Facts: 2 year contract at 45k a year. Full health benefits. 401k with no match that she contributes 3% to. No student loan bills, in fact no bills at all. She has 10k in local savings account (we call her emergency savings). She has a Schwab Roth IRA with $2500 in it (target fund). She has established credit with a discover credit card and does not carry a balance.
We live in a low cost area in the midwest. We want to put together a budget like she is living on her own and need ideas on where to put that “bill” money. We also want her to get in the habit of paying herself first. Thinking 10% of all take home pay.
So where do we put her 10% pay herself first money? What do we do with her budgeted, living on her own bill money while she is with us?
Obviously the goal is save as much as possible, but I want to instill good saving habits in the right accounts to help her win this game of life.
Additional info: After 2 years, her goal is to move to a higher cost of living area and be in her own…with roommates if needed. A used vehicle will need to be considered within the next 2 years. Not a priority while she is home living with us, but will eventually need one.
Suggestions appreciated!
Submitted September 06, 2023 at 09:10PM by jonjosuf https://ift.tt/XmktLT5
