nalto
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Post by nalto on May 21, 2014 10:32:42 GMT -5
So, I'm torn. I want to save $25k for school by next August, but I don't know how to make the goal, especially since I'll technically have $0 saved at the end because as the savings grows, it'll decrease since I'll be spending it.
Any thoughts?
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Ombud
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Post by Ombud on May 21, 2014 17:40:50 GMT -5
we track our savings, not our deductions. For instance I've put aside almost $5000 for the wedding which I will pay off the beginning of next month. I will not count that as $0. I will count it as $5000 because if I didn't have it saved up I would be pulling it out of savings or an investment account.
so if the question is how to track it here, that's my suggestion. If the question is how to get the money in the first place, it would be to set a goal, save as much as possible, probably - unfortunately - have to borrow the rest
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seriousthistime
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Post by seriousthistime on May 21, 2014 18:34:24 GMT -5
Ditto to what Ombud said. I track what goes into savings, not what comes out.
I set funds aside for property taxes, insurance that I pay twice a year, and so on. I expect those funds to be completely depleted within a year. I also track funds for pet care, which goes out as quickly as it goes in. For retirement, those funds go in and stay in. Eventually, they will go out, of course. Also, sometimes I borrow from one savings account to put extra into another. So it's a whole lot easier to just track what goes in.
How boring would it be if we set money aside for vacations and never used it?
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mak
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Post by mak on May 22, 2014 8:03:39 GMT -5
tobinikui - Bummer on DH's surgery. My DH had disk fusion 3 weeks after DS was born. It was not a fun experience for me, but then DS was our 3rd and I had a very rough pregnancy, so I was still recovering and then trying to take care of everyone! It was necessary and DH is much better now. We all survived! Good luck!
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nalto
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Post by nalto on May 22, 2014 10:22:57 GMT -5
Ombud and seriousthistime-
I guess that's my problem: I'll be saving like crazy every month, but because I'll be spending out of that savings every 4 months or so, it doesn't feel like I'm gaining any ground.
Maybe I'll break my goal into 4 or 5 little ones...one for first semester, one for the second, etc...
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Rocky Mtn Saver
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Post by Rocky Mtn Saver on May 22, 2014 12:06:12 GMT -5
Ombud and seriousthistime- I guess that's my problem: I'll be saving like crazy every month, but because I'll be spending out of that savings every 4 months or so, it doesn't feel like I'm gaining any ground. Maybe I'll break my goal into 4 or 5 little ones...one for first semester, one for the second, etc... They're called 'sinking funds', and there's nothing wrong with them. At least 2 of my categories are sinking funds. We save money not for the sheer thrill of rolling around in our cash, but to eventually spend that money on things that are important.
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megaptera
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Post by megaptera on May 23, 2014 17:52:31 GMT -5
UPDATE
megaptera 5/23/14 $11,775.00 [1/4/14 $0.00 / Goal: $15,000]
Have a great weekend!
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seriousthistime
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Post by seriousthistime on May 23, 2014 21:21:58 GMT -5
I just typed a whole new table from scratch, and then lost it. I have the info on Excel but don't have the codes to put at the beginning and end so the table doesn't import to Proboards. Does anyone have a copy of an Excel table they would PM me or at least let me know the codes I need to put at the beginning and end so I don't have to type in every category, goal, amount saved, and % saved?
For now, here's my tag line:
Serious this time, $23,050, 5/23/14 ($0, 1/1/14, Goal $51,258)
That's 45% saved. If it weren't for retirement my figures would be looking pretty unimpressive. But when I update the amounts saved (forget about the amounts spent in those categories) I don't feel like quite the walking financial disaster that I consider myself to be.
I have interim goals for my 401(k) -- where I want to be at particular dates. My next date with a goal attached to it is the end of June. If things keep up with the stock market as they are, I may make my June 30 goal. I have a more conservative allocation than just all stocks; it's really more like 50% stocks and 50% bonds/cash. At my age, I like to be able to sleep at night, and at that allocation I have a tolerable allocation of risk vs. return. I also have other retirement funds, some of which are in stocks and others that are in bonds. It's been a while since I totaled them up to see how I'm doing overall. The Roth is earmarked for eventual moving expenses, and the others (at various brokerages) are earmarked for the transition to retirement while waiting for my pension payments to start.
Happy Savings to all! Have a great weekend. Anyone going to the Indy 500? I've lived within a few hours of the racetrack for almost 30 years, and have never been.
