Women in Red SAVERS 2019

[Rukh O'Rorke]

Ok Savers! My turn to draw down the savings  Not sure which face is appropriate! It's a long story, but not a bad one! for those who may be interested and/or bored of a Saturday morning......


So - working a little more on solidifying my goals, my buckets are now:

401k
HSA
EF: Money Market
EF: Taxable Account

Knowing that I can now access 401k money free of penalty if I lose or even quite my job (55 rule, only current employer) has been a real game changer for me. Both in terms of security (I have 25k there now) and in terms of wow! I'm old. Retirement money is accessible . How is this happening to me??


Because, career-wise - I'm just getting started!!  I guess one question is - does this apply with my 1099 income? That's a worry.
But if I have no income I can access that money so that is a real comfort to me - living on the edge financially as I have been since - well - many years here. 

So - if I consider that 401k account my unemployment EF - I can push and put more money into as it covers about 50% of perceived desperate emergencies and has great tax advantages! Like I can put 1k into it and it only costs me 750. Even big ticket emergencies such as new boiler (5-6k), new roof, (10-15k), etc. are nothing like a no-income emergency. I could slap those on a credit card, on the constant discover card personal loan offers, etc. and then start racing them. Loss of income has been the most concerning emergency and now I have a decent buffer on that. It would only last about 5 months for me, as HCOL and big student loan debts, but 5 months I could get the house together to sell, launch a robust job search, troll for more rukh inc. clients, etc.

Meanwhile - back at the spreadsheets.....

My projections are that my checking balance will go under on December 5th, until my paycheck the following week goes through. I've been tweaking spending and monitoring this as the actual amount of all the bills (gas, electric, etc.) come through and I replace the estimates. If you recall earlier in the fall - I decided to put 500 of the first RI check into 401k and up that percentage. As the second project for that client seemed rather a sure thing, I upped it to cover that one too. The project is here now, but I won't get paid til mid-late december - possible January. So - I've had extra going to the 401k for maybe two months that wasn't in the budget - so the short fall is now catching up to me. So - not a surprise, but the RI money won't be here in time for it.

I was considering lowering the 401k to prevent going under, but now that my RI project is a sure thing, I actually upped my 401k percent to try to get a little more money into it/reduce taxes by EOY. So the short fall will be even more.....I'm going to transfer 1k into checking out of my EF.....but I'll be saving more overall.

This also means that Christmas is going to be funded via credit cards. Will still keep this modest compared to previous years. My December payments on the ccs is already set, so will be paying for Christmas in January with the RI money.

I also have a larger RI project with client #2 in Feb/Mar - I am hoping that I can keep the higher 401k amount through until that project pays off. See where everything stands, and reevaluate for the rest of the year.

[Rukh O'Rorke]

Nov 23, 2019 12:16:50 GMT -5 seriousthistime said:

Update 

Account Name	Goal	Start	Amount Saved 11/15/19	Amt. Saved %	Roses
Gifts	$2,300	$335	$2,307	100.0%
Property Tax	$5,000	$2,984	$5,021	100.0%
Survival Fund	$6,000	$26	$6,012	100.0%
Household/Misc	$2,500	$1,075	$2,803	112.0%
Pet Care	$600	$130	$603	100.0%
Weekly Savings	$2,600	$0	$2,512	96.5%
Mortgage Cushion	$12,000	$4,200	$12,000	100.0%
Car Fund	$6,000	$0	$6,013	100.0%
Travel	$5,000	$0	$5,002	100.0%
Total	$42,000	$8,750	$42,273	100.7%

Seriousthistime, $42,273 11/15/19 (Goal $42,000) 


Weekly Savings Tracker: 

Week 49	Week 50	Week 51	Week 52

I reached my overall savings goal for the year but still need to top off my Weekly Savings which I will probably do with the next paycheck. 

Overall, I am thrilled I will reach all my goals. I got hit with some Murphy expenses, did a little traveling which I cash-flowed, and did a few unexpected things since my last update. 

