teachermom
Familiar Member
Joined: Dec 20, 2010 21:34:17 GMT -5
Posts: 660
|
Post by teachermom on Mar 23, 2016 17:43:55 GMT -5
Yikes! Made the decision to deplete all my savings and pay off debt with it and my tax return.....feeling way better about my situation that way but don't like no savings....time to build the EF again. Not sure how I should record it as I did save it, just used it......complicated.  Suggestions? Teachermom |
|
seriousthistime
Junior Associate
Joined: Dec 22, 2010 20:27:07 GMT -5
Posts: 5,199
|
Post by seriousthistime on Mar 23, 2016 18:26:48 GMT -5
Record it as savings, teachermom. All savings is meant to be spent eventually, even retirement savings. You did the tough work which has put you in a position to pay off some debt. Don't discourage yourself by not counting it.
Many of us count just money going into savings, but not money going out.
|
|
shanendoah
Senior Associate
Joined: Dec 18, 2010 19:44:48 GMT -5
Posts: 10,096 
Mini-Profile Name Color: 0c3563
|
Post by shanendoah on Mar 24, 2016 10:22:13 GMT -5
teachermom - I agree with seriousthistime. Count the money as saved. Because you saved it. Yes, you then spent it. But that is what you have savings for! To spend it. (I know, it seems counter-intuitive, but it is true.) In your case, using your savings to reduce your debt will actually make it easier for you to save more money in the future. And the money you save in the future you will spend to keep you out of more debt, and on and on the circle goes.
So, congratulations on being able to pay off debt. 
|
|
seriousthistime
Junior Associate
Joined: Dec 22, 2010 20:27:07 GMT -5
Posts: 5,199
|
Post by seriousthistime on Mar 25, 2016 8:59:23 GMT -5
Update
| Goal | Added | 3/25/16 | % Saved | Roses | | Travel | $1,500 | $60 | $481 | 32.1% | | | Moving fund | $1,500 | $0 | $75 | 5.0% |
| | Pet care | $3,120 | $120 | $720 | 23.1% |
| | Weekly savings | $2,028 | $78 | $468 | 23.1% |
| | Total | $8,148 | $258 | $1,744 | 21.4% |
|
I brought some items to the home consignment store last week. I hope I sell at least a few of them. If I do, the money is going straight to the moving fund, which has been languishing lately. I have been trying to lose a few pounds, and in the process save some money. Eating healthy isn't necessarily conducive to saving money, I find. BUT -- the other night after a hard day at work I almost stopped at the store and bought a bottle of wine. I was like Dory in "Finding Nemo" -- just keep driving! Don't stop at the store. Don't stop. Don't stop. I passed at least three stores where I could have bought wine. But I just focused on getting home and kept driving. Saved $10 and did my liver and brain cells a favor. The scale also registered a half pound loss the next morning. Triple win!
|
|
scrgrl47
Initiate Member
Joined: Jun 5, 2014 21:24:44 GMT -5
Posts: 78
|
Post by scrgrl47 on Mar 25, 2016 10:37:49 GMT -5
Update! scrgrl47 03/25/16 $15,640 (Goal: $43,050)
Go savers!   | Fund | Last Update
| Change
| Current Balance
| Goal
| % Complete
| | College_1 | $200 | $100 | $300 | $1,200 | 25% | Rowing
| $220
| $100
| $320
| $1,200
| Mom
| $250
| $125
| $375
| $1,500
| 25%
| '17 Deduct
| $300
| $150 | $450
| $2,000
| 22.5% | Vacations
| $400
| $200 | $600 | $2,400 | 25% | HSA
| $515 | $258 | $773 | $3,350 | 23.1% | Car
| $900 | $450 | $1,350 | $5,400
| 25%
| Retirement
| $1566 | $281
| $1,847 | $7,500 | 24.6% | LT Savings
| $3,659 | $5,965 | $9,625 | $18,500 | 52% | | Total | $8,010 | $7,630
| $15,640
| $43,050 | 36.3%
|
|
|
scrgrl47
Initiate Member
Joined: Jun 5, 2014 21:24:44 GMT -5
Posts: 78
|
Post by scrgrl47 on Mar 25, 2016 10:50:18 GMT -5
forwardwego - you asked about the consistent savings %s...everything but the LT Savings category is on auto-pull and divided equally through the year by pay period so it'll keep creeping up by ~8% a month. All "found" money like bonus goes into LT savings so that's more variable. I'm kind of hoping my promotion goes through soon so I can bump that one up. It's empowering to be single and fully accountable for my financial health and I know there can be MANY difficulties to sharing a financial life with another independent human but every once in a while, my fantasy brain goes to a place where I could actually have help saving for a house down payment or just have some flexibility. Adulting is hard.
