Requesting Expenses and Financial Status Checkup

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Topic Author
Gearhead84
Posts: 17
Joined: Wed Jul 20, 2016 10:53 am

Requesting Expenses and Financial Status Checkup

Post by Gearhead84 »

Posted previously although wanting some feedback and this to serve as a check in on my expenses and current financial status as I am continuously looking to improve. Let me know your thoughts! Thanks!


Emergency Fund: $7k
Income: $100k
Non Mortgage Debt: Car Loan $10.7k 2.38%
Mortgage: $207k 30yr 3.375% 71$ a month PMI
Zillow Zestimate: $324k
Tax Filing Status: Single
Tax Rate: 24%
Sate of Residence GA
My Age:36

Non Taxable:

Roth IRA: Just Opened

Current Employer 401k 6% contribution for match
Traditional 401k $35.7k

Prior Employer 401k
Traditional 401K $34k
Roth 401k $10k


My Income After Tax $5,435

My Expenses
Fixed Expenses $1,874
Mortgage $1,293
PMI $71 (May be selling house within 6 months to a year, could remove with $400 appraisal)
Internet $20
Car Payment $251
Car Insurance $220 (Reflective of daily drive and older cars to flip/soon sell)
Trash $19

Flexible Expenses $3508
Savings $1,148
Roth IRA $100
Natural Gas $38
Electricity $193
Water $29
Food $1,000 (Restaurants Dates with GF, also do not cook a lot)
Fuel $150
Car Maintenance $400 (Updating some old Cars to Flip)
Personal Expenses $70
Amazon Prime $10
Dog Grooming $50
Dog Boarding $120 (Went on a vacation)
Dog Food $15
Motortrend TV $5
Lawncare $180 (Service 4x a month during high grass growing season)
User avatar
WoodSpinner
Posts: 1673
Joined: Mon Feb 27, 2017 1:15 pm

Re: Requesting Expenses and Financial Status Checkup

Post by WoodSpinner »

OP,

Congrats — overall I think you are doing well!

A couple of questions....

1. How much income do you expect from the cars that you are flipping? Seems like a good side-hustle but am not sure if we are seeing the income as well as the expenses.

2. Are you trying to up your savings rate? Where do you think there is some slack?

3. What are your most important goals for your finances? What will be a big win?

WoodSpinner
livesoft
Posts: 73367
Joined: Thu Mar 01, 2007 8:00 pm

Re: Requesting Expenses and Financial Status Checkup

Post by livesoft »

I don't mind be the first to comment on the $1000 food bill. My family of 3 (including millennial 200+ pound male athlete) gets takeout maybe 3 times a week since restaurants are not the place to go nowadays. That gives us quite a lot of leftovers, so covers many meals. I am just wondering if you are throwing away a lot of food. Also wondering what you are really eating. I would be curious to see you post receipts of your food for one month. As for cooking, a lot of great inexpensive food does not really need any cooking.
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Topic Author
Gearhead84
Posts: 17
Joined: Wed Jul 20, 2016 10:53 am

Re: Requesting Expenses and Financial Status Checkup

Post by Gearhead84 »

WoodSpinner wrote: Fri Sep 18, 2020 7:25 pm OP,

Congrats — overall I think you are doing well!

A couple of questions....

1. How much income do you expect from the cars that you are flipping? Seems like a good side-hustle but am not sure if we are seeing the income as well as the expenses.

2. Are you trying to up your savings rate? Where do you think there is some slack?

3. What are your most important goals for your finances? What will be a big win?

WoodSpinner
Thanks!

1. 1000-2000 after expenses with each car I flip.
2. Yea would like to contribute more to retirement. Seems to be the most slack in the food budget.
3. Goals: Save for engagement ring, wedding, honeymoon, upcoming travel trips. Overall goals is to be able to afford vacation home, lots of travel, kids, and advance finance tech systems career and salary.
MindBogler
Posts: 1029
Joined: Wed Apr 17, 2013 12:05 pm

