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Looking for tips from the older crowd on budgeting. Am I doing bad at this point in life?
Posted on 2/25/25 at 10:14 pm
Posted on 2/25/25 at 10:14 pm
Me and my recently married wife (both of us are 28) started to make an effort to start saving more and cut down on expenses where possible. We also want to have a child in the next 2-3 years so I want to get a better grasp of the situation.
Combined, we make $145,000 gross, however we are locked in on some debt.
Monthly expenses:
Mortgage: 2,100
Car Notes: 880
Car insurance: 575
Student Loans: 350
Groceries: 350
Electric, TV, Water: 345
Gas: 160
Parking: 55
Credit Card: 1900-2800 (on higher months) (we pay this off every month, we don’t owe any on credit cards this is just how much we pay monthly)
Dog expenses: 100-250
I put 6% into 401k and get a 6% match from my employer. The wife is in education and puts 5% in an IRA and has a pension (I am a financial analyst for a large company in Louisiana FWIW). Wife will obviously not get too many raises but does bring in about 65k which is great for a teacher.
I try to save as much as I can a month. Some months it’s zero dollars some it’s 1k. All in all, between bonuses and monthly savings, the wife and I try to save 11k a year in cash. Currently I only have about 10k in savings. I just spent some of the savings on wedding expenses and the ring. I feel like this isn’t good enough for my age and that I need more available in case something happens.
Ideally I would have a lower mortgage and car notes. However, I didn’t find it beneficial to rent anymore and we both had cars that were over 10 years old that were becoming a money pit.
The credit card spending is what needs to be cut. Obviously the spending habits are too much. The figure above is an average. However, my wife and I have each stood in an average of about 3-4 weddings a year for the past few years and it’s gotten costly. We have also been very bad at saying “no” to certain things we enjoy (golf, dinners out, nights out with friends, weekend vacations, etc).
Not sure if I am making the right steps or not but figured I would come here as neither of us have parents we can turn to for stuff like this.
Thanks for any and all input. God Bless.
Combined, we make $145,000 gross, however we are locked in on some debt.
Monthly expenses:
Mortgage: 2,100
Car Notes: 880
Car insurance: 575
Student Loans: 350
Groceries: 350
Electric, TV, Water: 345
Gas: 160
Parking: 55
Credit Card: 1900-2800 (on higher months) (we pay this off every month, we don’t owe any on credit cards this is just how much we pay monthly)
Dog expenses: 100-250
I put 6% into 401k and get a 6% match from my employer. The wife is in education and puts 5% in an IRA and has a pension (I am a financial analyst for a large company in Louisiana FWIW). Wife will obviously not get too many raises but does bring in about 65k which is great for a teacher.
I try to save as much as I can a month. Some months it’s zero dollars some it’s 1k. All in all, between bonuses and monthly savings, the wife and I try to save 11k a year in cash. Currently I only have about 10k in savings. I just spent some of the savings on wedding expenses and the ring. I feel like this isn’t good enough for my age and that I need more available in case something happens.
Ideally I would have a lower mortgage and car notes. However, I didn’t find it beneficial to rent anymore and we both had cars that were over 10 years old that were becoming a money pit.
The credit card spending is what needs to be cut. Obviously the spending habits are too much. The figure above is an average. However, my wife and I have each stood in an average of about 3-4 weddings a year for the past few years and it’s gotten costly. We have also been very bad at saying “no” to certain things we enjoy (golf, dinners out, nights out with friends, weekend vacations, etc).
Not sure if I am making the right steps or not but figured I would come here as neither of us have parents we can turn to for stuff like this.
Thanks for any and all input. God Bless.
This post was edited on 2/26/25 at 6:21 am
30
Posted on 2/25/25 at 10:20 pm to scbctigers307
Where does she work to make $65,000 as a teacher?
Posted on 2/25/25 at 10:22 pm to tigger4ever
I should’ve clarified. This is as a teacher and her side hustle tutoring.
Posted on 2/25/25 at 10:24 pm to scbctigers307
You’re 28. Don’t waste money but don’t skip on experiences when you can. Don’t eat out during the week, don’t buy shite you don’t need, but also don’t skip out on a trip you may never be able to do again.
If you are saving 12% pretax plus $11k a year, you’re doing ok. Just clean it up a little if you can clear those car notes and student loans and cash flow those notes for a while you’re all good
If you are saving 12% pretax plus $11k a year, you’re doing ok. Just clean it up a little if you can clear those car notes and student loans and cash flow those notes for a while you’re all good
Posted on 2/25/25 at 10:29 pm to scbctigers307
You're doing fine man. The fact your thinking about this at all at 28 puts you ahead of most people.
My advice, live on a monthly budget you can stick to, build your savings and kill the debt before a baby comes. Daycare is expensive!
Also, he gets mixed reviews on this board, but the Dave Ramsey podcast would be perfect for someone like you to listen to, atleast to build a foundation.
