Women in Red Savers 2018

[forwardwego]

Dec 20, 2017 13:36:42 GMT -5 nikiz628 said:

Watch out 2018- The Savers are coming! 

You said it! I count 18 savers at the starting line already 

[tobinikui]

Eeek, I'm already not doing as well as I had thought! Our car payment was schedule for 1/1, so we got a message that it would be taken out early. I transferred money to pay for it, but then forgot to write in the checkbook that I pay that account back! It would have left us with $63 in checking, for two weeks, with some big bills on auto-pay. Geeze. Get your act together!!!
But, I caught it in time. Transferred more money to ride the wave. We're just cutting things a little closer than I had thought. We'll get there!

My DH and I have made a big life decision in the last couple of days, and I will be re-evaluating our spending, big time. We make too much money to always feel this close to the edge. We do save, but should save more! Then stuff like this "little" snafu wouldn't feel so quietly embarrassing.

[seriousthistime]

	Goal	Amt. Saved 1/4/18	% Saved	Roses
Survival fund	$6,000	$0	0%
Property tax	$5,000	$0	0%
Household Exp.	$1,000	$0	0%
Weekly Savings	$1,898	$0	0%
Gifts	$2,600	$0	0%
EF increase	$2,600	$0	0%
Pet care	$600	$0	0%
Misc. Exp.	$800	$0	0%
Total	$20,498	$0	0%

Seriousthistime, 1/4/18, $0 (Goal $20,498)

My weekly savings is based on the week number (1 through 52) plus $10. Week #1 is $11, week #2 is $12, etc.  And I won't knock them out in order but am adopting forwardwego's nice idea of putting an icon on each week as I save that amount.  I'll be selecting two amounts per paycheck (every two weeks). 

Weekly Savings chart:

$11	$12	$13	$14	$15	$16	$17
$18	$19	$20	$21	$22	$23	$24
$25	$26	$27	$28	$29	$30	$31
$32	$33	$34	$35	$36	$37	$38
$39	$40	$41	$42	$43	$44	$45
$46	$47	$48	$49	$50	$51	$52
$53	$54	$55	$56	$57	$58	$59
$60	$61	$62

I also mentioned in the 2017 thread that I was going to start a retirement buffer account so that when I retire, and before I receive my first pension check (which takes some time), I'll have money to fall back on. I read minnesotapaintlady's idea to set aside some money for when child support ends for her oldest child in a few years.  I like the idea of calling my retirement buffer a Survival Fund.  

Misc. expenses are once-a-year type things like car registration, professional license, and EQ insurance.  All other insurance is on a monthly payment plan. 

And I'm going to start a new method for putting money into savings.  Some will be increased by putting in the same amount per paycheck for a slow and steady gain, with a  win at the end of the year. With others, I'll be focusing on them individually and not carving away at them on a slow and steady pace.  My "sweep fund" category was not so successful in 2017, but I'd like to think I didn't sweep the money from checking into savings the night before payday because the year was so unpredictable financially.  If it turns out I'm not successful at doing this, I'll return to the automatic savings.

[sealy]

Forward the $1,000 is for my EF. I’m going to have to use $150 to pay some bills.

[finnime]

I really like your approach, seriousthistime. I'm going to format mine the same way. It will show weekly progress and also bigger goals being met (I hope!) as they are reached.

[trimatty471]

Trimatty 01/05/2018:  $236.49 (Goal = $17,300)

2018	Goal	Current	Need	Complete %
Roth IRA	1,200.00	0.00	1,200.00	0.00%
Countdown to debt payoff	10,000.00	0.00	10,000.00	0.00%
Vacation	2,400.00	210.00	2,190.00	8.75%
Replace	1,200.00	0.00	1,200.00	0.00%
Home Maintenance	1,000.00	26.49	973.51	2.65%
Holiday	1,500.00	0.00	1,500.00	0.00%
Total	$17,300.00	$236.49	$17,063.51	1.37%

This is my after tax goal for 2018.  Last year with threats of layoff, I focused on repairs around my house and re-building my emergency fund.  Those threats of layoff has been removed...for now. In the meantime, until I reach my goal for my taxable account (my FU or Freedom fund), I am depositing  minimal into my Roth.  This year, I name last year's "Freedom" goal my "Countdown to debt payoff" goal.  My ultimate goal is to eliminate my mortgage.   I am however, still weighing my options.  I'm trying to decide whether to keep investing in my taxable or withdraw half the money in the account and pay off the mortgage.   Or should I pay extra toward my principal.