I've begun to think about my goals for next year but a lot is up in the air. I will probably set some goals based on one scenario and change them if the other scenario occurs.  I have begun to move money around from my topped off Mortgage Cushion.  I am in the process of moving most of that money to a higher interest account. I'll do the same with the Survival Fund, Car Fund, and Travel.  Maybe a few other Savings categories.  I could move it all and start the year at $0 for each account. So I'm thinking, but not ready to post goals for 2020 just yet. 

Wow - Fantastic!!

[Rukh O'Rorke]

Nov 18, 2019 17:54:48 GMT -5 Rukh O'Rorke said:

Oct 25, 2019 6:44:25 GMT -5 Rukh O'Rorke said:

Rukh 10/25/2019 $1175.86 (Goal = $20,000)

.....

But for now, will put this extra bit into the savings account and hope not to need it come Dec and Jan student loan payments! 

Rukh 11/18/2019 $1276.22 (Goal = $20,000)

Rukh 11/23/2019 $276.22 (Goal = $20,000)


Back to 1%. At least this money is not actually spent, just redirected I think.....I will make myself feel better by outlining my aggressive goals for 2020 - it remains to be seen if I can keep that up, but I will start out the year with the highest hopes! Will need to keep the extra RI income coming in to meet these. Merit increases at work were cancelled/postponed . Only cost of living increase right now. Maybe a small bonus. Will see how that plays out.

Account	Goal	Current	Percent
401k	$26,000	~0~	~0~
HSA	$7,600	~0~	~0~
EF:MM	$5,000	$276.22	1%
EF:ETFs	$5,000	~0~	~0~
Total	$43,600	$276.22	<1%

I'm fighting the feeling that I've wiped out all my progress on savings this year - while also feeling like I can't possible make these goals while also living enjoyably for the year!

But I am grappling with the fact that I am in the home stretch for shoring up my finances for eventual retirement - and if I can't make these kinds of goals, I likely won't be able to keep this house I've had the past 15 years. That is pretty sobering for me, so I am going to be pushing myself on the savings and earnings dimensions. 

[seriousthistime]

Rukh, I didn't start saving for retirement in any meaningful way until I was 53.  And then I had to split what I'd saved with my XH due to divorce, and it was a small enough amount that I could buy him out by writing a check.  After that, I was able to save only for myself.  I gradually built up to max out the 401k and catch-up contributions. Then I took out a 401k loan to get me over the hurdle of a move and new car, withdrew a bunch of my 401k, used some of it for a larger downpayment on a place in a VHCOLA, put the rest I'd withdrawn into an IRA (all within 60 days, so still tax deferred), and then repaid the 401k loan.  So it's been a long and winding road. 

As far as keeping the house, once the kids are out of the house it is easier to downsize. I've downsized twice.  You may want to have a place for them to come home to when they visit, and some people really have a strong attachment to their houses.  I never had that strong attachment to any house I've lived in, ever., including the house I lived in for 15 years.  And my kids do not all come to visit at once. Even if they did, a two-bedroom place with a den or pullout couch is all I need, and if there's a need for more space it is less expensive to spring for a hotel room for a few days than to pay for the extra space 24/7 -- heating, cooling, taxes, higher mortgage payment (or if you pay cash, tying up extra cash in a house when you could be investing it), etc. 

Don't lose heart.  The first step is becoming aware of finances.  You have done that.  The second step is making choices about how to achieve your goals.  You are already there, and it is a work in progress. 

[Rukh O'Rorke]

Nov 23, 2019 13:39:39 GMT -5 seriousthistime said:

Rukh, I didn't start saving for retirement in any meaningful way until I was 53.  And then I had to split what I'd saved with my XH due to divorce, and it was a small enough amount that I could buy him out by writing a check.  After that, I was able to save only for myself.  I gradually built up to max out the 401k and catch-up contributions. Then I took out a 401k loan to get me over the hurdle of a move and new car, withdrew a bunch of my 401k, used some of it for a larger downpayment on a place in a VHCOLA, put the rest I'd withdrawn into an IRA (all within 60 days, so still tax deferred), and then repaid the 401k loan.  So it's been a long and winding road. 