|
|
forwardwego
Well-Known Member
Joined: Dec 22, 2010 3:54:23 GMT -5
Posts: 1,400
|
Post by forwardwego on Mar 25, 2016 14:06:32 GMT -5
UPDATE 3/25/2016 $2805 (goal $15400) | 2016 FUND | Present | Goal | % Met | $$$ Needed | | Homestead EF | 1470 | 2000 | 73 | 530 | | Vehicle XF | 500 | 1500 | 33 | 1000 | | Medical XF | 60 | 1500 | 4 | 1440 | | Travel | 20 | 1000 | 2 | 980 | | SL Payoff | 260 | 5000 | 5 | 4740 | | DD Wedding Pt 1 | 50 | 2000 | 2 | 1950 | | Rusty J Boxer Pt 1 | 100 | 1000 | 10 | 900 | | Weekly Challenge* | 345 | 1400 | 24 | 1055 | | TOTALS | 2805 | 15400 | 18 | 12595 |
*Weekly challenge/53 Friday summary| 1 | 2 | 3 | X | 5 | 6 | 7 | 8 | 9 | X | | 11 | 12 | 13 | X | X | X | 17 | 18 | 19 | X | | 21 | 22 | 23 | X | 25 | 26 | 27 | 28 | 29 | X | | 31 | 32 | 33 | 34 | 35 | 36 | 37 | 38 | 39 | X | | 41 | 42 | 43 | 44 | 45 | 46 | 47 | X | 49 | X | | 51 | X | 22 |
|
|
|
|
|
|
|
Another inch along ETA: scrgrl47 Nice work having your savings automated, this is a goal for me (at present only two are automated), especially with retirement horizon not too far out. teachermom I thought there was a saver who had a table that recorded money spent, but I've scanned a bit and don't find it. Maybe one of the other WIR savers can help with this. This is a very pivotal time for you. It will be wonderful to get the CC's off your back. |
|
teachermom
Familiar Member
Joined: Dec 20, 2010 21:34:17 GMT -5
Posts: 660
|
Post by teachermom on Mar 28, 2016 10:07:07 GMT -5
forwardwego I have a spent column on my spreadsheet....I can make it work. Just didn't "spend" it for what I saved it for is all. Anyway.....down to 1 card left to pay off.....snowballing it and should have it paid off this summer at the latest and then I can focus on saving and paying off my car. I plan on driving it to 300,000+ miles (boyfriend is great at the maintenance!)....another 3-5 yrs....so will give me time to save for my next vehicle. Teachermom
|
|
TheHaitian
Senior Associate
Joined: Jul 27, 2014 19:39:10 GMT -5
Posts: 10,144
|
Post by TheHaitian on Mar 28, 2016 12:41:03 GMT -5
I am ready to update but have a question... My savings was at $9,600... We had some unforeseen expenses and used $1,600 of that and it went back down to $8,000
So when I update, should I put $8,000 or $9,600? First world problem!
