Hi all, any comments are welcome.
I am 28 and my husband is 35. We have no debt except credit cards which we pay in full every month. Our biggest expense is rent. We are not planning on having kids. We're ambivalent about buying a home. We have a vague idea of saving for a down-payment, but not much motivation. I know we have some catching up to do in our retirement savings, but it's not clear to me how much. Also I'm wondering whether we should try to spread it evenly between us, which is difficult because of the income difference.
Paycheck 1 is $90k, Paycheck 2 is $40k.
Current Savings as of 8/23/2013
Emergency Fund Savings: $11,350 (about 3 months expenses)
Roth IRA: $3,500 ($1,500 for 2013)
Rollover IRA: $5,600
Taxable Investment Account : $1255
Big purchase savings: $2,400
Net worth (including vehicle and timeshare resale value): $48,770
Emergency Fund: $225 biweekly
401k: 15% of Paycheck 1
Roth IRA: $100 biweekly
Big purchase savings: $580 weekly (less extra spill-over from expenses)
Emergency Fund: $20,000 (about 5 months of expenses)
401k: increase contribution to 19% (just about max it out)
Roth IRA: $5,500 for 2013 (max it out)
Big purchase savings: $5,000
Roll IRA into 403b and start contributing 15% of Paycheck 2 (waiting on account to open)
It feels kind of wrong that more is going towards the big purchase, which is not a necessity. However, I promised my husband that we could make it priority once we had no debt and a 3-month emergency fund. If a really big emergency hits the Big Purchase Savings can count as part of our emergency savings. After it hits $5,000, that money will be reallocated to the other goals, probably starting with the Roth IRA.
Also, we are honestly using the Big Purchase account as a back-up for extra spending. We are still spending less than we make, though. I've tried to budget more in detail to funnel more towards savings. It keeps getting derailed by "unexpected" stuff I should have expected (insurance, gifts, etc.), plus I end up just nagging which I don't like.
I stopped contributing to the taxable account because I realized it made no sense to do that before we maxed out the Roth IRA (and opened and maxed out a second Roth IRA).