Women in Red Savers 2017

[trimatty471]

May 4, 2017 5:37:52 GMT -5 forwardwego said:

Shoutouts part 1 of 2 in reverse alphabetical order (I felt bad for the Zaccaria sisters at my school who always had to be last) so Z thru N you got to be first this time:

trimatty471 Congratulations on breaking into the over 50% saved territory 
I  your new update format, I use one that is similar and have been amazed at what I have learned by looking at the numbers in that format. It gives me ideas for mini goals, shows me how much attention I give to certain goals over other ones, makes it pretty clear what to do with a windfall or snowflake. Nice work...can you tell me more about your "Freedom" line item, sounds like a wonderful goal.


............

I set a personal goal to have at least $100k in my taxable account.  This figure was my mortgage balance.  The original plan was that, once I save $100k, I will eliminate my mortgage.   Then I followed ERE, Mustachianism, Bogleheads and others and decided to change direction.  Since the only thing that stands in the way of me being financial independent is my mortgage, I made this my goal.  

The new plan is that once I reach $100k, I will I will begin to aggressively eliminate my mortgage.
This will allow me to have more options:  school, more travel, & etc.

[trimatty471]

May 4, 2017 10:42:01 GMT -5 teachermom said:

Question for all of you......During a discussion in class about saving (teaching high school kids about personal finance), the question came up about do you have 1 account for all your savings or do you separate them (different accounts) in order to keep track of what is for what?

I told them that you could do either, use 1 account and then keep a spreadsheet or use multiple. The conversation that came up was interesting. Girls more than boys, preferred to have separate accounts (or at least they liked that idea better) for different goals so that it was clearly marked for certain savings goals and they didn't spend money on 1 thing when it was for another. Boys thought that was a dumb idea, just putting it all in one account and as long as you had money in there....all was good, you could spend it on whatever goal.

So.....that lead to a conversation with my boyfriend and we had the conversation before when we took FPU too. I have separate accounts for each goal with my CapitalOne360 account and I save very specifically for the different things and can only use that money on that thing. My boyfriend has 1 savings account and as long as it has x amount in it, he is good.

Now to my question....how does it work for you? Are you and your spouse or significant other opposites like this? Is it a "boy"thing to save one way and a "girl" thing to save another way? Why do you think that is? Is it about security? Are girls more detail oriented? It has me wondering!!

Teachermom

I have to have multiple accounts.   And I use specific accounts for that one thing.  The only exception is that every year I sweep any funds leftover from my holiday account into my vacation account.

[megaptera]

forwardwego Thanks for the tag!


I wish we were busy moving into the new place, but not quite yet. Hopefully next week. Throughout this entire process, we've had issues with the builder, sub-contractors, the county permitting office, and the weather. It's been quite frustrating, but I've "trained" myself to just kind of go with the flow, so to speak, because I prefer not to be crabby and irritated all the time.

We're also working on our current house and getting it ready to sell. Homes are selling very well now in our area, so hoping for smooth sailing there.

I will get to specific savings goals eventually!

[Poptart]

May 5, 2017 6:50:30 GMT -5 forwardwego said:

Poptart Welcome! Glad to have a new Saver Friend. In July when you have the money in place instead of having to worry and possibly charge it, you will feel satisfied, content, capable, even powerful...all the opposite of lame. You may be more likely to stick to the $500 budget if it's cash on hand. When something gets charged sometimes the credit card sort of takes on a mind of its own and the budget gets blown. You will love being here. 

ETA: Very glad you shared your feelings about your goal feeling lame, because then we could offer you perspective to help. That's how this Saver's Thread rolls 

Yes!! Last year I was so stressed out because I did not plan properly, this year I plan on saving the $500.00 and buying his gift and a bottle of tequila this month, I'm only taking him out to dinner at a steak house and I do anticipate having cash left over but I'd rather over budget then fall short. He is the last birthday I have and then there's nothing till November, I'll start saving for Xmas and all my November birthdays in August.

