- Wedding: April 2014 - Italian Villa
w- How old are you?
I’m 23, Darling Husband is 26.
– How much do you have in savings?
Right now, only about $1500, which is really scary for us. But I’ll be getting a $7k paycheck on Friday, and another pretty good one next month (ah, the joys of real estate- feast or famine)
We would have a lot more, but we bought our house about a year ago, and every spare chunk of change is going to remodeling (it was a 70’s time capsule when we bought it). It’s scary to have so little in the bank, but we are expecting a profit of at least $25k when we sell in the spring.
– Do you mentally separte it from the rest of your money, or do have an actual savings account, or several accounts for different savings purposes.?
We have one checking account where all of the money comes in, then we separate it into three savings accounts: student loans, car, and house. The student loan and car accounts just help me separate payments, while the house account is both for our mortgage and renovation funds (and is therefore the largest). We have automatic transfers to the savings accounts from checking every 2 weeks when Darling Husband gets paid, and if there is extra (overtime or my real estate money), we’ll put it wherever we need it (usually the house account).
– What’s your annual income?
Darling Husband makes about $40k per year before taxes, and this year I’m going to make about $15-20k before taxes (rough year).
– How much do you try to save a month?
Whatever we have excess. We don’t have specific goals because our income can be very irregular. We live off DH’s pay, and mine is for renovations and fun stuff. We are very responsible spenders and never eat out any more.
– What do you feel you spend most on, and what do you try to sacrifice?
We definitely spend the most on the house, between the mortgage and renovations. I always pack us lunches for work, and there is a lot of debate and checking out the credit card bill (which we pay off every month) before we ever go out to eat- maybe once every two or three months. We also sacrifice personal purchases. For Darling Husband, that’s video games, and for me, that’s clothes/shoes. We just make the old stuff work!
– Any other secret
Pay off your credit card every month. If you can’t do this, you’re spending too much.
Keep track of where you are spending. DH used to get snacks from the gas station every shift, until we realized he was spending $200-300 per month. I have to pack his lunch or he won’t, but at least we aren’t spending the money.
Sorry for the weird formatting, I’m on my phone.