M$D: 11/17/40
Meet Phil
Age: 31
Phil’s main concerns, in his own words:
My girlfriend and I moved in together almost 4 years ago. I bought the house, she paid most of the expenses. She broke up with me in December and I am trying to find my balance living alone and managing all the expenses. So far I feel like I am doing OK. I have been able to keep all of my bills current without cutting back on any of my previous savings levels. I am trying to stick to a budget, but it has been tough these first couple months. I make about $1400 biweekly base, but am on call every third week which increases my pay. My mortgage is 850 a month. My other fixed living expenses are about 2,0000. I owe about 5,000 on an auto loan that I have been using extra income to pay off. Savings-wise I have 41,000 in a Rollover IRA, 32,000 in a ROTH IRA, 18,500 in my 401K at work (3% plus 5% match), 1,800 emergency fund, and 12,000 in savings. I want to make sure I can keep up with all of my expense, but also not fall behind on debts and savings in this newly single life.
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Peter Dunn a.k.a. Pete the Planner® is an award-winning financial mind and a former comedian. He’s a USA TODAY columnist, author of ten books, and is the host of the popular radio show and podcast, The Pete the Planner Show. Pete is considered one of the foremost experts on financial wellness in the world, but he’s just as likely to talk your ear off about bass fishing.