It seems like three days is a bit too much to ask. There has not been that much of progression since last week. And I have not really jumped into the money growing business yet because of the fact that at this very moment the money to play around with is still stuck.
But that doesn’t mean I do not have much to write about. I’ve been looking through my lovely excel sheet of money and have found the following :
Income (both combined) : Net 4000
Going out (all combined : Net 2200
This would leave me around 1800 to save/do fun stuff with etc.
In the coming month I’ll be able to save myself some money by letting my employer pay my health insurance. Saving me around 100 bucks a month.
This would leave me with 1900 to save/do fun stuff with. Out of that 1900 I’d like to spend anywhere between 250-350 per person on just all out fun stuff. I want to be debt free not turn into a cheap bastard. So that leaves around 1200 to spend on saving.
I’d love to save around 200 a month for repairs and other stuff for my house (anywhere between painting/repairs etc). Which leaves me 1000 for paying off my mortgage.
This will all end up yearly on around 12k on a slow year up to 21k on a great year (3k end year bonus, 3k tax return, 3k profit bonus). So I’d rather take the stuff that I know I’m going to get which is going to be 15k a year.
Looking at the payment rates I have and the time it’ll take me to clear it all I’ll still be in debt for 60k after 10 years. Sadly I’ve set my mortgage up in a way that it lets me pay my interest first and after that let the actual debt go down.
And this all without the actual investments that I’ve been talking about last time. Out of the 350 a month that I get myself I’d like to spend around 100-200 on investments + any raises/bonusses/lottery winnings/etc I might get which will end up at around 2k a year. I know this is not much at all but my prime goal is to get debt free asap while getting a hang of the investing.
Lowering my mortgage with 150k in 10 years would save me around 600 bucks a month which I could re-invest or even pay more off yearly.
There are also some changes that might happen on the way. There is going to be a time where something like children might enter reality. This will be in around 3-5 years. Which will undoubtedly slash into my monthly savings. There are also things like changes in jobs/salaries. Momentarily I’m on the low side of my possible income. I’ve got around 700 net to gain between now and around 5 years. This would of course help immensely with all my goals.
The question of the week is going to be :
How much money would you risk monthly in investments looking at this and your situation?