[bankergurl]

Great news!  We have a signed lease for Rental #2 starting June 1, and we are getting $300 more a month then we were before!!! 

MO is building a new maintenance free deck on the rental so that will be a good chunk out of savings, but the deck has needed to be replaced for a long time so it is long overdue, and overall will increase the value of the property.  We won't have to pay for that till the end of June. 

We are so close to total savings over $20K!!  We are having a rummage sale this weekend, so should be able to make it over $20K for just a few weeks before we have to pay for the deck.

April 14 2017 = $18,010.00

+$50.00 MO Payday to Our Savings (4/28)
+$30.00 FB Sales

+$2.39 Cap360 Interest
+$7.61 Cap360 Even Out Amounts
+$1500.00 Deposit for Rental #2

+$50.00 My Payday to Our Savings (5/5)
+$75.00 My Payday to Mom Loan Savings (5/5)
May 5, 2017 = $19,725.00

Accounts	1/1/17	2/1/17	3/1/17	4/1/17	5/1/17	5/5/17
Local Savings	$2,510	$3,455	$7,025	$8,595	$9,295	$9,295
GC Savings	$2,025	$2,875	$2,900	$2,910	$3,425	$3,425
Cap360 - Us	$1,620	$1,875	$2,135	$2,335	$2,540	$2,595
Cap360 - Mom Loan	$900	$1,105	$1,265	$1,415	$1,570	$1,650
Cap360 - Rental Deposit #1	$1,260	$1,260	$1,260	$1,260	$1,260	$1,260
Cap360 - Rental Deposit #2	-	-	-	-	-	$1,500
Totals	$8,315	$10,570	$14,585	$16,515	$18,090	$19,725

52 Week Challenge
2017 Total = $508.00(We have paid weeks 1-20 and 46-52)

Banker Gurl 5/5/17 $19,725 (Start=$8,315/Saved $12,015-Spent $605= $11,410/Goal $22,000/Remaining to Goal $10,590)

[seriousthistime]

2017 Savings

	2017 Goal	Added	5/5/2017	% Saved	Roses
Gifts	$  2,600	$100	$900	34.6%
Travel	$  2,000	$60	$720	36.0%
EF increase	$  2,600	$100	$900	34.6%
Weekly Savings	$  2,078	$78	$703	33.8%
Moving	$  2,000	$864	$1,394	69.7%
Sweep Fund	$  2,600		$847	32.6%
Total	$13,878	$1,202	$5,464	39.4%

Seriousthistime, $5,464, 5/5/2017 (Goal $13,878) 

[finnime]

	Saved	Goal	% Saved	Periods Completed
Weekly Challenge	$261.00	$1,378	18.94	17/52
Daily Dime Challenge	180.50	$954.20	18.92	119/365
Penny Challenge	124.44	$664.30	18.73	119/365
Total    EF	$565.94	$2,996.50	18.89%

DH has another 3 weeks of infusions, again. It's become a way of life.



Finnime - 5/6/2017 $565.94 [ Goal $2,996.50 ]

[teachermom]

Update:

Sorry I am late but was waiting to figure out what some long overdue car maintenance was going to be....about $2k....so I needed to redirect what I had to save this month towards that. Wasn't expecting it....but that is what we save for!! Will have to finish up with rest at the end of the month.

