A few posters have mentioned the income side of the equation. I know nothing about law, and $5K/month gross is more than I make, so I'm gonna let someone else handle that. Let's talk expenses.
First thing I like to do is split up variable and fixed expenses. Most people feel guilty about the variable spending (lattes, dining out, etc.), but it's really the fixed expenses that are the problem. Here is your spending:
Fixed:
- Mortgage: 1119.56
- Electric: 175.52
- Cable: 41.95
- Internet: 53.50
- Water: 125.00
- Landscaping: 75.00
- SW Gas (heating?) 50.00
- Netflix: 9.00
- Phone: 90.00
- Health Insurance: 400.00
- Dental Insurance: 21.00
- Disability insurance: 64.62
- Car Insurance: 110.00
- Vet insurance: 125.00
- Life insurance: 99.00
- Office Rent: 409.00
- Pump loan: 109.17
- Visa: 200.00
- Taxes*: 1000.00
- Student loan: 24.00
- Grooming/Food(work): 150.00
-----------------------------------------------
- Total 3326.15
Variable:
- Food 400.00
- Gas: 125.00
- Insulin Pump: 26.77
---------------------------------------------
- Total: 551.77
First off, that doesn't add up for $5000, so there's about a grand out there unaccounted for... what is happening to that $1000?
Let's start with your housing expenses. While a 1100 mortgage doesn't sound bad, your actual housing costs are ~$1750 per month - nearly half of your take-home each month goes to pay for your housing alone... You need to seriously re-think whether that makes sense for you. I understand your situation with your son, but you need to start looking at ways to reduce that expense. Some things are easy:
- The landscaping has got to go, no question.
- electric is 16% of your mortgage - what the heck?Turn off the lights and find the phantom energy wasters (hint: this is easy, too).
- Cable... You have internet AND Netflix; pay the early cancellation fees and get rid of that.
- Water: can you explain why it's so high for you?
Fix those first three things and you should be saving an extra 175-200/month automatically.
Insurance... Please read the MMM article about safety being an expensive myth... You're paying $820/month right now for your various insurances. I understand some of those are "neccessary", but you're a lawyer - you're most likely not going to get disabled sitting at your desk; you're 44, unless you have major illnesses, that $99/mon is also better saved yourself, rather than handed over to an insurance company...
Phone. Read IP Daily's super guide for communications and pick yourself a plan that suits your needs. My family of 4 pays a combined $50/month on our phones, and that's with my sister's ridiculous $30/month 5GB T-Mobile plan.
Finally, let's talk about your job. I recommend the book "Your Money or Your Life" for you, because it explains how to get your true hourly wage, once you subtract work expenses from your income. Here is what your job is costing you:
Gross Salary: $5000
Cost of income:
- Taxes*: $382.50
- Health/Dental Insurance**: $421
- Office Rent: $409
- Grooming/Lunch***: $75
- Total cost of income: $1287.50
This means your
gross (not net, which is after taxes. This is pre-tax) income is actually $3,700. Really, it's less than that even since you pay for all of these things with post-tax dollars. To put this into perspective, if you were to get a job today paying $45K/year with no bonus, you would be better off than the job you currently have. You need to start applying for jobs - yesterday.
* The employer portion of payroll taxes that you would not have to pay if you took up an actual job.
** These would definitely be covered, or at least heavily subsidized by your W2 employer for the type of work you do
*** I'm assuming you would still groom yourself for any other job, but wouldn't feel obligated to go to work lunches with coworkers.