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Looking for assistance in budgeting/finances, trying to maximize my $$
Hi all, first, I've been reading the finance forum for awhile, a lot of great advice (for the most part
) in here, appreciate all of it....
Here's my situation:
Mid 20's, single, no debt - no car payment, live with parents for now.
I recently got a new job (2 months), job is good, make ok $$ (about 45K in an entry-level IT support role which I guess is fine for now, we'll see what the future brings)..
I try to maximize my paycheck as much as I can- am contributing to 403B (employer matches first $500 in contributions 100%, then a 50% match for up to 3% of income).... Currently I'm contributing 10% of my paycheck there. Also am utilizing a Flexible Spending Account for a little bit of further savings...
For now I'm just saving my $$ in a checking acct, but will be moving it to an interest-earning account (like Ally or something like that) in the near-future...
My finances are recovering from an extended period of unemployment where I burned through most of my previous savings, but luckily did not incur debt (but had to move back home w/ parents, and things like that).
I have returned to school (self-financing that) to finish up my Bachelor’s degree (i know, i know... mistakes made earlier in life, don't own a time machine, just have to make the most of it now) to improve my prospects down the line...
Besides continuing to contribute 10% to my 403B, I’m planning on maxing out my Roth contributions this year (5K of my post-tax income, as I understand it)…
So again, a recap of my finances:
Roughly $1100 take-home pay per pay period (every 2 weeks, after taxes/benefits/FSA/10% 403B contrib) – at 26 pay-periods a year, that is 28.6K/yr.
My biggest current reoccurring expenses are tuition (expecting around $13K/YR expenses for that, about 1.5yrs left to go) and gasoline (drive roughly 350miles/week, avg ~27.5mpg, gas averages around 3.50/gal, so ~$45 a week goes towards gas x 52 weeks a year = another 2340 gone. The rest: Cell Phone bill, @80/month = 1K/yr. I’ve tried to minimize the rest of other my expenses, but I enjoy socializing with friends/coworkers, plus keeping up with the professional workplace (clothes, shoes, food for occasional group lunches, etc) is about $150/month (thanks to slickdeals I save as much as I can on these costs but still it adds up)
So lets look at the numbers again:
28.6K/yr take-home pay
-13K/yr Tuition
-5K/yr Roth Contribution, which I will try my best to max-out yearly
-2.4K/yr Gas
-1K/yr Cell (Between my sisters and I we pay for our own and cover our parents’ phone bill)
-1.8K/yr “other” expenses (Groceries, Food, clothes, a movie or baseball game here or there)
So my actual yearly savings will probably end up being a measly $5400/year.
Also I haven’t even gotten to gifts and other expenses like that, and I’d like to splurge on myself a little and perhaps get myself some new toys (rebuild my own computer within the next year) and perhaps an Ipod of some sort (we can listen to music while working, and it would help the day to by a little faster)…
At the same time, down the line, at some point in the next couple of years or so, I’d like save enough $$ for a nice down-payment for a condo (obviously at this rate it wouldn’t be wise, but I’m hoping for decent enough bump in the future where I could comfortably afford it, especially once I’m done with school).
So my question for the community is this:
Given my situation, what would be the best way to make the most of that $5000/yr “savings” ? Just throw it in an ally-type account? Am I contributing too much to retirement? Would that $$ be better off elsewhere?
Additionally, between work+school, I don’t have a ton of free time/energy, but do you guys know of any good (legal, legit) opportunities to earn some extra spending $$ (besides the obvious of finding another, better paying job)? I’ve been looking around locally but there doesn’t seem to be much out there for a small commitment (5-10hrs/week) .. Other problem with finding a “traditional” part-time job is that for my current job, I will have periods of mandatory overtime and will be “on-call” on a rotating basis, so when I’m on-call (for a week, every 2 months or so), I probably would not be able to do much else (unpredictable + will need to be at home to use my work computer for the on-call issues)… I'm not expecting much there, but even a few bucks here/there can add up.
Just looking for some ideas/advice about getting the most out of what I have… I know I’ll be eligible for tuition reimbursement in a few months (only will help out for 1.5K, but that’s still 1.5K more than $0).. Also hoping for some good news on financial aid (grants, etc) but as of now don’t have that.. Of course I try my best to slickdeal things and try to maximize my savings/cc Rewards, but I don't consider that a huge factor in things...
Thanks again for reading all this, I know it’s long but I figure throwing everything out there would help explain my situation fully.
