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Old 10-13-2015, 07:19 PM   #41
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You are missing an HSA, definitely look into that if you if have an HSA applicable health insurance plan.
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Old 10-14-2015, 08:41 AM   #42
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I'm late to the party, but 31, we were combined making 125k in 2001, living in Dallas. Living on one salary and saving the other. We made appx. the same, so we did this for 2 reasons. Living on one hedged our lifestyle if one of us lost employment...never happened. Secondly, we were able to pay off our home in 2003 and max out both 401k's every year.

Fast forward to 2007-11, we were able to save / grow by about $10k / month, comp. defer $75k, build a $15k HSA and took a few years off to sow some oats.

Back to w*rk and saving / growing again and have a 5 year time horizon to make it permanent...

We're 44 & 50 now...
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Old 10-14-2015, 09:18 AM   #43
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Fair enough. I actually think you're in pretty good shape for just starting to budget/monitor. As you continue to monitor, you'll easily find areas to chip away without diminishing your lifestyle.

Obviously the engagement ring is a big one time purchase, and I'm assuming it was $10K+, so the Shopping category isn't as scary as it first looked. That being said, others may disagree with me, but it may be worthwhile to get a ring insurance policy. My wife's ring is appraised in that range, and her policy runs about $115/year. Your call, but that's a high enough sum to justify some inexpensive insurance. I'd insure a $10K car, might as well do the same for an easily lost/damaged ring.

Assuming the LLC expenses are more than covered by income from the LLC, I'd consider those expenses a relative wash.

Like someone else said, you've got to enjoy your money. If dates are how you and your fiancee choose to enjoy and build your relationship, go for it. You aren't blowing your budget with that sum.
Yes sir! That ring got insured right away!

Thanks for the reply.
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Old 10-14-2015, 09:19 AM   #44
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After years of totally separate checking accounts, unequal incomes and all the confusion that entails for a couple, DW and I finally arrived at a system that works for us:

Max the 401Ks so we never see that money. All remaining joint income goes into one checking account, which I happily manage daily with YNAB according to their simple rules and only bother DW with once/month for a summary discussion.

Crucial for us: Each of us has our own checking accounts into which AN EQUAL and standard amount of spending money goes each month. We are NOT accountable to each other for how our respective "blow it" money is spent. If I want to save 60% of mine while she wants to have her toes done regularly with hers, that is A-OK.

That system avoids waste so well for us that we have a lot left over to build up taxable investments. Our system in a nutshell and YMMV. Good luck!


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Old 10-14-2015, 09:20 AM   #45
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Yes, if you have paid off the IRS, that's great. Actually I was just curious about the circumstances of your 0% figure. Maybe the IRS is getting more lenient as long as they get their money. Sounds as though you accidentally came up short on your taxes and they gave you a good repayment deal.

So, you don't consider real estate taxes, insurance, and mortgage interest part of your housing expenses? You can't get a real picture of your cash flow until you put in everything you spend. You need to know where your money is going and right now you are the one spending it, it will be harder when you have 2 people's spending to track. Were you able to pay cash for the engagement ring?

I think I still need to dig into Mint deeper to make sure the items you mentioned are categorized properly. Property tax, insurance should be in the Home field.

Yes, the ring was paid with cash. My wife to be and I have $0 credit card debt.
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Old 10-14-2015, 09:22 AM   #46
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I'm late to the party, but 31, we were combined making 125k in 2001, living in Dallas. Living on one salary and saving the other. We made appx. the same, so we did this for 2 reasons. Living on one hedged our lifestyle if one of us lost employment...never happened. Secondly, we were able to pay off our home in 2003 and max out both 401k's every year.

Fast forward to 2007-11, we were able to save / grow by about $10k / month, comp. defer $75k, build a $15k HSA and took a few years off to sow some oats.

Back to w*rk and saving / growing again and have a 5 year time horizon to make it permanent...

We're 44 & 50 now...

I know NOTHING about HSAs. What are the top benefits, sir?
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Old 10-14-2015, 09:34 AM   #47
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Update: Student Loan paid off. $12,636.40 @ 3.125%

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Old 10-14-2015, 09:45 AM   #48
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I think I still need to dig into Mint deeper to make sure the items you mentioned are categorized properly. Property tax, insurance should be in the Home field.

Yes, the ring was paid with cash. My wife to be and I have $0 credit card debt.
Good going on the ring...

Actually P and I on the house payment should be entered somewhere as an expense as well, for cash flow purposes. You need to know what % of your income is going to all of the housing expenses.
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Old 10-14-2015, 01:59 PM   #49
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1 - engagement ring is in there...
2- My LLC's expenses, including marketing, ads, etc.
3 - I owe my home so that "home" cat is probably home store, furnishings?
4 - 3k taxes, probably business taxes, i'll look into this
5 - I eat out once in a while. We go on dates as a couple roughly 4 times a month
6 - on it!
Wait, I missed something on #3. When I first read it, I thought you meant to type "own" in place of "owe," but I see from your OP you owe $308K.

So, this really isn't painting a complete picture. From May-October, you probably have another $10-12K in P&I/Prop Tax, yes?

Please feel free to post another Mint update when you're able to fully populate the fields. That's when you'll get the advice you need.
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Old 10-14-2015, 01:59 PM   #50
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Update: Student Loan paid off. $12,636.40 @ 3.125%

Awesome! That must feel great.
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Old 10-14-2015, 02:01 PM   #51
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I know NOTHING about HSAs. What are the top benefits, sir?
If you have a High Deductible Health Plan, you're likely eligible to set aside a good amount of money as a tax free vehicle for future medical expenses, and it rolls over, can be invested, etc. Rather than reinvent the wheel and type all the benefits, check this out:

The Ultimate Retirement Account
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Old 10-14-2015, 02:06 PM   #52
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We own the home, but yes... there IS a mortgage!
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Old 10-15-2015, 08:54 AM   #53
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IRS paid off in full!
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Old 10-15-2015, 09:26 AM   #54
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So you are 31 and except for your house, debt free that's great.

Now look at your spending and try to replenish your cash stash. You mention your soon to be wife makes 30-K, will that be going up in the future, because that's a good way to increase the family pot.
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Old 10-15-2015, 09:46 AM   #55
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Yes, that's correct.

I really want to do joint bank accounts soon so we can track better in Mint. She likes to use cash more, but we can get her in the habit to use debit card.
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