Goals- beef up emergency fund, up retirement savings, save for home deposit (eventually).
Monthly income: $4350
Fixed costs:
Car insurance- $210
Car payment- $380 (it’s actually $280, but I pay extra)
Subscriptions- $25
Utilities- $115
Water- $74
Pest control- $50
Pool- $175
Garbage- $120
Phone bill- $93
Gardener- $60
Gym- $115
Donations- $16
Invest- $40
*no rent. I pay my share of rent by paying some of these utilities etc.
Variable (approx typical months spending):
Restaurants- $600
Groceries- $350
Gas/general transportation - $40
Catch all other expenses I didn’t plan - $100
Shopping misc- $200
Savings: Whatever is left over honestly.
——- Current debt:
Cc @20.24 APR- $1599.95
Car loan @6%- $10,200
Current emergency fund- $8100
I have a pension, but plan on starting a Roth IRA this month for additional retirement funds.
I would like my emergency fund to be 3-6 months of expenses. But I’d also like to max out my Roth. Kinda struggling about which to do first.
Currently looking into HYSA for my savings. Looking at CIT & Capital One, but open to all. Leaning Capital One even though the APR is lower because I like that they do have (some) in person spots and they have a “buckets” sort of feature. I know ally has this, but have heard they went downhill big time recently. I also value a good app.
See room for improvement? I’m new to budgeting and would love any input, advice or feedback.
original posted by Complex_Example9828 to r/personalfinance on Fri, 01 Mar 2024 19:52:49 GMT.