Seeking Financial Advice

[bhjones84]

To Any Mustachin,

       I wanted to get some advice on how we can increase our savings. Here is our situation: my wife stays home with our 3 children and is a nurse and can work whenever they need her. I am currently a high school teacher, and working on writing my dissertation for a Ph.D in Political Philosophy. I pull in about $47,000 a year, with an additional $1,500 coming from coaching football on top of that. We have $27,000 left to pay off from college loans. We are renting our house at $1,200/month. I am pulling in exactly $1,812.58 every two weeks. We have cut our grocery bill down so as to only spend about $100 a week (per your advice, I believe). We do not have cable, nor do we eat out. Any advice or thoughts on what you would recommend in terms of saving, and potential thoughts on what we would need to save to retire in say, 15 or 20 years? Maybe I am being ambitious, but I got it from reading MMM blog! Perhaps my situation is not that unique, but my wife and I really are motivated to change our life and habits after reading your blog, and want to accomplish the goal of being able to retire early.  Thank you for any thoughts, advice, or insight you can offer.

[Kaikou]

You probably want to write out a full case study, so we can see what is going where. How to write a case study is pinned at the top of the forum. I'm guessing your wife's income is nominal right now? Is your wife interested in working more?

[MDM]

You probably want to write out a full case study, so we can see what is going where. How to write a case study is pinned at the top of the forum. I'm guessing your wife's income is nominal right now? Is your wife interested in working more?

+1

To make it even easier:  http://forum.mrmoneymustache.com/ask-a-mustachian/how-to-write-a-%27case-study%27-topic/

[Basenji]

Do a case study. So much Everything depends on current expenses versus income. Without hard numbers on both sides, you can't really make a plan. The good news is you are in the right place for support (and a few "facepunches" if needed) and you are already on the path (you said you already have reduced some expenses).