updated with changes 11/25/2014Income: I am a 27 yr old with highly irregular part time hours at $30.90/hour. My gross income averaged out to 48k last two years. My husband, 28, has part-time work currently at $10-$20 an hour.
Don't worry, he is actively looking for a much more lucrative job and we recently opened up to the idea that this may mean selling our house and moving. We earn $398/month from in laws living with us. An increase to $489 occurs in January with the addition of my MIL moving in, which
covers our mortgage + $74. Massive Repairs and renovations on the house have me not concerned about the income if Tax man comes calling.
Monthly income has high variability. A minimum income of $2700 to a maximum of $3900/Month + $398 from in laws either way.
Current expenses: $1743+886 ish minimum to debt = $2629$420 Mortgage (includes taxes and home insurance)
$200 food for 2 adults ($100 for pantry month)
$45 personal spending money, $25 to me, $20 to husband.
$107 Cell: Still 2 contracts w/AT&T. When they end, we will be switching to Republic Wireless.
$50/month bus pass for husband in one car household
$32/month charitable contributions w/ occasional one offs
$80/month household expenses (Minor repairs like an oven burner/TP/toothpaste/tupperware)
$260/month Car expenses ( Full coverage Insurance,fuel, upkeep, taxes/registration, repairs)
$50/month on holiday things at the moment, usually $0
$50/month average on on non insured dental upkeep
$37/month average on job required licence upkeep
$22/month life insurance until mortgage paid off
$4/month to Costco membership ($55/12)
$317/month Gas/Electric/water/trash/recycling/phone/internet
$100/month Dogs: this is food, flea meds, dog insurance, and vet visits averaged out for 2 old dogs
Debt payments:
$361 Husband Student Loans:
$325/month to aggressive CC payment
$200/month to personal loan repayment
Health expenses: I am not legally required to have health insurance due to my native American heritage. I focus on prevention and diligent self evaluation. I just hit a grocery store clinic for a total in $115 cost for a one time visit, lab work, and a prescription. More my style. I figured the most likely place for me to become injured is a car wreck, therefore, I have good car insurance.
For those who think this is so so awful, my husband and I can create a "life event" simply from filing for divorce. Within one month of anything horrible, I can get covered thanks to Obama getting rid of the pre existing condition issue. I just researched and found out this sweet deal: Federally recognized tribal citizens who wish to sign up for health insurance can do so at any time and do not have to adhere to the open enrollment period.Our savings, credit cards, and available medical loans can and will get us through that just fine. We are taking an informed gamble and we're still decent hardworking people despite our lack of health insurance.
http://www.cherokee.org/News/Stories/102113CherokeeNationonAffordableCareAct.aspxAssets:
My work only matches up to 5% on my 403B. I contribute that much, so does husband to his employer, but he doesn't get matching.
403B = $2180
401k= $100
And we have been trying to stay one month ahead of bills which gives us a $2000-$3000 account balance.
Currently, family members owe use $2300 interest free. (Once this is paid off, it will not be repeated.)
Liabilities:$325/month on $3800 on 0% CC to be paid off in 12.
$200/month on $12,000 0% interest personal loan
$0/month on $7500 in 6.8% school loans of my own (currently deferred)
$361/month on $28,500 in 6.8% school loans of my husband's
$415/month to $39,000 remaining mortgage @ 3.5% interest 15 year term
Cancelled/ended/changes due to this thread$55/month Gym membership: $200/mon for ill dog now dead: Reduced fun money from $200 to $45
Pantry month in December followed by $100/per person maximum
Specific Question(s):
I want to be financially independent like MMM, similar to his post about two school teachers grossing 70k with a net worth of zero; despite having my own net worth be a negative (nearly) 80k when not taking my supposed Assets into account. He gave them 13 years to do it, I want to give myself 10. Not doable on current income, my income will double in six years, and my husband should be making 40k in 2016 with possible rapid growth from there. NEVERTHELESS, I don't want to wait until firehouse of income to do my best, when I could get my expenses lower in the meantime.
I'm gaining another tenant next year that will net me another $300/month in reduced expenses, bringing me to 2-3 in laws plus my boyfriend next year in my 1800/ square foot house. The moment we do get health insurance I will dump full coverage car insurance to liability only.
Regarding spending money, mine covers things for the pups that aren't needed and social dining out for volunteer groups I'm apart of. And regarding husband's, his are totally frivolous, but I highly value his not feeling poor even though he only
temporarilynets $700-1200/month. I live where he can use the bus, BUT my job requires me to show up in the building inside an hour with no notice until I get the phone call. (On call medical professional to hospital) For example, a specific Friday comes to mind: I went to work 4 times, 7am, 7pm, 9pm, and midnight. This is not something you can do on a bus or a bike and I can get fired if complaints about my smelling of sweat are made; it's a 20 minute morning car ride, 10 minute middle of the night car ride.
Other than food, which I am working on slowly but inevitably being brought in check to a $220/month for three people amount, I don't see much give despite the total monthly expenses just seeming ridiculous!
I've thought about biking I am getting a bike for non work related travel . We're already a one car couple and the car is paid off. Even finally buying a bike, my method of car use has been very low, with it sitting for days when I'm not working. So I don't expect to see the huge gains others have. Maybe I'll be surprised. I'm just hoping I break even after the bike and the safety/carrying accessories.
AS my husband keeps applying for a big boost in income, I've been side hustling of a sort. I've taken up CC churning, Bank account churning, and pushing as much as I can through Rewards CCs. In the last 2-3 months, this has earned me about $300. I plan to "earn" another $450-$650 before the end of the year.
I'm a part time student an US technician. I want to become an R.R.A. which would double my income, and the only route to it is a degree so unfortunately, I can't skip the college.
If everything works out as planned, the eFIREsim Calculator said 2025 as our FI date.
Input appreciated.