Hi, all. I have been reading MMM for several months now and could use opinions from experienced Mustachians.
Income for 2015 (32 pays in)
Me: 33472.10 gross
-4301.00 fed (claim single 2, more tends to come out due to erratic pay from commission)
-1991.14 SS
-465.76 medicare
-1334.66 state
-1357.00 health ins (cancelled)
24022.63 net = 3154.47/mo
Husband: 25611.25 gross
-2094.00 fed (claim single 3)
-1503.61 SS
-351.65 medicare
-797.92 state
-9035.84 child support
-575.00 tools
-922.00 health (cancelled)
-437.44 dental
9893.79 net = 1299.18 / mo total per month 4453.65 (no other income)
Notes: My income can vary, last year was $40000. Child support will be half in about 1 1/2 years.
Assets: 2150.00 cash
500.00 checking
5000.00 2003 F-250
9000.00 2007 Mustang GT
50000.00 (?) equity in house
Bills: 923.70 mortgage (30 yr but paying 15 yr payment, bought house 6/14) 4.75%, 51.83/mo ins & 39.94/mo tax
383.42 health share plan for both of us, better coverage & cheaper than ins thru work
35.00 internet (half, son pays half)
216.67 church
50.00 Christian radio station - cancelled 8/26/15
100.00 husband's lawyer, balance approx. 15000.00
155.50 electric
19.13 tolls
34.95 truck ins
51.57 car ins
Other expenses I do not have good records for, started keeping track of every penny outgoing as of last week, estimate $200 food, $160 gas, $200 eating out. We are also trying to stockpile food to some extent (not included in the $200) because my income is not steady.
Background info: Lost everything in 2010 except truck and clothes in divorce. 2013 paid husband's student loans off. 2014 paid car off. 2015 paid off my attorney and medical, $5000 in first 4 months of the year. From May 1 to Aug 15th saved $5000 (used $3000 of that today to buy HVAC equipment after using wood for 2 years). No phone, no life ins, no disability ins, no gym memberships, no magazine subs.
Questions (I realize you are missing some info):
Should we sell a vehicle (or both)? We are rural and haul free firewood w/the pickup. We also both have company cars.
I have no retirement, I'm 47, husband is 35. I will inherit mother's paid off house nearby, her younger sister will continue to live there. My son will inherit the house from me. I have never invested and am afraid of losing money in the stock market since I am older. I have considered rental properties instead. And what about 401K's? NOTE: nothing available thru work, I would need to do IRA's.
Should I pay house off faster?
Should my 19 yo son pay board? He is rarely home, works full time.
I would really like to have EVERYTHING including the house paid when the child support stops completely in 7 years, and have ample FU money even if not FIRE. I have anxiety about not having enough money to cover basic needs, I need to change my mindset.
Other advice? It can get hard to see the forest for the trees after a while.