As far as keeping the house, once the kids are out of the house it is easier to downsize. I've downsized twice.  You may want to have a place for them to come home to when they visit, and some people really have a strong attachment to their houses.  I never had that strong attachment to any house I've lived in, ever., including the house I lived in for 15 years.  And my kids do not all come to visit at once. Even if they did, a two-bedroom place with a den or pullout couch is all I need, and if there's a need for more space it is less expensive to spring for a hotel room for a few days than to pay for the extra space 24/7 -- heating, cooling, taxes, higher mortgage payment (or if you pay cash, tying up extra cash in a house when you could be investing it), etc. 

Don't lose heart.  The first step is becoming aware of finances.  You have done that.  The second step is making choices about how to achieve your goals.  You are already there, and it is a work in progress. 

Thank you! Definitely a work in progress! 

[plugginaway22]

Serious, that is a very encouraging story.  I also didn't really buckle down with savings until our youngest started first grade and I went back to work full-time.  We are definitely making up time now trying to save and catch up.  Rukh with your income and net worth you have options!

[nikiz628]

Re: Retirement. 

I am 33, as is H, and he JUST NOW has a 401k. We were so giddy to see it had $350 in it when we received our last statement. Getting retirement savings started has been a yearly goal for the past few years, but it just never came to be.  Partly because his old job didn't offer anything, partly because we are very "retirement dumb" as far as understanding options/paths/etc, but mostly because life has just made it harder to throw money that way with so many pressing things needing our financial attention RIGHT. THIS. MOMENT. The only contributions going in to his 401k right now are the 3%  of his pay that his employer contributes. Once we get a better routine/budget with his bi-weekly pay schedule, we plan to throw more in to it. (Sigh. He's been at the job since 7/3 and this bi-weekly pay schedule is still throwing me. I guess that's what happens after having weekly pay for 15 years straight haha!) 

I know we are "young" but I still feel like we are way behind in the retirement game, compared to our friends our age. 

[Rukh O'Rorke]

Nov 24, 2019 2:56:47 GMT -5 nikiz628 said:

Re: Retirement. 

I am 33, as is H, and he JUST NOW has a 401k. We were so giddy to see it had $350 in it when we received our last statement. Getting retirement savings started has been a yearly goal for the past few years, but it just never came to be.  Partly because his old job didn't offer anything, partly because we are very "retirement dumb" as far as understanding options/paths/etc, but mostly because life has just made it harder to throw money that way with so many pressing things needing our financial attention RIGHT. THIS. MOMENT. The only contributions going in to his 401k right now are the 3%  of his pay that his employer contributes. Once we get a better routine/budget with his bi-weekly pay schedule, we plan to throw more in to it. (Sigh. He's been at the job since 7/3 and this bi-weekly pay schedule is still throwing me. I guess that's what happens after having weekly pay for 15 years straight haha!) 

I know we are "young" but I still feel like we are way behind in the retirement game, compared to our friends our age. 

Don't mention that in public, it can cause a feeding frenzy of criticisms!

I think I started at around 35 - so 20 years. Getting the money in there sooner than later is really important, so keep that in mind!

[teachermom]

I also feel I am way behind. I started teaching at 35 and at that time opted for 5% to be put in to my retirement because that was what I could afford. (We have a dual type of "pension" defined benefit and defined contribution. So I will get the benefit amount on top of what I have put in.) Needless to say, shortly after that....they changed the rule in our state and the percentage I contribute now can't be changed. I am just now, at 54, getting to the point where I am looking at other options to contribute such as a Roth. I really would like to retire from teaching at 60 so not leaving much time. I worry I will not be ready!!!

