Hi everyone,
We're trying to tighten the belt this year and would love any and all feedback on our budget. I feel like we're saving enough for our age but not enough to get ahead of the curve. We haven't set an official ER date, but I'd like to imagine what retiring at 45 would look like. This is the first year in many that we've had two incomes because my while husband was in the military (and overseas) it was hard to find full-time employment. I want to make sure we don't waste our savings potential this year, so I welcome any feedback or suggestions.
About us: - DINK, 32 years old, gross combined salary is $95,000.
- Live in medium COL area.No debts aside from mortgage, which is $202,000 at 3.8%.
- Net combined monthly income after taxes, health insurance, is $6200
Monthly Expensesmortgage (PITI +$100 extra) 1200
internet 50
cell phones 135
utilities 250
insurance 148
auto gas 100
groceries 600
entertainment/clothing 300
Total 2783 Monthly savings (combined) Combined monthly defined contributed plan (max amount) 550
Combined monthly defined contributed plan employer match 800
Roth IRA contribution 550 (for max yearly)
Traditional IRA contribution 500 (an old rolled over 401k)
College 529 for nephew 100
Travel fund 600
House/Car improvements 300
Total 3400 As you can see, we still have about $800 to play with each month, and we're not sure where that money should go. We need to do some home upgrades, so we're thinking of shoveling that money in our house/car account.
Our retirement accounts right now currently sit at:TSP from military service (can't contribute): $32,000
Roth IRA: $68,000
IRA: $3,000
529: $1,200
His DCPP: $2,500
Hers DCPP: $1,400
Old TIAA investment account from previously 401b (don't contribute to this right now): $7,600
Emergency savings: $15,000
Thanks for any thoughts you might have! I'm new to this, so let me know if I can provide more info or clarify anything.