- April 16, 2024
- Posted by: legaleseblogger
- Category: Related News
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## Financial Overview
– **Combined Salary:** $105,000
– **Joint Checking:** $8,049
– **Fidelity:** $80,369 (Invested in SPAXX, generating ~5% return)
– **My Roth IRA:** $25,613
– **Wife’s SIMPLE IRA:** $15,311 (with a 2% match)
– **Edward Jones Account:** $8,505
– **HSA:** $3,919
– **Mortgage Balance:** $220,398 @ 4.25% (Estimated property value at ~$400,000)
– **Assets:**
– 2021 Mazda 3: Paid off (22k miles)
– 2008 Ford Ranger: Paid off (105k miles)
– **Debt:** None
## Current Financial Situation
I want to begin by acknowledging that my wife (33F) and I (35M) are in a relatively privileged position compared to many others. However, despite this awareness, I can’t shake off a sense of financial unease and the feeling of being behind in life. It might be the onset of a midlife crisis, but the fear of financial failure lingers.
We only recently started contributing to our IRAs, which makes me regret not taking this step earlier. I have been maxing out my IRA contributions from 2022 to 2024 and plan to continue doing so. My wife contributes slightly over $8k to hers, which falls short of the $16k maximum limit. The funds in the Edward Jones account stem from leftover money her parents provided for her college education, which she didn’t utilize entirely. The account has seen reasonable returns, hence why we haven’t touched it. The delay in initiating our IRA savings haunts me.
As of January this year, we have resumed budgeting diligently using YNAB. Every penny is meticulously tracked. We have allocated $5k of our checking balance as an emergency fund, essentially translating to $0 in checking. Apart from retirement savings, we manage to save around ~$1.5k monthly. Half of this amount is directed to fidelity, with the remainder divided into our personal checking accounts for discretionary expenses. These personal accounts are considered “off-budget.”
Our current budget can be characterized as quite stringent. We’ve eliminated non-essential expenses and subscriptions, apart from maintaining Pandora. Our cellphone costs are approximately $55 per month, prepaid through T-Mobile. A $500 monthly budget is allocated for food (covering groceries and dining out), with an additional $200 earmarked for discretionary spending.
Yet, the continuous financial vigilance is draining. Every indulgence feels like a setback to our savings goals. Despite having funds in reserve, I perpetually feel financially strained. Is this the essence of being financially responsible on a modest income? Am I merely griping excessively? Is my financial anxiety warranted? Have I taken the notion of responsibility to an extreme? I can’t pinpoint a specific answer I seek from this post. Perhaps I needed to unburden my thoughts. Regardless, I suspect I’m not alone in wrestling with these sentiments.
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Saving aggressively is not bad, but don’t forget to enjoy these years also. Your current savings look good and your mindset also seems savings focused so I don’t think there’s any worry of you going broke. You say you have half of the 1.5k per month to your personal accounts, is that not also fun money?
I would say you’re thinking about the right things and you’re in a a great position right now. My advice to you would be not to worry about the things you buy using your fun money. That’s your money to spend. If you don’t spend much fun money for a few months who’s to say you can’t splurge a little?
If you just stated saving – it feels a lot like a train taking off. It goes slow at first but as you put money away it gets easier as it does some of the growing for you.
You’re on the right track. Your money out looks tight. You are making good choices there. It seems like the move you could make is around money in. I don’t know what area you live in and what you both for a living – but is there room for for growth there (even if it means you need to change jobs?)