Savings 2017
Fund	Goals	Previous Bal	Apr 2017	YTD	Spent	End Bal	% Met
Emergency Fund - Minor	$1,000.00	$1,000.00	$0.00	$1,000.00	$0.00	$1,000.00	100.00%
Emergency Fund - Major	$20,000.00	$405.70	$0.00	$405.70	$0.00	$405.70	2.03%
Insurance - Deductible	$300.00	$0.01	$300.00	$300.01	$0.00	$300.01	100.00%
Roof	$4,000.00	$2,910.82	$100.00	$3,010.82	$0.00	$3,010.82	75.27%
Plumbing Updates	$3,000.00	$0.10	$0.00	$0.10	$0.00	$0.10	0.00%
Appliances	$3,000.00	$0.05	$0.00	$0.05	$0.00	$0.05	0.00%
Hardwood Floors	$3,000.00	$0.04	$0.00	$0.04	$0.00	$0.04	0.00%
Tires	$700.00	$642.54	$60.00	$702.54	$361.76	$340.78	100.36%
Car Maintenance	$1,900.00	$500.50	$720.00	$1,220.50	$293.75	$926.75	64.24%
Car Replacement	$30,000.00	$200.05	$200.00	$400.05	$0.00	$400.05	1.33%
Gifts	$1,100.00	$400.56	$100.00	$500.56	$0.00	$500.56	45.51%
Spring Break Trip 2017	$500.00	$800.00	$0.00	$800.00	$800.00	$0.00	160.00%
Summer Trip 2017	$500.00	$500.00	$0.00	$500.00	$0.00	$500.00	100.00%
MN trip 2017	$1,000.00	$1,000.00	$0.00	$1,000.00	$0.00	$1,000.00	100.00%
Hawaii trip	$2,000.00	$0.00	$0.00	$0.00	$0.00	$0.00	0.00%
Total Savings	$72,000.00	$8,360.37	$1,480.00	$9,840.37	$1,455.51	$8,384.86	13.67%

***Edited to adjust some of my savings category totals to make up for the increased car maintenance expenses. Could have just gone over and under on some but like it to be more clear.

Teachermom 5/7/2017 $9840.37 (1/1/2017 $0.00, Goal $72,000)

[Poptart]

Ok, I managed to put some money away this week, it's not a lot but it's something!


Poptart---------> May 8th,2017 Saved $50.00----------->Goal $500

[seriousthistime]

May 8, 2017 15:39:25 GMT -5 Poptart said:

Ok, I managed to put some money away this week, it's not a lot but it's something!


Poptart---------> May 8th,2017 Saved $50.00----------->Goal $500

Everyone starts someplace, Poptart!

[teachermom]

Ugh....anyone else become obsessed about their savings goals and then hate to have to use the money? I have about $2k in car maintenance to be done in the next month or so....I am freaking out about not taking the money out of the account but yet, that is what it is saved for!! Crazy!

Also obsessed with trying to see if I can add just a little bit more to savings....what can I shuffle, how can I add more here, etc. Yikes!

Just venting. Have a great day!!

Teachermom

[Deleted]

May 9, 2017 10:09:43 GMT -5 teachermom said:

Ugh....anyone else become obsessed about their savings goals and then hate to have to use the money?

All. The. Time. 

[teachermom]

minnesotapaintlady I know, right!?!!!!! Ugh!!!! I need to remind myself over and over again....this is what I have savings for!!!!

Today I got a notification of a reimbursement from work. It will deposit on 5/17. I had to calculate how much the last bill for the month was and how much I can put in savings!! Another $91.18.....score!! 

Also, transferred some money I was reimbursed of $114.01.

Every little bit helps!!

[shanendoah]

shanendoah: 5/10/2017 $585 (Goal: $960)



I was expecting it to take until the end of the month, but it turns out, payroll was on it this time, and already the amount being taken out of my check for my campus card has been reduced by $5, which means $5 more into savings. Having that, I was also now able to update my goal for the year.

One of the cars is going in for an oil change today. It has been a year since the last oil change (diesel engine, every 10k miles or 1 year is standard, and we didn't drive much this last year), so it's time. And that means money in the savings account is going to come back out to pay for it. Like others, I hate that, but at the same time, it is most definitely what this money is for, at least if I want to get the legal debt paid off in a reasonable amount of time.

[teachermom]

WWYD......If  you have taken the Financial Peace University or followed Dave Ramsey...he has baby steps he suggests you follow.

