Life Situation: I am a single women in my late 20's living with four other roommates in a LCL small city in the US. My parents raised me very Mustachian and I worked and paid for my undergraduate studies and my car in cash and I am lucky to have no additional debt. Now that I have a stable job, comfortable (for me) standard of living, and emergency fund, I am thinking about retirement planning and not sure where to start. My company does not offer any retirement plans and it doesn't seem like something they will start doing anytime soon. I want to save for retirement and hope to retire early. I have been thinking about saving for a down payment on a duplux so I can live there and also rent the other side to help pay the mortgage. That doesn't seem like something I could afford for a few years (I wouldn't buy now anyway, the market is not great for buying where I live) and I wouldn't want that to be the only thing I'm doing for retirement. Also, I want to get married and have kids at some point. Never know if/when that'll happen so I'm planning my life as it is now. Also, I am debating on getting a credit card that has rewards. My current card is with my bank and offers no rewards to use it. It seems like a waste when I pay it off every month. I would like to start traveling a bit more than just weekend camping trips and travel points would be helpful. If you have any suggestions on good credit cards that would great.
Gross Salary/Wages: $39,000/yr, $3,250/mo
Federal: $311.14/mo
State- single: $146.94/mo
social security: $198.40/mo
Medicare: $46.40/mo
Medical Insurance: $50/mo
Adjusted Gross Income: $2497.12/mo
Taxes: My taxes last year were not what will be normal going forward. Partway through 2016 I left the part time job where I was employed. While working part time at $10/hr, I was on "Obama-care". Because of this, I did not owe Federal taxes except to pay back the government subsidies for the healthcare plan I used for which was around $770. I didn't owe much for state taxes, under $100. Not sure what my tax situation will look like next year.
Current expenses:
Rent: $430
Utilities: $50 This fluctuates as I am in a rental unit and utilities are split unevenly.
Food: $250-300, this includes eating out a couple of times a month with friends. I cook all of my meals at home and eat simply. I am a snob about the quality of food I eat so I know this amount is higher than what it could be if I shopped non organic and ethically raised. Several months ago I quit shopping at Whole Foods so that has helped the food budget!
Gas: $175, my commute is 45 miles every day as rent is drastically cheaper and my friends/some family and the climbing gym are here. My current plan is to continue to work where I am for 7 more months until I hit the 2 yr mark then look for another job close to where I live so I can take public transit or bike to work. Hopefully this job will have higher earning potential in addition to being closer to where I live.
Car insurance: $50
Phone: $40, I am on a family plan
Gym: $73, I know, it's expensive. I wrestle with it every month but climbing is a huge part of my lifestyle. Most of my friends climb there so this is my social outlet and the social pressure to go to the gym helps me stay motivated to exercise.
Health: $250, I had some health problems earlier in the year and am spending an average of $200/ month on doctor appointments and prescriptions. My health has drastically improved so this should taper off in the near future.
Adobe lightroom: $10
Shopping: $200 give or take. Since I started a stable job I have been upgrading my wardrobe to be more professional as well as upgrading some camping/photography gear. As of now, everything I wanted to upgrade is taken care of so this will decrease (if I can stay off amazon!!!).
Savings: $900, Since starting the new job I have been working to build my savings account. I shoot for $1,000 a month. Sometimes I make it, sometimes I don't.
Total: $2,428
Assets:
Cash in savings account: $20,500
Car: 2010 Honda Civic. Paid off. Blue book prices it around $6,000 if I were to sell it but my plan is to run it into the ground. I am putting a lot of wear and tear on it with my commute and weekend climbing trips and it will need new tires before winter hits. I have $450 in a sub account of my savings to pay for those when the time comes.
Specific Question(s):
What sort of retirement plans should I set up?
Is it smart to save for a down payment on a house?
What are good credit cards with rewards?
Where does the budget need to be trimmed?
Thank you in advance!!