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re: I feel like I’ll never get to where I want to be
Posted on 10/28/19 at 2:16 pm to GAFF
Posted on 10/28/19 at 2:16 pm to GAFF
With that income amount I'm not sure what the problem is here. Yes, you look like you finance a little too much on the truck and that was probably a mistake but saving 2k a month should get you where you need to be for this house unless your dream house is a Mcmansion on LSU lakes. What kind of budget are you looking at for this house/land total? Vehicles can become a real budget buster if you're constantly paying a note and getting a new one everytime you get it paid off. If I were you I'd just keep paying regular payments on that truck so you are reminded everyday at how dumb it was to buy something you didn't have the money for. Keep socking away that 2K and you'll can buy that land free and clear. That should give you the equity you need to start building. Once that truck is paid off keep putting that 500/month in a separate car fund account and go buy yalls vehicles with that account as it grows. You'd be surprised at how fast it grows when you're looking at it.
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Posted on 10/28/19 at 2:39 pm to GAFF
Yeah I'm not sure what the problem is here. 2k into savings, you are fine.
Posted on 10/28/19 at 3:06 pm to LSUFanHouston
quote:
What are the numbers on these?
House is by far the largest. I think current note is around 209k. Travel trailer is 18k and wife’s student loan is 45kish. Hence why I said I feel like I’ll be stuck in the cycle. None of the above have a compounding interest so thats why I’ve been saving instead of paying them down.
quote:
Define “outgrow”
She has a Chevy Equinox. So while it’s not a huge car it’s still roomy. Yes, two car seats would fit. Maybe I’m over thinking this area. Luckily she loves her car and has said she wants to keep it so that’s good.
quote:
Unless it’s for four years or less it was probably a mistake
I agree it was. My previous truck gave me problems and left me on the side of the road more than once. With traveling being a major part of my job I made sure I wouldn’t be there again and admittedly over did it. That’s part of the reason I want to pay it off.
quote:
What’s your childcare situation
My mom is a nurse and only works weekends. She has watched all my siblings kids. So I’m pretty fortunate in that aspect.
quote:
What’s your health insurance situation
I’m actually looking into that now with my companies open enrollment. Trying to see what’s the best plan now that a baby is on the way. But our insurance is pretty good and should cover most if not all of the medical bills.
This post was edited on 10/28/19 at 3:09 pm
Posted on 10/28/19 at 3:34 pm to GAFF
Just sticking some round numbers out here and I may be overshooting some of this.
On the low end your gross monthly income is $12,500 a month.
Mortgage note, insurance, taxes - $1800/month
Trailer - $400/month
Student Loans - $500/month
Truck - $580/month
I'm assuming the Equinox is paid off. If you don't have any other debt, that's $3,280 a month in debt payments. That's a debt ratio, using gross income, of 27 percent. That's not "Money Talk All Star" level, but for a young family starting out, honestly, that's not bad at all.
Assuming 3K a month in state/fed taxes, and 2K a month being saved, that still leaves a bit over $4,000 a month. Some of that I'm sure is 401k, insurance and other benefits, utilities, and other living expenses.
I think you could go one of two ways here.
1) You probably have 1K or so a month of expenses that could be scrubbed. Eat out less, travel less, Netflix instead of going to movies, etc. Lower your standard of living, for a time, in order to get the land that you want.
2) Keep doing what you are doing. Keep saving that money. Kid comes. Love on the kid, your "play" spending will probably go down anyways because you will be at home taking care of the kid, that savings will pay for the kid expenses, and maybe that 2K a month in savings becomes 1K or 1200 a month in savings.
You guys seem to be in a situation that you can have all of your needs and some of your wants, but not in a situation in which you can have all of your needs and all of your wants. But for someone in their early 30s / late 20s, who has a home, two decent vehicles, making 150K plus a year, saving money, no crazy credit card debt, etc... you are easily in the top 5 percent of your peer group, when it comes to finances.
I don't think you have a money problem. I think you have a "what do I really want" problem. Prioritize your wants and go from there!
On the low end your gross monthly income is $12,500 a month.
Mortgage note, insurance, taxes - $1800/month
Trailer - $400/month
Student Loans - $500/month
Truck - $580/month
I'm assuming the Equinox is paid off. If you don't have any other debt, that's $3,280 a month in debt payments. That's a debt ratio, using gross income, of 27 percent. That's not "Money Talk All Star" level, but for a young family starting out, honestly, that's not bad at all.
