Age 34
Salary: $59,000/year. Annual bonus ~$4,000/year
Take home pay $3,300/month
ASSETS:
401K: $46,000 Contributions: 6% prepay period with a 6% company match.
Savings: $27,500. Auto deposit of $1,000/month
7 year old car: 80,000 Miles
EXPENSES:
Debt: Zero, Yes!
Rent: $1,100 (includes water & garbage)
Phone: $35-40/month
Internet: $45/month
Electricity: $50/month
Gas: ~ $200/month
Groceries: ~$200/month
Dining Out/Entertainment: ~ $45/month. Varies
Shopping: ~$200/month (aaand here’s the face punch) I’m a sucker for department store “sales” and a trip to Target ends up being more than a quick trip to buy toothpaste. Shopping expenses can be more than $200 on occasion.
Total: $1,888
So here’s my question. I feel like I don’t have enough in savings and I don’t have enough in my 401K so where should I put my focus? I would like to buy a house eventually. I have a 10 minute commute and houses in my area are expensive. I’d prefer to buy a house rather than a condo. (I’m tired of sharing walls). I think I’ll be looking at spending around $275,000 - $300,000(sigh) unless I find something in foreclosure. But I’d like to have a good chunk for a down payment. So should I focus on that or increasing my 401K contributions? Also, when the time comes for a new (to me) car I’d like to have enough to pay in cash. Although my current car has enough life left in it.