Welcome to the forums!
1. What is your monthly net income after taxes, health insurance, et.? (Or what will it be with the new position?)
2. What are your total monthly expenses?
3. What % does your company match in your 401k?
4. What is the interest rate on your mortgage and your car loan?
5. What is your fiancé’s monthly net income after taxes, health insurance, et.??
6. What does your fiancé’s debt(s) and asset(s) situation look like?
7. Why so much CC debt? Did you buy a bunch of items for your home with 0% interest?
8. What is your goal as far as the ring fund goes?
As far as the 2k from the unused vacation… Personally 2.5k in a your e-fund sounds really low.
Welcome again to the forums! You’ve come to the right place.
Thanks for the welcome and the answers!
1. Depends, I'm currently contributing 6%, but was thinking of bumping that to 12% to max out 401k. If I bump to 12% my take home would be $6,200. If I leave it at 6% then my take home is $6,700
2. Right now, minimal, I travel 5-6 days a week on expense account. The new position won't be as much travel. For the purpose of my emergency fund I'm estimating zero travel/expense account and assuming $3500 a month.
3. 6% match
4. Mortgage: 4.25%, Car: 5.5% (car was older than 5 years but low mileage so unfortunately higher rate)
5. Currently doing the distant relationship (she's not fiance yet). Not sure what she'll be making when she moves here but with 13 years management experience chances are it'll be in the range of 60-100k. Her health care would be covered by me (my company pays 100% health care for me/SO/family).
6. No debt, $5000 in savings (cash). Not sure what her retirement looks like but it's been funded for the last 5 years or so.
7. Correct. I went from a 1 bedroom to a 5 bedroom (3300 sqft) and felt like I really needed a fridge, a fence (for my dog/privacy), and a living room (probably could have gotten away from this but it was 0% for 3 years so I went for it so I had at least 1 room done instead of 8 empty rooms). Wisest financial decision? No, but due to the 0% interest at least it's not "costing" me anything...or at least that's my justification (again probably wrong).
8. $7500 is the goal, though if I had excess lying around and found the perfect ring or something I'd consider going up to $10k (most likely not).
My e-fund was significantly higher but I tapped into it for a downpayment. Somewhat impulsive but I was confident in my earning capability and ability to bounce back so I wanted to take advantage of the market while rates were low.
Also to note, with the new company I'll have profit sharing so that could potentially supplement my base salary another 50-200% or so if things go well (already established company exceeding profit targets year over year the last few years).
I'll take your advice and go with the 2k into my EFund with the remaining vacation fund.