Women in Red Savers 2014

[seriousthistime]

Shoutouts!

Ombud -- stay in touch!  How are things going with the grandkids' expenses? Your DD and grandkids are so very lucky to have you.  Are you searching for a job, or planning to take time off?
Rocky Mtn Saver -- I'm impressed that you're talking about adjusting goals - upward!  Nice job reaching your first goal so early in the year!

Saving4Norway -- you're my hero!  You're getting very close to your goal which, as best I can tell, is for other than retirement savings.  Very impressive!  If my retirement were not included in my goals, things would look pretty bad.

DVM gone riding --- nice job with the savings!  Another Saver wanting to raise the annual goal. Excellent idea!

Sugilite -- when I see how you break out your goals, it makes me want to do the same.  Thanks for the motivation!

ambellamy -- Again, congratulations!  When is the little one due?  You are doing so well with saving.  Your EF is looking so good!

sealy -- what did you decide to do with your OT - debt payoff or savings, or a little of both?

mak -- I just noticed your retirement savings is shown as a % and not as a number included in your total.  So that means you're actually saving even more than you show.  Nice!

forwardwego -- I love how you have your EFs by category.  You and Sugilite are making me rethink how I'll track my savings for 2015. 

[sealy]

Sept 6, 2014 10:13:26 GMT -5 seriousthistime said:

Shoutouts!

sealy -- what did you decide to do with your OT - debt payoff or savings, or a little of both?

seriousthistime I haven't decided I have these options

1. Save all my extra duty checks and use my regular checks for the snowball.
2. Save my extra duty checks till the end of Dec. or my EF reaches $10,000 (not sure why this amount is stuck in my head) then begin adding my extra duty checks to the snowball system.
   
3. Keep the $1,000 EF and do it the Dave Ramsey way and just throw all my extra duty checks at the snowball.  I feel like I need more than $1,000 EF.  
4. The only thing that's not an option is to stay the way I am.  My largest bill is over $12,000 on a CC that I've been barely chipping away at and have used in a "pinch" to make payments on my car insurance.  I want to get off this debt wheel that I'm on.

another note

1.  I have my children full time now.  My ex agreed to a different schedule.  I'm wondering if I should let them know everything about the finances. For example how much I owe on each card and how we are going to get out of debt.  We had a plasectomy today to the tune of the National Anthem (song chosen by my son) as we put the only other CC I had through the shredder.  

Any advice would be appreciated.  I'm doing this alone and not sure which way to go.  

[sealy]

I'm only focusing on my EF.

sealy: 09/06/2014 $1,000 (4/5/14 $400 Goal $10,000)

Another question what is that green INFECTED box below our pictures for?  I don't want to click on it.

[Jaguar]

It's the new Zombie game, your it, now.

[seahorse]

UPDATE: Seahorse 09/07/14 $3,783.83 (01/01/14 Start $516.80 / Goal $9,100)
Diff Last Post $636.75

	01/01/14	05/21/14	09/07/14
	Goal	Previous	Current	% Saved
Christmas	$600.00	$60.00	$90.00	15.00%
Emergency	$1,000.00	$125.00	$170.00	17.00%
Buffer 1	$1,250.00	$643.73	$23.83	1.91%
Buffer 2	$1,250.00	$-	$-	0.00%
MMA	$2,500.00	$-	$1,000.00	40.00%
CD	$2,500.00	$2,318.35	$2,500.00	100.00%
TOTAL	$9,100.00	$3,147.08	$3,783.83	41.58%

[seahorse]

I'm focusing primarily on my MMA (Money Market Account). I currently have my Christmas and Emergency funds in there right now along with my other fund account to meet the 2.5K balance needed. For some reason it's easier for my to save for long term savings versus the short term savings. On the plus side the MMA is a good back up until I have my other funds saved up.

