I am brand new here, and am going to try and follow what I see as the traditional introduction format
I am a 23 year old single member of the US military, currently stationed in Germany. I have just arrived in this country from a 2 year tour in England, so I have been trying to take full advantage of my assignments by traveling and enjoying all that Europe has to offer. While doing this, I also want to make sure that I have a good chunk of savings set aside and some retirement fund set up (that I understand) because a military retirement will most likely not be an option for me.
There are other aspects of my life right right now that I am working on (finishing my bachelor's degree, planning a master's, etc.) ANY advice on any of these topics or whatever other things I bring up would be greatly appreciated. First, I'll start with my income / expenses:
Income: 1100 bi-weekly
*Car insurance $80 monthly
*Internet ~$80 monthly (depending on the exchange rate)
*Gas (my boyfriend lives about 250km each way x every weekend) $250 monthly
*Automatic Mutual Fund deposit $120 monthly (don't exactly understand this yet, but I am trying to learn)
*Cell phone ~$30 monthly (again, exchange rate)
So, as you can see, I have no rent, mortgage, etc. to worry about right now, which is why I feel it is the perfect time to really buckle down and save for when I go back to the US. Lately I have been bleeding money without really having a clue where it is all going. (Hence this journal- HEELLOOO Accountability!)
Here are my current (financial) goals:
1. Have $10,000 in a savings account
2. Max out my IRA this year (started it last year with $3,000)
3. Learn more about the Roth IRA ( I have money sitting there doing nothing.... isn't it supposed to DO something?)
4. Learn more about the mutual fund account and increase automatic deposits to $200 monthly
5. Have $5,000 in a "last minute travel" account
I really enjoy being in Europe and would like to continue to travel, but in the last 6 months or so, my savings account has dropped from $16,000 to $200. This does include a $6500 car I bought upon arriving in Germany, but still.....
Glad to be here and hope to hear some feedback and learn from all who have been here longer!!