- April 4, 2024
- Posted by: legaleseblogger
- Category: Related News
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## Planning for the Future
I recently accepted a job offer to start this summer. Thankfully, I’ll have my student loans paid off in full before I move out of my parents’ house, and I’m lucky to have an old paid-off car as well. Not included in this math is a substantial yearly bonus that I can usually count on, which I plan to use mostly to save for long-term goals like a new car and a house.
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Doesn’t look bad. I really like seeing you save 26% of your take home pay. Personally I think your wants are a bit too high (I’m assuming you’re in your mid-late 20s about to graduate with your first job). I would say move $100 out of travel and $100 out of entertainment and into your Roth IRA instead. You’ve got time on your side, and you should use it while you have it because in 10 years you will lost more than half your compounding power.
Or reduce your subscriptions. $100/mo?! Holy cow
“Are there any big things that I’m missing?”
I dunno. What do you want?
It depends on your goals, but I’d suggest you cut 100$ at least from your travel budget and put it in your general savings. Your budget for wants is pretty substantial given where you are. Then, if you get your bonus, you can replenish the 1.2k for travel and use the rest towards a longer-term savings.
That can help hedge some of the risk of not getting your bonus. Especially early in your career while your savings are low.
Will you have an emergency fund when you move out from your parents?
Keep living like a broke student. Make sure you get debt free if you aren’t. Max out your retirement savings and put 10% aside in general savings. Put whatever you might want to save for like a house or car etc. if you can keep your monthly bills (house food utilities eating out gas subscriptions etc to 50% of your take home you will be well on your way to financial independence.
Big thing you’re missing is lifestyle creep. Tolerate being a broke college student as long as you can.
Reducing everything lifestyle to push toward retirement savings especially at a younger age to maximize compound interest. Maximizing your Roth should take less than $600/mo
Nitpick: 401K is pre-tax, so it should ride outside of your taxed income.
Opinion: Assuming you’re at about ~$75K salary pre-tax, weigh that against your prospective income bracket in retirement. If you’ll be making more in retirement, go all in on Roth. If not, go traditional.
The rent is too high at 45% and the needs are over 50% at 63%. You can have more fun if you move, especially since the rent is holding back saving for a home or down on a new car.