[seahorse]

sealy: I would personally go the route of the 10K emergency fund. You mentioned that 1K doesn't seem like enough and that you have 10K on the brain so I would focus on saving up 10K and then attack the debt. I love that you have a CC shredding ceremony. I plan on doing that with my extra cards when I get them paid off and having a ceremony is a nice way to say good bye to that card and to know it's not coming back!

[sealy]

Thank you seahorse. I still owe money on that card but had to shred it. I kept finding myself using it.

[forwardwego]

I'm wondering if I should let them know everything about the finances. For example how much I owe on each card and how we are going to get out of debt. We had a plasectomy today to the tune of the National Anthem (song chosen by my son) as we put the only other CC I had through the shredder.

Sealy, Good job on the CC shred, and teaching your kids. They are going to learn so much. Like how to make a change for the better... the decision to change, the plan you make, the steps you take, the occasional set back, adjusting and updating your plan when needed, and the awesome feeling of satisfaction when you are achieving a goal through your own hard work. How much you tell them probably depends on their ages. You could tell them a little and then encourage them to ask any questions they have. Might also want to ask them to keep any specifics of the family budget discussions confidential. Maybe you could have "money school", sometimes about eliminating debt, sometimes about saving or giving, or they could pick topics important to them. I included our DS and DD (they will be 30 YO next month) in our finances through the years. It has helped them, though of course they are making mistakes of their own and learning from that too. Though early on I inadvertently had our son worried that we were too poor for him to bring in something for a school project. So it is important to weigh out how to teach them without worrying them. Interesting that your son chose the national anthem considering we are a debt oriented nation 

 Another thought is a visual aid. I made the outline of a rainbow that we colored in a little bit of for every $100 progress. Our son made a poster of a thermometer and colored in to track his savings.

Seahorse Nice progress   I hope to do as well someday.

For now I have a setback. Backed my car out of the garage into DH's truck, damaging both   . Trying to chalk it up to **** happens, and not dwell. But for the first time in over 3 years I'll have a CC balance. Now more than ever I want to get those EF's up.

[Rocky Mtn Saver]

Sept 8, 2014 0:46:52 GMT -5 seahorse said:

sealy: I would personally go the route of the 10K emergency fund. You mentioned that 1K doesn't seem like enough and that you have 10K on the brain so I would focus on saving up 10K and then attack the debt. I love that you have a CC shredding ceremony. I plan on doing that with my extra cards when I get them paid off and having a ceremony is a nice way to say good bye to that card and to know it's not coming back!

There's a lot of wiggle room between $1k and $10k, though.  You tend to have an all-or-nothing approach, either sacrificing debt payment to build big savings or sacrificing savings to overpay debt paydown.  The problem is that without a balanced approach and a workable budget, the things you're kind of ignoring creep up to mess up your plan again.  Then, either your savings gets spent again or your cards get used again. 

I think you need to focus much, much more on making your monthly budget work rather than focusing so much on an arbitrary savings number.  I would suggest building a reasonable monthly automatic savings payment and a reasonable monthly automatic debt payment both into your monthly budget - then focus your energies on learning to stick to said budget. 

[Rocky Mtn Saver]

Rocky Mtn Saver 08/30 $9,117 or 91% (01/01/14 = $0; Goal = $8,000)    

Fund	2014 Goals	Jan 1st	Last Update	Current Update	% Met
Emerg Fund	$1000	$0	$1022	$1022
Roth IRA	$2000	$0	$1745	$2145
Vacation Fund	$2000	$0	$1800	$2500
Investing	$500	$0	$100	$100	20%
HSA	$2500	$0	$1915	$2075	83%
Car Fund	$1000	$0	$730	$760	76%
Insurance	$1000	$0	$405	$515	51%
Totals	$10,000	$0	$8,432	$9,117	91%

 

[forwardwego]

UPDATE Forwardwego 9/14/2014 $1110 ( 8/30/2014 $1040, Goal = $3000)

 

fund 2014	goal	current	% met	need
rental EF	1000	160	16	840
homestead EF	1200	580	48	620
Vehicle EF	800	370	46	430
total	3000	1110	37	1890

Thank you Seriousthistime for the updates and smilies   Thanks for the words of encouragement too. Designating different EF funds has helped me. Establishing a single large EF from where I stand now would seem overwhelming, and I think I'm less inclined to touch the funds this way. I'm hoping being "accountable" on this board will help me too.

