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re: Rate the state of my financial situation. Advice welcomed.
Posted on 3/10/26 at 2:17 pm to JoeySaltwater
Posted on 3/10/26 at 2:17 pm to JoeySaltwater
quote:
I constantly feel like we are not doing well enough for our age.
Yall are doing better than 98% of people your age. Congrats
0
Posted on 3/10/26 at 2:21 pm to jefforize
quote:
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.
Per person in household, so $15K is eligible.
Posted on 3/10/26 at 2:26 pm to JoeySaltwater
saving that much a year you guys must not vacation at all. Seems like you guys are doing a good job.
Posted on 3/10/26 at 2:27 pm to JoeySaltwater
quote:
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).
Excellent!
quote:
Mortgage: 2175
What's your interest rate?
quote:
Car Notes: 480
For two vehicles? If so, that's not bad. How much do you owe on each vehicle?
quote:
Student Loans: 375
How much do you owe on each loan? (each separately, not a lump sum)
quote:
Credit Card/Spending: 2700 (need to lower this - we pay it off every month)
What's that going to? How much of it is frivolous spending you don't need.
Posted on 3/10/26 at 2:27 pm to BabyTac
Toyotas or hondas 
Posted on 3/10/26 at 2:28 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.
Unless you pay for groceries some other way than a credit card, you are double counting that expense.
Need more of a breakdown of the $2700 to understand what's in there.
Assuming you have some travel, vacation, entertainment that isn't showing up here.
Car notes...this looks like one car. How much is left?
Student loans: Rate and how much remaining?
Car Insurance seems a bit high...accidents and/or tickets during that up? Have you price shopped this?
Mortgage of $2175 (assuming that's total escrow) on $9100/month is fine.
How much are the bonuses? This doesn't seem to be factored into your $9100/mo calculation which is a good thing.
Posted on 3/10/26 at 2:44 pm to JoeySaltwater
You’re doing fine. Don’t stress about it.
Your earning years are a decade away
Your earning years are a decade away
Posted on 3/10/26 at 3:25 pm to JoeySaltwater
Increase savings when you get a raise. 1/2 to savings and 1/2 to account for cost of living. I would bump the 401k up 1% each raise until you get to the max.
Posted on 3/10/26 at 3:33 pm to Tifway419
Yeah the plan is to largely decrease credit card spending. The wife thinks shes married to Donald Trump.
Posted on 3/10/26 at 3:50 pm to lynxcat
The wife gets a 4.5k bonus and I get about 13-14k. Thats gross though. About 12 net.
Posted on 3/10/26 at 3:59 pm to cgrand
The $2,700/mo is the only one that is an issue. They need to cut that by 1k/mo and put that towards savings.
Posted on 3/10/26 at 4:19 pm to JoeySaltwater
quote:Well you are the President of your house, start telling her no!
The wife thinks shes married to Donald Trump.
And report back on how that goes
Posted on 3/10/26 at 4:25 pm to Tifway419
The wife has at least bought into changing her spending. She is aware of her problem and said she’s getting it out now before the baby gets here. I’m going to start making the money disappear before she has the chance to spend it hahaha
Posted on 3/10/26 at 4:41 pm to JoeySaltwater
New Mom and spending rarely goes down. Unless I missed it, you havent mentioned long term goals and how your current saving and.investing is tracking towards them. You have to make your shared future goals tangible and chart a path you can both commit to in order to reach them. Otherwise, you are asking a spender to put off joy for themselves and soon a child for what. Savings, frugality, and investment risk wont resonate without an end in mind. Talk about the kid going to college, shared family holidays when you retire, kid not having to worry about.Mom and Dad in old age, risk of having to move house and schools if insufficient savings and one of you loses job, etc...
This post was edited on 3/10/26 at 5:45 pm
Posted on 3/10/26 at 4:42 pm to JoeySaltwater
I would say you are doing pretty well for your age. Expenses will increase when the children arrive.
At your age, your income will increase. Continue with the journey.
Just be careful about personal debt. Once you get in, its hard to get out.
Good luck! Don't compare yourself to everyone. Everyone's life is like a stock market. It has ups and downs at different times than everyone else. Focus on you.
At your age, your income will increase. Continue with the journey.
Just be careful about personal debt. Once you get in, its hard to get out.
Good luck! Don't compare yourself to everyone. Everyone's life is like a stock market. It has ups and downs at different times than everyone else. Focus on you.
This post was edited on 3/10/26 at 4:43 pm
Posted on 3/10/26 at 4:55 pm to JoeySaltwater
quote:
Yeah the plan is to largely decrease credit card spending. The wife thinks shes married to Donald Trump.
You may just have to pick your battles. Especially with a baby on the way some of those things will come and you may just have to live with some of it lol.
Posted on 3/10/26 at 4:56 pm to JoeySaltwater
quote:
Currently our savings account is roughly 20k. We had to take a lot out for the purchase of our house and wedding.
Been there baw. You're in the life phase where you try to keep your head above water. The fact that you are saving at all means you are doing good at that stage in life. Your peers probably don’t save anything.
Posted on 3/10/26 at 5:00 pm to JoeySaltwater
How much money do you have at the end of the month after all expenses?
How much is in your 401k? Does she have a 401k?
How much is in your 401k? Does she have a 401k?
Posted on 3/10/26 at 5:16 pm to Mariner
quote:
Expenses will increase when the children arrive.
Yes, to a degree. But dont fall victim to marketing. New parents are extremely vulnerable to salesmen. Babies and kids dont need most the junk that's pushed on parents. They actually NEED very little. Your love and attention will do them much more good than the latest clothes and contraptions. Stop the cycle before it starts or you'll be over indulging the kids until 18 and beyond. Before you know it, you'll be wondering why you cant afford retirement and never have time to see the grandkids.
Posted on 3/10/26 at 5:42 pm to JoeySaltwater
quote:
The wife is currently only putting into the state teacher retirement but we are about to set something up.
check out the Louisiana Public Employees Deferred Comp Plan, have both roth and pre tax options
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