foreclosed in 2011 (back when we barely made $100k combined). By the time you finish reading this, no need to tell me that I’m stupid with money. Already know... I just want help, advice or direction
My small goal is to be able to buy a house in the next two years and not see my bank account in the negative as often as it is. How do you budget? Is there a template I can use? Is there a way I can squirrel money like a 401k? How do people do it????
Ms. Burgundy’s salary is $99,950/year (I know…I know. That’s a whole other story for a whole other subreddit). I take home a profit bonus annually that fluctuates between $50k-$65k (receive 2/3 in December and balance in March every year).
Mr. Burgundy is an educator and makes $68,000
Monthly expenses We’re currently renting which is $2,600/month (I know this is high but we live in the Northeast of the U.S. and that’s literally how it goes). We own two cars both in good condition and pay a total of $710/month Utilities (electric, gas, cable, phone etc) comes to $700 per month
Debt paid monthly We each have a credit card but both are maxed out with $6k total in debt. I always pay over the minimum but then max it out again the following month. Student Loans totaling $70k- monthly payment of $395 but we pay $500 IRS back taxes owed about $7k- I pay when they send me notices
I have $77k in my 401k not including the $20k in loans I’ve taken out against it. Those are taken out of my paycheck monthly.
We both have good health insurance, great and steady jobs but can never keep our heads above water. We have two kids (8 and 6) with no need for day care. We vacation once per year eat out more frequently than I’d like to admit and I need wine most days which I feel has been earned.
HELP ME, REDDIT. I have $125 to my name until my paycheck goes thru tonight.
Submitted August 24, 2017 at 03:06PM by msburgundy http://ift.tt/2xgUij6
