“Hi Money Minder,”
Hey there, I’m a 30-something guy sharing my financial deets. My wife and I pull in a cool $280k annually. Booya! We stash away 10% of that in our 401k, leaving us with a sweet $250k between our investment and retirement accounts.
We’re sitting pretty with no debt, paid off student loans, and old cars that are totally worth it because they’re paid off too. No kiddos yet, but we’re thinking about it.
Just snatched up a house that’s chomping down $6k each month after bills, and $750 goes to the folks every month. We got $1,200 each for fun money but I might trim that down. Oh, and $1k goes to groceries a month.
We’re gunning for a $1,500 rainy day fund every month and we drop $350 into a personal brokerage account. Might bump that up once the fund is cozy. We’re also eyeballing a side hustle to score an extra $500 to $1,000 a month.
So, what’s the deal? With baby plans cooking, how do we keep our finances in check with this hefty house bill? Help a dude out, Money Minder!
Peace out,
Money Mastermind
Response from THE MONEY MINDER:
Hello There,
Congratulations on your financial success so far and for being debt-free at such a young age! It’s great to see that you have solid plans in place for your savings, investments, and future family goals.
Given your current situation, it seems like you are on the right track with your savings goals. Starting a family can bring additional expenses, so it’s wise to plan ahead. Since you already have a good amount saved up, focusing on building a six-month emergency fund is a practical move. This will provide you with a financial cushion in case of any unexpected events.
Regarding your house expenses, it’s understandable that it takes up a significant portion of your income. Considering your plans to start a family, you may want to evaluate your budget and see if there are areas where you can potentially cut back. Reassessing your discretionary spending and finding ways to reduce it could free up more funds for your savings goals.
Starting a side gig to generate additional income is a commendable idea. It can help boost your savings and provide extra financial security as you expand your family. Just be sure to carefully balance your work commitments and personal time to avoid burnout.
Overall, it’s essential to continue monitoring your budget, adjusting as needed, and staying focused on your financial goals. With your disciplined approach and thoughtful planning, you are well-positioned to achieve financial stability as you navigate the exciting journey of starting a family.
Best of luck with your future plans, and remember, THE MONEY MINDER is here to support you every step of the way.