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Jaguar
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Post by Jaguar on May 26, 2014 19:56:28 GMT -5
Sugilite Update
PME FUND | GOALS | CURRENT | % SAVED | WOO HOO | 1ST | $443 | $340 | 77% | ? | 2ND | $443 | $- | 0.00% | ? | 3RD | $443 | $- | 0.00% | ? | 4TH | $443 | $- | 0.00% | ? | 5TH | $443 | $- | 0.00% | ? | 6TH | $443 | $- | 0.00% | ? | 7TH | $443 | $- | 0.00% | ? | GRAND TOTAL | $3101 | $340 | 11% | ? |
Sugilite - 5/28/2014, $340 - [GOAL - $3101]
Onward & Upward I Go
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DVM gone riding
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Post by DVM gone riding on May 28, 2014 15:45:39 GMT -5
Totally spaced on posting the last two months. Good thing savings is basically on auto pilot!! Not really sure where my brain went. So excited for summer to be here but it will go by so fast!
dvm07 5/28/14 3383.08 (1/1/14=$0 Goal=$12,700)
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Ombud
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Post by Ombud on May 31, 2014 21:01:23 GMT -5
And won't that be a wonderful feeling!
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ilovedolphins
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Post by ilovedolphins on Jun 1, 2014 18:25:00 GMT -5
We automatically save so no issue there. But I was using the credit card to much, would just buy what I wanted, then paying large amounts. We have the money to pay it but that way I spent more then I realized.
So I'm going back to debit card and cash or paypal. Now I look at my bank accounts each morning and know what I have spent and what is left, no more $1000 surprises, its already working remarkably well. I will lose my money back each year but I will spend less to. The way we used to do and I'm going back to it more.
I wouldn't use paypal at all except we order a lot over the net and we keep getting fraud on our credit cards so I'm reducing the use of it period. This is me exactly. I want to get back to just using cash or my debit card. I have a business Paypal card so I can get 1% back on purchases with it.
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Ombud
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Post by Ombud on Jun 1, 2014 21:39:26 GMT -5
May Progress via Droid: | Stars | Racer Name | Current | Goal | % Saved | Roses | Smilies | 1 |
| ambellamy | $6352 | $16,750 | 38% | | | 2 | | Antivasin | 535 | $1000 | 54% | | | 3 | | DVM gone riding | 3383 | $12,700 | 27% | |
| 4 | | FemaleSam | 4918 | $26,121 | 19% | | | 5 | | Grits | 3290 | $12,250 | 27% | | | 6 | | HappyCat | 800] | $4000 | 20% | | | 7 | | Idlechatter | 685 | $11,500 | 6% |
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| 8 | | Mak | $4310 | $13,700 | 31% | | | 9 | | megaptera | $11775 | $15,000 | 79% | | | 10 | | murpath | $3500 | $17,000 | 21% | | | 11 | | nalto | $9848 | $20,000 | 49% | | | 12 | | Ombud | $9193 | $10,000 | 92% | | | 13 | | Rocky Mtn Saver | $6032 | $8000 | 75% | |
| 14 | | Saving4Norway 2014 | $13,000 | $17,000 | 76% | | | 15 | | Seahorse | $3147 | $9100 | 35% |
| | 16 | | Sealy | $400 | $10,000 | 4% | | | 17 | | seriousthistime | $23,050 | $51,258 | 45% | | | 18 | | Shopaholic | $8725 | $18,600 | 47% |
| | 19 | | Sugilite | $340 | $3640 | 9% | | | 20 | | Teachermom | $9,048 | $138,850 | 7% | | | 21 | | Tobinikui | $19,598 | $45,200 | 43% | | | |
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Jaguar
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Post by Jaguar on Jun 1, 2014 21:42:30 GMT -5
WOO HOO we are all moving on up, go peeps.
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Ombud
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Post by Ombud on Jun 1, 2014 22:39:26 GMT -5
Those in bold entered April or May updates. Others lost interest Those who haven't posted anything in more than 3 months won't be updated via DROID but will remain in my desktop file ~~ of course if they aren't reading this they won't know
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Jaguar
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Post by Jaguar on Jun 2, 2014 20:35:47 GMT -5
Well my June 30th Update is going to be a blow out. So I'm putting the whole she-bang extra towards my goal. I'm focused on reaching the 50% mark by Oct. 31.
