JIMOhio
Wow, that’s helpful to look at the differences between the three over a long time frame.
So, my priorities in order are:
1. Retirement, Retirement, Retirement
2. SL
3. Savings (finish ER then house/other fund)
I worked on a prelim budget (didn’t have one before) and it looks like after changing withholdings, and contributions to workplace retire plan I will have $950 to work with for above.
I think I am comfortable for this year working with following breakdown:
650 for SL
100 for RothIRA
200 for Savings
I know this goes against my priorities as listed above, but this is what I am thinking I would feel more comfortable with doing for this year’s changes. I can tweak in the near future and especially as salary may change. If for example I get a raise more that 3%, I will contribute any additional take home towards the RothIRA. Then again, if I change something on my taxes or if in the following year a great raise comes around, I will add to the SL. How does this sound for a plan? I think this can work.
Regarding comparing rent vs. buy, I think buying would more than double what I pay for rent including utilities. So buying does not seem to be a good option now, plus I would only consider buying if I had the 20% down. But thanks for the suggestion. I will do a comparative at some point when I begin to feel like buying is more realistic in my situation.
Thanks!
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