Obstacles:

Job situation (these things can change at any time)
More car and house issues (such as I had last year to the tune of $10,693)

I am starting off the year with No Spend/Low Spend challenge for the month of January to kick off my goals.

[snapdragon]

Jan 5, 2018 8:34:59 GMT -5 trimatty471 said:

Trimatty 01/05/2018:  $236.49 (Goal = $17,300)

2018	Goal	Current	Need	Complete %
Roth IRA	1,200.00	0.00	1,200.00	0.00%
Countdown to debt payoff	10,000.00	0.00	10,000.00	0.00%
Vacation	2,400.00	210.00	2,190.00	8.75%
Replace	1,200.00	0.00	1,200.00	0.00%
Home Maintenance	1,000.00	26.49	973.51	2.65%
Holiday	1,500.00	0.00	1,500.00	0.00%
Total	$17,300.00	$236.49	$17,063.51	1.37%

This is my after tax goal for 2018.  Last year with threats of layoff, I focused on repairs around my house and re-building my emergency fund.  Those threats of layoff has been removed...for now. In the meantime, until I reach my goal for my taxable account (my FU or Freedom fund), I am depositing  minimal into my Roth.  This year, I name last year's "Freedom" goal my "Countdown to debt payoff" goal.  My ultimate goal is to eliminate my mortgage.   I am however, still weighing my options.  I'm trying to decide whether to keep investing in my taxable or withdraw half the money in the account and pay off the mortgage.   Or should I pay extra toward my principal.

Obstacles:

Job situation (these things can change at any time)
More car and house issues (such as I had last year to the tune of $10,693)

I am starting off the year with No Spend/Low Spend challenge for the month of January to kick off my goals.

Before paying down a large chunk of your mortgage -- how liquid are you right now? What I mean is if the company you work for decided to fire everyone and close it's doors tomorrow do you have enough money to cover expenses without going to a credit card? Especially if you had just paid a chunk on your mortgage. Unemployment can be very slow sometimes and you possibly wouldn't get a check for 6 weeks to 2 months. Could you bridge that time frame or do you need to think about squirreling extra money for that possibility? I don't even think you need to have it in the market or in retirement accounts. You could just have it in a regular savings account.

Just something to add to the pile for dwelling over. 

[Deleted]

Jan 5, 2018 8:34:59 GMT -5 trimatty471 said:

My ultimate goal is to eliminate my mortgage.   I am however, still weighing my options.  I'm trying to decide whether to keep investing in my taxable or withdraw half the money in the account and pay off the mortgage.   Or should I pay extra toward my principal.

This is my ultimate goal too.  I won't put anything extra towards my mortgage until I can just write a check and do it all in one transaction.  

How much is the mortgage balance and what do you have in taxable accounts?  Would the increased cash flow from no monthly payment be significant for you?  In my case, the payment is $1300/month.  35% of my take home and a third of my take home is child support that is going away in a couple years.  Getting rid of the mortgage is really important to me one way or another (might sell).  But if it was a $400/month payment and my income wasn't as insecure I would probably keep it the entire term and never pay extra. 

[nidena]

Jan 5, 2018 13:37:20 GMT -5 minnesotapaintlady said:

Jan 5, 2018 8:34:59 GMT -5 trimatty471 said:

My ultimate goal is to eliminate my mortgage.   I am however, still weighing my options.  I'm trying to decide whether to keep investing in my taxable or withdraw half the money in the account and pay off the mortgage.   Or should I pay extra toward my principal.

This is my ultimate goal too.  I won't put anything extra towards my mortgage until I can just write a check and do it all in one transaction.  