Last thing - think about what you should be doing now to ensure you're making 3x what you're making now when you're 38.
My advice, live on a monthly budget you can stick to, build your savings and kill the debt before a baby comes. Daycare is expensive!
Also, he gets mixed reviews on this board, but the Dave Ramsey podcast would be perfect for someone like you to listen to, atleast to build a foundation.
Last thing - think about what you should be doing now to ensure you're making 3x what you're making now when you're 38.
This post was edited on 2/25/25 at 10:33 pm
Posted on 2/25/25 at 10:44 pm to Mingo Was His NameO
Fair enough. Thats what my wife tells me constantly.
I just try to be frugal because I’m always thinking of how we might have to pay for certain unthought of expenses (new roof, house repairs, car repairs, etc).
And I always compare to my friends which is a horrible habit.
I just try to be frugal because I’m always thinking of how we might have to pay for certain unthought of expenses (new roof, house repairs, car repairs, etc).
And I always compare to my friends which is a horrible habit.
Posted on 2/25/25 at 10:44 pm to Ostrich
Try Clark Howard, or the money guys as an alternative to Dave Ramsey. And Caleb hammer if you want to see how bad things could be.
Posted on 2/25/25 at 10:57 pm to scbctigers307
quote:
her side hustle tutoring.
Might be a good opportunity to look at expanding/formalizing this.
Your best opportunity to make more money is either a promotion or most likely change companies. I would dial in your interests, potential career path, exit opportunities, potential internal projects that could pay dividends etc.
Essentially look for valuable actions in the short to medium term that could position you better long term(e.g. like taking on a project that makes you the point person for something thats marketable even outside your company or getting closer to where the dollars are made(sales).
As others discussed, you're doing great and awareness is half the battle
This post was edited on 2/25/25 at 11:01 pm
Posted on 2/26/25 at 2:46 am to scbctigers307
It’s good that you have things written down so that you can track them. What the cc spending on? I’d suggest limiting the cc and use your debit card because people react to that spending quicker because it comes directly out of your account and not a delayed reaction by it being on a cc.
Years ago I was sick of my debt so I created a spreadsheet and started attacking my debt with a vengeance
Years ago I was sick of my debt so I created a spreadsheet and started attacking my debt with a vengeance
Posted on 2/26/25 at 5:08 am to scbctigers307
Do as much pre-tax savings as you can.
Get rid of debt.
Figure out how to live on one income.
Get rid of subscriptions.
Drink only water when you eat out.
Cook more.
Get rid of cable.
Quit using the credit card for anything but gas and groceries.
No Starbucks, drinks from gas station, etc.
Carry a water bottle with you.
Pack your lunch.
Invite friends to your house rather than going out.
Less alcohol.
Less ready made food.
Get rid of debt.
Figure out how to live on one income.
Get rid of subscriptions.
Drink only water when you eat out.
Cook more.
Get rid of cable.
Quit using the credit card for anything but gas and groceries.
No Starbucks, drinks from gas station, etc.
Carry a water bottle with you.
Pack your lunch.
Invite friends to your house rather than going out.
Less alcohol.
Less ready made food.
Posted on 2/26/25 at 5:53 am to scbctigers307
We were doing well on lower salaries before kids, but with zero car debt and a 1,219 mortgage. Two and a half years later, we have two kids 
What has saved us:
Since age 25 I stacked my hsa with at least $83/month. Had up to 8 or 9k in it before the first kid. It has essentially paid for the birth of two kids, most doctor visits, and a tube surgery because I keep adding to it and getting a small match.
2) We had about 30k savings going into kid number one. That has helped since my wife quit her job and has largely chosen her own hours over the past 2.5 years.
3) I got a new position within our system, but income is ok for you.
———
Eliminate credit card debt!! And you’re doing just fine!
What has saved us:
Since age 25 I stacked my hsa with at least $83/month. Had up to 8 or 9k in it before the first kid. It has essentially paid for the birth of two kids, most doctor visits, and a tube surgery because I keep adding to it and getting a small match.
2) We had about 30k savings going into kid number one. That has helped since my wife quit her job and has largely chosen her own hours over the past 2.5 years.
3) I got a new position within our system, but income is ok for you.
———
Eliminate credit card debt!! And you’re doing just fine!
Posted on 2/26/25 at 6:01 am to scbctigers307
I know its a challenge, but you are doing better than most Americans. You are doing just fine.
Life changes as time goes on. Hopefully for the better for everyone. The position I am in now was only a wet dream 20 years ago. You will grow and succeed just keep at it.
Life changes as time goes on. Hopefully for the better for everyone. The position I am in now was only a wet dream 20 years ago. You will grow and succeed just keep at it.
Posted on 2/26/25 at 6:02 am to scbctigers307
I would definitely try to get rid of the credit card debt and car notes. Decide if the snowball or avalanche method works better for you mentally. You can also decide to tackle the larger debt amount owed first regardless of the interest rate. I alternated all methods when I helped my wife pay off her student loans. I have an aversion to debt.