Thanks SD Community!
) in here, appreciate all of it....Here's my situation:
Mid 20's, single, no debt - no car payment, live with parents for now.
I recently got a new job (2 months), job is good, make ok $$ (about 45K in an entry-level IT support role which I guess is fine for now, we'll see what the future brings)..
I try to maximize my paycheck as much as I can- am contributing to 403B (employer matches first $500 in contributions 100%, then a 50% match for up to 3% of income).... Currently I'm contributing 10% of my paycheck there. Also am utilizing a Flexible Spending Account for a little bit of further savings...
For now I'm just saving my $$ in a checking acct, but will be moving it to an interest-earning account (like Ally or something like that) in the near-future...
My finances are recovering from an extended period of unemployment where I burned through most of my previous savings, but luckily did not incur debt (but had to move back home w/ parents, and things like that).
I have returned to school (self-financing that) to finish up my Bachelor’s degree (i know, i know... mistakes made earlier in life, don't own a time machine, just have to make the most of it now) to improve my prospects down the line...
Besides continuing to contribute 10% to my 403B, I’m planning on maxing out my Roth contributions this year (5K of my post-tax income, as I understand it)…
So again, a recap of my finances:
Roughly $1100 take-home pay per pay period (every 2 weeks, after taxes/benefits/FSA/10% 403B contrib) – at 26 pay-periods a year, that is 28.6K/yr.
My biggest current reoccurring expenses are tuition (expecting around $13K/YR expenses for that, about 1.5yrs left to go) and gasoline (drive roughly 350miles/week, avg ~27.5mpg, gas averages around 3.50/gal, so ~$45 a week goes towards gas x 52 weeks a year = another 2340 gone. The rest: Cell Phone bill, @80/month = 1K/yr. I’ve tried to minimize the rest of other my expenses, but I enjoy socializing with friends/coworkers, plus keeping up with the professional workplace (clothes, shoes, food for occasional group lunches, etc) is about $150/month (thanks to slickdeals I save as much as I can on these costs but still it adds up)
So lets look at the numbers again:
28.6K/yr take-home pay
-13K/yr Tuition
-5K/yr Roth Contribution, which I will try my best to max-out yearly
-2.4K/yr Gas
-1K/yr Cell (Between my sisters and I we pay for our own and cover our parents’ phone bill)
-1.8K/yr “other” expenses (Groceries, Food, clothes, a movie or baseball game here or there)
So my actual yearly savings will probably end up being a measly $5400/year.
Also I haven’t even gotten to gifts and other expenses like that, and I’d like to splurge on myself a little and perhaps get myself some new toys (rebuild my own computer within the next year) and perhaps an Ipod of some sort (we can listen to music while working, and it would help the day to by a little faster)…
At the same time, down the line, at some point in the next couple of years or so, I’d like save enough $$ for a nice down-payment for a condo (obviously at this rate it wouldn’t be wise, but I’m hoping for decent enough bump in the future where I could comfortably afford it, especially once I’m done with school).
So my question for the community is this:
Given my situation, what would be the best way to make the most of that $5000/yr “savings” ? Just throw it in an ally-type account? Am I contributing too much to retirement? Would that $$ be better off elsewhere?
Additionally, between work+school, I don’t have a ton of free time/energy, but do you guys know of any good (legal, legit) opportunities to earn some extra spending $$ (besides the obvious of finding another, better paying job)? I’ve been looking around locally but there doesn’t seem to be much out there for a small commitment (5-10hrs/week) .. Other problem with finding a “traditional” part-time job is that for my current job, I will have periods of mandatory overtime and will be “on-call” on a rotating basis, so when I’m on-call (for a week, every 2 months or so), I probably would not be able to do much else (unpredictable + will need to be at home to use my work computer for the on-call issues)… I'm not expecting much there, but even a few bucks here/there can add up.
Just looking for some ideas/advice about getting the most out of what I have… I know I’ll be eligible for tuition reimbursement in a few months (only will help out for 1.5K, but that’s still 1.5K more than $0).. Also hoping for some good news on financial aid (grants, etc) but as of now don’t have that.. Of course I try my best to slickdeal things and try to maximize my savings/cc Rewards, but I don't consider that a huge factor in things...
Thanks again for reading all this, I know it’s long but I figure throwing everything out there would help explain my situation fully.
Thanks SD Community!
Last edited by small_stuff03; 07-29-2012 at 08:38 PM..






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