- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
Rate the state of my financial situation. Advice welcomed.
Posted on 3/10/26 at 12:56 pm
Posted on 3/10/26 at 12:56 pm
Long time lurker and figured what better place to come to get some advice on my current financial situation.
I constantly feel like we are not doing well enough for our age. Maybe it’s just because we have very successful peers. However, I wanted to layout of financial situation and get some feedback. Are we saving enough money. I work in finance at one of the biggest companies in the south (located here in Louisiana) while my wife is a high school teacher. I am 30 and she just turned 29. Together we bring in a gross income of about $170k a year (including supplemental bonuses received throughout the year). I’m hoping to continue to receive pay raises throughout my career but obviously the wife is limited. Sometime I feel like we should be saving more money. Anyways, any thoughts are welcome. See below for our expense breakdown. Oh not to mention, my wife is also pregnant and due with our first child in October.
Mortgage: 2175
Car Notes: 480
Car Insurance: 350
Groceries: 550
Student Loans: 375
Utilities: 410
Gas: 115
Credit Card/Spending: 2700 (need to lower this - we pay it off every month)
Health Insurance: 300
We also priced out daycare for 800 dollars a month. Already got accepted for next year.
Currently our savings account is roughly 20k. We had to take a lot out for the purchase of our house and wedding.
After all expenses we save roughly $12-15k a year. I put in 8% into my 401k and get a 6% match as well. The wife is currently only putting into the state teacher retirement but we are about to set something up.
I constantly feel like we are not doing well enough for our age. Maybe it’s just because we have very successful peers. However, I wanted to layout of financial situation and get some feedback. Are we saving enough money. I work in finance at one of the biggest companies in the south (located here in Louisiana) while my wife is a high school teacher. I am 30 and she just turned 29. Together we bring in a gross income of about $170k a year (including supplemental bonuses received throughout the year). I’m hoping to continue to receive pay raises throughout my career but obviously the wife is limited. Sometime I feel like we should be saving more money. Anyways, any thoughts are welcome. See below for our expense breakdown. Oh not to mention, my wife is also pregnant and due with our first child in October.
Mortgage: 2175
Car Notes: 480
Car Insurance: 350
Groceries: 550
Student Loans: 375
Utilities: 410
Gas: 115
Credit Card/Spending: 2700 (need to lower this - we pay it off every month)
Health Insurance: 300
We also priced out daycare for 800 dollars a month. Already got accepted for next year.
Currently our savings account is roughly 20k. We had to take a lot out for the purchase of our house and wedding.
After all expenses we save roughly $12-15k a year. I put in 8% into my 401k and get a 6% match as well. The wife is currently only putting into the state teacher retirement but we are about to set something up.
This post was edited on 3/10/26 at 2:08 pm
32
Posted on 3/10/26 at 1:02 pm to JoeySaltwater
If you don’t have one, consider opening a Roth IRA and filling it with $7500 (max, could less) in VTI or VOO or other low expense ratio index funds
Contribute yearly.
Contribute yearly.
Posted on 3/10/26 at 1:05 pm to JoeySaltwater
Saving over $1000/month at 30 isn’t too bad not counting your 401k contributions. Also, your wife being a teacher provides her a healthy pension and benefit package at a certain age. Big help in retirement. Keep on keeping on.
What are you spending 2700/month on the credit card esp if not including groceries and utilities? Prob some fat can be trimmed there.
What are you spending 2700/month on the credit card esp if not including groceries and utilities? Prob some fat can be trimmed there.
This post was edited on 3/10/26 at 1:06 pm
Posted on 3/10/26 at 1:05 pm to JoeySaltwater
With a child on the way, you might be seeing more expenses in the future. Daycare for example will cost ~$1,000/mo. And your wife will likely splurge on baby clothes and accessories (just let her have it) That’s gonna eat hard into that 12-15k savings
At the end of it all, the goal is to decrease expenses and increase savings. That may not be feasible for you yet.
My advice would be to increase your 401k a little at a time (or open a roth ira) and NEVER decrease unless last resort or near retirement .
At the end of it all, the goal is to decrease expenses and increase savings. That may not be feasible for you yet.
My advice would be to increase your 401k a little at a time (or open a roth ira) and NEVER decrease unless last resort or near retirement .
Posted on 3/10/26 at 1:06 pm to BabyTac
You ain’t lying. Me and my wife have been in a lot of weddings and vacationed a lot in the past 3 years or so. I’m hoping that stops soon.
Posted on 3/10/26 at 1:11 pm to JoeySaltwater
quote:Too high
Car Insurance: 350
quote:
Health Insurance: 300
quote:Congrats on the rich friends. Seems like you could save more.
I am 30 and she just turned 29. Together we bring in a gross income of about $170k a year
If you're worried already, don't ever have kids.
Whoops, too late!
Posted on 3/10/26 at 1:13 pm to BabyTac
Also the bonuses I get really help us to save up.
Posted on 3/10/26 at 1:18 pm to JoeySaltwater
I’d also suggest leading into kids, get your debt down as much as you can and don’t create more.
Vehicles - money pit. Pay them off and drive until the wheels fall off. Hopefully they are Toyotas or Hondas.
