re: Looking for tips from the older crowd on budgeting. Am I doing bad at this point in life?

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Car Notes: 880
Car insurance: 575

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Sweet little 8-pound, 4-ounce Baby Jesus...

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Thanks for any and all input.

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At least you're on top of it. And income is good. I would recommend using some sort of budget software to help you get very granular with it and just get at what you're spending on. Get unaddicted to new cars, at least until you're independently wealthy.

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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)

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So, does this include groceries, gas, etc. and you're just double reporting it here? Or is this on top of your other expenses? What is this? What are you spending $2k to $3k on?

Get a handle on that. Any money you do not HAVE to spend - at least challenge it. If is is worthwhile, go ahead and spend it (it's your money after all). Just do it consciously. Don't let it bleed out negligently without trying to slap a bandage on there.

I need to shop it myself.

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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)

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So, does this include groceries, gas, etc. and you're just double reporting it here? Or is this on top of your other expenses? What is this? What are you spending $2k to $3k on?

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This is my question as well. He’s got $20-30K that we have no idea where it’s going (or he is double reporting it)

set your goal for retirement savings at $100,000. The first $100k IS the hardest goal. Once your there, compounding helps the lift..... Just scrape, claw or do whatever u can to get to $100k. Thats your #1 goal

On average, at least 55-65% of this is personal entertainment costs.

Just went and did the math. Some months it’s less some months it’s more.

Well, I think I found where we need to chill out. And as much as I want to point the finger at the wife for spending too much on dumb stuff for the house and clothes, I run up a tab on golf and alcohol. So there’s that.

If you haven't already download something like the Rocket Money app to track spending.

You are doing fine.

20’s and 30’s Mindset can be the difference of millions of dollars at your 50’s and 60’s.

Here is one that worked for me.

DO NOT: Income - Expenses = Savings

DO: Income - Savings = Expenses (what you can spend). Pay yourself 1st! Make it automatic. If it goes in it never comes out.

In 20’s target 10% savings.
In 30’s target 15% savings
In 40’s target 20% savings
Etc.

Mindset difference can be 6 or 7 figure difference.

Good luck!

She will get loan forgiveness. The tutoring honestly doesn’t take up much time and she gets compensated well for it. It’s through the school system, so she is capped on how many hours she can work and it’s not many.

Also, I obviously hope to rise through the ranks in my own careers. But, you know how corporate America works and that takes time Im not one of the late GenX or millineals that thinks I should be making 250k a year 3 years out of college because that’s what my 60 year old dad makes. Would be nice though!

I'll just echo what others have already said, one car note at a time helps a lot.

Need to budget the extras- golf, out to eat, vacations etc. When you both agree the budget is gone for that month it's gone. Wife and I use everydollar app and it makes it so easy. We budget restaurants, saving for vacation, etc., clothes, all of it. When its spent it's spent.

The Money Guys keeps me motivated and like their stuff over others. Multiple podcasts a week and the new book is really good; Millionaire Mission.

Good clarification question.

In “savings”, early years this means (to me) all savings including getting rainy day savings funded, retirement savings, short term goal savings (eg, new vehicles)

As life moves forward, to include college savings, HSAs, etc.

Late 30s and 40s, I am thinking primarily retirement.

Key point, pay yourself first early and often…time value of money ain’t no joke.

Your future selves will thank you, I promise!!