For the things you enjoy, sit money to the side from each paycheck. Example
Golf $50
Eating out $50
Hanging with friends $50
Weekend vacations $50
New car $100
Choose the amount that fits the category for you, but do it every paycheck. I do it. When it is Christmas or for a birthday, I already have the money. It isn’t being paid for out my current check. Discipline and consistency is key.
For the things you enjoy, sit money to the side from each paycheck. Example
Golf $50
Eating out $50
Hanging with friends $50
Weekend vacations $50
New car $100
Choose the amount that fits the category for you, but do it every paycheck. I do it. When it is Christmas or for a birthday, I already have the money. It isn’t being paid for out my current check. Discipline and consistency is key.
Posted on 2/26/25 at 6:19 am to lil 7thward
How old are you guys? Do you plan on having kids? Will the wife keep working and/or tutor? Because I think you're claiming about 10k a year about for the tutor side hustle and could put a bug dent into budgeting if she stops that.
Im guessing she's a public school teacher based on pension you talked about. Is the student loans her's or yours since she will qualify for loan forgiveness if a public school teacher at a title1 school.
Im guessing she's a public school teacher based on pension you talked about. Is the student loans her's or yours since she will qualify for loan forgiveness if a public school teacher at a title1 school.
Posted on 2/26/25 at 6:21 am to tigerbacon
She’s not going to stop the tutoring thankfully. It’s only an extra few hours a week and my job is pretty flexible
Posted on 2/26/25 at 6:23 am to bayoubengals88
I should’ve clarified. The credit card payment is what we pay monthly. We don’t owe and pay it off every single month. We are just super busy and have a lot of expenses that get on there. Albeit, some unnecessary
Posted on 2/26/25 at 6:55 am to tigger4ever
quote:
Where does she work to make $65,000 as a teacher?
My sons fiance is a second grade teacher in the DC public school system. She makes $101000 as a 6th year teacher.
Posted on 2/26/25 at 7:04 am to scbctigers307
quote:
Car insurance: 575
This is 1 thing I would tackle immediately. This is almost $7k/yr for you which is obscene if this is just 2 vehicles for the 2 of you.
Use an online broker to shop car insurance for you and I bet you'll be surprised what you find. State Farm wanted to raise my wife and I's car insurance over $1k/yr back in 2023 and I told them to kick rocks. Used an online broker and Allstate came in at literally less than half the rates as State Farm with the exact same coverage.
Now pretty much all insurance companies are scammy in that they lure you in with low initial rates then continually raise them every 6 months (or however you pay) until you are pushed to move somewhere else. Allstate has rose our premiums from starting at $1,284.01 (6mo) back in Jul 2023 to I most recently paid $1,820.74 (6mo) last month. This is for 3 vehicles and 2 people on each vehicle. So I'm getting close to shopping insurance again, but $1,820.74 is still WAYYYY cheaper than what State Farm wanted to charge me back in mid 2023 as a renewal (they wanted $3,283.55 for same coverage).
I've definitely found car insurance is something you want to shop around almost every year if you can, but certainly within 2 years. Look how much Allstate has raised our premiums in just a year an a half (over $500/6mo). They are all sleezy like that, we've had zero claims btw and no citations during that time so through Jan of this year they've made almost $6.5k on us in 1.5 years with nothing to pay on their end for us despite continually raising the premiums at a rapid rate.
At first I didnt want to change from state farm back in 2023 thinking it would be really difficult and long process - because we also bundled home insurance we wanted to keep bundled to get discounts on...but literally had maybe a just over hour long call with allstate and got all 3 cars plus the house insured for the same (or more) coverage and literally cut my bill from what would have been $3.3k/6mo nearly to $1.3k.6mo. I felt so dumb to not do this more often back then. Again, think of the savings you could have just by doing this every year or two, probably save an easy grand, which is EASILY worth an hour or so of anyone's time.
This post was edited on 2/26/25 at 7:19 am
Posted on 2/26/25 at 7:19 am to scbctigers307
What vehicles do you drive? That car insurance seems steep. In Texas, I know a lot of folks that lowered their premiums by going to Progressive.
Posted on 2/26/25 at 7:56 am to scbctigers307
Me and my wife do the same. We use credit card with high rewards for everything and then pay them off every 2 weeks. We average between around 2k a month on this. But then again we eat out a lot more than we should.
Does the wife want a summer job? That could increase her pay from 65k to 70k-75k.
Also, when did you buy the house? Recently there is a chance in the future to refinance with a much lower interest rate which could bring th3e mortgage down. Also with the car notes how long are they? they won't be forever and that will help.
Does the wife want a summer job? That could increase her pay from 65k to 70k-75k.
Also, when did you buy the house? Recently there is a chance in the future to refinance with a much lower interest rate which could bring th3e mortgage down. Also with the car notes how long are they? they won't be forever and that will help.
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