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re: Looking for tips from the older crowd on budgeting. Am I doing bad at this point in life?
Posted on 2/26/25 at 10:05 am to notsince98
Posted on 2/26/25 at 10:05 am to notsince98
quote:
You have no idea how much equity they have.
Based on the fact that he’s 28, newly married and his post, almost certainly at or near 0
1
Posted on 2/26/25 at 10:16 am to TigerDent
Thankfully I’ve been smart with my credit. I have an 820 credit score which I’m pretty proud of for my age!
Posted on 2/26/25 at 10:21 am to Mingo Was His NameO
quote:
Based on the fact that he’s 28, newly married and his post, almost certainly at or near 0
And so there should be no mortgage goals? Just accept $2,100/mo or more forever? That is terrible financial advice.
This post was edited on 2/26/25 at 10:23 am
Posted on 2/26/25 at 10:32 am to notsince98
credit score is the most overrated thing to me. I don't like credit. Bought my house 15 years ago which is when it was needed but I buy my cars in cash. Keep them every 15 years and when I plan on replacing one I put an extra 500 a month for 5 years and then go buy cash
Posted on 2/26/25 at 10:33 am to scbctigers307
but gauging for being 28 your in a good spot. Just try to limit car payments and hopefully kids don't derail your plan
Posted on 2/26/25 at 10:45 am to scbctigers307
As others pointed out eat out less to reduce the credit cards bills each month to free up some cash. You seem to have about $1k on average a month in disposable income.
As you probably know, that 6% you contribute to your 401k reduces your AGI on your income taxes and helps to ease the pain. You can do the same with a traditional IRA for yourself and you don't have to max the IRA every year to build up a significant pile of cash at age 60.
Here's an IRA Calculator. I put in your current age with a $250 a month contribution ($3k a year). Not only does this reduce your AGI on your taxes by $3k a year but investing in something like VTI at it's historical rate of return (13.4%) gives you a tidy sum of over $1.2 million at age 60. Between that, your 401k and your wife IRA and teacher retirement you set yourself up very well later in life.
As you probably know, that 6% you contribute to your 401k reduces your AGI on your income taxes and helps to ease the pain. You can do the same with a traditional IRA for yourself and you don't have to max the IRA every year to build up a significant pile of cash at age 60.
Here's an IRA Calculator. I put in your current age with a $250 a month contribution ($3k a year). Not only does this reduce your AGI on your taxes by $3k a year but investing in something like VTI at it's historical rate of return (13.4%) gives you a tidy sum of over $1.2 million at age 60. Between that, your 401k and your wife IRA and teacher retirement you set yourself up very well later in life.
Posted on 2/26/25 at 10:49 am to scbctigers307
quote:
Car Notes: 880
Car insurance: 575
This is killing you.
Shop around on insurance and/or get some cheaper cars.
You pay almost 1700 per month on transportation expenses. That's A LOT for 2 young adults.
Posted on 2/26/25 at 10:55 am to notsince98
quote:
Just accept $2,100/mo or more forever?
His mortgage expense is not bad at all. Only 17% of gross.
Posted on 2/26/25 at 10:55 am to makersmark1
quote:
Figure out how to live on one income.
This is what stood out to me. At that age living on a single income really put us ahead of the curve.
Posted on 2/26/25 at 11:11 am to NewIberiaHaircut
quote:
At that age living on a single income really put us ahead of the curve.
This may be critical. Once kids arrive one of two things are likely to happen. She'll stop working or they have to pay for childcare which is expensive.
Posted on 2/26/25 at 11:22 am to scbctigers307
350 on groceries? Damn
Posted on 2/26/25 at 11:49 am to scbctigers307
Only red flag I see is your insurance feels high
Posted on 2/26/25 at 12:50 pm to scbctigers307
quote:
Student Loans: 350
Groceries: 350
OT.
Posted on 2/26/25 at 1:11 pm to scbctigers307
I wouldn’t do anything. Maybe cut back on a few extra curriculars… but man, you gotta enjoy life.
Your maxing out your company’s max on 401k, she’s got a pension, (I’m assuming) get to keep her insurance in retirement, saving $10k year… that’s good.
Wait till you have kids .. you ll just hope your savings is even after the year from the start .
Your maxing out your company’s max on 401k, she’s got a pension, (I’m assuming) get to keep her insurance in retirement, saving $10k year… that’s good.
Wait till you have kids .. you ll just hope your savings is even after the year from the start .
Posted on 2/26/25 at 1:16 pm to xBirdx
I’d say consider a HSA is your company offers it.
Also — what are y’all charging to credit cards? Is it all wedding participant related? Is it eating out? Coffee? Amazon?? Books??
And yes to shopping for car insurance options — you may not find anything ether but it’s worth trying.
Yeah for being your age and considering all of these things .. yall have a fantastic start.
Also — what are y’all charging to credit cards? Is it all wedding participant related? Is it eating out? Coffee? Amazon?? Books??
And yes to shopping for car insurance options — you may not find anything ether but it’s worth trying.
Yeah for being your age and considering all of these things .. yall have a fantastic start.
Posted on 2/26/25 at 1:19 pm to tiger91
Shopped around the car insurance. Definitely some expenses that are unnecessary. Both of us have a lot of friends and stay pretty social. It adds up. Trying to add the word “no” to the vocab.
Posted on 2/26/25 at 1:43 pm to scbctigers307
quote:
Definitely some expenses that are unnecessary. Both of us have a lot of friends and stay pretty social. It adds up. Trying to add the word “no” to the vocab.
I struggle with the social aspect of spending at times. Almost any time people want to hang out, I am quick to ask if they want to come hang out at my place. I've spent a lot of money making my backyard my paradise and it's nice to hang out by the pool or by the outdoor fireplace/heaters. Most people are happy to hang out. I'll even pay for dinner to grill out. It's cheaper to feed 4 grilling out myself than it is to go out for two of us.
Posted on 2/26/25 at 2:25 pm to VermilionTiger
It’s not easy. Very minimal snack food. We make meals for 4 nights and eat leftovers 1. I’ll take leftovers for lunch everyday as well and the wife makes one thing that she brings the whole week.
I’ve shopped around grocery stores. Aldi for most and then get meat products at Rouses. Rouses and Winn Dixie will hold you hostage on groceries these days.
I’ve shopped around grocery stores. Aldi for most and then get meat products at Rouses. Rouses and Winn Dixie will hold you hostage on groceries these days.
Posted on 2/26/25 at 2:32 pm to scbctigers307
quote:
Car Notes: 880
How old are the cars and how many miles?
Multiple car payments are an absolute cash flow killer.
How much do you spend dining out?
Posted on 2/26/25 at 2:43 pm to scbctigers307
I remember spending closer to 500 before my wife and I had kids
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