Someone stick a fork in me!

[ivinsfan]

So I started my homework lol and this is what I have so far. These are my recurring bills every month, which I got from my cc statements averaged over the past nine months (I moved into my own place in January).

Take home pay is $4,400/month

Mortgage $1450.00
(Includes insurance and about $50/month extra towards principal)
Water $27
Gas and Electric $103
Food, Gas, Prescriptions $323 (these were lumped together in my statement)
HOA $53
Sewer $31
0% Loan $150
Cable/Internet $112
Netflix $11.65
Barnes&Noble $15
PetSmart $40
Gym $80

Total is $2,396


So I have $2,000/month for everything else. I know there are things not included like hair cuts, vet bills, gifts and other essentials, but I can't get an accurate breakdown this year since I've been in transition. I've already started to be much more careful with my spending and will start detailed tracking in January. I just think it will be easier for me that way.

Someone, (or two or three) suggested a Roth IRA this year, which I think I will do. It will be tough since I don't have a lot of cash!

where are your vehicles expenses? start a separate line for car expenses. cell phone expenses? Zero expenses for dentist or OOP for health care. Have you look to see if the things you buy at Pet Smart can be gotten elsewhere for less money. How soon will that loan be gone.

 

[Omega]

where are your vehicles expenses? start a separate line for car expenses. cell phone expenses? Zero expenses for dentist or OOP for health care. Have you look to see if the things you buy at Pet Smart can be gotten elsewhere for less money. How soon will that loan be gone.

Good point about the car, I only counted gas. Car is paid for but I will add maintenance. OOP health care is very low, but also something to account for. The PetSmart is for grooming which is as cheap as it can be. The loan is for another 12 months.

 

[target2019]

I would share if I could lol.

Thanks for your thoughtful response. I will fully fund a Roth for this year out of my limited cash (which scares me a little, but I can access the money if I need to), and then start monthly payments for 2019.

I have been at this job more than 30 years and was happy until a few years ago, and things will not change. I feel like I'm too old to find something new and I would not make anything close to the money I make here, not to mention the benefits. I will not be able to find a way to love my job again, but I do love how it allows me to live and that's what I will focus on.

Attitude is hard to change. Here's one thing that helped. I know your situation is not mine, but you may be able to find some improvement by getting a degree.

During my 7-8 years in megacorp, there was generous tuition reimbursement. Of course that benefit was greatly reduced over time, but I was able to use a substantial amount over 2-3 year period. Got laid off a couple of times, but there was a silver lining. That extra credential impressed the minicorp I joined (was recruited out of retirement). They paid me 20% more (what I asked for).

You would do just as well, if you pick up an associates or bachelors in the next 3-5 years. The cost would probably be low, even if you paid out of pocket. This requires a stretch on your part, of course, but it is up to you.

 

[ivinsfan]

Good point about the car, I only counted gas. Car is paid for but I will add maintenance. OOP health care is very low, but also something to account for. The PetSmart is for grooming which is as cheap as it can be. The loan is for another 12 months.

Well start stashing that 100 bucks when can in an emergency fund, which you need to have anyway. Since you are single you should have at least 3-6 months expenses in cash or MM.. Track your expenses and see if there are any areas that jump out at you. You have a ton of equity in your home I'd put that extra 50 into the cash fund...


You do have a lot of fixed expenses for someone with your income, so just see where the rest of your money goes maybe you can cut something painlessly.

 

[SecretlyFI]

Salary of $90k is $7,500 per month, but you bring home $4,400. Are you able to reconcile where 41% of your salary is going, besides basic taxes?

 

[Omega]

Well start stashing that 100 bucks when can in an emergency fund, which you need to have anyway. Since you are single you should have at least 3-6 months expenses in cash or MM.. Track your expenses and see if there are any areas that jump out at you. You have a ton of equity in your home I'd put that extra 50 into the cash fund...


You do have a lot of fixed expenses for someone with your income, so just see where the rest of your money goes maybe you can cut something painlessly.

Yes, I will probably stop paying extra on my mortgage. It's funny, I fell like I live pretty lean, but the general consensus here is that I have a lot of unexplained money.

 

[Omega]

Salary of $90k is $7,500 per month, but you bring home $4,400. Are you able to reconcile where 41% of your salary is going, besides basic taxes?

My actual salary is in the low 80's, but I get a bonus every year around 9,000 after taxes.

I pay $500 a month for health insurance, sorry if I was unclear. Is the 41% you mention gross?

 

[gauss]

It's funny, I fell like I live pretty lean, but the general consensus here is that I have a lot of unexplained money.

Er.org - "We will challenge your assumptions." We are not "most people."

Nobody will be retiring early on saving only 15% of their gross income, despite the popular media saying that is enough. (not saying that you specifically are at 15%)

Welcome aboard! You are in good company here.

-gauss

 

[ivinsfan]

My actual salary is in the low 80's, but I get a bonus every year around 9,000 after taxes.

I pay $500 a month for health insurance, sorry if I was unclear. Is the 41% you mention gross?

This is where numbers matter as you stated the company paid 85% of your HI costs I doubt many people thought it cost you 500 a month. So there is 500 gone right off the top. Will this cost drop if you end up being single?

 

[Omega]

This is where numbers matter as you stated the company paid 85% of your HI costs I doubt many people thought it cost you 500 a month. So there is 500 gone right off the top. Will this cost drop if you end up being single?

Yes, but we will not divorce anytime soon for this exact reason. My ex pays for a few other bills to compensate.

 

[Omega]

Attitude is hard to change. Here's one thing that helped. I know your situation is not mine, but you may be able to find some improvement by getting a degree.

During my 7-8 years in megacorp, there was generous tuition reimbursement. Of course that benefit was greatly reduced over time, but I was able to use a substantial amount over 2-3 year period. Got laid off a couple of times, but there was a silver lining. That extra credential impressed the minicorp I joined (was recruited out of retirement). They paid me 20% more (what I asked for).

You would do just as well, if you pick up an associates or bachelors in the next 3-5 years. The cost would probably be low, even if you paid out of pocket. This requires a stretch on your part, of course, but it is up to you.

Unfortunately there is no tuition reimbursemt, and at 54 I don't see the benefits of going back to school. Plus, I really don't want to. I can't imaging me trying to take calculus now lol.

 

[ivinsfan]

Yes, but we will not divorce anytime soon for this exact reason. My ex pays for a few other bills to compensate.

You can see that you really need to nail down your expenses and at least figure out how much living as a single will cost you.

 

[target2019]

Unfortunately there is no tuition reimbursemt, and at 54 I don't see the benefits of going back to school. Plus, I really don't want to. I can't imaging me trying to take calculus now lol.

I did not see a clear benefit initially. However, the degree proved to be one of several differentiators for me. You mentioned that the employer is not in good shape, so I thought you'd be interested in a bit of "strategic positioning" for what may come. If you're secure in your ability to retire, though, it would be a waste of a little capital to get a degree through local county college, for example.

I'm not a calculus math person either. Can't say what is right for you, but many do get official credentials in their field, to seed the resume among thousands of applicants.

Good luck with your search.