- This topic has 4 replies, 5 voices, and was last updated August 12, 2013 at 6:04 pm by .
- February 26, 2007 at 1:34 am #251031Guest
Hi everyone! I’m a newbie here, and I’m looking forward to learning a lot from everyone. Allow me to introduce myself.
I’m 32 years old and my husband is 43. We have two children, a 5 year old and a nearly 20 year old (well, that’s my husband’sanyway). My husband and I both work fulltime, and we are very lucky to have my wonderful parents taking care of our daughter after school each day.Getting down to finances, as I’d appreciate any feedback that anyone may have… income/savings my salary is $56,000 of which I contribute 8% to a 401K. My company matches an additional 3%.
My husband earns about $28,000 a year and he contributes a portion of his salary into a 401K as well. We currently have a combined savings of about $60,000 (in savings & CD’s) which acts as an
emergency fund as well as…well, savings! We dip into it every once in a while, but we try to stay clear from using our savings for the day to day.
We may plan to do some home renovations soon which may eat up a portionof that savings. We’re also going on a vacation soon (first time in about 7 years!) and may use some of the savings for that as well. EXPENSES We recently bought a $310,000house and have about $155,000 left to pay on it.We put all of the equity from the sale of our old house into this new house, plus put an additional $30,000+ down on it to keep the loan cost down. Our monthly mortgage is around $1700 a month, and we contribute an extra $200/month towards the principal to pay our loan off in 15 instead of 20 years. We have 2 car payments, each with about $7,000 left to pay on them.
Surely, we could pay off those cars
with our savings, but we choose not to because we have no interest on those two loans, using a credit card with zero percent interest for the life of the loan. So, we’d much rather pay monthly on those while our savings earns interest. We have no other debt. I use a credit card for everything and pay it off each month, accumulating cash rebates so that i earn money on my spending.
budget we do not have a real budget in place. we just fly by the seat of our pants with paying our bills each month and make somewhat sensible choices. some of our habits tend to get expensive – mostly in the area of dining out (lunches and dinners).we certainly could trim those, but at the moment we’re just not motivated enough. i know we could save a whole lot more if we’d just bag our lunches and dine at home most of the time. we do compensate for that by not
paying for internet, not having a lawn service, no newspapers, no cable tv.
we recently did splurge and get cell phones so we could be in contact with each other at any time. i am very pleased that we did that, because the cell phones have come in handy – especially considering my husband is on the road all day, every day. anyway, i think that’s the gist of it for the moment.
i’m looking forward to getting to know everyone and learning a ton! maria
- August 5, 2013 at 10:15 pm #441058IrishHi Everyone! I am a newbie to Budget101. I go by the name Irish and I am looking forward to learning a lot from everyone.
I would also like to share ideas that will help others.
- August 7, 2013 at 2:23 am #441340Virginia
Maria Jewlz, if you are still here please give a shot out and let us know how it is going. Hello and Welcome to Budget 101, Irish! Good to have you here.Enjoy! Any questions, just ask. Thanks; Virginia
- August 7, 2013 at 3:12 am #441344Bemel
Your in pretty good shape I would say. Just plan out a regular budget to include going out to eat 1-2 a month. Prepare your own lunches.
You could put more into savings or apply to your car loan or put it away just for vacations.
- August 12, 2013 at 6:04 pm #442180AdelleCWelcome! Newbie here as well. Sounds like you have a good grasp on your priorities and setting up your budget.
I wish I could say mine was in as good of shape as yours!
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