|
|
teachermom
Familiar Member
Joined: Dec 20, 2010 21:34:17 GMT -5
Posts: 660
|
Post by teachermom on Mar 28, 2016 12:53:44 GMT -5
TheHaitian Just keep adding to your savings.....we all spend it sometimes as everyone has been telling me....that is what is it for. So.....ready to get started selling stuff again.....tonight....I am going home and taking pictures!! Need to get my EF going again. Wish me luck!! Teachermom
|
|
TheHaitian
Senior Associate
Joined: Jul 27, 2014 19:39:10 GMT -5
Posts: 10,144
|
Post by TheHaitian on Mar 28, 2016 12:59:08 GMT -5
TheHaitian Just keep adding to your savings.....we all spend it sometimes as everyone has been telling me....that is what is it for. So.....ready to get started selling stuff again.....tonight....I am going home and taking pictures!! Need to get my EF going again. Wish me luck!! Teachermom So when I update total should be $9,600 not $8,000? I think like you I will add a column for spent money. |
|
teachermom
Familiar Member
Joined: Dec 20, 2010 21:34:17 GMT -5
Posts: 660
|
Post by teachermom on Mar 28, 2016 13:04:54 GMT -5
TheHaitian Yes....that is what I would do. You still saved....you just used some for a purpose. Teachermom
|
|
seriousthistime
Junior Associate
Joined: Dec 22, 2010 20:27:07 GMT -5
Posts: 5,199
|
Post by seriousthistime on Mar 28, 2016 19:57:23 GMT -5
HI Savers,
Smilies and shoutouts for the month of March are soon due. April 1 (no joke) is on Friday. Could you please get all updates posted by the morning of April 2?
forwardwego and I will get things updated this weekend.
Thank you!
|
|
TheHaitian
Senior Associate
Joined: Jul 27, 2014 19:39:10 GMT -5
Posts: 10,144
|
Post by TheHaitian on Mar 28, 2016 23:50:29 GMT -5
The Haitian 3/29/16 ----> $13,469.82 / $50,000.00As I stated above, we used $1,700 from our savings for some unforeseen expenses. Hopefully MURPHY can stay away for a bit, I need new brakes and what not for my car. Slowly and surely saving... My wife turned down the 2015 IRA contributions because having access to that money gives her some re-assurance. MURPHY only helped reinforce that need! Account | Account Goal | Account Balance | Spent Money | Total Balance | Difference | % Saved | | Savings | $13,500.00 | $8,000.00 | $1,700.00 | $9,700.00 | $3,800.00 | 59% | | C Retirement | $18,000.00 | $2,028.26 | $0.00 | $2,028.26 | $15,971.74 | 11% | | P Retirement | $7,500.00 | $1,741.26 | $0.00 | $1,741.26 | $5,758.44 | 23% | | C Roth IRA | $5,500.00 | $0.00 | $0.00 | $0.00 | $5,500.00 | 0% | | P Roth IRA | $5,500.00 | $0.00 | $0.00 | $0.00 | $5,500.00 | 0% | | TOTAL | $50,000.00 | $11,769.82 | $1,700.00 | $13,469.81 | $36,530.18 | 24% |
|
|
teachermom
Familiar Member
Joined: Dec 20, 2010 21:34:17 GMT -5
Posts: 660
|
Post by teachermom on Mar 29, 2016 15:35:09 GMT -5
TheHaitian Great job with savings! 24%....right on track for first qtr. Sounds like the wife is getting on board with having an EF, saving, etc. and not spending. That is good when you can both be on the same page. I never had that when I was married. Been single almost 19 yrs....dating for the first time and in a serious relationship. We are finishing up FPU and have monthly budget meetings eventhough we each have our own budget, households, etc. Helping each other be accountable and are on the same page....if and when we decide to marry.....will be much easier this time around!! Teachermom
|
|
movinonup
Established Member
Joined: Feb 7, 2013 7:44:03 GMT -5
Posts: 318 
|
Post by movinonup on Mar 29, 2016 17:56:20 GMT -5
TheHaitian If you have an existing Roth IRA you can withdraw the contributions without penalty provided the account has been open for at least 5 years. I'm pretty sure t he 5 year requirement is not that the contribution has been in the account for that period of time, only that the account is open for that time. This means that if you make a contribution today, you can withdraw it in three months without penalty, as long as the account was opened at least 5 years ago, if I am correct in my interpretation of what I have read in the past. -movinonup
|
|
shanendoah
Senior Associate
Joined: Dec 18, 2010 19:44:48 GMT -5
Posts: 10,096
Mini-Profile Name Color: 0c3563
|
Post by shanendoah on Mar 30, 2016 10:02:18 GMT -5
shanendoah: 3/30/16 $1,850 (Goal: $7,250)
| Current | Goal | % | | Launch Fund | $350 | $1,250 | 28.0% | | Family Savings | $1,500 | $6,000 | 25.0% | | Total | $1,850 | $7,250 | 25.5% |
Turns out our savings won't take a hit this month. Thanks to paying on 2 primary mortgages for 4.5 months, and the mortgage insurance deduction, we actually don't owe taxes. We're getting over $900 back. Which I think means I need to adjust withholdings, because really, we had capital gains income which should have wiped out any refund we were getting last year.