Assuming 3K a month in state/fed taxes, and 2K a month being saved, that still leaves a bit over $4,000 a month. Some of that I'm sure is 401k, insurance and other benefits, utilities, and other living expenses.
I think you could go one of two ways here.
1) You probably have 1K or so a month of expenses that could be scrubbed. Eat out less, travel less, Netflix instead of going to movies, etc. Lower your standard of living, for a time, in order to get the land that you want.
2) Keep doing what you are doing. Keep saving that money. Kid comes. Love on the kid, your "play" spending will probably go down anyways because you will be at home taking care of the kid, that savings will pay for the kid expenses, and maybe that 2K a month in savings becomes 1K or 1200 a month in savings.
You guys seem to be in a situation that you can have all of your needs and some of your wants, but not in a situation in which you can have all of your needs and all of your wants. But for someone in their early 30s / late 20s, who has a home, two decent vehicles, making 150K plus a year, saving money, no crazy credit card debt, etc... you are easily in the top 5 percent of your peer group, when it comes to finances.
I don't think you have a money problem. I think you have a "what do I really want" problem. Prioritize your wants and go from there!
This post was edited on 10/28/19 at 3:36 pm
Posted on 10/28/19 at 3:47 pm to GAFF
I don't understand the travel trailer situation: you're paying interest on borrowed money for an $18K trailer? You say you need it for work travel, and you're paid a per diem for your days away. Does your per diem actually cover your trailer expenses? Just not clear on this part. Would it be better to sell the trailer, get rid of the note, and stay in hotels/motels rather than paying a trailer note, trailer insurance, and renting a trailer space while you're on the job? Maybe you've run the numbers....but it seems like it would be easier to find a $125/night motel room than it would be to find a trailer/campground spot.
Ditching the trailer would allow you to downsize to a more fuel efficient vehicle if you aren't pulling a load. Saving on fuel costs is more money back into your pocket. Buy a low mileage used vehicle and get rid of the truck note, too.
Ditching the trailer would allow you to downsize to a more fuel efficient vehicle if you aren't pulling a load. Saving on fuel costs is more money back into your pocket. Buy a low mileage used vehicle and get rid of the truck note, too.
This post was edited on 10/28/19 at 3:49 pm
Posted on 10/28/19 at 3:53 pm to GAFF
take my plan.. never have kids or a wife. $$ coming out my arse
Posted on 10/28/19 at 3:57 pm to hungryone
quote:
I don't think you have a money problem. I think you have a "what do I really want" problem. Prioritize your wants and go from there!
I admit that’s probably true. I really messed up in my late teens/early 20’s with credit cards. Wrecked my credit and my 30k a year job couldn’t pay for it. Overcame all that and luckily landed a good job. I’m kinda gun shy to dive off into things now in fear of getting too strapped. Wife says I over analyze it, but I know how it sucked when it was just me. I couldn’t imagine going through that while trying to provide for a family.
quote:
I don’t understand the travel trailer situation
I’m in the same spot for weeks/months at a time. I can usually swing a spot for $350 for the entire month vs $300 for a week at a hotel (and it’s usually not that good of a place when you try to save money).
Posted on 10/28/19 at 3:57 pm to UpstairsComputer
quote:
You have TWO THOUSAND DOLLARS at the end of the month to save?
is that good dude? I'm genuinely curious.. Google search always gives conflicting evidence on a good per month savings
$24k per yr. eh?
Posted on 10/28/19 at 4:07 pm to GAFF
quote:
I’m in the same spot for weeks/months at a time. I can usually swing a spot for $350 for the entire month vs $300 for a week at a hotel (and it’s usually not that good of a place when you try to save money).
I'm not saying you are wrong, but you need to consider:
Cost of spot - $350 / month
Cost of trailer
Cost of trailer maintenance
Cost of additional wear and tear / gas costs of truck (which I assume is pulling said trailer)
I'm sure you also save some money by not having to eat out as much since you can cook in your trailer.
Posted on 10/28/19 at 5:08 pm to GAFF
What is your goal with the savings account? Do you want to buy the land outright, have enough for a downpayment to build?
I have a strong feeling you are probably shorting yourself on the retirement side in an effort to put money into a savings account. What are you investing for your future?
