Hoping for some advice from some of the pro's around here. I was never taught budgeting, money management or saving from anyone in my life and as a result I am now 28 with almost 12 years in full time work and nothing to show for it. I live pretty much week to week. My main issue is I live according to my paycheck instead of putting some away for a rainy day. But I digress I am moving off topic.
I need some advice on where to start. I have decided to set myself a goal of saving 10k in 10 months. My wife and I want to go visit her family and that's what the trip will cost. (It's on the other side of the world and we have 4 kids). Normally I would put it on the credit card and spend the next 5-6 years paying it off but I want to do this trip completely from my own pocket and I hope this exercise will set me up for life.
I make $89K a year before taxes but with lots of opportunity for overtime and side work. Last year probably banked closer to 100K with overtime etc. Wife makes about $16k a year working part time. Total income around $115k a year between the both but let's say $105k in case I never get anymore overtime.
I want to know how I can maximize my savings and live off as little as possible to save to my goal. Some things I cannot change right now. Rent $500 a week. Phone and internet contracts, still locked in for some time. $300 a month. Other than that everything is open to negotiation. I am willing to make some major sacrifices to get ahead here.
Submitted May 06, 2018 at 03:46AM by Stumbows https://ift.tt/2wgS4DZ
