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re: Break it down - your finances
Posted on 4/27/15 at 2:52 pm to JonaYolles
Posted on 4/27/15 at 2:52 pm to JonaYolles
28 years old, divorced
Yes, I know I track this stuff with way too much detail, so tl;dr whatever. I always look at things as a fraction of gross income, since taxes are usually your largest expense and should be managed accordingly.
Monthly:
Gross - $12400
All taxes (Fed, FICA, Property) - $3600
All insurance (Health, dental, vision, disability, home, car) - $600
Mortgage - $1700
401k, Backdoor Roth IRA, HSA - $2200
Non-tax advantaged investing (ESPP, Brokerage) - $1000
Travel fund - $500
Bills & Utilities - $500
Groceries/restaurants - $700
Gas, Tolls - $200
Drinking/entertainment/gambling/dating- $800
Other miscellaneous - $600 (but has a bad habit of ending up in the previous category)
I know a lot of people keep a large amount in a "rainy day fund" which is a good thing. But I hate pocketing 88 cents of interest every month when that money could be better invested. So I only keep about $3K in cash and invest the rest. I can't imagine a scenario where I would need more than $3K without at least a week's notice.
Yes, I know I track this stuff with way too much detail, so tl;dr whatever. I always look at things as a fraction of gross income, since taxes are usually your largest expense and should be managed accordingly.
Monthly:
Gross - $12400
All taxes (Fed, FICA, Property) - $3600
All insurance (Health, dental, vision, disability, home, car) - $600
Mortgage - $1700
401k, Backdoor Roth IRA, HSA - $2200
Non-tax advantaged investing (ESPP, Brokerage) - $1000
Travel fund - $500
Bills & Utilities - $500
Groceries/restaurants - $700
Gas, Tolls - $200
Drinking/entertainment/gambling/dating- $800
Other miscellaneous - $600 (but has a bad habit of ending up in the previous category)
quote:
once my rainy day fund reaches $10k
I know a lot of people keep a large amount in a "rainy day fund" which is a good thing. But I hate pocketing 88 cents of interest every month when that money could be better invested. So I only keep about $3K in cash and invest the rest. I can't imagine a scenario where I would need more than $3K without at least a week's notice.
2
Posted on 4/27/15 at 4:21 pm to geauxbears08
quote:
geauxbears08
Yours surprises me...you have that high of gross monthly income, are divorced, yet no alimony?
Posted on 4/28/15 at 9:01 am to geauxbears08
quote:Maybe I should make a new thread about this, but I'll ask here. Currently I have about $12k in my savings, which I'll be building up to buy a house within the next year or 2. What would be my best option for building up this money? I know savings isn't the best, I just don't really know what to do with it.
I know a lot of people keep a large amount in a "rainy day fund" which is a good thing. But I hate pocketing 88 cents of interest every month when that money could be better invested. So I only keep about $3K in cash and invest the rest. I can't imagine a scenario where I would need more than $3K without at least a week's notice.
This post was edited on 4/28/15 at 9:02 am
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