How much is the mortgage balance and what do you have in taxable accounts?  Would the increased cash flow from no monthly payment be significant for you?  In my case, the payment is $1300/month.  35% of my take home and a third of my take home is child support that is going away in a couple years.  Getting rid of the mortgage is really important to me one way or another (might sell).  But if it was a $400/month payment and my income wasn't as insecure I would probably keep it the entire term and never pay extra. 

I think it was you who presented this logic, to me, when I was inquiring about doing so a few months ago.  As it is, I'm just going with the refi to have a "forced savings", of sorts.  I'll be in the house for at least another three years so this will help pay down the principle (even if the housing market tanks again and I lose any equity though, from what I've read in Money, Bloomberg, and Forbes, things look okay for 2018)

[finnime]

Weekly Penny/Dime/Dollars Savings

Week	Goal	Total saved	Percent of Weekly Goal
1	1.81	2.00	110.50%
Annual	3,778.06	2.00	0.05%

Finnime 1/6/2018: $2.00 (Goal $3,775)

Basis:

.01 x day of year + (.10 x day of week + (sum(.10 x week of year)) + 1.00 x week of year + 10.00 x month of year

[Jaguar]

I'm not doing mine till 15th to 19th, cause my saved total could go up. Doing two tables ain't for me, just confuses everything.

[seriousthistime]

	Goal	Amt. Saved 1/7/18	% Saved	Roses
Survival fund	$6,000	$0	0%
Property tax	$5,000	$0	0%
Household Exp.	$1,000	$0	0%
Weekly Savings	$1,898	$100	5.3%
Gifts	$2,600	$0	0%
EF increase	$2,600	$0	0%
Pet care	$600	$0	0%
Misc. Exp.	$800	$0	0%
Total	$20,498	$100	0.5%

Seriousthistime, 1/7/18, $100 (Goal $20,498)


Weekly Savings chart:

$11	$12	$13	$14	$15	$16	$17
$18	$19	$20	$21	$22	$23	$24
$25	$26	$27	$28	$29	$30	$31
$32	$33	$34	$35	$36	$37
$39	$40	$41	$42	$43	$44	$45
$46	$47	$48	$49	$50	$51	$52
$53	$54	$55	$56	$57	$58	$59
$60	$61

I jumped the gun a bit.  I had money in my account to make the deposit before payday.  

[chiver78]

I'm altering the calendar savings game a little, to correspond with how I set up the system with the playing cards. see below:

Card	Spades (1x)	Diamonds (2x)	Hearts (3x)	Clubs (4x)
A		2	3	4
2	2	4	6	8
3	3	6	9	12
4	4	8	12	16
5	5	10	15	20
6	6	12	18	24
7	7	14	21	28
8	8	16	24	32
9	9	18	27	36
10	10	20	30	40
Jack (11)	11	22	33	44
Queen (12)	12	24	36	48
King (13)	13	26	39	52

total for 2018 = $910

it's a little lower of a total goal for the game than the actual calendar savings plan, but with the game of the cards, I think I will have an easier time sticking with it. there's also nothing stopping me from putting in extra when I can

for week 1, I chose to use the ace of spades for $1 in the bucket. I messed up and forgot to dial back a credit card payment of $500 just before New Year's, so I'm a lot cash poor until payday on Friday. that's exactly what the light weeks are for. I'll hopefully wipe out one of the larger numbers this coming week. I also love the idea of putting an emoji over the used values, since I won't be going in order. 

[shanendoah]

shanendoah: 10-Jan 2018 $50 (Goal: $2,500/stretch $5,000)

$50 automatically into savings today. Of course, I've scheduled $400 to come out of savings in the beginning of Feb, but that's to cover the $750 car repair bill. And that's what savings is for.

[shanendoah]

Just want to add a thought, because it is something we all seem to struggle with here - when we have to take the money out of savings, we stop wanting to count it, pretend we didn't actually save it, etc.
To be honest, for the next couple of months, my savings is going to be going in the wrong direction. I have the plan of selling a car for $2,500, putting half toward debt and half into savings. Guess what? That half going into savings will be coming right back out to pay unexpected expenses. In addition to the car repair in late November/early December at $750 (that the $400 is coming out of savings in Feb to cover), I had an $800 lawyer bill in December (court date - so not actually unexpected, but much higher than usual), $725 plumbing bill last Wednesday, and an $875 vet bill for the dogs' annual checkups this weekend. (Okay, also not unexpected, but I usually save during the year to cover it, because I know it's coming every January.)
So right now, no matter how much I say I'm saving, I know my savings is tiny, and it's getting spent again.

