Age - 25M
Savings (not counting retirement) - $2500
Fico - 769
Goal by year end
Savings - $15000
A great place to record and track your finances every month is NetworthShare.com
Currently have 14 months of take home sitting in cash. Yes, this violates the 6 month criteria but I sleep better knowing it is there.
Aside from (1) CC reporting a balance I am 100% debt free.
7k in emergency fund
1k in short term savings (for car/bike/life insurance, other upcoming expenses)
4k in debt (student loan)
No other debt.
My financial goal this year is to get emergency fund to 8k and student loan down to $3.5k. I think I'll be able to easily hit this goal.
I have nothing in retirement I really need to learn about investing. My income is only 30k for now and I am stretched about as far as I can get. I need a second job.
Ann that's still really good. How old are you? As you reduce your debt and save your short term savings could become emergency fund, and emergency fund retirement. If you have a company matching 401K plan you should really consider jumping on that fast. If not (like me 😢) consider an Roth IRA and CDs.. If you have military affiliations NFCU has good rates.
I am 32, which is entirely too old to be living life without a retirement plan. I have bought so many books and such but I really just don't understand investing so I don't want to jump into it yet. I work for a small law firm that does not offer a 401k. They do have a profit sharing plan but I won't qualify to join that until I have been there for two years (which will be in a couple of months). I feel pretty good about my student loan. It started at around 8k last January so I have paid half of it off in the last year. I think I will be able to knock it out in the next year or two while still contributing a good amount to my emergency savings. I can't decide on what amount I am comfortable with in my savings. I guess ideally you want as much as possible in the emergency fund. But when do you stop saving for emergencies and start saving for a house or other large things?