Hi everyone. I am 21 years old, working full time for the government as a Web Developer, and I'm looking to make the smartest decisions for my money.
Assuming I get $2100 per fortnight, my planned distributions are as follows :
- $400 for my future house downpayment
- $200 for a future car purchase (I already bought a car that I'll be holding for 3-5+ years, this will be a slow saving up for when I would need/want to buy a new car)
- $100 General savings
- $100 Travel funds
- $100 on clothing
- $300 on stocks which I'll save up to bigger amounts before actually investing to minimize brokerage costs
- About $300 for living costs
The leftovers go to my luxury fund which I can use to buy my wants.
On top of this, I'm also putting in an additional 5% to my superannuation account (Australia's equivalent to the Roth IRA), which is the maximum my employer matches, totalling to 19.5% (About $585 total) of my pre-tax salary going to my retirement fund.
Is there anything I'm forgetting, or is there anything I could improve on my current plans?