Here’s my finances.any suggestions?
Letslearn asked:
I’m just a few years out of college so don’t be too tough on me.
First I take home $2,865 every two weeks, I bought a house this past summer, I paid 275 for it and put down 105K and borrowed $170K..my P.I.T.I is $1,490. I don’t have a car payment, I drive a ‘96 Toyota with 210K miles and looks and runs great. I am buying about $600 a Month in furniture (cash) because I really didn’t have any to fill my 4 bdr, 3 ba, family room home. I do have 80K in avaiable credit in credit cards all with zero balances, I use them for free gas, airline tickets and cash back and never pay a cent in interest, I save $1100per Month in savings and 650 in long term savings S/B/I. I just now got to the point where I have 6 Months of income saved like the experts say to do. Utilities are around 360 per month, food about $410 per Month. I get enough free gas cards so I never pay for gas, $275 misc expences. So spend $4885 & make
$5730.
I’m just a few years out of college so don’t be too tough on me.
First I take home $2,865 every two weeks, I bought a house this past summer, I paid 275 for it and put down 105K and borrowed $170K..my P.I.T.I is $1,490. I don’t have a car payment, I drive a ‘96 Toyota with 210K miles and looks and runs great. I am buying about $600 a Month in furniture (cash) because I really didn’t have any to fill my 4 bdr, 3 ba, family room home. I do have 80K in avaiable credit in credit cards all with zero balances, I use them for free gas, airline tickets and cash back and never pay a cent in interest, I save $1100per Month in savings and 650 in long term savings S/B/I. I just now got to the point where I have 6 Months of income saved like the experts say to do. Utilities are around 360 per month, food about $410 per Month. I get enough free gas cards so I never pay for gas, $275 misc expences. So spend $4885 & make
$5730.
When my furniture is done..I’ll get a new car
any suggestions?
No note…when I said “NEW” car I do mean “NEW” to me..not brand new. I would buy a used car around 12K, Honda, Toyota etc…I know cars are one of the biggest money wasters going.
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January 10th, 2010 at 8:58 pm
looks like you are doing well. if it was me, I would stop buying the furniture and only buy what I really need. once you have your living room and bedroom furniture, what more does a young person need. I would also forget about the new car. sure it is really nice to drive around a nice new car, but I would keep driving that car you have until it dies and then find another old one without such high mileage and drive that till it dies, you will save yourself tons of money. I would take that money and invest it in mutual fund. At your age I would try to pump as much money into mutual funds, roth ira, 401k, and keep about $5000 to $10000 in a savings account at your local bank for emergency money. the secret of making tons of money in the stock market is taking advantage of time and the more you can invest now and let alone for many years the better the chance you have to be wealthy some day. if you want to learn about the stock market without risking any money go to top10traders.com I used to be a stock broker for 12 years so I know what I am talking about. good luck and stay out of debt and be a good saver and a smart spender and you will do very well for yourself.
January 12th, 2010 at 9:46 am
You bought a way bigger house than you really need and it’s going to cost a fortune to furninsh it.
Go to 2nd hand and thrift stores. Unless you absolutely must buy new furniture.
Suggestions?? As to what kind of car to buy? Buy whatever you like. You’re the one who’s going to be driving it.
January 15th, 2010 at 1:14 am
Well, do you have a family to fill that huge house? If you are a single person, why not just get a 2 bedroom Condo instead? You never mentioned your family situation. I would think you have a family for the amount of food you buy a month and the utility costs. I have a son and I live in a 2 bedroom brand new apartment. Often furniture places have sales, going on. Look for cheaper deals on Furniture that is good quality as well.
Sounds like you are doing good for now. Take it easy spending so much on furniture every month. $600 is alot, per month to fill a 4 bedroom house if you are single and living alone…