Decode the Confusing Legal Jargon: How AI Legalese Decoder Can Help When You Have No Clue What to Do
- May 13, 2024
- Posted by: legaleseblogger
- Category: Related News
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## Personal Financial Situation as an E-5 in the Military
Hey everyone, I’m currently an E-5 in the Marine Corps and I feel like I’m not at the place financially that I should be. My wife and I are both active duty and we both bring home around $2,300 after rent is taken out each pay period.
### Current Financial Breakdown
#### Income
– Rent: split in half with wife is $1,900, so $950 for each of us
– Navy Fed: $785 TOTAL because of the 3-week pay gap
– HYSA: $3,000
– Joint Savings: $1,500
– Stocks: $1,550 all in TSLA, SCHD, VOO
#### Debt
– Car: $15,000 at 5.4%
– Credit Card: $3,600 at 14%
#### Savings
– 6% of income goes to TSP
My Car Payment is currently at $400 a month, but I’ve been frequently throwing $500-600 at it because I severely overpaid for it. I am considering selling it to buy a car with cash. I know many will suggest that I should be putting the extra money towards the credit card instead.
### AI Legalese Decoder Assistance
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FREE Legal Document translation
****** just grabbed a
You need to break down your expenses. Can’t help you if we don’t know where your money is going.
Your rent is 1,900 or 3,800?
You have 4600 in post rent cash flow between the two of you. Open an Excel sheet, list that at the top, and begin entering negative (-) numbers for your expense. Autosum it at the bottom.
You need to put in everything you cash think of – gas, car payment, utilities, food both groceries and eating out, insurance, CC payments, clothing, incidentals like snacks/ misc purchases, investments/savings, and see where you sit, then see where you have places to adapt/modify. Begin to set this as your monthly spend plan and delete expenses/update the balance as you go – it’s old school reconciliation of an account.
You also need to get your spouse on the same page, or at least to agree to discuss money. If you differ significantly on saving/spending without compromising you’re going to be in a world of challenges financially.
So, where is your money going?
So far we’ve got $2300 after taxes, TSP, and rent
Spending
$600 car payment
$200 credit cards
That leaves $1500. What about food, gas, clothes, hair cuts, subscriptions, cell phone, tv/internet, car insurance, car repairs, household items, entertainment, travel, hobbies, etc?
It’s the credit card debt from something specific?
Do you and your spouse have financial goals?
I feel like I’m missing something I’m an E-5 in the army and I live on base so all my BAH gets taken out every pay period. I still clear around 3200 a month deposited in my bank account after deductions (including rent). Are y’all just not getting paid BAH ??
1) Throw every dollar at paying off the credit card.
2) After cc is paid off, increase TSP to 15%. Pay down car debt with extra money
3) Once car is paid off (BTW, keep it forever…), increase TSP to equal 15% of gross regular military compensation (RMC). That’s going to be like 30% of your pay.
Sell some of the stock/index funds to pay off the high interest credit card debt. Open Roth IRAs.
Pay off that credit card asap, devil dog.
Rent is a lot for what you guys are making, is your lease up soon?