New, desperate mustachian here. ADDED: I primarily posted this for advice on how to start investing for retirement and understand I'll be debt free shortly.
Income: Self-employed insurance sales, 46, average $2,600 a month net after business expenses, plus a varying annual bonus paid in April, married, no kids, DH and I keep everything separate. Bankruptcy discharged 2010. Just as with many insurance agencies, business was down 40% after the Great Recession, and has slowly been recovering. During the decline, I tried everything, including applying for a different job. I live in a small town, where professional jobs for females are limited to banking, real estate and insurance. When I moved here 12 years ago, I took a 50% reduction in income.
I am commission only, and my month to month income varies hence the $2,600 average. I receive a commission check once a month, and therefore grocery shop and pay bills once a month.
Current monthly personal expenses:
Mortgage/taxes/ins $770 (my half, refi'd earlier this year to a 30 year fixed at 3.75%, includes PMI)
Gas/Elect $130 average
Water/sewer/trash $90 average
Auto ins (liab only, 13 year old vehicle): $31/mo. My commute is just over a mile. I don't bike or walk because I need my vehicle for client visits and business errands.
Life/LTC/AD&D ins: $94/mo
Gas: $40
Food/HBAs/Cleaning supplies: $200 (DH supplements this during the month with fresh fruit, eggs, whatever else we might need, and his lunch snacks)
Cell (I deduct this via a Schedule C): $85 (just went on a smart phone data plan a few months ago for work, which yes, I am face punching myself for)
School loan: $75/mo $2,850 balance *9%*interest
Care credit (dentist-had some major, urgent dental issues earlier this year) $1,350 0% interest until next spring, I pay $50/mo
Cap One card: $1,280 19% interest (This started out at 0%, then increased to 19% after the intro period. I know, another punch), I pay $50, or more when I am able.
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Average monthly expenses: $1,615/month + $125/mo for estimated quarterly taxes.
Earlier this month I called my school loan company asking for a deduction in interest rate if I put it on auto pay. No dice. I then called Cap One and asked for a reduction in interest rate. Also no dice.
I am so frugal I squeak. No new clothes. A haircut once a year (it's long) using birthday money. I exercise at home. Nothing else that I know of can be squeezed from this turnip. I do allow myself $20/mo spending for coffee/lunches with friends.
DH pays for my health insurance, and also the WiFi and satellite (he's cancelling the latter next month). He takes care of (pays for!!) home maintenance, tools and supplies. He brings home $1,800 net twice a month from job 1, and IDK for job 2.
Emergency fund, me: $95 in savings, $30 in the piggy bank. We have a $600 cash stash. Other than this, no IRA, 401K, nada. Zilch.
Emergency fund, DH: He has some, but IDK exactly how much. He does have over $7,500 in his 401K.
Specific Question(s): How do I expedite retirement savings to avoid becoming a bag lady? My 64-year-old mother has $7,500 in her 401K and That.Is.It. I won't even go into how screwed up her priorities are. Someone suggested to me opening a SEP-IRA because annual cash investments can include more than a Traditional or Roth....? My ultimate goal is to increase my savings rate to 50% next year.
Thank you in advance for your suggestions and expertise.