Teachermom

[Deleted]

nikiz628 - Best advice I have for retirement savings is just to up it.  There will ALWAYS be things competing for that money no matter how long you wait, and you will figure out how to live without it if it's siphoned off the top.  I'm a kind of "pull the bandaid" off type and would just crank it right up, but you can start slow and just do a couple a percent now and up it every year.  Maybe agree with yourself to allocate half (or all!) raises to the retirement pot.

[saveinla]

I started when I was 30 in 2000, but it was so disheartening to see every time you put money in and would check, it would be lower than what was there. It took me forever to get to 100K, but it can be done. I am still not where I want to be, but it's much better than a lot of people.

nikiz - I agree - start small. Why not take some money from paying off other debts and use it to shore up a little bit of the retirement?

Please also  calculate how much it will reduce your taxes if you contribute pre-tax to a 401K.   If the tax saving is enough, you may be able to pay off other loans also.

[Deleted]

It took me FIFTEEN YEARS to hit the first 100K!  15 years!  I was somewhere around 37 years old I'm guessing (I know it was at 80K in 2004).  Now I'm a couple months shy of 51 and just hit 500K.  It does go much, much faster once you reach critical mass.  Of course, the last 10 years have been crazy in the markets, so that helped tremendously.    

[teachermom]

Nov 25, 2019 15:20:17 GMT -5 minnesotapaintlady said:

It took me FIFTEEN YEARS to hit the first 100K!  15 years!  I was somewhere around 37 years old I'm guessing (I know it was at 80K in 2004).  Now I'm a couple months shy of 51 and just hit 500K.  It does go much, much faster once you reach critical mass.  Of course, the last 10 years have been crazy in the markets, so that helped tremendously.    

It took me until about two years ago to hit it...now at about $180k. Yes, it does go faster but I am a few months over 54.....not sure I have enough time before retirement.

Teachermom

[Rukh O'Rorke]

Nov 25, 2019 15:44:45 GMT -5 teachermom said:

Nov 25, 2019 15:20:17 GMT -5 minnesotapaintlady said:

It took me FIFTEEN YEARS to hit the first 100K!  15 years!  I was somewhere around 37 years old I'm guessing (I know it was at 80K in 2004).  Now I'm a couple months shy of 51 and just hit 500K.  It does go much, much faster once you reach critical mass.  Of course, the last 10 years have been crazy in the markets, so that helped tremendously.    

It took me until about two years ago to hit it...now at about $180k. Yes, it does go faster but I am a few months over 54.....not sure I have enough time before retirement.

Teachermom

Do you have a pension? That would really help.

[shanendoah]

shanendoah [Q4] $1050 11/26/19 (Goal: $2,550 12/31/2019)
[Q3] $1,020 9/24/2019 (Goal: $2,020 9/30/2019)
[Q2]: $3,010 6/25/2019 (Goal: $3,020 6/30/2019)
[Q1]: $8,994 3/26/2019 (Goal: $300 3/31/2019)

We are only a week away from December. And since I generally pay one month ahead of where we are (since things go on credit cards and then as soon as the statement hits, I plan the payment of the full statement balance for the next month), that means I need to start putting together my cash flow spreadsheet for 2020. And that will mean creating my savings goals as well. Pretty excited about that.

[Blonde Granny]

Shane, my 2020 YNAB planning looked a little sad. Fairly sure I can alter a few things, but not super confident I can keep the boat from rocking the entire year.

Best of luck, look forward to seeing your spreadsheet etc. as you get it put together.

[teachermom]

Nov 26, 2019 11:34:56 GMT -5 Rukh O'Rorke said:

Nov 25, 2019 15:44:45 GMT -5 teachermom said:

It took me until about two years ago to hit it...now at about $180k. Yes, it does go faster but I am a few months over 54.....not sure I have enough time before retirement.

Teachermom

Do you have a pension? That would really help.

