Post # 16
Thank you all! No debt except car payment, my contribution to mortgage is $1500, 7% to 401 and currently paying for daughter’s school and saving for her college. Living in this area is very expensive. I make 85k currently and will get a raise soon. l at least save $600 per month for emergency fund and shoot for more if I don’t spend the rest which is on average $1000-1300. I must mention I do mix my vacation fund with the emergency in one account. I’ll look into the 401k advisor.
Post # 17
- Wedding: September 2013 - Outdoor
Budgeting is super personal to you so it’s hard to say. One persons trash may be another’s treasure etc. One thing I’ve found to be helpful in finding out and feeling good about where our money goes is zero based budgeting. Basically you assign every dollar in income a job- utilities, groceries, college fund, savings, spending money etc. until you get to zero. Then as you spend, you put in all your transactions and assign them one of the categories. over the month you can adjust the categories so they reflect what you actually spent. I have found it is really helpful to see “wow, I spent that much on clothes?” Or “we’ve been going out to eat a lot, maybe I’ll have friends over for pizza instead.” Then when you are deciding to buy something, instead of just knowing you have the money for it, which you probably do, think about what category it is in and how much you have budgeted for it- if you only have $20 left in your clothing budget, you might rethink that $40 sweater. If you do buy it, then you can go back and find unused money from other categories to cover it. Anyway there’s a lot more to it than I can explain well, but we use YNAB budgeting software, they have a lot of helpful info on their site about rules for budgeting and how to be successful, and I think there is a 2 month free trial of the app and program so you can try it out. You can definitely do it yourself on excel like Vermont2015: said, but YNAB does a good job of explaining how to look at your budget and the program is easy to set up. Good luck!
Post # 18
I also live in an expensive area, so I’m going with no. I tried to buy organic, 100% juice today and it was $10 for a small thing. Spending on just basic life stuff gets really expensive when you live in a high cost of living area.
Post # 19
Lara_11: hey, if you want a good personal finance forum check out mrmoneymustache. It’s a way better place for these kinds of questions and people get realllllly detailed.