For some background, I am 22 year old living in a MCOL area working in finance. My main goals right now are to develop Efund with ~5 months of living expenses covered and save for a larger down payment on a car. I would rate my job security as high.
- Income 3,682(After tax+401k contribution)
- I expect an 18K yearly bonus (Not sure after tax what that is but I will use that to max out Roth contributions, pay down debt, and a good bit of that also gets put into 401K, maybe buy myself something nice) This is not factored into my income or budget.
Expenses
- Rent (1,000)
- Electricity, Wifi, House stuff (150) usually under
- Gas (100) usually under
- Food (350)
- Insurance (60)
- Misc (100)
Total: 1,760
Debt and savings
- Student Loans are 20k, 5k at 2.75%, and 15K at 3.75%. I pay $700 a month towards them which is about $400 more than the required payments.
- 5K savings(Incomplete E-Fund) counting only necessary payments my expenses are about 2K probably closer to $1800 a month. My goal is a 10K savings fund, my job security is high, and I can always move back in with the fam.
- 1,920 401k Contribution half me, half employer match (Crazy perk).
After expenses and debt repayment: I am left with about 1,220. I have an old car with no payment/no insurance, so I want to save about $300 a month for a new car down payment in the next 6-12 months. I am planning on saving $600 in the EFund each month. Leaves about $320 a month in excess income I want to put about 100-150 a month into a 529 for my little brother, and the other $180 I'll just buy some stuff with.
Submitted October 29, 2021 at 10:22AM by Roommatefinderr https://ift.tt/3jPZUe1