Baby Steps
1. Emergency fund of $1k
2. Pay off all debt (except home)
3. 3 to 6 month EF
4. Invest
5. College
6. Pay off house
7. Give

Where I am
1. I have $1000 EF + other money saved. Total $10k.
2. I have no consumer debt (credit cards or vehicles) but do have student loans.
3. Started but no where near 3 to 6 months. (Goal $20k). If I had an emergency could take money I have allocated to other things and use for this, but as far as dedicated to just this....$500 or so.
4. I invest already and have since I started teaching 17 years ago. 7% to my teachers retirement and an additional $250 per month to 403B. (Approximately $150k + retirement benefits and social security). Currently almost 52....need to teach minimum 3 more years to maximize retirement benefits but wouldn't start withdrawal until 67. Most likely would work in business or for a university or something different until retirement age because I don't see myself teaching until 65 to 67. ***see below as well.
5. My kids are 30, 28, and 24. Only 24 year old is in college and I help where I can. He lives at home while attending.
6. Still have a mortgage. Potentially would sell home in 2-3 years.
7. Give as I can.

I haven't gotten gazelle intense on paying off student loans as the interest rate is so low and felt I needed to focus on saving. I am single so no one to fall back on but as a teacher I have a pretty secure job. That being said.....some potential changes coming up. My boyfriend and I have considered traveling with his job when his kids are out of the home 2-3 yrs. I would sell my house (clear about $30K or so) and then just have student loans to pay. I would potentially teach at the international schools or find some other kind of work temporarily.

My question is.....would you continue on this path....saving, minimum on student loans, and contributing to retirement. Or would you get gazelle intense on the student loans? Or minimum on student loans and try to maximize retirement contributions? So many decisions!!

Suggestions

Teachermom

[sealy]

going into turtle mode summer is coming.

[forwardwego]

teachermom You have a lot to think about. IMHO if the student loan amount is substantial, I wouldn't go gazelle intense for fear of burning out. Rather I would build retirement. Do you have a ROTH IRA? That could serve as EF and retirement.

[sealy]

turtle on saving not on paying down debt

[bankergurl]

The rummage sale went really well and as a whole we made $4300!  A lot of that was my Mom's, but MO and I made $1122!   We added that to savings and passed the $20K mark!!

It will be short lived but I am very excited about it for now!  We are now building decks on BOTH of our rentals....ugh!  In the long run it is a good investment but hard to put out the money for both the same summer. 

Other then that things are going well, just very, very busy with softball and all this rental business.  I am behind on reading again so I hope everyone's summer is off to a good start!!

May 5, 2017 = $19,725.00

+$50.00 MO Payday to Our Savings (5/12)
+$50.00 FB Sales

+$10.00 Mortgage Savings

+$1100.00 Rummage Sale
May 12, 2017 = $20,935.00

Accounts	1/1/17	2/1/17	3/1/17	4/1/17	5/1/17	5/12/17
Local Savings	$2,510	$3,455	$7,025	$8,595	$9,295	$10,445
GC Savings	$2,025	$2,875	$2,900	$2,910	$3,425	$3,435
Cap360 - Us	$1,620	$1,875	$2,135	$2,335	$2,540	$2,645
Cap360 - Mom Loan	$900	$1,105	$1,265	$1,415	$1,570	$1,650
Cap360 - Rental Deposit #1	$1,260	$1,260	$1,260	$1,260	$1,260	$1,260
Cap360 - Rental Deposit #2	-	-	-	-	-	$1,500
Totals	$8,315	$10,570	$14,585	$16,515	$18,090	$20,935

52 Week Challenge
2017 Total = $508.00(We have paid weeks 1-20 and 46-52)

Banker Gurl 5/12/17 $20,935.00 (Start=$8,315/Saved $13,225-Spent $605= $12,620/Goal $22,000/Remaining to Goal $8,775)

Roses Earned: 

Laughlin Trip

[tobinikui]

Account Name	Goal	Saved	Remaining	% Complete
Taxes	$7,200.00	$3,000.00	$4,200.00	41.7%
Insurances	$4,560.00	$1,900.00	$2,660.00	41.7%
Christmas	$2,000.00	$600.00	$1,400.00	30.0%
Random	$1,000.00	$300.00	$700.00	30.0%
ER Fund	$5,000.00	$2,601.50	$2,398.50	52.0%
DD	$2,200.00	$2,200.00	0	100.0%
DS	$750.00	$750.00	0	100.0%
DSD	$500.00	$500	0	100.0%
Total	$23,210.00	$11,851.50	$11.358.50	51.1%

