About Me:
Age 23, Female, 1 bedroom apartment, lives with cat,
Still looking to make friends, 4 months dating current boyfriend
Goal: Travel before retiring, Mexico, Costa Rica, Ecudaor, Argentina
Goal: FI and/or retirement around age 35 comfortably,
Goal: Higher income job
Note: The cat is not negotiable. She is the one thing I bought that has brought me the most happiness
Note: Most of the data below was generated from mint.
Note: I have a B.S. in Bio-engineering, really love the computer/Data Analysis side, currently work in pharmaceuticals, I dont feel like I have a stable job.
Note: After I pay down my student loan, I would like to save for a car, as my current ride (title in parents name, but I paid for it) has 260k miles and a blown head gasket. I think I want something in the 5-8k range. (I know, face punch.)
Note: I will probably have to switch careers around age 35 due to a prior accident that resulted in wrist surgery. My dominant hand is becoming more arthritic/stiff and harder to use.
Note: Still learning highly technical skills at work that could later lead to a higher paying job, could move to a LCOL area in a year or so.
Finances
Assests:
HSA $2,112.56
Roth $2,249.78
401K (not including emplyr. match +$2000) $3,545.23
Savings Account $1,000.00
Total Assests: $8,907.57
Note: I have about $1500 in rental Deposit that is not included in this anaylsis, because I can get some of it back.
Note: Retirement account in index fund(80%), blue chip fund (10%) and international fund(10%) through work.
Note: I upped my Roth savings in July of this year. I feel my contributions are sustainable.
Note: Would Like to increase Emergency Fund to 5kish in near future.
Debts:
Student Loan $1,161.44
Total Debt: $1,161.44
Note: Paying off student loan is a high priority for me.
Net Worth: $7,746.13
Pay Check: Biweekly Monthly (approx.) Yearly
Gross Pay: $1,688.13 $3,376.26 $43,891.38
Take Home Pay $948.07 $1,896.14 $24,649.82
Note: My take home pay will be slightly less than this due to this figure being based off a 8% raise in June. That being said, I do get the overtime (5 -10 hours per month).
Note: I will likely get an 8% raise middle of next year for a promotion, each year a cost of living raise (2-3%), I plan to add most of this to the 401K
Take home break down
Taxes Biweekly Monthly (approx.) Yearly
Federal Income Tax -$171.82 -$343.64 -$4,467.32
Social Security Tax -$99.90 -$199.80 -$2,597.40
Medicare Tax -$23.36 -$46.72 -$607.36
State Income Tax -$96.10 -$192.20 -$2,498.60
Total Taxes -$391.18 -$782.36 -$10,170.68
Benefits Biweekly Monthly (approx.) Yearly
HSA -$46.51 -$93.02 -$1,209.26
Medical -$22.15 -$44.30 -$575.90
Roth $ -$168.81 -$337.62 -$4,389.06
401K -$101.29 -$202.58 -$2,633.54
Dental -$9.25 -$18.50 -$240.50
Note: I would like to hear other peoples oppion on dental insurance, and if its worth it as work pays for part of it, but dental cleanings are not too expensive.
Note: Work also pays for Term Life Insurance, I pay nothing into this, and probably wouldn't have it if work did not provide, as I have no dependents, a positive net-worth, and my parents have a paid up whole life insurance policy on me somewhere.
Yearly One Time Expensives
Renters Insurance $115.00
Vet $450.00
Hunting Tags/liscence/Supplies $100.00
Gifts ($600 for Bro College) $854.53
Total Yearly Expensive $1,519.53
Note: Vet bills should be less next year, cat just got all shots, spayed, bandaged. Currently looking for less expensive vet.
Note: I would also like to get a couch and TV for my apartment, so I would feel more comfortable having friends over.
Note: Unexpected Winfalls (gifts/tax returns/3paychecks a month) generally go towards bigger ticket items, such as rental deposit, a bike, fixing the car (its needed a reasonable amount of work).
Note: The gift to my brother for college money was a one time thing, as he needed the money and my parents couldn't help him at the time. I might do this again in the future if I feel comfortable.
Re-occuring Expenses Monthly: Yearly
Rent (Water+Sewer+Trash) $895.00 $10,740.00
Transportation $120.00 $1,440.00
Internet $34.00 $408.00
Groceries $285.00 $3,420.00
Clothing (still building Wardrobe) $50.00 $600.00
Electric ($30-$90) $60.00 $720.00
Entertainment with (boy) Friends $50 $600
Total Re-occuring expensives $1,494.00 $17,928.00
Note: Would prefer not to have roommates, but would be willing to do so if I could find someone I clicked with. This is the least expensive apartment I could find, I expect the rent will go up in February, as I will have been there for a year. I would also like to move to a lower cost of living area in about two years, once I get more on the job training. So I am not sure how much i should apartment hop, and will be very picky of any roommates I can get.
Note: Part of Grocieries pays for cat items(food litter Toys) alcohol, and personal care items.
Note: Clothing is a yearly average, I am still building Wardrobe and winter clothes.This year, I got a new coat, some jeans, a pair of hiking boots, two pairs of shoes (i wear though them quickly for work), and a few work shirts. I would still like to get a few more professional pieces, as I only have about 7 work shirts, and 5 work pants, they seem to wear out fast.
Note: My phone bill and car insurance is paid for by my parents who I work for in the summer on weekends (farmers) and why I use the car for this. They live about 150 miles away. I do not have to do this, but I enjoy spending time with my family.
Average Monthly Cash Flow: $402.14
Estimated Yearly Expensives from take home $19,447.53
Take Home Pay (yearly) $24,649.82
Yearly Cash Flows $5,202.29
Student Loan Payment (Year to Date) $5,168.45
Note: I dont consider my Student Loan a monthly payment, as I have paid enough that the next payment is not due until 2022. I do pay monthly on it though through my cashflow money.