Yes, it is a dual kind of retirement. We get a portion as a pension that is the benefit part and we have a portion that we contribute (contribution part)....so yes it helps. Depending on the age I retire at and when I start drawing. If I work until 30 yrs, it is a full retirement of approximately $2677 + a draw off of my contributed portion. If I leave service at 60 but don't draw until 65 (full retirement age), then I would receive approximately $2249 + a draw off my contributed portion. Of course, or maybe not, I will have social security as well of approximately $2029. I also have a smaller portion going into a 403B (included in my $180k). I am figuring right now, I will be ok in retirement. Frustrating that a good portion of it will go to medical insurance. The next 5 yrs and what I can sock away will be crucial in my decision moving forward.

Teachermom

[paynointerest]

Update! November, 2019

Pay-no-interest: $66,700 (New goal:  $65,400; Old Goal: $55,900.00)

	Goal	Saved	% of goal	Amt spent
My 403b	$19,000	$19,000	100%
457b	$9,000	$9,200	102%
457b race#2	$9,500	$8,800	93%
Savings Acct	$3,000	$3000	100%
Taxable Invest Acct	$5,000	$5,000	100%
Property/Income Taxes #1	$4,200	$5,200	124%	$5,200
Property/Income Taxes #2	$8,500	$8,500	100%	$6,495
DH 403b	$7,200	$8,000	103%
Total	$65,400	$66,700	102%

I was able to convince my DH to increase his contributions to his 403b and so we surpassed my original goal for his retirement account this month.  The only goal left is the new race I added for my 457b and I'll meet that in December.  My plan is to max it out at $19K since I know we will have enough money left over to cover Christmas even with the contribution.

Happy Thanksgiving to everyone!

[paynointerest]

Getting started on retirement contributions discussion...

I started early contributing to retirement accounts because #1) I always had an interest in money and asked my dad a ton of questions about it when I was growing up; and #2) my dad was financially savvy and was willing to talk to me about it and gave me the resources to start saving.  I know that I'm really lucky to have grown up in this environment.

I started contributing to my Roth IRA in the early 2000s when Bill Clinton's administration started it.  My dad told me about it and I whatever extra money I had, I would put it into that account. I remember getting my first checking account at age 14 and I saved all the money I made and stuck it in there.  At one point my dad asked me how much I had saved and he was surprised.  I guess that was the point that he knew I liked to save and started encouraging me to save in other areas.

My biggest mistake, and I still have to talk myself out of not beating myself up about it, is when the markets crashed in 2008 (I was in my late 30s at that time), rather than keeping my money in the equity markets and holding it there, I sold and moved the money into a money market account. I was gun shy to put future contributions into equities and missed the start of the upward trend.  4-5 years later I realized that the bull market was here to stay and started moving my money back into equities and set my contributions to go into equities.  I didn't know about rebalancing...something I wish I had known.  I have money in Vanguard and it wasn't until 2 years ago that I finally hired one of their financial advisers to help me.  I did it because I needed someone to give me the courage to get my money out of cash where it as doing NOTHING into a thought out portfolio that met my retirement goals.  With that said, these are the lessons I learned that I wish I would have done earlier (I could be retired now if I had done this!)

1. Hire a financial adviser who is reasonably priced or offers a one-time fee to help you set up your accounts to set up a plan that suits your situation.  It is important that they have your needs in mind  and they are not trying to sell you their products where they get commissions on the investments they put your money in.  I chose Vanguard's plan because I already had money in their accounts and am ok with only using their investment products.  They are relatively cheap.
   
2. Take advantage of the power of compounding over time.  I kept some of my money in the markets and between compounding and the bull market, they did well.  The ones where I took it out, I missed out on the compounding benefits that would have my account values much higher today.
   
3. Don't sell during a market downturn.  A hard lesson learned by myself.  I let the information in the media get to me out of fear of losing money and sold at a very low point.  Had I stepped back and thought about the fact I was only 37 and had plenty of time for the markets to go up and held everything in the stock market, I would have a lot more saved today and I wouldn't be in my current "catch up" mode.
4. When the market goes down, that is a buying opportunity and take advantage of tax savings through retirement savings when possible.  I also made the mistake of not adding my extra money to my non-taxable accounts and lowering my taxable income.  I paid more in income tax and the money in my cash savings account did not grow to keep up with inflation, etc.  Plus, I missed out on the growth they would have had if they would have been in the stock market. I'm finally start to learn my lesson.

