Hello! I’m a social worker earning around $50k in the metro NYC area. I live in the historic and majestic Hudson Valley. I’m married with two kids. I have very little in the checking account, less in savings, and under $100k in retirement.
It’s a grim financial situation over here. I eat out too much and shop more then I should. We live from one stretched paycheck to the next.
Looking for help to make our money last, and someday retire.
Welcome Michael! So glad to have you here. Many of us are or have been in similar situations such as yours. Here’s a good article on retirement from The Penny Hoarder to reference: https://www.thepennyhoarder.co…save-for-retirement/
A couple general tips:
Tackle any high interest debt as fast as you can. Once you are debt free, bulk up an emergency fund then focus on saving.
Max out your 401k plan with your employer.
Add $6k a year into a Roth account.
I can’t say I can quite do all the above yet myself, but working on it!
Good afternoon! I’m a Social Worker as well, but from NH. It’s a tough job, but glad to do it!
I was a single mom of 2 kids for over 10 years, and what changed my life financially, and I heard about it from The Penny Hoarder, was The Budget Mom’s Budget by Paycheck method. It changed the way I look at money, and manage money. https://www.thepennyhoarder.co…/budget-by-paycheck/
This group has been helpful, encouraging, and informative. Check it out, and I hope to see you around here!
Hi I am also interested in how to save money. I am on disability and I clean my friends house about 3 times a month. So I earn a little extra money. But the bad part about is that disability takes away a few of my benefits. But it doesn’t not way too where I should not make extra money. ?
Good afternoon! I’m a Social Worker as well, but from NH. It’s a tough job, but glad to do it!
I was a single mom of 2 kids for over 10 years, and what changed my life financially, and I heard about it from The Penny Hoarder, was The Budget Mom’s Budget by Paycheck method. It changed the way I look at money, and manage money. https://www.thepennyhoarder.co…/budget-by-paycheck/
This group has been helpful, encouraging, and informative. Check it out, and I hope to see you around here!