Also, I know I am an adult, and a boring one at that, because I am EXCITED about doing taxes next year. Why? Because they will be EZ again (okay, no, we won't be using an EZ form, it will still be the A) because there will be no rental property, no capital gains, no buying and selling a house, just one job. I can buy the cheapest version of TurboTax next year, OR, not even use TurboTax, just go back to doing my taxes completely on my own. So ridiculously excited for that.
We still need to schedule the people to come and put in the new gas line for the water heater. C forgot to ask about the stove, so may have to have them out for a second estimate for that.
Otherwise, still just plodding along, adding to savings on schedule. I did schedule a transfer out of our credit union savings to our high yield savings account today so that will be earning a little more interest. |
|
Deleted
Joined: Dec 1, 2024 16:05:44 GMT -5
Posts: 0
|
Post by Deleted on Mar 31, 2016 8:52:00 GMT -5
Update for April. | Fund | 2016 Goal
| Current | Needed | % Comp.
| 2016 Roth
| $5500
| $5500 | $0 | 100.00% | 2017 Roth
| $5500 | $2300 | $3200 | 41.82% | Replacement Car
| $3600 | $3600 | $0 | 100.00% | | College | $2400 | $800 | $1600 | 33.33% | | Vacation | $3000 | $2145 | $855 | 69.17% | Pr. High School
| $1000 | $1000 | $0 | 100.00% | Car Maint
| $1000 | $675 | $325 | 60.00% | | Christmas | $1000 | $1000 | $0 | 100.00% | Sea Base
| $500 | $500 | $0 | 100.00% | Y Membership
| $500 | $500 | $0 | 100.00% | | Total | $24000 | $18020 | $5980 | 75.08% |
|
|
snapdragon
Senior Member
Joined: Dec 20, 2010 14:56:55 GMT -5
Posts: 3,005
Mini-Profile Background: {"image":"","color":"e1f6f8"}
Mini-Profile Name Color: cd78d4
|
Post by snapdragon on Mar 31, 2016 11:36:27 GMT -5
Car/House $ 500.82 / $1500 Savings $ 1441.21/ $4000 Travel $ 3083.50 / $4500 New Totals $ 5025.53 / $10,000 Snapdragon 4/01/16 --- $5025.53 / $10,000
Neat I hit the 50% mark.  |
|
megaptera
Established Member
Joined: Jul 30, 2012 16:50:18 GMT -5
Posts: 338
|
Post by megaptera on Mar 31, 2016 11:42:20 GMT -5
UPDATE
megaptera: 3/31/2016 $11,645 [1/1/2016 $0.00 / Goal: $19,500]
| Savings | Current | Goal | % | | Land | $5,395 | $12,000 | 45% | | Car | $3,000 | $3,000 | 100% | | House | $3,000 | $3,000 | 100% | | Christmas | $250 | $1,500 | 17% | | Total | $11,645 | $19,500 | 60% |
Another huge check written out to the county for their permitting fees.  (But I'm not tracking the withdraws here.) And we're still not done. 
