Unlocking Financial Success: How AI Legalese Decoder Can Help You Navigate Budgeting and Maximize Retirement Savings
- May 16, 2024
- Posted by: legaleseblogger
- Category: Related News
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## Situation Overview
Hello everyone, my partner and I are both in our early 30s and we have a combined gross income of $155k. We do not have any children, and we recently went through a difficult period when I was laid off for 5 months before finding a new job. Now, we are determined to start saving for the future and get our finances in order.
## Current Financial Details
– Our gross combined income is $155k.
– We have a monthly mortgage payment of $1550, on track to be paid off before 40.
– Monthly utilities cost approximately $300-400.
– We have a credit card balance of around $6000, with monthly payments of $1500-2000.
– My car is paid off, but my partner still owes $3000 on their loan.
– We do not have any student loans.
– We do not follow a strict budget for food and tend to eat out frequently.
– We have a few thousand dollars saved separately in bank accounts.
– My partner has approximately $22k in stocks and investments.
– I have $40k in my 401k, and my partner has a similar amount. Their employer contributes 14%, while my new job matches up to $2000 at 100% and up to $3000 at 50%.
– We enjoy traveling and spend a significant amount on this annually.
## Seeking Financial Guidance
Despite our decent income, it seems like we are struggling to manage our lifestyle expenses. We live in a medium to high cost of living area and are uncertain about how to cut back on our spending. The only financial decision we feel good about is our house, where we refinanced to a 15-year mortgage and are making extra payments to be mortgage-free by 40.
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Pay off your credit card debt asap.
You don’t have a clue where your spending is going, how is this sub going to help.
Generally stop going out to eat as much. That’s probably $500 a month alone(enough to max a Roth IRA)
You absolutely need to start by sitting down and seeing where you are spending your money currently. I finally did this for the first time at the beginning of the year and it’s the small things that can make a difference. For example I realized I spent nearly $1000 at the convenience store next to my house… it’s not even a good store and never spent too much at one time but was just going so often. Towards the end of the year I stopped going as it was just was too expensive for little snacks or things. After seeing that I will get in the car and go to the store now unless it’s an actual emergency somehow.
Also look into things like your mortgage interest rate. A lot of subs will say do not pay extra if you got locked into an extra low rate as you’ll make more in the market and even a HYSA than you’re paying in interest.
When you realize you’re spending say $1000/month at some random shop you’ll almost automatically reduce your spending
Is this your forever home? Why is it important to pay it off by age 40? You may be missing out on years of income tax deductions, and you could be saving or investing that additional money.
Try not to carry a balance on your credit cards. It’s fine to use them, and get any rewards they offer, but pay them off each month. Otherwise you’re wasting money there.
I’d say start by making a budget. It’s hard to predict 1-3-6 month impact on cash flow without knowing your budget.
You can set up direct deposit to your IRA. It’s recommended to do so. Your 401k should already be direct deposited especially if it is employer managed.
I would actually combine your finances. It sounds like you’re close to doing this so jump in all the way. Joint Checking, joint savings, separate Roths and separate 401ks because you have to, joint CC if you can actually pay them off monthly. Go back and actually track financial transactions over the last 3-5 months to see what you’re spending on. See if those expenses actually align with your money goals. Sounds like you love travel, as does my family, we save monthly for our vacations because we love making memories. We don’t eat out much because that doesn’t really move the needle for us. We’re a family of 5, we enjoy a home cooked meal and sitting down at our table as a family. Spend money on things you love and cut mercifully on the things you don’t. Save and invest the balance so you can one day retire and continue to do those things you love.
You need to find out where you’re actually spending your money. Your HHI is $155,000 a year.
Write down everything you spend on a month to month basis (i like to do 3 months) to get an idea of where you’re spending it and how.
From there you can then get into where you can cut back and how.
There’s a bunch of different tools and spreadsheets and people you can read/listen to. I like to listen to Ramit the creator of “I will teach you to be rich” because his motto isn’t beans and rice but rather spend where you value your spending, cut back where you don’t.
He has a tool called the conscious spending plan which lets you visually see what your costs are both fixed and unfixed and then where you have money left over to spend “.guilt free”
Why are you paying making extra payments on your mortgage when you have CC debt????
Pay off your CC and car debt before you do your Roth. Then max your Roth accounts when you have 6 months of emergency expenses saved up. Increase your 401k contributions to save on taxes you are paying.
You need to draw a line in the sand and commit to a savings number that gets you what you need in life. If that’s 20%, then you put your 20% away every payday and then you work out the rest of your budget.
You safe first. Always pay yourself first and figure out the rest. Your saving is a non-negotiable. It’s first.
You don’t really have enough bills that you can’t save 20%, so do it. Then you can reel in the cards, the food, track your expenses and make a decision if paying extra on your mortgage is even worth doing. There are lots of ways to trim down your expenses – put your savings away and then work it out with whatever is left
Credit cards full paid off first. Car payment second. Contribute 401k just to the match. Don’t invest in brokerage accounts until you both max your Roth. If you’re looking for long term growth and stability. The big thing is get out of debt asap it will destroy you.
Spend less save more. The formula never changes
Whatever you do, make sure you are getting ALL of your 401k matches, especially your partner’s. 14% is absurdly good.