Need to know what I'm missing
I am 36, make $80,000/yr and am sole breadwinner. New baby boy, only child and married. Here's the current plan/state of affairs:
1.) $20,500 in HSBC (lost my job fund - About 7mo. of expenses)
2.) $3,600 in Series I bonds sitting around the house for rainy day
3.) $700 in regular savings (appliance/car breakdown fund)
4.) Mutual funds - Contributing $300/month
5.) 529 - Just started contributing $500/mo.
6.) Roth - Just opened and funding at $333.33/mo.
7.) 401(k) - $125,000. Currently maxing it out at $15,000/yr.
8.) Only debt is $66,000 mortgage
I plan to take tax refund/any bonus $ and fully fund the 529 for the yr.. That way I can pump that $500/mo into my mutual funds and anything left over goes to HSBC savings. I am most concerned about job loss. Not because I'm on shaky ground but because you never know.
Question: What am I missing? Am I oversaving in any one area to the detriment of the other? I'm focusing on building up the mutual funds as I think that's where I need the most help.
Comments?
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