Single 31yo woman in HCOLA (SF Bay Area).
I'm very new to the MMM community and have been intrigued by the reading I've been doing. I've been using YNAB for almost three years now, starting just before I finished graduate school. I've been in my current job for two years, and only really started saving for retirement upon starting. I've always thought of myself as financially responsible / thrifty, but obviously I am nowhere near the level of most people here! I also definitely fell prey to indulging myself a bit more once I landed my current job, which is well-paying for my field. It gave me the feeling that I didn't have to be as careful with my money, which I don't -- unless I want to be very serious about growing my net worth and getting out of debt! Still mulling over early retirement; I think at this point I mostly want it to be a feasible option once I hit 55 or so; I like working, but also find that having a nest egg or even just a savings account makes me feel secure. I'd just appreciate having some other folks look over my numbers and maybe give me some firm-but-gentle words on how I can do what I need to do!
Figures below are averages from 2016 so far, and are mostly based on average expenditures or what's currently set aside in YNAB for some sinking funds (Christmas, for instance). I've
categories where I was myself surprised at how much I managed to spend, and where I want to concentrate efforts to reduce my spending.
Category | Monthly | Comments |
Salary/Wages for earner #1 | $6,833 |
Pretax Health Ins. | $34 |
Employer-sponsored HSA | $179 | Employer contributes $100/month as well; in total contribute max amount |
401(k) / 403(b) / TSP / etc. | $1,092 | Room to increase? |
Employer Match | $55 | Match 25% of all contributions up to IRS max. Currently 20% vested, so 5% effective match. |
Total income taxes | $1,684 |
Income before other expenses | $3,844 |
Monthly Average Expenses: |
Rent | $1,250 | Live alone in studio apt, SF Bay Area. This is not going down; I love my apartment and I hate having roommates, and there is literally nowhere within an hour commute of work where I can get a similar place for less. |
Natural Gas | $5 | Literally just natural gas for the stove. All other utilities included in rent. |
Internet | $45 | Have asked neighbors about maybe sharing wifi; no bites. |
Groceries | $160 |
Cat | $40 | One cat. Wet food only, the spoiled brat. |
Transportation | $60 | Pay-by-the mile insurance; usually $20 - $25. Rest is gas, public transit fares above employer subsidy, the occasional lyft, and infrequent bike stuff |
Misc. Household | $30 | This includes laundry (quarters), soaps/detergents, hardware and handy stuff, paper goods, sponges, etc |
Car Repairs | $75 | "Genuine Volvo Parts" - my nemesis. (Car is 2000 Volvo s70 with 180k miles, I like it quite a lot and even expensive repairs are cheaper than a car payment) |
"Cat" Repairs (Vet Bills) | $50 | Cat needed dental work so this was an expensive year. |
Medical | $20 | I pay for everything but two generic prescriptions out of my HSA. The prescriptions I pay out of pocket because they are cheap. |
Charity | $100 | I wish this were more, actually |
AAA membership | $5 | Peace of mind. |
Vehicle Registration | $12 |
Renter's Insurance | $11 |
Taxes & Financial Services | $10 | Tax software, YNAB, any additional tax |
Misc. Fees & Fines | $10 | Drivers license renewal, permits, etc |
Gifts | $25 |
Clothing | $75 | Way overspent in the past year, but I also changed clothing sizes and buying professional, not throw-away quality clothing in women's plus sizes has a price. Also includes some crowdfunding for fancypants, locally made clothing shop that I believe in. |
Beauty | $45 | Woman who works as consultant and likes having short hair; some of this is necessary but I could potentially cut by $10 or so |
Replacements/Repairs | $15 | Sinking fund in case the microwave explodes, I drop my phone off a cliff, etc |
Christmas | $55 | I love giving gifts and have a large family. Trying to shift the tradition to drawing names / spending limits but no luck so far |
Eating Out | $180 | I'm killing myself with work lunches, I know. I also know this is where I'll catch the most flak. Suffice to say I know what I need to do, but have lacked discipline in the past. Looking over the past year, around 40% of this expense was good food with good company, and another 10% for coffee; the remainder was just my own laziness. |
Fun Money | $160 | Again, bracing for face punches. A big chunk of this is performances (live shows (~$120), season ballet membership for two ($360), season musical theatre membership for one ($250)). I love those things and having a job where I could "afford" the tickets made me get a bit out of hand. The rest in rough order of expenditures is my cosmetics/bath product/scent addiction, nights out with friends/dates, video games, booze, stupid impulse buys, books, crafting materials, and movie/tv purchases. |
Amazon Prime | $9 |
Netflix | $10 |
Home Stuff | $15 | artwork, candles, cute throw pillows, etc. I like that stuff. |
Electronics | $70 | Bought new gaming laptop and smartphone this year. |
Travel/Vacation | $275 | Two trips across country to visit family per year ($400 to $500 per trip), four camping trips (maybe $100 per trip all in), a few visits across the state to see friends ($150 - 200 per trip), one actual vacation (this past year to Hawaii, around a grand). |
Total Not Including Loan Payments | $2,817 |
Student Loan 1 | $151 |
Student Loan 2 | $116 minimum + $750 extra payment |
Student Loan 2 Remaining Balance: $ 8,500 at 5.875% (currently paying off $750 extra per month)