Hello Triple M forum!
This is my first time posting here, and i need some help!
I have been reading from MMM's first post and am now about halfway through 2012 and it has given me new motivation to get my finances on track and convert my wife to mustachism. Anyway, Here is a breakdown of our monthly income/expenses.
Income:
Me(24M)(Maintenance Technician)= 21.7/hr = 3472/month pretax. post tax ~$2200 (including 10% to my 401K and insurance) I used to get a ton of ot and this monthly amount was more around ~$$2,800 per month post tax. Overtime may be back later this year.
Wife(27F)(3rd Grade Teacher)= $36,000/yr salary $2283/month post tax
Total income: $4,480/month post tax
Expenses:
Mortgage/escrow=$900
Her car payment=$450
My truck payment=$200
Note: Im selling my truck and once it is gone, the money will be used to pay off the remainder of both loans. So these 2 payments will be gone in ~1-2 months.
Electric= ~$75-150 depending on time of year
Water~$75-100 *Every 2 months
Internet $49.99(cheapest plan offered by the only provider in our area)
Food=$500 (includes eating out)
Gas=~$120 (should go down once truck is gone
Cellphone=$104 (both total)
Wife Cellphone insurance=$12(I know this is bad but she is dead set on needing this)....
Car Ins=$94 (will go down once truck is gone)
Dog=$40(we pay the 8yr old neighbor girls $10/week to walk our dog before school each morning)+food every 2 months or so
Netflix=$8
Childs 529 plan=$100
Extras=$300(Home improvement, stuff for baby on the way, any non regular
expense that may come up.
Total for expenses adds up to: ~$3,050/month. After vehicles are gone, this will be ~ $2,300
Surplus= ~$1400. After vehicles are gone this will be around $2100.
I have ~$10,000 in my 401k and ~$10,000 in my Roth IRA
She has ~$5500 in her IRA no current retirement contributions.
We alkso have $10,000 in savings as an emergency fund.
Our immediate plan is get rid of my truck to pay off both loans. Then max IRAs each month and put whatever is left towards the mortgage. Our mortgage calculator figures the house can be paid off around 02/2024 by doing this.
We are really trying to get our finances in order, reduce wasteful spending, and ramp up to FI! Please give me any suggestions or let me know any other info i need to provide!
Thanks!