I am currently 25, my parents raised me to save save save. Things like not having cable, only ever driving cars that cost >$1000, never eating out, camping vacations (rare). Because of this, my parents saved enough money to put me through college and give me an amazing financial start to my life. I have been able to save a ton but never actually made a budget before. Can you fine folk take a look and see if there is anything I am missing?
Income (after tax): $3850
401K cont: $528+$144(employer match)
Roth IRA: $458
Car insurance+gas: $100
Food: $450 (only thing I binge on)
Leftover: ~$500 (usually just add this to savings)
Current Savings: $70,000 – 60K invested in VTI, 10k on hand
Current Retirement: $40,000
I am still driving a junker car but plan on buying a Mazda 3 or similar car at the end of the year either a 2018 when they are trying to get those off the lot or a CPO. whatever I feel I get the best deal on. Also, next year I need to add $220 a month for health insurance if i elect to opt in or I can roll the dice as well as getting my own phone plan ~$75.
I am off to a great start 100% due to my parents saving and generosity and don’t want that to go to waste. I plan on providing for my kids the same my parents did for them but I also haven’t done this before. Maybe this helps motivate some parents out there to save as well because there were PLENTY of times as a kid that I didn’t understand why we didn’t have cable, why we didn’t have a fancy push mower, go to Mexico or Florida for vacation. Now seeing how great of a start I have, I can’t possibly thank them enough.