Unfortunately I didn't get my EFs built fast enough to pay for a little accident... backed my car into DH's truck...ugh. Not enough to warrant an insurance claim but more than I can cover with EF, so going to charge (rats) and pay off while continuing to build these EFs. 

Sugilite nice update...I'm hoping to pick up savings momentum in November also.

Rockymountainsaver 91% of your goal is awesome

Keep up the good work savers 

[Rocky Mtn Saver]

Sept 14, 2014 20:13:27 GMT -5 forwardwego said:

 Designating different EF funds has helped me. Establishing a single large EF from where I stand now would seem overwhelming, and I think I'm less inclined to touch the funds this way.

I'm the same way, forwardwego! 

[Ombud]

We're making great strides this year!

[Jaguar]

Well I'm going to get back on the saving wagon on Oct. 31. So there won't be any updates from me till then, then look out.

[Jaguar]

I'm really serious about saving what I need to, that my next update will be completely updated. I'm in it for the long haul cause I have to get my ass out of this apartment. I decided I have to be completely honest with myself, no more money bullshitting allowed.

[Rocky Mtn Saver]

Sept 23, 2014 17:03:29 GMT -5 Jaguar said:

I'm really serious about saving what I need to, that my next update will be completely updated. I'm in it for the long haul cause I have to get my ass out of this apartment. I decided I have to be completely honest with myself, no more money bullshitting allowed.

  We're here for you!  

[Jaguar]

My biggest downfall is rare beads, BUT if I'm honest with myself I don't do anything with them once I do get them. I said NO to rare just newly found Mexican Purple Opal Beads, I actually said NO THANK YOU.

That was huge for me.

It's a step forward.

[seriousthistime]

Savers, we're approaching the end of the month.  Please get your updates in by October 2 or so.  I will do an update next weekend. 

Even if you have no savings update, do a a quick drive-by post and let us know how you're doing -- challenges, successes, and anything else you care to share. 

[forwardwego]

UPDATE Forwardwego 9/27/2014 $1200 ( 8/30/2014 $1040, Goal = $3000)

fund 2014	goal	current	% met	$$ needed
rental EF	1000	160	16	840
homestead EF	1200	620	52	580
Vehicle EF	800	420	53	380
total	3000	1200	40	1800

baby steps for now and again in October, but hopefully gaining momentum in November. 

[shopaholic814]

I'm sorry to have to do this, but I will be dropping out of the Savers race at this time, not that I have been here recently lately anyway.  My numbers are all screwed up and I have had to raid savings to pay various bills so it is just one giant mess right now.  Theres a bunch of stuff going on and we are in survival mode for the time being, and long-term savings is not a priority, unfortunately.  Maybe someday I can return to it, but for now I have to leave it.

Good Luck Savers!  Stay Strong!

[Jaguar]

shopaholic814, I understand perfectly, it's why I'm not updating till Oct. 31.

[Rocky Mtn Saver]

Rocky Mtn Saver 09/30 $10,267 or 103% (01/01/14 = $0; Goal = $10,000)    

Fund	2014 Goals	Jan 1st	Last Update	Current Update	% Met
Emerg Fund	$1000	$0	$1022	$1407
Roth IRA	$2000	$0	$2145	$2345
Vacation Fund	$2000	$0	$2500	$2850
Investing	$500	$0	$100	$100	20%
HSA	$2500	$0	$2075	$2155	86%
Car Fund	$1000	$0	$760	$840	84%
Insurance	$1000	$0	$515	$570	57%
Totals	$10,000	$0	$9,117	$10,267	103%

 

[Jaguar]

Sugilite Update - 9/30/2014 - $0 - [NEW GOAL - $10,300] =

[tobinikui]

Hi ladies - Welcome to fall! (And seriously, when did THAT happen?) Our little boy just turned three months old, and I am back to work after maternity leave.