BUT the point of still putting the money in the savings account now (even if I then have to schedule a transfer to get it back again) is to build up the habit of saving. If I can put money in the savings account when things are this tight, and only pull it out for needs, then I have built the habit of saving. So when things are no longer tight (come November), that money will go into savings, because of the habit. And it won't be sitting in my checking account for me to think I should spend it on silly things.

My savings is not going to go up (or go up much) in the next few months, but eventually it will. And that's the point.

[finnime]

Really good point, shanendoah. I'm thinking of setting up some bigger pots: sinking funds, survival funds (in case), and nest egg (to not spend, but to know it's there). Sinking funds are to spend, out of savings for them; survival funds are also to spend.

[ilovedolphins]

I don't know if this is good or not.  I couldn't figure out why my bank account was so much higher than my check register.   I realized I had not added in the paycheck 2 weeks ago.  It feels good not to have to wait anxiously for my paycheck like I had to when I was "poor".  I had to scrimp and save just to get by until the next paycheck and now I don't even realize that it's payday.

[teachermom]

ilovedolphins Hahahahah!! That is awesome!! Wish I could say that ever happens for me but when you are only paid 1x per month, if I didn't know it was payday......my bills would let me know!!

Hope everyone is having a great start to the new year! Happy savings!

Teachermom

[azucena]

Jan 2, 2018 9:30:02 GMT -5 azucena said:

I'm pretty sure I posted last year in the savings thread debating about paying off our student loans. Bit the bullet and sent off the $7000 on 12.31 to pay it off for that tax year. That will save us $150/month that we had been paying since 2001! I left it linger since it was at 3.5% but we were ready to just be done with it. Anyway not something I can share with anyone in real life so sharing here because it was from $7k that we were able to save last year.

Trying to figure out goals for 2018. Our only remaining debt is the mortgage for the new house approx $270k with and $1800/m payment. I plan to add $5k extra each year to pay it off over 15 yrs which puts us right in the middle of college years for our daughters. We won't qualify for financial aid and I'm leaning towards just continuing to focus on our retirement savings and cash flowing college and helping pay off any loans just a few years after.

Anyway all that to say I'm going to set my savings goal at $25,000 with a stretch goal of $35,000.

Azucena $0 of $25,000 (stretch $35,000)

1/12/18 payday for both DH and me

Azucena $1,715 of $25,000 (stretch $35,000)

[finnime]

Savings Goal

Weekly Penny/Dime/Dollars Savings

Week	Goal	Total saved	Percent of Weekly Goal	Goal Met
1	1.81	2.00	110.50%	Y
2	4.00	7.05	176.25%	Y
Annual	3,778.06	9.05	0.24%

Finnime 1/12/2018: $9.05 (Goal $3,775)

Basis:

.01 x day of year + (.10 x day of week + (sum(.10 x week of year)) + 1.00 x week of year + 10.00 x month of year


Spending Goals Q1 2018

Category	Goal	Amount	Spent
Sinking	pay attorney	10000
	car	2500
	dog	500
	dentistry	2000
	mortgage	7000
	taxes	11000
	mattress	2000
	debt repay	8500
	house	3000
	Phone	500
Survival	EF	2500
Security	nest egg	500
Totals		50,000

 
 I've added my spending goals for the year. I'll update as the year unwinds. Hoping for a decent settlement next month, and also for a decent job to build survival and security to meaningful numbers. Right now things are tight.

