2012 Annual Savings Goals:
- $2,600 HSA*
- $17,000 Roth 401k*
- $5,000 Roth IRA
- ~$6,000 Mortgage Payoff on Primary Residence
* Not including employer matching funds.
2012 Monthly Recurring Expenses:
- $200 Investment Property (Mortgage, HOA, Taxes, Electric)**
- $600 Primary Residence (Mortgage, HOA, Taxes, Electric, Water)
- ~$1,000 Credit Cards (Miscellaneous)***
** Negative cash flow.
*** Amount varies but always paid in full with no carryover balance.
This is going to be quite a challenge. I should bring home enough to cover the monthly recurring expenses but it will be really tight with barely any leftover to put toward the mortgage or IRA ... alleviated only through unpredictable overtime pay, small quarterly bonuses, and those extra bi-weekly paychecks expected in March and August.
You might ask what I could possibly spend a grand on average every month or thereabouts. I wonder that sometimes myself. Right out of the gate we have $40 cell phone, $47.95 internet, $35 membership ... then there's groceries, dining out, gas/fuel, tolls, car insurance, out-of-pocket healthcare costs, and random stuff/services that all add up. The sad part is that I'm not extravagant by any means ... I consider myself a minimalist and I live a relatively frugal lifestyle. My biggest fault is that I don't know how to cook so I definitely have a lot of room for improvement in the food category.
I am a SINK (single income, no kids). I have a spare bedroom that just sits empty and I constantly debate whether it would be worthwhile for me to either 1) rent it out for money or 2) bring in a live-in cook/housekeeper. I will also be looking into the feasibility of a HARP2 refinance on my investment property within the next two years. My ultimate goal is early retirement but I am still only in my early 30s.