Hello, Mustachians,
I'm 29, male, single, and currently renting. I paid off my grad-school debt in February and found Money Mustache in May. Since then, I have been saving and simplifying my life in order to maximize the income I bring home from a teacher's salary. I had a savings account for a new car (my current hand-me-down minivan cost me $2k last year in repairs), but now I'm leaning more towards getting rid of one altogether.
My question is: where should I put my money at this point in my life and career? Should I spring for a home (with the help of family), invest in stocks, or something else? One long-term ideal would be to purchase a house or land for a housing cooperative that could facilitate transitions out of prison or homelessness through affordable rent/food. Less ambitiously, I could also be happy in a simple home with one or two roommates.
Take home Monthly Income: 2800 ($150 from Lyft, 2650 from salary + occasional stipends)
Savings: $700 ($400 in Savings, $300 in Health Savings Account)
Investment: $334 ($234 Roth IRA, $100 in Mutual Funds) --I put all stipends (4k per year) toward the ROTH to max it out.
Bills: $772 (Rent: $575, Phone: $55, Gym: $99, Car insurance $43)
Charity/Donations: $300
Fun: $80
Grocery: $300
Gas: $80
Restaurant: $100*
Freedom Account: $135 (Short term savings for future expenses: clothes, repairs, tools, books, fees, and furniture)
Assets: $19,636
Mutual Funds: $7,147 (Edward Jones)
Roth IRA: $4,455
Savings: $6,367
Cash (freedom acct/checking): $1,667
*I acknowledge that the place I could cut spending the most (and where most of my extra income goes) is restaurants, which is my priority to change this month.
You can see I have a little over 6k for a car or to use towards a downpayment (family could support me in buying if I asked them). Should I consider doing something else with this money? Should I be investing in something else?
Thank you in advance for all wisdom, censure, advice and criticism!