Hi Everyone,
I recently stumbled upon this website in my efforts to become financially independent in the next few years or so. I am going to follow the case study format and ask for any guidance with where I can reduce my costs or create/implement more efficient methods of doing something better. Any and all feedback is strongly encouraged!!! :)
A little background of myself, I am currently 22 years old and still live at home and trying to save up to buy a fixer up'r of a house. I have just started a corporate 9-5 job and have recently made some really positive steps to reducing my spending. Currently it is not necessarily easy to bike to work due to not being able to ride on the highways / conditions of the road are extremely unsafe on alternative routes.
Income:
$64,000 Pre tax yearly salary (been there for 8 months now)
~$3000 in bonuses
~$1000 in coaching/officiating sports
Total Between $67,500 - 68,000
Current expenses:
Groceries cost between $60 - 70 per week which includes all meals/snacks (Yearly cost of $3120 - 3640)
Eating out 1-2 per month ~$50 total
Drive a Hyundai Santa Fe, Gas $53 per week ($2756 per year)
Phone plan $72 per month (Yearly cost of $864) Also looking into the republic wireless $25 a month plan to save $47 per month
Car Payment / insurance ~$380 a month to pay used car down quicker, should be paid off by October of this year ($3800)
Computer game monthly fee $15 ($180)
Helping my parents pay down my college costs $150 per week ($7800)
Racquetball/Group Class Gym Membership $29 per month ($348 with $174 reimbursed through employer)
Planet Fitness 1 time fee $99 per year
Purchased road bike & accessories $1100 total
Charity events $600ish per year
Snowboarding membership 399 per year/season
Family weight challenge $20 per week
Health Insurance $36 per biweekly paycheck
Per Month Costs: ~$1827
Per Year Costs: ~$23988
Assets:
401k has approximately $5200 (Contributing 22% of pay right now)
Personal brokerage account ~$2200 with a current yearly return of 18%
Personal checking / everyday spending account always less than $1000
Emergency fund (invested in dividend stocks) ~$1200
Total: ~$9200
Liabilities:
1 Credit Card @ 17% interest rate with 2% back on all purchases - $1000 ish in debt at the end of each month and always brought down to $50 each month (so I don't get dinged for not carrying a balance)
Helping my parents pay down my college, roughly $18,000 should be finished paying back in the next 1-2 years
Used Car loan under $2400 left will be paid off by October this year
Total: ~$23,400
Thank you so much for all your thoughts and help in advance :)
-Sbeamer