[USER]

Hello,
I am 36 years old with two little ones, Roth IRA is at $56k. Annually I make $68k before taxes, $21,600/ year child support but i dont count that as my income because its not going to be forever—i see it as my daughter’s’ money, and $11,568/year VA disabilty.

How can I boost my savings, investments etc with this income? It seems almost impossible. Husband and i split bills down the middle.

Annual raises are 3% but not guaranteed my job relies on the “good” outcomes of other people.

Not maxing out Roth at the moment $100/month
Expenses are $3,321/month

Childcare is taken care of by mother in law

I cook at home everyday, we eat leftovers.

[Rick]

After all possible tax deductions, could you qualify for the Savers Credit?

[Sonja]

I hear you. Two options: Spend less. Make more. Save the difference. Make sure you have at least 6 months expenses set aside for emergencies.

A Money Market Fund has a decent rate of return for money you’ll need in 5 years or less.

If you can handle risk, set the Roth investments to aggressive growth to accumulate wealth but also assuming you won’t touch it for 15 years+ because it needs time to get there.

[Ruby]

We’d need more info. What do your expenses look like?
I’d create a good budget to cut on expenses wherever I can, and try to increase income to have an emergency fund, max out IRA and move to a duplex that can pay your mortgage. (But, this without knowing more details)

Bank bonuses help, specially cause you can do them from home.

[Rebekka]

More details can get you more specific recommendations. Do you know your credit, and have a plan to improve it if needed? Is there money left over at the end of the month?

Any income streams you could add….etc

[Justin]

So, you are making 68k plus 21k plus 11,600. that’s $100,000 and you don’t have childcare expenses that is actually really really good.

Childcare is to cover the expenses of the child which you basically have completely covered for free.

We have two kids their clothes and food add up to hardly anything.

What does your husband earn?

[Travis]

Married? Single parent?
Sometimes you can only do so much. The best thing you can do is to move the needle at least a little bit every year.

Got a 3% raise? Bump up your 401K contribution by 2%.

Learn to make more at your job. Cook more meals at home. Compound interest is super slow in the beginning but amazing after 40 years.

So are we as we learn and grow and become our best selves.

[Rebe]

I saw your additional info. From those numbers you are in a really good situation. Have you tried a budgeting app like YNAB that assigns every dollar to a specific use?

Then you can see why it feels like you don’t have anything left over when you really should have thousands to assign to savings.

[Paul]

You’re not as far behind as you might think you are
$400/month including the 401k amounts to over $2,000,000 by 67.

Just do what you can.

[Amethyst]

It’s actually easier to make more than to spend less at the level you’re at.

[Author]

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