Age 32 and married w/ a baby due in May. I won’t be including my wife’s income in this ($45K), as we keep separate accounts at the moment. I'm slowly getting her on board with not spending everything she makes.
Debt: $0, for me. My wife has $80Kish in student loans that will be forgiven as long as she continues to work in government and/or for a non profit for 6 more years which is what she's done since graduation.
Assets: I’m only counting monetary assets so no physical assets will be included other than PMs
CD $63,556.82
401K $58,092.75
Mutual Funds $92,994.59
Ameritrade/Savings $4,878.50
Checking $4,928.59
PMs $6,318.50 current spot price.
Total there is $230,769.75
There’s also a whole life policy with a cash value somewhere around $53,000 that was purchased for me as a child that will be getting cashed out and added to the list soon minus the cost of a 20 year term policy.
Monthly income is roughly $6,000 take home. This is $2,400 post tax/insurance/401K on the 1st and 15th, and a trust check of roughly $20,000 pre-tax that arrives once a year of which about $5,000 goes to the IRS.
My automatic savings at the moment is around $1K a month goes into the 401K and $350 a month to the Ameritrade account and all dividends everywhere are reinvested.
My monthly budget for January looked like this
Rent $1,250.00
Phone $73.46
Internet $64.95
Water/Trash/Sewer $80.76
Electricity and Natural Gas $212.15
Groceries $538.13
Fuel $73.02
Spending Money $179.64
Restaurants $161.36
Medical $338.73
Baby $539.69
Birthday/Gifts $143.61
Pets $163.95
So I spent $1,681.32 on rent and utilities.
For my everyday expense categories I spent $2,138.13. The Baby category was buying a crib and changing table, dresser, etc.. and Pets was because the dogs had to go for a checkup so those won't be in for Feb, but my car and renters insurance is due so....
I just started really paying attention to my finances and want to really increase my savings rate to a minimum of $2500 a month including the 401K. I don't think that should be too hard to do. I'm hoping I can move back to the southeast where the cost of living is lower (western slope of CO now). Then buy a house outright and have enough savings to generate $35-40K a year to live on by the time I'm 40.
Edit: Not that it's come up yet but my daughter will be eligible for the same trust that I receive so I've got until 2015 to come up with a plan for the first check but I'm wondering if she can't be FI by 18.