Hello! I'm new to Mustachianism (officially), but realized that I've (mostly) approached life from the same philosophy. I already do a lot of the lifestyle recommendations (e.g., riding my bike to work / to go shopping, not spending lots of money on accumulating "stuff). Reading the blog and the forums has given me great ideas about how to be even more badass.
I'm at a point in my life where I'll be starting a higher paying job with no debt and I need to figure out how to actually apply all of the financial things that have been recommended. We're currently renting, but plan to save to buy a house. We also have a car that's on it's last legs - a 2000 Subaru Forester - we plan to buy a new-to-us car that's way more fuel efficient. I'm wanting some advice and guidance as I get started - including the best way to save for the big purchases ahead of us and how to start investing in a smart way. So here's my break down:
29 years old, married (SO is 30), no kids. Joint monthly income is currently $4200/month; however, I will soon be starting a new job and our new income will be approximately $6000/month.
Gross Salary = $95K / year (combined for new job; currently is ~$70K). No other side income or investments (other than DH's Roth IRA noted below)
Pre-tax deductions = $185/month for health insurance and plan to contribute at least 5% to TSP (similar to 401K, but for federal government employees - they match first 3% dollar for dollar and the last 2% at 50 cents to the dollar). Currently I'm not eligible for TSP, but 5% will be approximately $315 / month when I start my new job.
Current Monthly Expenses = $2788.61
Rent = $1100
Electricity = $50 - average
Gas (home)= ranges from $30 - 80; average is $50 (we have gas heating in the winter)
Groceries = $350 (includes beer/wine - monthly total is ~$50 for booze)
Water/Sewer/Trash = $50 (the trash / sewer part is a set price; our average water usage is less than 1/2 that of other local residents - goes up slightly in summer because we have a nice vegetable garden and fruit trees that we water)
Gas (car) = $60 (this should decrease w/ DH starting new job closer to home)
Car / Rental Insurance = $140
Cell Phones = $70 (two lines through Cricket wireless)
Internet = $60 (cheapest option - we don't have cool neighbors to share w/ like MMM)
Netflix = $8.61 (It's a vice we haven't been able to give up!)
Restaurants = $250 (another vice)
Miscellaneous = ~ $350 (can vary quite a bit - for instance 2 months ago was around $600 because we decided to replace a few kitchen appliances/gadgets, was $75 another month)
Donations (to church, charities) = $250
Assets:
Old Car - probably could sell for about $2500
Savings (currently in a Money Market Acct w/ 1% interest) = $22,698 (this is how we're saving for our house down payment, but am open to other ideas!)
Checking - Average balance is about $5,000 - we transfer funds to our savings if it exceeds $7k
DH Roth IRA = ~$20,000 - this is currently managed by Edward Jones - looking into not doing this
Me - no retirement savings (eek), but did get a graduate degree w/ no student loan debt so maybe we can call this even?
Main questions - what are the best ways to invest / save money - especially given that my income will be increasing in the next few months and I'll be eligible for TSP? What's the best way to save for big purchases like a house down payment and a new-to-us car? Are there areas for greater savings that we're not thinking of? I feel like I'm at kind of a clean slate place, but want to start growing my 'stache! Any advice / recommendations are greatly appreciated. I'll also try to be as timely as possible in providing any other information that would be helpful!