I've been reading for the past few weeks trying my best to absorb all the great information here. Upon turning 30 I realized I'm not in a very good spot.. I'd been pretty much coasting just saving whatever I don't spend, paying the minimum on my student loans figuring I'd just pay them a tiny bit forever and forget. I realized this really is not the way to secure my future and so I'm trying to get things in order.
I wanted to really throw myself in and did something that perhaps wasn't the wisest decision. I took my emergency fund and cleared my debt. (Student loans, car, etc.). So I have no monthly payments, but... I don't really have much of anything now.
My plan now is to rebuild a saving fund of about 12k while contributing 12% (+3%) matched to my Roth IRA. I don't really know what to do in the meantime though? Is it basically just wait and slowly save? I would like to eventually start saving for a down payment on a house, but that would start after and seperate from my emergency fund, correct? Sorry if this sounds ignorant, but I've never put much thought into a long term plan.
Here's my first draft of a budget, something I've also never put much thought into before.
Income after taxes : 4400
Rent: 650
Utilities: 220
Internet: 60
Groceries/Toiletries: 300
Entertainment (restaurants, dates, etc) 200
Gas: 50
Gym: 150
Insurance: 120
Roth IRA: 500
Remainder - 2150
Does anything seem to not add up or foolish? I'm still pretty green and would really appreciate any thoughts.
Submitted September 20, 2018 at 10:43AM by lroy4116 https://ift.tt/2PRKiFo