|
|
Ombud
Junior Associate
Joined: Jan 14, 2013 23:21:04 GMT -5
Posts: 7,603
|
Post by Ombud on Mar 31, 2016 16:04:32 GMT -5
April 1st update with 2+ weeks to go on the 2nd job so trying to get most done. FWIW training for elections dept temp job 4/30/16 ♤ 2016 Roth: 5075 of 6500 ♡ Walkway (due May): 2050 of $2600 ◇ Solo vacation: 250 of 2000 OMBUD $7375 (1/1/16 $0, Goal $11,100)  |
|
forwardwego
Well-Known Member
Joined: Dec 22, 2010 3:54:23 GMT -5
Posts: 1,400
|
Post by forwardwego on Apr 1, 2016 4:42:32 GMT -5
UPDATE 4/1/2016 $2856 (goal $15400) | 2016 FUND | Present | Goal | % Met | $$$ Needed | | Homestead EF | 1500 | 2000 | 75 | 500 | | Vehicle XF | 500 | 1500 | 33 | 1000 | | Medical XF | 60 | 1500 | 4 | 1440 | | Travel | 20 | 1000 | 2 | 980 | | SL Payoff | 260 | 5000 | 5 | 4740 | | DD Wedding Pt 1 | 50 | 2000 | 2 | 1950 | | Rusty J Boxer Pt 1 | 100 | 1000 | 10 | 900 | | Weekly Challenge* | 366 | 1400 | 26 | 1034 | | TOTALS | 2856 | 15400 | 18 | 12544 |
*Weekly challenge/53 Friday summary| 1 | 2 | 3 | X | 5 | 6 | 7 | 8 | 9 | X | | 11 | 12 | 13 | X | X | X | 17 | 18 | 19 | X | | X | 22 | 23 | X | 25 | 26 | 27 | 28 | 29 | X | | 31 | 32 | 33 | 34 | 35 | 36 | 37 | 38 | 39 | X | | 41 | 42 | 43 | 44 | 45 | 46 | 47 | X | 49 | X | | 51 | X | 22 |
|
|
|
|
|
|
|
Another inch along |
|
movinonup
Established Member
Joined: Feb 7, 2013 7:44:03 GMT -5
Posts: 318
|
Post by movinonup on Apr 1, 2016 17:45:22 GMT -5
movinonup 04/01/2016 $647.56 (Goal $24,829.61)
| Saved | Goal | % Saved | Periods Completed | | Monthly Challenge | $240.00 | $780.00 | 30.769% | 3/12 | | Weekly Challenge | $373.00 | $1,378.00 | 27.068% | 8/52 | | Daily Challenge | $34.56 | $671.61 | 5.146% | 13/366 | | Skiing | $0.00 | $2,000.00 | 0.000% |
| | House Addition | $0.00 | $20,000.00 | 0.000% |
| | Total | $647.56 | $24,829.61 | 2.608% |
|
A little more progress. I made a deposit today that will mostly go towards funding my Roth for 2015. Some of it will show up in my next update as I try to catch up to my goals. -movinonup
|
|
sealy
Familiar Member
Joined: Dec 22, 2010 2:49:52 GMT -5
Posts: 956
|
Post by sealy on Apr 2, 2016 2:40:55 GMT -5
I just divided $400 into dog, car, ef, and house fund.
|
|
seriousthistime
Junior Associate
Joined: Dec 22, 2010 20:27:07 GMT -5
Posts: 5,199
|
Post by seriousthistime on Apr 2, 2016 8:28:54 GMT -5
I just divided $400 into dog, car, ef, and house fund. Can you please update your tagline? If you do it after smilies are posted, I can update your smilies. |
|
seriousthistime
Junior Associate
Joined: Dec 22, 2010 20:27:07 GMT -5
Posts: 5,199
|
Post by seriousthistime on Apr 2, 2016 8:56:04 GMT -5
I have received my 2nd paycheck for March, so it's time to update my list.
