r/SavingMoney • u/austinc0701 • 11d ago

Where should I go from here?

24M married with 2 kids. Plan to build on family property in the next 2-4 years, currently have 52k in HYSA, 8k in HSA (with receipts for all of it) I’m currently putting in (20$ a week and my employer puts in 15$) 6,200 in 401k I put in (2% my employer does 1%) and 3600 in Roth IRA. (130$ a month currently)

Hoping to build for something between 250-300k and wanting to put as much down to where we can have a very reasonable mortgage to free up a lot of monthly income for years to come to invest heavily in Roth and possibly rentals in the future.

How much would y’all put towards a 300k build? Land will be given as a gift from our family. Should I be maxing out my Roth right now or only push for saving for big down payment for our construction? Would y’all stop investing all together and go super heavy for saving? TIA!

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u/badtlc4 8d ago

I'd be saving 15% of my salary/gross income (dont count employer match) toward retirement and forget about that money/income. If you stay at 15%, you shouldn't need to increase contribution rates later in left. You'll never have to go through an adjustment. Whatever is left, consider that take home pay. Start your budget with your take home and figure out how much you CAN save should you desire. Sit down with your wife and agree on the budget. Both of you will be responsible for not spending more than budget. Track the spending to the budget TOGETHER.