- April 26, 2024
- Posted by: legaleseblogger
- Category: Related News
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## Financial Planning and Budgeting for Moving
My wife (30) and I (35) are currently in the process of moving and are looking to establish a solid budget for our future expenses. Coming from backgrounds with limited financial resources, we are now focused on building healthier saving and spending habits. We have a decent amount saved up in a High-Yield Savings Account (HYSA) amounting to 60k, as well as retirement savings totaling 100k.
### The Challenge of Salary Allocation and Future Income
Our current salary allocation is quite conservative, primarily based on my base salary with a modest increase of 3 percent annually and a projected 10 percent increase in the next 5 years. At present, I am the sole breadwinner while my wife is pursuing a graduate degree, which is being covered by my employer. However, we anticipate a shift in the next couple of years as she enters the workforce. Our vehicles are relatively new and have been fully paid off. As for housing, we are in the process of estimating mortgage payments post-selling our current home and leveraging the proceeds for a down payment on a new property.
### Assessing Financial Health and Planning for the Future
I am seeking advice on evaluating our financial situation to determine areas that are strong, areas requiring improvement, and any necessary adjustments. With some surplus funds in hand, I am contemplating the best allocation for these funds – whether to contribute more towards our 401k (despite the absence of an employer match) or invest in a rental property for additional income.
### Leveraging AI Legalese Decoder for Comprehensive Financial Analysis
To navigate through the complexities of financial planning and make informed decisions, I plan to utilize the AI Legalese Decoder. This tool can assist in deciphering complex legal and financial terms, offering clarity on investment options, tax implications, and overall financial strategies. By leveraging this advanced technology, we can gain a better understanding of our financial standing, optimize our budgeting efforts, and make well-informed decisions for a secure financial future.
#### Additional Consideration: Incorporating Healthcare Costs in the Budget
Upon realization of the omission of healthcare expenses from our budget planning, I have factored in an additional $200 for healthcare costs, with the remainder covered by my employer. This adjustment ensures a comprehensive and accurate representation of our financial obligations as we prepare for the upcoming relocation and financial transitions.
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Very frugal. You follow the 50/30/20 rule well
Knock out the student loans. There can’t be much for a $350 payment.
401k would at least bring down taxes for now. Even if not matched
Definitely increase your 401K if possible. It will lower your taxes and set you up for the future. If you have $60K in liquid savings that’s plenty (unless it’s earmarked for a down payment). You can divert some of that into your 401K