Hello everyone,
I recently went from making $12/hr, working 25 hours a week, to $30/hr / 50-52 hours a week with OT. My weekly paychecks have more than quadrupled, as my take home pay every week (after deductions) is around $1100, compared to the ~$230 I was looking at before. I’m a bit embarrassed to admit, but I’ve gotten used to living on next to nothing. I’m still a bit floored to see a comma on my paychecks. Having said that, I only spend $200 a week or so.
I have 18% going to a traditional 401(k) and 4% to Roth. No employer match. Current 401(k) balance is just over $3,000. I do, also, have a pension plan...
Car: Paid off. Not in the best condition, 186k miles... will need to be replaced within the next few months.
Car insurance: $80 a month. Minimal coverage.
Gas: Probably $180 a month. I commute 60 miles every day.
Food: $300 a month? Maybe.
Health insurance: Fully covered through work. No deductible, excellent coverage.
Rent: None. Boyfriend owns home.
I jacked up my credit when I was young, and I’ve been actively trying to repair it for over a year. My credit scores on transunion and equifax are in the 640s, but experian is showing 586. I’ve paid all of my collection accounts, opened 3 credit cards and maintained 100% payment history. I have a secured credit card (now $3,000) that I’ve been putting $500 a week on, as a way of saving... I have $3,500 in a savings account, $3,000 on the secured card, and no officlal debt.
Should I put more into my 401k while i have such minimal expenses, or a normal savings account for emergencies?
Submitted July 04, 2018 at 08:56PM by Weekendwarrior__ https://ift.tt/2lSOYOv