Re: Requesting Expenses and Financial Status Checkup

Post by MindBogler »

livesoft wrote: Fri Sep 18, 2020 7:27 pm I don't mind be the first to comment on the $1000 food bill. My family of 3 (including millennial 200+ pound male athlete) gets takeout maybe 3 times a week since restaurants are not the place to go nowadays. That gives us quite a lot of leftovers, so covers many meals. I am just wondering if you are throwing away a lot of food. Also wondering what you are really eating. I would be curious to see you post receipts of your food for one month. As for cooking, a lot of great inexpensive food does not really need any cooking.
I just surprised myself by looking at a 6 year average of monthly grocery + restaurant for a family of 3: $1256. Current month's budget is $1050. We eat out only 2-3 times per month and so prepare almost every meal ourselves. Our spending is lumpy, those Costco runs break the bank.
Topic Author
Gearhead84
Posts: 17
Joined: Wed Jul 20, 2016 10:53 am

Re: Requesting Expenses and Financial Status Checkup

Post by Gearhead84 »

livesoft wrote: Fri Sep 18, 2020 7:27 pm I don't mind be the first to comment on the $1000 food bill. My family of 3 (including millennial 200+ pound male athlete) gets takeout maybe 3 times a week since restaurants are not the place to go nowadays. That gives us quite a lot of leftovers, so covers many meals. I am just wondering if you are throwing away a lot of food. Also wondering what you are really eating. I would be curious to see you post receipts of your food for one month. As for cooking, a lot of great inexpensive food does not really need any cooking.
Fast food, home food delivery services(missing the convenience of work cafeteria), Restaurants with girlfriend. Do throw some food away as always wanting a tasty non boring meal. Can cook and even enjoy cooking, but seems to take too much time particularly when just cooking for myself a good bit of the time. Also the recipe ingredient lists seem to rival the costs of takeout in some cases.
Last edited by Gearhead84 on Fri Sep 18, 2020 8:25 pm, edited 1 time in total.
KlangFool
Posts: 17784
Joined: Sat Oct 11, 2008 12:35 pm

Re: Requesting Expenses and Financial Status Checkup

Post by KlangFool »

OP,

1) What is your annual expense?


2) What is your annual saving?

3) What is your FI/Retirement target number?


4) When do you plan to reach your number?


5) Can you reach your number in time?


KlangFool
User avatar
WoodSpinner
Posts: 1673
Joined: Mon Feb 27, 2017 1:15 pm

Re: Requesting Expenses and Financial Status Checkup

Post by WoodSpinner »

Gearhead84 wrote: Fri Sep 18, 2020 8:15 pm
WoodSpinner wrote: Fri Sep 18, 2020 7:25 pm OP,

Congrats — overall I think you are doing well!

A couple of questions....

1. How much income do you expect from the cars that you are flipping? Seems like a good side-hustle but am not sure if we are seeing the income as well as the expenses.

2. Are you trying to up your savings rate? Where do you think there is some slack?

3. What are your most important goals for your finances? What will be a big win?

WoodSpinner
Thanks!

1. 1000-2000 after expenses with each car I flip.
2. Yea would like to contribute more to retirement. Seems to be the most slack in the food budget.
3. Goals: Save for engagement ring, wedding, honeymoon, upcoming travel trips. Overall goals is to be able to afford vacation home, lots of travel, kids, and advance finance tech systems career and salary.
Seems like the start of a plan....

If it were me, I would prioritize saving up for the ring, wedding, and honeymoon! Hope she says YES! That said, I am a firm Live Below Your Means type person so I would keep all of that in-check and not blow the bank. Is your partner on-board with your savings goals? That can make a huge difference!

FWIW, I love to cook and have always enjoyed cooking classes and sharing a meal with friends and family. This might be an area to start exploring (YouTube is your friend)! If you can fix up cars, you can learn to cook! Plus the way to a woman’s heart is often with a thoughtful, delicious meal that is made for her, that she can enjoy and doesn’t have to clean up after!

WoodSpinner
tashnewbie
Posts: 826
Joined: Thu Apr 23, 2020 12:44 pm

Re: Requesting Expenses and Financial Status Checkup

Post by tashnewbie »

At your income level, I think a good goal is to max traditional 401k and Roth IRA each year (tax savings from traditional 401k contributions will almost max the Roth IRA).

In the shorter term, I’d still max traditional 401k and put extra money in a savings account for things that I assume you want to do in the next 2 years (ring, wedding, etc).

I’d find a way to cut food budget. Also, if you’re going to be buying another SFH after you sell your current one, figure out whether it’d be worth it (however you define that) to do your own lawn care. ETA: Sounds like you probably spend about $1k per year on lawn care. Maybe that’s relatively inexpensive not to have to own the equipment and spend the time doing the work.

Keep doing good work at your job and increasing your human capital and earnings.
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