NAME: YEARLY GOAL: MONTHLY GOAL: % MET: Emergency Fund $1200 $100 25%
Gift Giving $1200 $100 25%
Travel $600 $50 25%
My divorce was final on March 17. Now comes the transferring of funds, selling some property, etc. I'm not sure exactly how much I will end up with but it is a scary-small amount. The first transfers are to take place within 30 days of the final decree date. The property sales won't be for awhile so money will be trickling in for awhile longer. Emotionally it's been a pretty hard week, and I've just kind of put one foot in front of the other and puttered along, but I'm starting think ahead again and planning how I'm going to grow this decidedly small amount of money into a retirement fund. I've enjoyed my pity party long enough and it's time to get out my big girl undies and conquer my little corner of the world.
I received my grant money last week, too, so next month I'll start my course in legal scoping/transcription. On my sewing machine is my first miniature quilt for the little shop my daughters and I are (slowly) starting up. Who knows where life will find me next year? The possibilities are endless! Grace Grace, next time you update, would you please include a tagline? I had to do some calculations to get your update ready for the smilies. I had to total your annual goal, and then multiply your monthly goal x 3, and check it against your percentages. Looks to me as if your tagline with this update would be gracendignity, 3/23/2016, $1,000 (goal $3,000). Thank you in advance. It speeds things up for me for members to include taglines with their updates. Good job saving, by the way. |
|
seriousthistime
Junior Associate
Joined: Dec 22, 2010 20:27:07 GMT -5
Posts: 5,199
|
Post by seriousthistime on Apr 2, 2016 9:02:01 GMT -5
checking in a little unexpectedly here. I was able to add a little more to my EF just now. today, my paycheck (budgeted for) and bonus (earmarked for a project) hit my checking account. also, my federal tax refund (I bought a house last year) hit savings, as well as the $22 from the Commonwealth of Massachusetts. I was able to add $1000 to my EF over the amount I was replacing from having to borrow from it earlier this week to float a loan. woot!  so, in addition to keeping up with the calendar challenge, I am proud to say that my EF is just over $2000.  Would you please post an update with a tagline, at least, if not a chart? I have no clue how to figure out what your savings figures are. |
|
chiver78
Administrator
Current Events Admin
Joined: Dec 20, 2010 13:04:45 GMT -5
Posts: 39,757
|
Post by chiver78 on Apr 2, 2016 9:07:12 GMT -5
checking in a little unexpectedly here. I was able to add a little more to my EF just now. today, my paycheck (budgeted for) and bonus (earmarked for a project) hit my checking account. also, my federal tax refund (I bought a house last year) hit savings, as well as the $22 from the Commonwealth of Massachusetts. I was able to add $1000 to my EF over the amount I was replacing from having to borrow from it earlier this week to float a loan. woot! so, in addition to keeping up with the calendar challenge, I am proud to say that my EF is just over $2000. Would you please post an update with a tagline, at least, if not a chart? I have no clue how to figure out what your savings figures are. ooh, sorry. all I'm really tracking is the calendar savings. I think today is week 14, so whatever 1+2+3....14 works out to. |
|
seriousthistime
Junior Associate
Joined: Dec 22, 2010 20:27:07 GMT -5
Posts: 5,199
|
Post by seriousthistime on Apr 2, 2016 9:17:55 GMT -5
Would you please post an update with a tagline, at least, if not a chart? I have no clue how to figure out what your savings figures are. ooh, sorry. all I'm really tracking is the calendar savings. I think today is week 14, so whatever 1+2+3....14 works out to. Right? |
|
chiver78
Administrator
Current Events Admin
Joined: Dec 20, 2010 13:04:45 GMT -5
Posts: 39,757
|
Post by chiver78 on Apr 2, 2016 13:16:38 GMT -5
yup, I just counted the lot of it when I put today's $14 in. $105 is right. |
|