I actually got back to work on 9/15, worked for a week, ended up in the ER, had my gall bladder out, took an unexpected/unanticipated week off to recover, and now I'm back again. Totally didn't see that coming (although it seems to be disturbingly common among postpartum women), and now I'm scraping the bottom of my vacation and sick time. Thankfully, I can apply to give up some of my pay in return for leave credits, so I am going to do that for a few pay periods. Otherwise, I'd have almost zero time! I'd be pretty happy if DH and I (and new DS) were all done with hospitals & surgeries for a good long while!!

We dug into our emergency fund a little bit while I was out on leave, which we had expected. DH is a 100% stay-at-home-dad now. We had initially planned on him working a few hours a week, but the risk vs. reward turned out not to be worth it. My pay won't really even out again until around the New Year, and I have juggled some money around a bit to make bill paying easier (and more immediate once the bill arrives). For the last year or so, our credit card bill would come in the middle of the month, but I wouldn't pay it until DH's pension check arrived on the last day of the month. I much prefer to pay things immediately, so I pulled money from our emergency fund to create a "one month in advance" fund. Now when the bill comes in, we pay it immediately. And then refill the "one month in advance" fund with the pension check. I am still counting that amount as part of our emergency fund at the moment, and long-term, I still want to bulk up our emergency fund to $20,000 - including DH's pension, that will be 6 months of luving expenses at our current standard of living. But that goal will probably take into early 2016 to complete.

I am hoping to finish out this year by not dipping into our emergency fund anymore, continue our regular automated savings, and get at least $1,000 back into our emergency fund. I am also going to start contributing to retirement again by 12/1. (We were focusing exclusively on cash savings for the last year or so to cover DH's retirement and my maternity leave.) Next year, besides the property/school taxes and starting a college fund for DS I want to challenge myself to focus exclusively on filling up that emergency fund. (That will be difficult for me, as I tend to sneak in home-improvement projects here and there!) I have decided that 1/2 of our tax refund will go to the ER fund, 1/4 to home improvement projects, and 1/4 to vacations. (Provided we even have a tax refund in the spring!) Time will tell.

Here's my tagline:
Tobinikui: 10/1/2014 $30,656.66 ($10,028.27 on 12/28/2013; Goal - $44,500)

That's a lot like 68.9% of the way there! Works for me!

[megaptera]

UPDATE

megaptera 10/3/2014 $10,710.00 [1/14/2014 $0.00 / Goal: $15,000]

I'm not sure that I will reach my goal before year's end. This time of year always kicks us in the butt.

But I'm going to be prepared for it next year.

[seriousthistime]

Update

Serious this time, $41,565, 9/26/14 ($0, 1/1/14, Goal $51,258)

No roses, yet, but I'm getting close to two roses and should be there next month. 

[seriousthistime]

Well-deserved shoutouts!

sealy -- Congratulations on the plasectomy!  Good move, and one I have not yet been brave enough to make. Does having the kids full time increase the amount of child support the other parent pays?  Whether I would fill the kids in on your finances depends on how old they are.  I agree with forwardwego on that -- age-appropriate information is good. 

seahorse -- Nice bump up in the savings! I know sometimes it's easier to save for some things than others.  I say, save for whichever of your choices is easiest.  Within limits, you can always switch things up (retirement accounts being the exception, I guess). 

forwardwego -- You're right, s*** happens! Whenever something avoidable like that happens, I try to learn from it.  When I backed out of my driveway into a truck from my neighbors' home maintenance company, I wrote a check to the company and now remember: always take notice of who is parked nearby.  So maybe make this another check on the list of driving experiences:  where is DH's truck and how do I avoid this? Baby steps are just fine. 

