Hello, im a 26 year old firefighter in Illinois, looking for advice on budgeting and savings. My guaranteed take-home pay is about $4,300 per month, but with overtime I sometimes make around $5,000. I rent at my brother’s place for $400 (utilities included) and pay $130 per month for insurance, which will increase after marriage. I have no debt. I currently have about $28,214 in savings account (aggressively invested), contribute to a Roth IRA, and have a pension through work.
I maintain a modest lifestyle and am trying to save as much as possible each month while continuing to build my emergency fund, contribute to retirement, and grow general savings. My goal is to see if my budgeting and allocations are reasonable, and to get advice on optimizing my finances, including savings rates and investment strategies.
Any advice ?
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byu/Perfect-Tutor-7366 inpersonalfinance
Posted by Perfect-Tutor-7366
2 Comments
I only see two expenses (rent + utilities, and health insurance?). What about the rest?
Also don’t see any “allocations”.
“agrressively invested” sure sounds to me like “gambling in the stock market”
Don’t do that – put 6 months worth of expenses in a high-yield savings account, max your retirement accounts, and then *after* that you can start thinking about investments. CD’s and I-Bonds are around 4% guaranteed – no need to gamble