- 1 week ago
- Wedding: October 2020
I’m just starting this for a bit of advice from older and/or wiser more experienced bees when it come to personal finance!
I am 26, fiancé is 25. We both graduated from college April 2019, we have both always struggled with some mental health challenges that set us back in terms of school so we’re both late bloomers. Coming out of school we both assumed we’d get jobs paying around $35,000 – $40,000/year. We came out of school with $5,000 of debt on the e-ring he bought me, $2,200 debt of loans on my end and $19,000 of debt in loans in his end (same program and everything, his loans are crazy in comparison so I feel like something is off though it’s totally possible it’s not).
At this point the ring is completely paid off. Payments for school debt are about to start and we’re contemplating completely paying off mine and then just focusing on his but we’re unsure if that would be best.
We rent a basement apartment that is about $1200/month all included, phone bills for the two of us are about $170/month, car insurance is $333/month, food expenses about $600/month (we got lazy and ordered in a lot, goal is to cut those expenses but I’m trying to be realistic), gas about $480/month and that’s it, we spend virtually nothing on entertainment or general “want” shopping. Luckily neither of us enjoyed shopping and both of us spend the most on food because of bad eating habits (a lot of lazy take out).
So here’s where I’m looking for advice, we are honestly doing MUCH better than we thought. My fiancé got a sales job not relevant to our field of study and is commission only, BUT he’s been doing an amazing job. Based on what he earned over this half year his boss has predicted he will easily make an income of between $120,000 to $150,000 next year. That alone is more than we thought we’d make together! I’m currently applying for a position in a company that would be full time with benefits (fiancé doesn’t have any benefits as he’s a contractor) and my pay would be between $45,000and $60,000 per year.
This means there is potential for us to earn between $150,000 and $200,000 per year together which is huge!! Like shockingly huge, neither of us we expecting to bring in this much money so quickly out of school. It is amazing but a little stressful! Neither of us have ever made this much money before in our lives and we kind of just jumped into it rather than slowly getting there.
We basically don’t know what to do with it. We want to maximize our savings and investments but we have no clue how. How many savings accounts should we have? What types of savings accounts, should we be investing? How much should we be investing and where/how? How do we save for retirement? Are there things we should save for that might not have crossed our minds yet? We don’t really know how to handle this money. I’m not afraid of us spending it but I’m afraid of us not doing the right stuff with it to give us security and stability especially later on in life.
Any tips, advice, stories about your personal finance, anything you’d like to contribute is welcome and appreciated! Also any useful YouTube videos or reading material that helped you with any of this I would love some recommendations! Thanks!