Tobinikui: $11,851.50 on 5/12/2017 (Goal: $23,210.00)

Chugging along here. For a split second in early April, the ER Fund was FULL!!! Aaaand then, it wasn't. Oh well. Two steps forward, one step back. Life has been busy between doctor appointments for the kids & myself. For once, DH is the healthy one! DD is 15 months now, and in the 52nd percentile for length. 4th percentile for weight, but considering her start in life, we'll take it!! Developmentally, she's on track with her adjusted age, so all in all, the doctors (and DH and I!) are thrilled. 

We are paying out some unanticipated money lately that may result in long term savings, *maybe*. Only time will tell, unfortunately. I had planned on turbo-boosting our minivan paydown as of last month, which I did start, but I may not be able to this month, which ticks me off & throws off all of my paydown calculations. It's so hard to be patient!! 

At least our automated savings are continuing to go through, and, I upped my retirement savings to 10% of my gross. I don't track that here, but that's a small win for us in the midst of everything else! 

Just keep saving... just keep saving... 😎

[forwardwego]

Update 5/12/2017 $16753 (Start $12165, Goal $31000)

2017 FUND	Present	Goal	% Met	$$ Needed
Veh XF	1100	1500	73	400
Med XF	550	1500	36	950
EF Bridge	5710	10000	57	4290
Rental Margin	2400	10000	24	7600
DD invest/gift	4000	4000	100
Rusty J Boxer Pt2	2000	2000	100
Weekly Challenge	993	2000	49	1007
TOTALS	16753	31000	54	14247

$50 base + (sum of $12 thru $63) = $2000

12	13	14	15	16	17	18	19	20	21
22	23	24		26	27	28	29		31
32	33	34	35	36	37	38
		44		46	47	48	49	50	51
52

[debthaven]

Teachermom, jobs for qualified teachers in international schools are very competitive, but extremely well paid, if you can get one. But a lot of work too, you generally have to be extremely involved in the school. So after-school activities too.

I'm guessing you have several (or many) SLs, not just one big one. Can you work on one SL at a time, as well as save for retirement?

I'm not sure how many hard-core DR fans there are on these boards. DR is good when you're drowning in consumer debt. Even you're not following him to the letter (and to me that is NOT a bad thing).

I read a blog called "Blogging Away Debt". The current poster is a university professor. She has a great salary and she is blasting away her SLs one at a time (after paying off consumer debt, medical debt, car debt). But, she has an amazing salary (plus she was working 2 jobs until now).

Good luck to you!

[teachermom]

debthaven You are right....I am not following it 100% for a couple of reasons. When I started it last April, I had consumer debt and car payment. During the class, I paid off all consumer debt and then focused on car payment. I was already contributing to my retirement account and 403B (last 15 yrs) and at that point in the year, I couldn't make any changes to those. We are required to contribute  to the retirement although the 403B is optional. By the time I could make changes to the 403B, I had already paid off my car and had my $1000 EF. The amount of money I have saved, even though allocated other places could be my EF if I were to lose my job. I have about $10k which would be about 3 months....I just like it allocated and want to save individually for my major EF and I have a fairly secure position so didn't feel it was priority one as much as building savings for the things I really couldn't cover without using credit...like car maintenance and a new roof, etc. My worry is....I have a large student loan (was counseled to consolidate) and it will take my years to pay off even allocating everything I can save in a year to it. Retirement is to close for me and I am single so that is when I decided I should deviate from the traditional program. However, I am having second thoughts and really feel like I need to get them paid sooner than later even though the interest rate is low. This the dilemma I have.....ugh! Life is complicated.

Teachermom

[nikiz628]

I was all excited that I made $330 at my yard sale this weekend....and then I see bankergurl 's update and I am like, well crap
I tease, banker, I tease! 

I always love seeing how much you make at your rummage sales- have you done a break down yet for your blog?