Happy saving everyone!  Any amount saved is a positive step in the right direction.

[teachermom]

Nov 27, 2019 9:27:14 GMT -5 paynointerest said:

Getting started on retirement contributions discussion...

I started early contributing to retirement accounts because #1) I always had an interest in money and asked my dad a ton of questions about it when I was growing up; and #2) my dad was financially savvy and was willing to talk to me about it and gave me the resources to start saving. 

I started contributing to my Roth IRA in the early 2000s when Bill Clinton's administration started it.  My dad told me about it and I whatever extra money I had, I would put it into that account. I remember getting my first checking account at age 14 and I saved all the money I made and stuck it in there.  At one point my dad asked me how much I had saved and he was surprised.  I guess that was the point that he knew I liked to save and started encouraging me to save in other areas.

My biggest mistake and I still have to talk myself out of not beating myself up about it is when the markets crashed in 2008 (I was in my late 30s at that time), rather than keeping my money in the equity markets and holding it there, I sold and moved the money into a money market account. I was gun shy to put future contributions into equities and missed the start of the upward trend.  4-5 years later I realized that the bull market was here to stay and started moving my money back into equities and set my contributions to go into equities.  I didn't know about rebalancing...something I wish I had known.  I have money in Vanguard and it wasn't until 2 years ago that I finally hired one of their financial advisers to help me.  I did it because I needed someone to give me the courage to get my money out of cash where it as doing NOTHING into a thought out portfolio that met my retirement goals.  With that said, these are the lessons I learned that I wish I would have done earlier (I could be retired now if I had done this!)

1. Hire a financial adviser who is reasonably priced or offers a one-time fee to help you set up your accounts to set up a plan that suits your situation.  It is important that they have your needs in mind  and they are not trying to sell you their products where they get commissions on the investments they put your money in.  I chose Vanguard's plan because I already had money in their accounts and am ok with only using their investment products.  They are relatively cheap.
   
2. Take advantage of the power of compounding over time.  I kept some of my money in the markets and between compounding and the bull market, they did well.  The ones where I took it out, I missed out on the compounding benefits that would have my account values much higher today.
   
3. Don't sell during a market downturn.  A hard lesson learned by myself.  I let the information in the media get to me out of fear of losing money and sold at a very low point.  Had I stepped back and thought about the fact I was only 37 and had plenty of time for the markets to go up and held everything in the stock market, I would have a lot more saved today and I wouldn't be in my current "catch up" mode.
4. When the market goes down, that is a buying opportunity.  I also made the mistake of not adding my extra money to my non-taxable accounts and lowering my taxable income.  I paid more in income tax and the money in my cash savings account did not grow to keep up with inflation, etc.  Plus, I missed out on the growth they would have had if they would have been in the stock market. I'm finally start to learn my lesson.

Happy saving everyone!  Any amount saved is a positive step in the right direction.

Great advice and how lucky you were to have a dad who taught you all that he did! Awesome!!! We definitely do what we see at home because that is what we know. My parents always used credit, bought houses when they shouldn't have (because we were a military family and would move sometimes after only 1 year) and didn't invest for the future. Glad that I know now and am able to pass my knowledge off to my sons!! Changing the family tree!!

Teachermom

[Rukh O'Rorke]

that's awesome savings paynointerest!


And the year is not over yet!!

