Life Situation- Me 20, Wife 21. We currently live on the east coast but plan on changing that in about 4 years so we can move back to Arizona to be closer to family. My wife is finishing up her degree next year so we're looking forward to that extra income. Her school debt is a non-issue because her grandparents have pooled together. We have 12500 saved in our savings account and we're holding off on investing until after our upcoming move in January.
Gross Salary- 56466.2, 4705 monthly
Pre-tax deductions- 0
Other income- 0
Taxes- Federal, 265
Social Security, 125
Medicare, 29
Life Insurance, 29 (400,000)
Expenses- All of these are monthly
Rent, 1200
Utilities, 140- Should be lower but this is worst case scenario.
Eating out, 50- I don't know how this is?
Internet, 87- Non-negotiable right now my wife refuses to pay for anything less because she's an online student
Renters Insurance, 17- Mandatory in the apartments we live in
Travel, 250- Non-negotiable by both of us because we both want to fly home twice a year to see family
Groceries, 400- Not our best but not the worst. My wife has Celiac Disease so as far as I can figure we pay a bit more than "normal"
Car, 75- Facepunch? I need to drive because I work in several different offices and can get called to different one's throughout the day
Dog, 60
Current Roth Contributions, 150
Annually:
Income- 56466
Taxes- 7153, Includes Roth Contributions
Expenses- 27442
Total spending- 34576
Total savings- 21890
Assets-
12500 in a savings account, explained above
Around 2500 in the aforementioned Roth
Specific Questions-
I honestly don't think any of this is over the top, and for the most part very reasonable, but I would love to be corrected because that means there's more room for improvement which I'm definitely looking for with this post. Like I mentioned above my wife is finishing her degree next year and we're thinking she'll make a minimum of 30000 which will create quite a bit of surplus, but we're still looking to streamline our expenses as much as possible especially for the next year. Some observant reviewers may see that we don't "pay" car insurance or a phone. For simplicity and clarification I wanted to explain I left those expenses out because my wife works and makes just enough to cover those expenses and we allow her to keep any extra for her own hobbies. Any and all advice, tips and tricks are welcome!