Mortgage - goal is to not have a mortgage past 40…ever.
Vehicles - money pit. Pay them off and drive until the wheels fall off. Hopefully they are Toyotas or Hondas.
Mortgage - goal is to not have a mortgage past 40…ever.
Posted on 3/10/26 at 1:26 pm to JoeySaltwater
What's your take home after taxes?
Posted on 3/10/26 at 1:46 pm to JoeySaltwater
I wish I would’ve been in your shape at 30. Keep paying yourself first thru the 401 and establish the habit of saving thru a Roth.
Posted on 3/10/26 at 1:48 pm to TheOcean
Right around 9100. However I’m hoping to get a raise next year that will put my closer to 9700 monthly take home.
Posted on 3/10/26 at 1:52 pm to JoeySaltwater
Beans and rice
And then rice and beans
And then rice and beans
Posted on 3/10/26 at 2:03 pm to JoeySaltwater
I'm assuming the mortgage includes insurance and property taxes escrowed?
Posted on 3/10/26 at 2:05 pm to JoeySaltwater
quote:
Oh not to mention, my wife is also pregnant and due with our first child in October.
quote:
After all expenses we save roughly $12-15k a year.
Price out childcare if you need to do that because that will basically eat up all these savings you currently have in a year plus some probably.
Our daycare for a 2.5 year old is $1,430/mo and its nothing fancy at all (ATL area).
You're going to feel a bit more financially strapped if you have to put them in childcare but just know it doesnt last forever. It's very common for a lot of working people to have kids put their kids in daycare and their savings/investments rate go way down or even disappear for a bit, but obviously you come out on the other side eventually once they go to school and at best you just have after school care which is very cheap by comparison to full on daycare.
We have friends with 2 kids in daycare who definitely make $250k-$300k/yr combined and are about $18k in c.c. debt with a 5 and 2 year old in daycare the last 1.5 years or so and play the "wait for bonuses" game to pay off the c.c. when they can. They didnt adjust their lifestyle enough with a 2nd to float themselves month over month so they've gotten into a bit of debt paying a bit under $3k/mo in daycare expenses. Just something to really think about and make sure it doesnt hurt you as much.
The quicker you can get rid of things like the car note and student loan the easier it is to feel like daycare isnt crushing you as much each month.
This post was edited on 3/10/26 at 2:15 pm
Posted on 3/10/26 at 2:06 pm to thunderbird1100
We priced out daycare already. It will be 800 dollars a month. Good respectable place too.
Posted on 3/10/26 at 2:08 pm to JoeySaltwater
Can you break down the 2700 a month by category?
What part of the world do you live?
How much longer on car notes, will they both have room for 1-2 car seats (assuming you may want baby #2 in the near future).
How much longer on student loans?
What part of the world do you live?
How much longer on car notes, will they both have room for 1-2 car seats (assuming you may want baby #2 in the near future).
How much longer on student loans?
Posted on 3/10/26 at 2:13 pm to JoeySaltwater
quote:
Mortgage: 2175
Car Notes: 480
Car Insurance: 350
Groceries: 550
Student Loans: 375
Utilities: 410
Gas: 115
Credit Card/Spending: 2700 (need to lower this - we pay it off every month)
Health Insurance: 300
We also priced out daycare for 800 dollars a month. Already got accepted for next year.
What do you spending dining out?
What is the balance on the cars and student loans?
How much did you spend on the wedding and how much down did you put on the house?
Posted on 3/10/26 at 2:14 pm to JoeySaltwater
Your take home is $9,100 and expenses are $7,455. Leaves you with roughly $1,650/mo savings - annually about $20k. Do you know where that difference of $5-$8k is going?
You are in a good spot, but daycare and kid expenses will eat your saving capacity without addressing your $2,700 in CC spending.
Cut out most fast food and eating out. Your body and your savings will both be healthier. It’s enjoyable for sure, so set boundaries of maybe one fast food meal per week and two restaurant dates per month. I bet that’s a big chunk of your CC spending.
If you can convince your wife, there’s nothing wrong with Goodwill or hand-me-downs for babies and toddlers. No need to spend $20 on one outfit they’ll outgrown in a few months. That adds up quick and since they only wear a few times, they’re still in good shape.
You are in a good spot, but daycare and kid expenses will eat your saving capacity without addressing your $2,700 in CC spending.
Cut out most fast food and eating out. Your body and your savings will both be healthier. It’s enjoyable for sure, so set boundaries of maybe one fast food meal per week and two restaurant dates per month. I bet that’s a big chunk of your CC spending.
If you can convince your wife, there’s nothing wrong with Goodwill or hand-me-downs for babies and toddlers. No need to spend $20 on one outfit they’ll outgrown in a few months. That adds up quick and since they only wear a few times, they’re still in good shape.
Posted on 3/10/26 at 2:15 pm to Billy Blanks
Is the insurance coming out of the wife's check?
Posted on 3/10/26 at 2:17 pm to JoeySaltwater
quote:
We priced out daycare already. It will be 800 dollars a month. Good respectable place too.
Dang that is super cheap, live that up for as long as you can
Page 1 of 4
Popular
Back to top
Follow TigerDroppings for LSU Football News