So, this year is my year to reorganize my savings and expenses and get everything figured out. through January i tracked my expenses, set several to auto-pay and even opened up a couple of more bank accounts.
I JUST set it up, so when my paycheck comes in, every two weeks, it gets split among three bank accounts:
Income (Every two weeks): Gross: 1492.71 Net: $869.96 (Extrapolated to 1yr) Gross: $38,810.46 Net: $22,618.96
- 20% goes to a Savings account for a Emergency Fund, Christmas Club, Savings, etc.
- $320 goes to a Fixed expenses Checking account(Outlined below)
- Approx. $375.97 goes to Variable Expense Checking account(Outlined Below)
- Savings: 20% goes to Emergency Fund, 7% to 401k, 3% employee match 401k, 2% Roth 401k, $69.23 to HSA
- Fixed expenses: Audible $14.95, Verizon Fios $27.48, Planet Fitness $19.95, Netflix $10.99, Geico $161.29, MoviePass $9.95, Amazon Misic $3.99, Child Support $349.29
- Variable Expenses: Gasoline approx. (72 gallons a month), Groceries(Goal $100 every two weeks), Fun.
What would you change here?
1. LOL - since when are Audible, Planet Fitness, Netflix and Movie Pass - FIXED EXPENSES?:) Pick one of them and count yourself lucky that you can "afford?" at least one of them. We get it, you would like some fun and I bet, you'll come back saying it's to entertain the kid too:)
2. Kudos for making a serious effort here - it takes time to get it all sorted out one by one.
I hope you found at least a couple of banks that offered a bonus for opening an account with them. An extra $200 never hurts and it is a good idea to find a bank that fits your needs, but also offers good interest or a good credit card or something else useful to you. Why put your money in a checking account for 0.10 % when you can have 1.00%? or a holiday club that pays 2%...
Every little decision in your favor helps.
3. Claims adjusters make decent money and they are always in demand - just ask the hundreds that came down to Florida after the last Hurricane. Kudos for investing in yourself.
What I like about insurance jobs like yours is that you can work anywhere in the US. As an underwriter, you can even work globally like I did, because assessing risk and writing a company policy or setting up reinsurance is the same process worldwide.
It's not just engineers and academics that can move about and make good money.
Stick with it and look around for opportunities, once you are finished you are a valuable commodity - even if locally there is little opportunity, you now have skills and you can become mobile - network, ask questions, you'll be fine:)
You are of an age where you can still turn all of this around and do just fine - just stay focused and committed. This career can slowly turn your entire life around.
4. WOW - are you saying you are now saving 20% instead of 8% of your income?
5. How did it go with the Bronco?