[seriousthistime]

Update

	Goal	Amt. Saved 1/12/18	% Saved	Roses
Survival fund	$6,000	$301	5.0%
Property tax	$5,000	$561	11.2%
Household Exp.	$1,000	$0	0%
Weekly Savings	$1,898	$100	5.3%
Gifts	$2,600	$209	8.0%
EF increase	$2,600	$100	3.9%
Pet care	$600	$52	8.7%
Misc. Exp.	$800	$58	7.3%
Total	$20,498	$1,381	6.7%

Seriousthistime, 1/12/18, $1,381 (Goal $20,498)


Weekly Savings chart:

$11	$12	$13	$14	$15	$16	$17
$18	$19	$20	$21	$22	$23	$24
$25	$26	$27	$28	$29	$30	$31
$32	$33	$34	$35	$36	$37
$39	$40	$41	$42	$43	$44	$45
$46	$47	$48	$49	$50	$51	$52
$53	$54	$55	$56	$57	$58	$59
$60	$61

[teachermom]

seriousthistime Wow Serious!! Way to start off the year! At this rate....no issues meeting your goal.

azucena You too! You are rocking it! Maybe your "stretch" goal won't be such a stretch.

As you can tell from my goal sheet, I have lots of pools of money too. I am also using cash envelopes and that seems to be working well. Not spending it all but just going to let it build up a few months and reevaluate so I have a better average of what I am spending.

Keep up the good work savers!

Teachermom

[azucena]

Jan 13, 2018 16:52:22 GMT -5 teachermom said:

seriousthistime Wow Serious!! Way to start off the year! At this rate....no issues meeting your goal.

azucena You too! You are rocking it! Maybe your "stretch" goal won't be such a stretch.

As you can tell from my goal sheet, I have lots of pools of money too. I am also using cash envelopes and that seems to be working well. Not spending it all but just going to let it build up a few months and reevaluate so I have a better average of what I am spending.

Keep up the good work savers!

Teachermom

Thanks! A lot depends on my bonus in march which should be significant but is a bit unknown still. And how we decide to split it up. I'm currently thinking 25% each to savings, vacation, home improvements, and pre paying the mortgage (to turn a 30 yr into 15 in time to help cash flow college).

We are also prayerfully considering how much to donate to building a new Lutheran school. Unfortunately we haven't increased our charitable giving as fast as my salary has increased and this is a good opportunity to change that for a cause we support as DD9 is currently attending and DD5 will start in the fall.

Also going to use this space to track making sure I give my girls allowance to hopefully help create the next generation of savers and thoughtful spenders. I got a hundred in cash this week because that tends to be why I forget and it's not habit enough that they remind me yet.

[teachermom]

Well, we are halfway through January, are you still on track? I heard that more than 80% of New Years resolutions are broken by now....I hope you aren't one of them.

Had a pretty good savings month so far.....probably won't be able to keep up the pace but I will take it while I can.

Savings 2018
Fund	Goals	Previous Bal	Jan 2018	YTD	Spent	End Bal	% Met
Emergency Fund - Minor	$1,000.00	$1,000.00	$0.52	$1,000.52	$0.00	$1,000.52	100.05%
Emergency Fund - Major	$20,000.00	$24.40	$10.85	$35.25	$0.00	$35.25	0.18%
Insurance - Deductible	$1,250.00	$300.01	$0.16	$300.17	$0.00	$300.17	24.01%
Home Maintenance	$5,000.00	$15.06	$0.01	$15.07	$0.00	$15.07	0.30%
Roof	$4,000.00	$32.44	$0.03	$32.47	$0.00	$32.47	0.81%
Plumbing Updates	$3,000.00	$5.10	$0.00	$5.10	$0.00	$5.10	0.17%
Appliances	$3,000.00	$5.05	$0.00	$5.05	$0.00	$5.05	0.17%
Hardwood Floors	$3,000.00	$5.04	$0.00	$5.04	$0.00	$5.04	0.17%
Tires	$800.00	$342.60	$0.28	$342.88	$0.00	$342.88	42.86%
Car Maintenace	$1,000.00	$0.75	$0.00	$0.75	$0.00	$0.75	0.08%
Car Replacement	$30,000.00	$26.48	$400.86	$427.34	$0.00	$427.34	1.42%
Gifts	$1,500.00	$204.12	$100.16	$304.28	$0.00	$304.28	20.29%
Spring Break Trip 2018	$500.00	$0.00	$425.00	$425.00	$0.00	$425.00	85.00%
Summer Trip 2018	$500.00	$500.00	$0.00	$500.00	$0.00	$500.00	100.00%
MN trip 2018	$1,000.00	$0.00	$0.00	$0.00	$0.00	$0.00	0.00%
Student Loan Payoff	$10,000.00	$303.89	$300.81	$604.70	$0.00	$604.70	6.05%
Training Classes	$4,450.00	$3.05	$0.00	$3.05	$0.00	$3.05	0.07%
Future home/moving	$10,000.00	$0.03	$0.00	$0.03	$0.00	$0.03	0.00%
Total Savings	$100,000.00	$2,768.02	$1,238.68	$4,006.70	$0.00	$4,006.70	4.01%

