Edit:Thanks for all the help everyone! Got some face punches and got some great advice. See edits below :)
I'm 24 and my husband is 26 and we live in Houston, TX. My husband and I are both engineers and had a pretty healthy savings rate of around 60% while still enjoying plenty of overindulgent spending on bars, trips, random amazon things. But then, last month my husband was laid off. Hoping for a little help trimming the fat from our pretty chubby budget.
Trying to follow the "How to Write a Case Study Topic" format.
Life Situation: Married filing jointly (24 and 26), no kids. Living in Houston, TX (renting).
Gross Salary/Wages: My salary is 95K. (8000/mo before deductions).
Husbands salary was around 75K when he was employed but he was in O&G so with this market, not sure when he will find work.
Pre-tax deductions: Total: $862
Dental: $19
Vision: $6.00
401K: $600
HSA: $240
After-tax deductions: Roth 401K: $120
Other Ordinary Income: No other ordinary income
Qualified Dividends & Long Term Capital Gains: I don't think these are significant...?
Rental Income, Actual Expenses, and Depreciation: N/A
Taxes: $783
TX Withholding - $498
TX EE SS - $230
TX EE Medicare - $782
Adjusted Gross Income: $4400/mo
Husband's Unemployment for 6 months: $2000/mo
Current expenses: Total- $2970
Fixed - $1880
Rent - $1265 (Thanks for the tips guys, we will be relocating to a cheaper apartment when our Lease is up 7/1.)
Transportation - $90 (Husband play rugby, a lot of out of town games)
Utilities - $125 (Includes water, trash, insurance paid to the apt. and electricity paid by us separately.)
Car Insurance: $138 (1999 Toyota Corolla, 2013 Mercedes C250-Selling the Mercedes today!!)
Subscriptions: $200 [ $130 to ATT (just switched to Project Fi so that should be closer to $60 soon), $60 for internet, $8 for Netflix).
Flex Spending - $1085
Groceries: $400 (Realized we can make some changes here. Not first priority but definitely room for improvement.)
Entertainment: $50 (typically 5K registrations, bowling or Topgolf once a month with friends).
Restaurants and Bars: $150 (1st priority to try and spend less.)
Pets and Home: $125 (dog food, cat food, and vet bills mostly)
Alcohol: $125 (Did I mention my husband plays rugby? This is actually much less than just a year or two ago.) For clarification this is just on alcohol from the liquor stores, mostly 6 packs and nice bottles of whiskey. I know this is high and we will keep working to bring this down as 2nd priority. (P.S. When I drink wine, I only get box wine)
Unexpected: $150 (Anything from spontaneous adventures, to car repairs, to shoes or clothes replacement)
Saving - $1250 [this number was closer to $4000 every month before my husband lost his job and when he is reemployed (hopefully soon!) this will bump back up]
Assets: ~$105,000
$43,000 in online savings account (earmarked for house down payment).
$3,500 in Roth IRA
$30000 in my 401K
$26000 in SO's 401K (stagnant until he finds another job).
$2500 in HSA
Liabilities: $0 (no debt :))
OK so I think I included everything. We really only started saving early last year after I discovered MMM. I really want to retire by the time I'm 35 since I've only been working full time for a year and a half and I'm already sick of it and want to sleep in and chill with my hubby and my pets. We were on track to be there before my husband was laid off with our ludicrous income level and ludicrous spending and I'm now realizing that I may have to make some more cuts for that to happen, depending on how long I am the sole wage earner for the family.
Let the face slaps commence. I'm not sure I'm ready but I need them.