Hi all. I’m 28F. Live in NYC with my partner.
I make 130,000/ year.
After taxes/ insurance/ 401k contribution (10%, up from 8%) I take home about $5900/month
Savings:
1. My 401k. My job does not match. They match $1000/ year only and I have exceeded that
2. My HYSA: I put about 500/check into my HYSA
Expenses:
Rent/bills/utlities: $2200/ month
Subscriptions: $118/month
So that leaves me with about $2500 in discretionary spending a month.
I would like to save more but I have no idea where to allocate it. I have money scarcity so I also hate when my checking account is low (hence the $500/check only). Should I increase my 401k? Should I open a Roth IRA (I’m told it won’t benefit me with my income?)
I opened a fidelity account but no idea what to do with it.
I can’t tell if I’m super far from median or I’m doing ok. I constantly feel I need to do better. I do spend a lot on wants and convenience and understand I should be better.
Looking For Advice On My Budget/Saving Because I Know It Should Be Better
byu/AdventurousGas1435 inpersonalfinance
Posted by AdventurousGas1435
2 Comments
Sounds like you are asking about a framework for what to do with money.
Start with reviewing the Prime Directive in the PF Wiki. It will answer your question and many other questions you didn’t realize you should be asking.
* https://www.reddit.com//r/personalfinance/wiki/commontopics
Follow the PF flowchart.
You know it should be better? Better for what? You need to have goals for your finances or “better” doesn’t mean much. Better savings? Better retirement? Better budgeting? Better what?
If there are more specific things you want advice on, it might be helpful to share more information like total in 401k, total in hysa, more specific on budget like food, car, and other expenses.