Teachermom 1/16/2018 $4006.70 (1/1/2018 $2768.02, Goal $100,000)

Woohoo!! 4% of my goal!!! It is going to be years so I am going to celebrate the small victories!!

Teachermom

[plugginaway22]

Wow, I love that detail.  Mine is maybe too simple!  Do most of you post updates once a month?
We had a $350 repair to our furnace today, but I am hoping that will not change my monthly savings total.

[teachermom]

plugginaway22 There is no requirement on how much detail you have. Whatever works for you. This works for me. Yes, goal should be an update every month.

Teachermom

[tobinikui]

So, I created a "One Month in Advance" fund, and I'm going to squirrel away any extra "income" that comes in, like returned purchases (under $50), returned bottles & cans, and credit card reward points. I like being able to pay our big bills immediately when the come due - I do NOT like waiting two full pay periods after a bill comes to have enough money saved up to pay it, thereby practically having two months worth of purchases stacking up on our card. So far, I have about $40 in that account. It might take me all year! Hrm, maybe that's where I put our tax refunds this year.

We are cutting everything so close, each pay period. The little expenses are killing us. I am becoming more and more aware of what we're spending, and just, well, ouch. It is frustrating to spend almost exactly the same amount as what our income is, over and over every month. I am looking to move us towards a cash based system, and to stop the frivolous spending. I think we budget, but we really don't. But we NEED to, or we're just going to fritter away our hard earned income. Preschool is a HUGE expense, that is really keeping us very close to the edge. It's a huge help to both our kiddos, and it's only part time, but still. That expense kindof makes me want to gag, every time I see that chsrge on our card!

I think we're doing more of a sidestep right now, than even steps forward. Just keep swimming....

[teachermom]

tobinikui Getting one month ahead on bills would be a nice. As a teacher, we are paid the last business day of the month and then I pay the next month's bills with it....so Jan 31, I will pay Feb. bills. It is nice to go into the month and have everything paid and know what is left. Really has helped simplify things now that I have no debt except student loans and my mortgage. I put all my "found" money during the year into a jar and then cash it in....just cashed in $225 that went into my vacation fund. So far I have close to $50 this month with some things I returned for cash that I had around the house. You can do it!!

Teachermom

[Deleted]

I've been a month ahead for years and it has been absolutely liberating.  No more worrying about a late or short paycheck.  Every dollar I need for the month is available on the first.  I don't have to time bills to paydays and can pay absolutely everything right away and get it done with.  This is what I usually do and why I post my savings contributions the last couple days of the month.  I know exactly what I have going into all these buckets before the month begins.

[finnime]

Savings Goal

Weekly Penny/Dime/Dollars Savings

Week	Goal	Total saved	Percent of Weekly Goal	Goal Met
1	1.81	2.00	110.50%	Y
2	4.00	7.05	176.25%	Y
3	6.19	9.20	148.63%	Y
Annual	3,778.06	18.25	0.48%

Finnime 1/20/2018: $18.05 (Goal $3,775)

Basis:

Daily: .01 x day of year + Weekly: (.10 x day of year) + 1.00 x week of year + Monthly: 10.00 x month of year


Spending Goals Q1 2018

Category	Goal	Amount	Spent
Sinking	pay attorney	10000
	car	2500
	dog	500
	dentistry	2000
	mortgage	7000
	taxes	11000
	mattress	2000
	debt repay	8500
	house	3000
	Phone	500
Survival	EF	2500
Security	nest egg	500
Totals		50,000