Am I in over my head?

[Anonymous]

Get a roommate.

[Anonymous]

How do people find roommates? Asking because I’m in my early 30s and in my social circle no one has a roommate.

[Anonymous]

I’m assuming when you say credit card spend you are referring to your monthly spend that you just happen to put on your cc. If so and the number includes groceries gym going out clothes toiletries travel cell phone insurance restaurants concerts etc I think your monthly spend is fine for your income, might be high on some months but your investing a good amount. Build m an emergency fund of 6 months. Increase your percent invested with each salary increase. You’re doing fine.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I live downtown and very close to work! Would have to get a car otherwise or have a long commute. I also work 60+ hours a week.

A lot of my friends are getting married right now so I do have a trip or two a month

you are spending too much. start saying no to some of trips.

Disagree. Don’t skip important weddings. Work out how to do them cheaply, sharing rooms etc. cut down regular expenses, like rent.

[Anonymous]

What is your take home and do you have an emergency fund (is that the six figure inheritance?). If you have an EF, are saving 20% for retirement and are happy I don’t see what the problem is?

[Anonymous]

OP here - all monthly spend is on the CC besides rent and I have an emergency fund that covers well over 6 months. My job is full commission so it varies.

[Anonymous]

Yes, but WHAT ARE YOU PUTTING ON YOUR CREDIT CARD EACH MONTH?!

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I live downtown and very close to work! Would have to get a car otherwise or have a long commute. I also work 60+ hours a week.

A lot of my friends are getting married right now so I do have a trip or two a month

you are spending too much. start saying no to some of trips.

Disagree. Don’t skip important weddings. Work out how to do them cheaply, sharing rooms etc. cut down regular expenses, like rent.

LOL yes op. do this

[Anonymous]

My 28yo daughter's solution was to take down her 401k contributions from 15% to 11% for a bit to give herself more breathing room. She also has an inheritance and savings, so she feels okay about doing this.

[Anonymous]

Anonymous wrote:My 28yo daughter's solution was to take down her 401k contributions from 15% to 11% for a bit to give herself more breathing room. She also has an inheritance and savings, so she feels okay about doing this.

Why a parent has this much involvement in her 28 year old child’s finances is bizarre to me.

[Anonymous]

Consider dropping 401k only to match amount, make max contribution to Roth IRA while you are under single income limit (before end of year so you can do it again next year), create regular investment account to start saving too.

[Anonymous]

Get a cheaper rental for few years. No, you don't have to get a car. Get a scooter.
If you cut your expenses now, you would see much bigger benefit than you'd see at 40.
Did you say you work 60 hours? If so, you never home. Again, why you paying for a place to sit empty.
401k up to the match only and Roth IRA to the max.
You will learn to manage your own money with Roth IRA and will feel a lot better as you understand what's going on with your investments.
401k teaches you nothing and will have RMD.
Get a pen and paper and write down what you put on credit cards down to a dollar. Add it all up every month. Try to do better next month and even better next year,
You should also make sure the inheritance is invested well. Don't say 20 years from now that it was what it was and didn't know any better.
Get the money away from taxes and fees if possible.

[Anonymous]

If you already have a 6 month emergency fund and put 15% to retirement, what are you trying to save for?

If you don’t have a specific goal, then go ahead and spend all your money! That’s why you earn it. If you need to save for something (a car, a house, more travel?) Then cut back on expenses until you have that amount saved. At your age, we were maxing retirement accounts, and I’m very glad we did, as life got waaaay more expensive once we had kids. But if you don’t plan to have kids, then your status quo seems fine!

[Anonymous]

Anonymous wrote:OP here - all monthly spend is on the CC besides rent and I have an emergency fund that covers well over 6 months. My job is full commission so it varies.

You have no debt, an emergency fund, and you’re saving for retirement. You’re doing better than fine.

If your income is variable there are going to be months when you add to savings and months when you spend from savings. You should take a look at the last 12 months and figure out what you are comfortable spending based on a whole year’s income.

I don’t think you need to skip your friends’ weddings, before you know it the weddings will stop. Do considering skipping the bachelorette type trips if you’re doing those unless you really want to subsidize someone’s weekend in Nashville or wherever.

[Anonymous]

Does "like I can't go into savings" mean you have savings and can't spend it? I feel like it's being read incorrectly as having no money to save.

If my read is correct, I'd suggest segregating some of the savings into emergency fund and then have a smaller amount as sinking funds. If you have a big care repair and a trip in the same month, it's okay to use the sinking funds. It's not a failure. It's actually a success of good planning.