Hey personalfinance I’ve recently landed a new job that I will start in 2 weeks in NYC that pays $65,000 (non-exempt) base salary, with a bonus up to 10%, and SEP IRA match 3% of base salary. I am planning on putting 10%-15% into my SEP as I’ve been putting 15% into my 401k over the past 3 years.
I also have $9,600.00 left in private debt to my step-dad for paying my college tuition (long story, no FAFSA, approx. 22865.00 in total). I am planning on just paying this off in one check by the end of the year since I’m being charged 5% interest.
My back of the napkin math is as follows. I was advised on /r/personalfinance that it's better for me to do my calculations off of take home base (original budget http://ift.tt/2kaJOPE)
Monthly Budget
| Take Home | Amount |
|---|---|
| Base Pay | $3,088.00 |
| Necessary Expenses / Deductions | Amounts |
|---|---|
| Rent / HOUSING (inc water and gas w. roomate) | $1050.00 |
| Electric | $80.00 |
| Food & Groceries (not dining out) | $400.00 |
| Clothing (necessary) | $20.00 |
| Cell | $70.00 |
| Renters Insurance | $10.00 |
| Internet | $80.00 |
| Dental Care or Insurance Costs (pre-tax) | $40.00 |
| Healthcare (pre-tax) | $100.00 |
| Dry cleaning | $20.00 |
| Laundry | $20.00 |
| Commuter (pre-tax) | $130.00 |
| Total Necessary Expenses | $1,750.00 |
| Discretionary Expenses | Amounts |
|---|---|
| Entertainment (not dining out) | $50.00 |
| Eating Out (including Lunch) | $150.00 |
| Travel & Vacation | |
| Clothing (above what's needed) | $20.00 |
| Subscriptions (Netflix/Prime/etc) | $80.00 |
| Computer Costs | $35.00 |
| Gym membership | $80.00 |
| Beer & Alcohol | $10.00 |
| Total Discretionary Expenses | $360.00 |
| Planned Investment Spending (per month) | Amount |
|---|---|
| 401k SEP (pre-tax) | $904.00 |
| RothIRA | $458.00 |
| Total Investment Spending | $1,362.00 |
After all is said an dun, I should still have $520.00 left to save or invest after both necessary and discretionary spending (including funding my pre-tax retirement and ROTH).
My current assets are as follows
| Savings/Investments | Amount |
|---|---|
| Checking (TD/Chase Checking) | $4,408 |
| Barclays Savings (1% interest) | $18,300 |
| Vanguard Roth | $25,160 |
| Vanguard Brokerage | $14,320 |
| 401k (vested) | $18,150 |
If I'm missing anything or something seems out of whack, please let me know.
September 29, 2017 at 11:48AM
