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My wife and I currently live on a single income in the U.S. We are both college grads (we are 25 & 24 respectively). I am working full time at a law firm as an administrative assistant. My wife is in process of looking for a job, but has been for the past year to no avail. Not even getting interviews in 90% of cases. We live in a low COL area so we are able to do quite well with our income. However, I wanted to get the opinion of other readers to see where I can improve (and perhaps get some encouragement!). I am in process of job hunting as well as I am underemployed currently ($14/hour).
Yearly Gross Income: $29,120 + likely potential $1,500 (bonus during Christmas) = $30,620/year
Monthly Net Income: $2,240
Current Monthly Expenses:
Rent including water: $375
Charitable Contributions: $210
Gas & Electric (averaged): $120
Internet Access (Comcast...unfortunately!): $45
Auto Insurance: $40
Auto Repairs: $20 (budgeted)
Grocery Expenses: $100
Healthcare costs: $350 ($250 for subsidized insurance through healthcare.gov and about $100 for prescriptions/Dr. visits)
Student Loans: $85
Gas: $70 (this is probably a bit high of an estimate . . .probably closer to $60.)
Mobile Phones: $30 (2 on Republic Wireless w/ money saved for future replacements)
Miscellaneous Expenses: $150 (including entertainment, eating out, gifts, grad school, clothes, etc.)
Total Expenses: $1,595/month
Roth IRA: $500/month
Remaining: $145/month
Assets:
2007 Hyundai Accent - $4,000
Roth IRA: $8,150 (through betterment w/ 100% stock allocation)
I don't have a 401k match plan at work :(
Entertainment Fund: $649.11
Total Assets: $12,799.11
Liabilities:
Student Loans @5.6% interest on average - $34,977 *I thought this was $40,000, but was wrong.
Total Net Worth: -$22,177.89
Specific Question(s):
I am mainly looking for areas where I am doing well and where I can improve. Thanks!
Let me know if you need any more details!