Ideal FIRE date is 5 years from now, so I'm looking to trim out excess expenses to help us get there (plus we're looking at 15k pay raise in the next 2 years).
What suggestions would you make to help us get there?
I think our after tax balance is sufficient to cover later life, so I'm considering dropping to company match and putting the rest in a brokerage account. I know there are ways to access the money before 60, but I'm worried about not being able to get it or incurring penalties. Is this a bad idea?
Life Situation: Married no children. Ages 25 and 26
Gross Salary/Wages:
- 60k base + ~7k overtime
- 77k base
Individual amounts of each Pre-tax deductions
- 19k to 401k
- 19k to 401k, 7k to HSA, 3.5k insurance premiums
Other Ordinary Income: None
Adjusted Gross Income:
-48k
-47k
Taxes: (Roughly estimated because I couldn’t find a good calculator that included 401k, HSA, and insurance premiums)
Federal: 8k
State: 4k
FICA: 10k
Current monthly expenses:
P&I: 997
T&I: 218
Home: 638 (bought out first house, so we had to furnish it. Also remodeled the kitchen)
Groceries: 320 (includes household products)
Eating out: 63
Charity: 327 (important to us, so can't be cut)
Gifts: 41
Car Insurance: 135
Fuel: 110
Car Maintenance: 45 (new tires + oil)
Utilities: 140
Mobile: 50 (one is prepaid for a year, but comes out to $15 a month)
Internet: 30
Hulu: 2
Vacation: 40 (normally significantly higher; we used the money to remodel kitchen this year)
Health related: 43
Hosting: 20
Other: 253 (includes mostly clothes, haircuts, car tags, and hobby related purchase. Also a bunch of random Amazon purchases that I'll definitely be evaluating)
Assets:
2015 car with ~40k miles; worth around 10k
2015 car with ~45k miles; worth around 18k
House zestimate 178k (paid 170k 1 year ago)
Cash: 16.5k
Brokerage: 23k
401k, Roth IRA and HSA: 180k
Overall our yearly investments are: 19k x2 in 401k, 6% company match x 2, 6k x2 in Roth IRA, 7k in HSA, 9600 in brokerage, and then any extra that we don't spend gets swept into our brokerage every few months.
Liabilities:
136k home loan @ 3.875 for 15 years. Paid down to 131,482 with ~14 years left. $1215 per month