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Saving4Norway
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Post by Saving4Norway on Jun 7, 2014 23:10:42 GMT -5
Fund | 2014 Goals | Last Month | This Month | % Met | Roses | Denmark | $2,500 | $2,500 | $4,000 | 160% | March | Sisu | $2,000 | $2,000 | $2,000 | 100% | March | Vehicles | $2,000 | $2,000 | $2,000 | 100% | March | Harley Trip | $2,000 | $500 | $2,000 | 100% | June | Gifts&Donations | $1,500 | $500 | $1,000 | 67% | | Vacay Property | $1,500 | $500 | $1,000 | 67% | | Palm Springs | $500 | $500 | $500 | 100% | January | Cultural | $500 | $0 | $500 | 100% | April | Christmas 2014 | $500 | $0 | $0 | 0% | | Oleana | $500 | $0 | $0 | 0% | | Quilting | $500 | $0 | $0 | 0% | | Home Improvement | $3,000 | $0 | $0 | 0% | | TOTAL | $17,000 | | $13,000 | 76% | |
Saving4Norway 6/7/14 $13,000 (12/22/13 $4,000 / Goal $17,000)
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shopaholic814
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Post by shopaholic814 on Jun 11, 2014 6:31:55 GMT -5
Hi everyone! I have a question about a topic you were discussing earlier. If you guys don't keep track of the money that gets spent out of your various sinking funds, how do you keep accurate spreadsheets? I have a hard enough time breaking down the lump sum savings account into various funds (insurance, medical bills, Cmas) let alone try to keep separate track of the amount that goes in but doesn't go out. Am I making this too difficult on myself? In other excellent news, my parents owed my uncle a large sum of money from a few years ago that they tried paying him back a couple weeks ago. He told them that when he loaned it to them, he never intended to ask for repayment, and he told them to give it to me! I tried not accepting it, it seemed too much to fathom, but my Mom said that her brother was adamant that I take it. My uncle is a major loner, he works 6-7 days a week, is unmarried, & only stays in touch with my grandparents, he doesn't even really talk to his siblings. I probably haven't seen him in 16-17yrs., so it was really hard for me to take this gift from him, it didn't feel right. But after talking with my grandparents about it, they convinced me to accept it and DH & I made a huge payment on our student loans last week!!! It feels great to have that bill decreased, especially since DH will be finishing his Masters at the end of August and the loan payments will come due on that soon after. Granted, we still owe $18K on the first set of loans and will owe another $15K or so on his Masters, but its still much better now with that gift from my uncle.
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seriousthistime
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Post by seriousthistime on Jun 11, 2014 7:24:42 GMT -5
Wow! What a windfall, shop!
Is your uncle a loner by choice? Would he like to be included in more family events or stay in closer contact? If so, this is your chance to make that happen by you calling him to invite him in some family gatherings. At the least, I would write him a thank-you note, send pics of yourself, DH, and the boys, and reach out to him. As people get older, they mellow out and family becomes more important when it didn't matter so much in the past.
Since your uncle is adamant that you take the money, I'd reach out to him.
As far as your question about how to track deposits only, and not withdrawals, I update with each paycheck where I deposit money into savings. I just take my balances before the paycheck, add the deposits made with that paycheck, and voila! I have a spreadsheet for it.
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Rocky Mtn Saver
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Post by Rocky Mtn Saver on Jun 11, 2014 8:15:30 GMT -5
Shop, I do keep track of what goes in and out of a few sinking funds, in my own general catch-all financial spreadsheet. But it's pretty basic - three columns on an Excel page: Additions, Expenses, Running Balance. I may add short notes about what large-ish expenditures covered or additions out of the ordinary. That's about all I've found I needed for most of my sinking funds (vacation, car/insurance expenses, HSA, etc).
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Ombud
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Post by Ombud on Jun 11, 2014 8:26:14 GMT -5
On my spreadsheet I only track additions. It looks nothing like the bank balances as some items have been withdrawn. Columns are:
Goal Previous amt Added Amt still needed % saved
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nalto
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Post by nalto on Jun 11, 2014 10:46:43 GMT -5
EDIT:
nalto 6/11/14 $91.09 (Start=$91.09 / Goal=$5000)
So I've decided to start all over. My previous goal definitely helped me get ready for school, but there's just been so many changes. My hope is to hit this goal by the end of the year!
