Here’s the situation; I am a Union Pipefitter apprentice I’m 29. I make about $39.
I’m only in my 4th/10th pay period. $3.5 raise in july. And every 6 months. Till I reach ~$70h/hr
I’m putting away 4/hr into HSA plan, and 6/hr into my 401k.
I have been maxing out my ROTH IRA every year for 3 years now.
I have a acorns, fidelity brokerage account, Fundrise, and crypto.com account
Savings of-~10 k
0 debt and pay off my credit cards in full every month. With charges just to keep them active.
Here is my monthly budget so far.
Apple Music -15
Fidelity Roth IRA-500
I’m splitting rent of 2600 w/ my partner.
My weekly 40/hr net check is $900.11
How much money a month should we be saving? Rather than investing long term?
Are you asking how much you’ll need to save for baby-specific costs?
You and your partner will want to save up enough to pay the healthcare costs from pregnancy and birth. If your partner has high-deductible health insurance, the total cost will likely be somewhere between the deductible and out of pocket max for the year.
Beyond that, you’ll need to save up some additional cash to spend on new baby essentials like a car seat, bassinet/ crib, diapers, and clothes. It’s not unusual to get a lot of these items as gifts from family and friends, and you can save a ton of cash by buying other items (stroller, crib, dresser/ changing table, toys, clothes) second-hand. Some parents buy high-end new stuff and end up spending many thousands of dollars on high-end nursery furniture and baby accessories, but it’s entirely possible to furnish a nursery and get everything you need for under $1k.
Finally, you’ll need to save cash to replace your partner’s income if her maternity leave will be fully or partially unpaid. If your partner won’t be getting any kind of paid leave from her employer or the state you live in, figure out how much you’ll need to pay your bills while she’s not working. I would plan on a minimum leave of 12 weeks unless she doesn’t qualify for FMLA and will have to return to work sooner.
Please get life insurance to protect your dependents.
Do you have an emergency fund? If not, that’s the first thing you should be saving for. You want to have at least 12 months in your EF due to your career. I don’t know a union construction person who hasn’t been laid off for an extended period of time at some point in their career.