[paynointerest]

Nov 23, 2019 12:16:50 GMT -5 seriousthistime said:

Update 

Account Name	Goal	Start	Amount Saved 11/15/19	Amt. Saved %	Roses
Gifts	$2,300	$335	$2,307	100.0%
Property Tax	$5,000	$2,984	$5,021	100.0%
Survival Fund	$6,000	$26	$6,012	100.0%
Household/Misc	$2,500	$1,075	$2,803	112.0%
Pet Care	$600	$130	$603	100.0%
Weekly Savings	$2,600	$0	$2,512	96.5%
Mortgage Cushion	$12,000	$4,200	$12,000	100.0%
Car Fund	$6,000	$0	$6,013	100.0%
Travel	$5,000	$0	$5,002	100.0%
Total	$42,000	$8,750	$42,273	100.7%

Seriousthistime, $42,273 11/15/19 (Goal $42,000) 
 

Congratulations on meeting your goals one month ahead of schedule!

[seriousthistime]

Update 

Account Name	Goal	Start	Amount Saved 11/28/19	Amt. Saved %	Roses
Gifts	$2,300	$335	$2,307	100.0%
Property Tax	$5,000	$2,984	$5,021	100.0%
Survival Fund	$6,000	$26	$6,012	100.0%
Household/Misc	$2,500	$1,075	$2,803	112.0%
Pet Care	$600	$130	$603	100.0%
Weekly Savings	$2,600	$0	$2,612	100.00%
Mortgage Cushion	$12,000	$4,200	$12,000	100.0%
Car Fund	$6,000	$0	$6,013	100.0%
Travel	$5,000	$0	$5,002	100.0%
Total	$42,000	$8,750	$42,373	100.9%

Seriousthistime, $42,373 11/28/19 (Goal $42,000) 


Weekly Savings Tracker: 

Whew!  Made it.  

Holding steady on the Murphy expenses, thank goodness. 

I've begun to think about my goals for next year but a lot is up in the air. I will probably set some goals based on one scenario and change them if the other scenario occurs.  I began the process by moving my mortgage cushion to my money market account. It feels a little weird to have a larger amount of funds that are not earmarked for a particular purpose. It also feels weird to have just one month's mortgage in the bank account that is used only because sometimes I just need to go to a brick and mortar bank but is primarily used for payday transfers in for half the mortgage payment and monthly withdrawals out by the mortgage company.

I guess I just need to get used to having a larger amount of un-earmarked funds, knowing that money for a particular purpose is in there IF I don't take it out for another reason. 

Happy Thanksgiving, Savers!  I appreciate all you do to keep the Savers thread fun, interesting, and productive.  Every post is valued. It is so helpful to read what other people are thinking, how they view savings in general and their savings in particular, and I love the camaraderie here.  We cheer each other when we succeed, encourage each other when we stumble, and share our thoughts pro and con as we ponder our finances. (Thank you, forwardwego, for all the great shoutouts!)  Thinking about finances is the first step.  We have seen what happens when we don't think about our finances, and know the feeling when we see the money come in and realize that mindless spending made it disappear with not much to show for it. 

As Rukh O'Rorke said recently, we are a community.  I value each and every one of you and hope you will stick with us in 2020.

[Rukh O'Rorke]

yay! my upped 401k went through in time for this paycheck!

It cost me $272 to put $427 into the 401k - assuming the taxes are at the right level. Will evaluate that when I file.

But I have to keep this 401k at the highest level!! And the HSA!!

Just say no! to unnecessary taxes 

[seriousthistime]

Attention Savers:

I will be updating the smilies on Wednesday evening, December 4.  Please get your updates posted by then!

[Saving4Norway]

Month	2019 Goals	Saved	% Met
Beginning of Sept '19	500	500	100%
End of September '19	500	1000	200%
B of October '19	500	500	100%
E of October '19	500	900	180%
B of November '19	500	500	100%
E of November '19	500	850	170%
B of December '19	500		0%
E of December '19	500		0%
	0		0%
	0		0%
	0		0%
	0		0%
TOTAL	4000.04	4250	106%

Saving4Norway 11/28/19 $4,250 (Goal $4,000)

I have an opportunity to go to Norway again this time for the 2020 Sons of Norway International Convention. I have the money saved, no problem there. With my desire to quit teaching growing by the day, I'm hemming and hawing if I want to spend the money. This will be a trip unlike any of the others I've done. I have a fair chance of being voted to be a delegate to our regional convention, and then an oh-so-slim chance to be voted as a delegate to International, where some of my trip would be reimbursed. So, essentially, I'm not counting on being a delegate.

