24m in LCOL city

Net worth: ~60k (22k retirement, 15k HYSA, 15k general brokerage, 2k checking, 6k car)

Net income: 4,000

Roth IRA: 500

401k: 400

HYSA: 1200

Rent/Utilities: 700

Gas/Car Insurance: 300

Groceries: 300

Misc Expenses: 100

Dates/Eating out: 100

Gym: 50

Extra for surprise expenses/savings: 250

My biggest goals are buying a duplex in the next 3 years and upgrading my car in the next 5. I realize I am saving a lot but once I'm used to saving so much, it is hard for me to let myself splurge a bit and enjoy my hard earned money, any tips?

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ct-yankee t1_jaelngk wrote on February 28, 2023 at 9:44 PM

Kudos for saving as much as you are. You are the exception rather than the norm.

If I were to suggest any tweaks (you're doing just fine!) I'd perhaps seek to put more in to the Roth or 401k - your future self will thank you! Time is on your side there.

Check out the prime directive on this website if you havent already. (in the FAQ/flowchart)

Potential enhancement to the budget always is a good practice IMO. If you don't already have them as part of your budget, consider some sunk cost funds to offset things you know are coming. Vacation, car maintenance, etc. It will give you even greater control.

Crosswordsss OP t1_jaetb3x wrote on February 28, 2023 at 10:36 PM

Yeah I was thinking of upping my 401k (Roth is already being maxed out) I just want to also save a good chunk of money for sooner goals such as property down payments and upgrading my car. But getting my monthly retirement contributions up to ~$1200 is doable and a good goal

No-Lunch4249 t1_jaev5kf wrote on February 28, 2023 at 10:48 PM

OP, Roth limit for 2023 is going up to $6500 if you are below the income phase out, so you can put a tiny more in there if you like

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ivydesert t1_jaen1ln wrote on February 28, 2023 at 9:53 PM

Looking solid. I don't see anything concerning. You can increase your retirement savings if you're comfortable doing so.

For clarity, are you making Traditional 401k contributions, and does this $400 include your employer match? Only asking because you list it below your net income, but Traditional contributions are taken from your gross income (not listed).

Crosswordsss OP t1_jaesvtj wrote on February 28, 2023 at 10:33 PM

Yeah I was unclear my b, the $400 I contribute is all me, so after taxes + 401k contributions I have $3600 net each month

Super_Mario_Luigi t1_jaesb9c wrote on February 28, 2023 at 10:29 PM

While you aren't yet a billionaire, there are (many) people 20 years older than you that don't have as much saved up. Keep doing what you doing.