Rocky Mtn Saver -- That's good advice for sealy, and all of us.  I've seen in the WIRR-West thread sealy's postings about her budget, and your advice.  I'm about ready to go to the envelope method myself.  It's daunting but I'm sure it's eye-opening.  Wow!  Your savings are so impressive!  You increased your savings goal and then exceeded it!   I'm amazed and motivated.  I want to be like you when I grow up! 

Sugilite -- I like that you're taking time to assess your savings goals.  It's not motivational, I don't think, to have savings goals you won't meet.  I think it sets us up for a defeatist attitude, what's the point of saving when there's no chance to meet the goal?  I'm all for realistic revisions!

shopaholic814 -- I know from the WIRR-Midwest what you are up against.  Don't give up!  Maybe you can't save right now, but check in here often.  Don't completely lose sight of us.  When you get back to it, you will. In the meantime, you will see here that people suffer setbacks, take a break from updating, and still post here even if it's not an update.  Savings and debt payoff are not linear, you won't always save or pay off the same amount. It's situational.  Sometimes we go backwards, but success or failure here does not define us. 

tobinikui -- Nice job!  You are saving a ton of money with DH becoming the SAH parent, and he collects retirement besides!  I have to assume he's an early retiree ...  The only thing I'd consider a few years down the road is enrolling your little one in a preschool for 2 or 3 mornings a week (something to budget for).  As a former SAH parent, it was the only way I could stay sane.  

megaptera -- No worries on not meeting this year's goal.  Goals are just a target.  Does it bother you not to meet that target?  If it does, consider revising your goal downward and strive to meet something more reasonable.

[seriousthistime]

	Stars	Name	Amount Saved	Goal	% Saved	Roses	Smilies
1		ambellamy	$5,950	$17,750	33.5%
2		DVM gone riding	$8,168	$11,700	69.8%
3		FemaleSam	$9,541	$26,121	35.5%
4		forwardwego	$1,200	$3,000	40%
5		mak	$11,595	$13,700	84.6%
6	***	megaptera	$10,710	$15,000	71.4%
7		nalto	$798	$5,000	16.0%
8		Rocky Mtn Saver	$10,267	$8,000*	128.3%
9		Saving4Norway	$17,000	$20,000	85%
10		seahorse	$3,784	$9,100	41.6%
11		sealy	$400	$18,600	4%
12		seriousthistime	$41,565	$51,258	81.1%
13		shopaholic814	$8,725	$18,600	46.9%
14		Sugilite	$0**	$10,300	0.0%		****
15		tobinikui	$30,657	$44,500	68.9%

2014 Hall of Fame

Two savers who've met their goal:

Ombud  AND  Rocky Mtn Saver!

Special kudos to:

* Rocky Mtn Saver, who not only met her goal, but then increased it, and exceeded the increase!  For that, you are listed in the chart with a   and a   for the extra 25% you've saved!  You're an inspiration to us all.

** Sugilite, who's rebooted her goals and is still with us in anticipation of restarting again later this year.

*** megaptera, who's lost a bit of ground this time around, but who is still entitled to the three stars earned last time, even if  she's dipped into her savings. And

**** ditto to Sugilite, who isn't going to lose her smilies even though she's rebooting her goals. 

I tried my best to get the stars and smilies right. Let me know if I missed anyone's update or calculated stars and smilies wrong.

[forwardwego]

Thank you seriousthistime for the shout outs, stars and smilies 
And thanks for the sharing and input on the car backing. Yep, definitely working in that extra step of evaluating the surroundings better. Congrats to you having roses on the horizon 
I appreciate that the updates have stars, roses, and smilies. 3 different ways to feel motivated and 3 different ways to evaluate and plan.