You cannot save your way to retirement, you have to invest.
I have a strong feeling you are probably shorting yourself on the retirement side in an effort to put money into a savings account. What are you investing for your future?
You cannot save your way to retirement, you have to invest.
Posted on 10/28/19 at 5:56 pm to DeathAndTaxes
quote:
What is your goal with the savings account?
I honestly don’t know what the primary goals are. I’ve always looked at it as a debt payoff/resource to pull from for big purchases.
I’m putting 10% into my retirement. Company matches first 6%. Also have a pension but the specifics of it are slipping my mind.
Posted on 10/28/19 at 6:01 pm to DeathAndTaxes
quote:
I have a strong feeling you are probably shorting yourself on the retirement side in an effort to put money into a savings account. What are you investing for your future?
You cannot save your way to retirement, you have to invest.
I came here to post the same. At what point do you no longer save cash?
There’s no reason to have more than $50,000 in savings account.
Once you get there (he might already be there), dump more into 401k or traditional IRA.
Posted on 10/28/19 at 6:59 pm to LSUFanHouston
Nailed it.
To the other guy, if they’re doing their 401k’s, yes, 2k left over a month is generally a crap ton especially for their age.
But as D&T mentioned, it seems like they may be shorting themselves on the retirement front. However, if they’re taking the match - and with the clear hesitation to part with his cash - you could argue paying the debt off faster would be better for him as he has an aversion to it.
To the other guy, if they’re doing their 401k’s, yes, 2k left over a month is generally a crap ton especially for their age.
But as D&T mentioned, it seems like they may be shorting themselves on the retirement front. However, if they’re taking the match - and with the clear hesitation to part with his cash - you could argue paying the debt off faster would be better for him as he has an aversion to it.
Posted on 10/28/19 at 7:15 pm to UpstairsComputer
quote:
2k left over a month is generally a crap ton especially for their age.
ok thanks
Posted on 10/28/19 at 7:54 pm to Dupont3
quote:
ou are spending too much money. Go attack your debt hard. Live off the minimum for the next 6 months. Truck will be paid off and baby bills will be paid for too. If you do it right you can start your land fund with a good amount with it.
Yep you are coorect. Making that much money he should be saving over 2K a month.
Posted on 10/28/19 at 8:07 pm to GAFF
quote:
We usually gross around 150
cool so $12,500 a month...
quote:
We put 2k a month into savings.
I don't need to read any more. The bottom line is you are not serious about your financial goals.
Posted on 10/28/19 at 8:10 pm to I Love Bama
That could be in addition to hitting 401k maxes, which would be pretty nice 
Could be...
Could be...
Posted on 10/28/19 at 8:16 pm to GAFF
It appears you are saving 15% of your income. Luckily, your income is high so that 15% is a larger number than some put away. Good by many standards.
On the other hand, i don’t think you’ll ever “get to where you want to be” saving the bare goal that most people say you should be saving. Start putting away 25+% and then you’ll start getting somewhere. I save about as much as you (nominal) and don’t make NEARLY as much.
On the other hand, i don’t think you’ll ever “get to where you want to be” saving the bare goal that most people say you should be saving. Start putting away 25+% and then you’ll start getting somewhere. I save about as much as you (nominal) and don’t make NEARLY as much.
This post was edited on 10/28/19 at 8:17 pm
Posted on 10/28/19 at 9:04 pm to jimbeam
quote:
Start putting away 25+% and then you’ll start getting somewhere
That’s kind of what I was trying to say in my OP. I more than likely will pay my truck off before buying land. I’ll then put that $580 towards saving. That’ll raise my percentage each month. But I know me and I know when I get back to the point to where I could buy the land I’d need/want to pay off another debt. Thus starting the cycle all over again.
Posted on 10/28/19 at 10:28 pm to GAFF
Every dollar should have a purpose. If you aren’t saving for something specific, and already have an emergency fund you are comfortable with, you would be better served by paying off debt or increasing your retirement savings, depending on the interest rate of your debt.
If you are contributing $15,000 a year in your 401(k)s that is good, but you have more room there to work with of course.
Ultimately, as others have said, you need to better define your goals, figure out what really matters to you and attack it.
If you are contributing $15,000 a year in your 401(k)s that is good, but you have more room there to work with of course.
Ultimately, as others have said, you need to better define your goals, figure out what really matters to you and attack it.
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