So, I am a newbie to the mustachian world. I have been reading MMM and some other FI blogs for about two months now and my wife and I are very intrigued. We have started to take steps in the right direction but I want to make sure our direction is true.
Here is a snapshot of our finances, let me know what you think or what you would do differently!
Age:
Me: 23
Wife: 23
no kids
Monthly Income (while I am in school):
$2300 (+300-400 in wife's tips)
Monthly Budget:
Rent: 200 (we are living in a friends apt, who are giving us a great deal)
Food: 300
Gas: 250
Fun: 100
Giving: 230
Roth IRA: 200
Misc: 100
Car Insurance: 90
Phone: 50
Total expenses (not including savings): 1520
Potential savings/month: 2600-1520= $1080
Current Assets:
Savings account: $2700
My Roth IRA: (which I am currently converting from Edward Jones to a Vanguard Roth, and I plan on buying into Vanguard Target Retirement 2055 Fund) $6000
Wife's 401k: $1000, putting in 8% of each of wife's paycheck with 3% match. (In american funds target retirement 2055)
Silver Coins: $1600 (depending on the price of silver)
Debt:
Mine: $8000 (subsidized student loans with an interest rate of 4%)
Wife: $13000 (subsidized student loan from her parents with an interest rate of 3%, we do not have to start payments until I am done with school in December 2015.)
Side notes:
-I am currently in full-time school at a private university, and I will be done December 2015. I have a few scholarships and grants and I have only two tuition payments of about $4000 left (for the next two semesters).
-When I am not in school (summer and winter) my work allows me to work full-time and my income goes up quite a bit per month. But I would rather plan my finances around our minimal income.
-My wife and I have a strong to desire to travel while we are still young and have no kids. Is it a bad time to spend upwards of $3000 on a dream trip while I am still in school?
-Any advice? Any criticism?