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Ombud
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Post by Ombud on Jun 11, 2014 18:54:59 GMT -5
| Stars | Racer Name | Current | Goal | % Saved | Roses | Smilies | 1 |
| ambellamy | $6352 | $16,750 | 38% | | | 2 | | Antivasin | 535 | $1000 | 54% | | | 3 | | DVM gone riding | 3383 | $12,700 | 27% | |
| 4 | | FemaleSam | 4918 | $26,121 | 19% | | | 5 | | Grits | 3290 | $12,250 | 27% | | | 6 | | HappyCat | 800] | $4000 | 20% | | | 7 | | Idlechatter | 685 | $11,500 | 6% |
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| 8 | | Mak | $4310 | $13,700 | 31% | | | 9 | | megaptera | $11775 | $15,000 | 79% | | | 10 | | murpath | $3500 | $17,000 | 21% | | | 11 | | nalto | $91 | $5000 | 2% | |
| 12 | | Ombud | $10,083 | $10,000 | 100% |
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| 13 | | Rocky Mtn Saver | $6032 | $8000 | 75% | |
| 14 | | Saving4Norway 2014 | $13,000 | $17,000 | 76% | | | 15 | | Seahorse | $3147 | $9100 | 35% |
| | 16 | | Sealy | $400 | $10,000 | 4% | | | 17 | | seriousthistime | $23,050 | $51,258 | 45% | | | 18 | | Shopaholic | $8725 | $18,600 | 47% |
| | 19 | | Sugilite | $340 | $3640 | 9% | | | 20 | | Teachermom | $9,048 | $138,850 | 7% | | | 21 | | Tobinikui | $19,598 | $45,200 | 43% | | |
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Ombud
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Post by Ombud on Jun 11, 2014 18:58:34 GMT -5
Next month will look different. For instance: I will be listed below the table as I've met my goal.
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seriousthistime
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Post by seriousthistime on Jun 12, 2014 7:18:36 GMT -5
I have an update and will get it in this weekend.
So things are pretty tight this biweekly pay period. Lots of larger automatic bills hit during this time (cable/internet, cell phone, budget-billed utilities, etc.). It's just the way this pay period is. The next pay period will be easy, comparatively speaking. So I've been watching my spending because I know I'm going to cut it close. The other day I was thinking of spending $1 on something; can't remember what it was. But I thought instead about taking that $1 and putting it in my coin bucket instead. As it turned out, I talked myself out of the purchase. And I put $1 in the change bucket.
I wonder if I am becoming a cheapskate. Or maybe I am just someone who's contemplating retirement in a few years and am simply learning to be more careful with my money. Does anyone else catch themselves in ridiculous situations like this?
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nalto
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Post by nalto on Jun 12, 2014 10:23:55 GMT -5
You're not alone. I do that all the time. Sure, sometimes it can be a little silly (if I want a candy bar from a machine for $1, it's not going to kill my retirement) but I'd rather be a little "cheap" when it comes to saving than not have enough savings. I guess I see it as a good mindset to be in-sometimes it'll be over the top, but for the most part it keeps me in good financial shape.
Of course, this all goes without saying that you're not depriving yourself, or miserable with your life because of saving.
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seriousthistime
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Post by seriousthistime on Jun 15, 2014 14:51:23 GMT -5
Serious this time, $25,089, 6/6/14 ($0, 1/1/14, Goal $51,258)
I keep seeing "needs" I should be setting aside some money for.
My computer is a 2006 Mac desktop. The hard drive has already been replaced once. I would really like to have the funds to replace it with a Mac laptop before it crashes again.
Setting aside money for travel is another "need." I am traveling more these days than I used to. I have two kids who live 2000 miles away now, plus friends and family who live 1000 miles away in the opposite direction. I was fortunate with my last airline ticket not to have to use a CC even for the short-term. Not sure I'll be as fortunate next time. I've got to buy another ticket soon, and am trying to follow the guidelines all the travel sites recommend: buy about 63 days in advance, try to buy on Tuesday or Wednesday, etc.
Anyone else have any tricks?
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Jaguar
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Post by Jaguar on Jun 20, 2014 17:40:45 GMT -5
Well I done a little bit of shopping cause I hit some sales on some much needed items. So I won't be as far ahead as I wanted but I'll still be going forward.
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Jaguar
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Post by Jaguar on Jun 20, 2014 20:04:33 GMT -5
Sugilite Update ~
PME FUND | GOALS | CURRENT | % SAVED | WOO HOO | 1ST | $443 | $443 | 100% | | 2ND | $443 | $107 | 24% | ? | 3RD | $443 | $- | 0.00% | ? | 4TH | $443 | $- | 0.00% | ? | 5TH | $443 | $- | 0.00% | ? | 6TH | $443 | $- | 0.00% | ? | 7TH | $443 | $- | 0.00% | ? | GRAND TOTAL | $3101 | $550 | 18% | ? |
Sugilite - 6/22/2014, $550 - [GOAL - $3101]
Onward & Upward I Go
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nalto
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Post by nalto on Jun 21, 2014 9:42:53 GMT -5
nalto 6/11/14 $634.41 (Start=$91.09 / Goal=$5000)
Did some rearranging of the budget to get going. I'll admit, I've been fairly lax when it comes to saving and being smart/frugal with my money lately. This quote inspired me to get off my rear and get it into gear: "I would be unstoppable if I could just get started." Well, I decided to get started!
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