Reply to Make my budget

Forum Index » Money and Finances

Reply to "Make my budget"

Subject:

Emoticons





More smilies

Text Color: Font: Close Marks

[quote=Anonymous]Okay, it seems to me that you're pretty weak in retirement. You own a home so that's good. Here's how I'd approach it:

If your takehome is 7,000 - 3,000 - 500 = 3,500. Can I assume 1,000 /month in groceries / restaurants / utilities? That would leave you 2,500 of discretionary spending.

My first goal would be a $20,000 emergency fund, so I would send at least 2,000/month so that'll take you about a year.
Then you'd have a year left on the car and I'd just send 2,000/month until that's done. Maybe 4 months until it's paid?
Then I'd send that 2,000/month straight to paying off the house early.
Then when the house is paid, you'll have that same 2,000 + the 3,000 you're currently sending to a house payment - first IRAs contributions for each of you and then 401(k) if you have one, then just mutual funds with the intention of leaving there as long as possible.

Make sure you have sinking funds for car insurance, car registration, maybe one reasonable vacation a year, etc. (that can come from the 500/month you're not sending to emergency fund / car / savings).

[/quote]

Options

	Disable HTML in this message
	Disable BB Code in this message
	Disable smilies in this message

Review message

Search Recent Topics Hottest Topics