I’m on the cusp of turning 30, newly single after a 6-year relationship with a financially dependent individual. Now, for the first time in my life, I only need to worry about myself and my future (and my dog lol). I gross around $130k/yr, with a take-home of about $7500/mo. I want to balance a comfortable lifestyle (safe area, minimal commute, meal delivery, dog walker) and my financial goals (paying down student debt, opening a Roth, and saving). I’ve read about the 50/30/20 budgeting rule. How realistic is this? Are people hiring financial planners? How are you all managing?
Switch the wants and savings and you should be good.
Yeah, take this chance to save more if you can. You’ll find a better partner and save together.
Check out www.ynab.com and r/ynab - it’s the best system for daily spending planning. Build an emergency fund, max your Roth IRA, and follow the 50/30/20 rule, but really budget for your needs.
The 50/30/20 rule isn’t realistic in HCOL areas. Focus on financial security and what you want your money to do for you now and in the future.
I’m single with two dogs. I budget 50% needs, 30% savings, and 15% wants. Make sure you’re contributing to your 401K and building your emergency fund.
Housing costs are tough! In my city, I’m looking at $1500-$2200 for rent. I’d love to try Monarch for budgeting.
Here’s a referral for Monarch: Redeem your extended 30-day trial for Monarch | Monarch Money. It’s a great budgeting app!