I am really happy we had a decent turn out at our sale. I unloaded a TON of items, so my H will be happy to get his garage back! A lot of my baby and adult clothing was marked $.25/$.50 just to get it out of there. I also sold a lot of my couponing stockpile that I knew wasn't going to be used in a reasonable time frame or before expiration dates. I am going to bundle the remaining baby clothing by sizes and try and unload them as lots on FB yard sale sites. I also have a few pieces of baby "equipment" that I want to list as well. I pulled all the remaining name brand men's and women's clothing and I am going to send it off to thredup or swap (anyone ever use these sites?). If they don't buy it, they donate it so it gets it out of my hair regardless. 

I am trying to decide how I want to allocate the sale profits before my next savings update! 

[snapdragon]

Snapdragon 05/15/17 --- $ 8717.86 / $ 10,000 -- update

Car/House $ 1643.64 / $1500

Savings $ 3039.97 / $4000

Travel $ 4034.25 / $4500

New Totals $ 8717.86 / $10,000


I signed paperwork to change my mortgage to a 15 year fixed at almost .50 % lower than where it is now. I will basically going back to a original amount that I used to pay. But taking 11 years off the life of the loan.   

[forwardwego]

Wow, saving 11 years!!!!!!! Yay snapdragon ! 


nikiz628 & bankergurl nice score on those rummage sales   



teachermom I have just retired and still have a mortgage, which is a deviation from my ideal plan. What is the remaining balance on your SL, and what is the interest rate (also is it fixed or variable) and the scheduled payment amount?

[chiver78]

ok math whizzes, I have a balance transfer question. I've given most of this detail already in this thread, but will recap for the discussion. 

I have an empty $7500 Citi card with an available BT offer. I can choose between 0% interest until next March, or 0.99% until next June. both offers reset to 12.74% after the promotional rate, and cost a 5% BT fee. I know that I will be transferring the $1800 from a BofA card that is from a promo that will reset in July to 21.74%. 

my options for the rest of the available balance are:
(1) a $3000 balance on a card that's at 12.65%
(2) taking some off the top of the loaded Chase card that's locked at 14.49% (and who has recently lowered my available limit to just above the current balance. assholes.)
(3) taking some off the top of an $8000 balance that's resetting to 14.74% in June. 
OR,
(4) taking more off the BofA card that's got other promotional offers that expire later or for lower rates. 

my hesitation with (4) is because the remaining offers are resetting soon anyway. there's one that also resets in July, but to 10.74% ($3200 balance). The remainder of the balance resets in January, but to the same 21.74%. after July, anything over the minimum is going to go to the 10.74% balance until that's gone. I haven't figured out where I'm moving my snowball after the ugly Citi balance is paid off in August, either. so there's that, too.

I think (2) or (3) makes the most sense, but I don't know if it would be better to create more headroom on that Chase card to get them to stop lowering the limit? thoughts?

[sealy]

I'd try my best to get rid of Chase since they are mean.

[chiver78]

May 16, 2017 8:17:27 GMT -5 sealy said:

I'd try my best to get rid of Chase since they are mean.

haha! I am not a fan either. they also happen to hold my mortgage. ugh...

the reason I am leaning toward the other one is that the Chase card has about $10k on it. so I'd have less to wipe out on the other card before it becomes an empty shell again. seems like that's a better idea.

[seriousthistime]

I once had balances on two Chase cards.   One of them had a 0% balance for the life of the loan, and I guess Chase decided it didn't like that deal so they doubled my payment, a staggering amount for me at the time.  I directed my entire debt snowball to that Chase card, and got the thing paid off.  At some point later on, I paid off the other Chase card.  I was determined to not use those cards for anything other than what I could pay off at the end of a month.  Then they closed a card for non-use.  

I was pretty ticked. 

I'd go for option #3, take some off the top of that $8,000 balance.  If you're worried that Chase will reduce your credit limit again, I'd keep the balance as high as possible.  Do you know which card you've had the longest?  Do whatever you can to keep that card open.