First-world problems, I know.

[Deleted]

This is probably it for me for 2019.   December it will just be money going towards the holidays and if there is anything left I need to throw it at that stupid debt I accumulated over the spring/summer.  0% no interest/no payment credit cards are not for me.  They totally hose my system. 

Fund	2019 Goal	Current	Needed	% Complete
401K	$19000	$19000	$0	100.00%
2020 Roth	$7000	$4402	$2598	57.83%
Survival Fund	$6000	$6000	$0	100.00%
House Maint	$3000	$0	$3000	0.00%
College	$2400	$2200	$200	100.00%
Pr. High School	$1000	$1000	$0	100.00%
Vacation	$1000	$0	$1000	0.00%
Christmas	$600	$307	$293	51.17%
Total	$40,000	$33109	$6891	82.77%

Minnesotapaintlady $33109/$40,000 11/30/2019

Time to start thinking about 2020 which is going to be totally different than the past 5 years I've been posting on this thread.  Much less savings and I'll have to be very strategic about where I put it.   Child support is ending mid-year so I will have 6K less in income and more importantly in NON-TAXED income that does not effect financial aid for DS, so that makes it a lot more painful.  Not as bad as next year when I'm 12K down, but we'll cross that bridge later.  

I'm thinking right now. 

$7100 - Max HSA (work contributes $1000 of that)

$15,000 - 401K (tweak to keep AGI to around 25K)

$1800 - College (maybe $1200...I might quit older son's right at start of year instead of when child support ends.  I don't know.  I kind of like the idea of going the distance to age 18 without missing a month)

$1000 - Private high school for Carrot.

$24,900 total.  Hmmm...that's still a lot, especially with that damn debt I need to pay off by April. 

[Rukh O'Rorke]

Nov 30, 2019 13:15:21 GMT -5 minnesotapaintlady said:

This is probably it for me for 2019.   December it will just be money going towards the holidays and if there is anything left I need to throw it at that stupid debt I accumulated over the spring/summer.  0% no interest/no payment credit cards are not for me.  They totally hose my system. 

Fund	2019 Goal	Current	Needed	% Complete
401K	$19000	$19000	$0	100.00%
2020 Roth	$7000	$4402	$2598	57.83%
Survival Fund	$6000	$6000	$0	100.00%
House Maint	$3000	$0	$3000	0.00%
College	$2400	$2200	$200	100.00%
Pr. High School	$1000	$1000	$0	100.00%
Vacation	$1000	$0	$1000	0.00%
Christmas	$600	$307	$293	51.17%
Total	$40,000	$33109	$6891	82.77%

Minnesotapaintlady $33109/$40,000 11/30/2019

Time to start thinking about 2020 which is going to be totally different than the past 5 years I've been posting on this thread.  Much less savings and I'll have to be very strategic about where I put it.   Child support is ending mid-year so I will have 6K less in income and more importantly in NON-TAXED income that does not effect financial aid for DS, so that makes it a lot more painful.  Not as bad as next year when I'm 12K down, but we'll cross that bridge later.  

I'm thinking right now. 

$7100 - Max HSA (work contributes $1000 of that)

$15,000 - 401K (tweak to keep AGI to around 25K)

$1800 - College (maybe $1200...I might quit older son's right at start of year instead of when child support ends.  I don't know.  I kind of like the idea of going the distance to age 18 without missing a month)

$1000 - Private high school for Carrot.

$24,900 total.  Hmmm...that's still a lot, especially with that damn debt I need to pay off by April. 

Your doing great, and I'm sure you will figure this out.

Your knowledge of the system and how to do the most with the least is so impressive, and you've helped me out in very material ways on a number of occasions. And I thank you!

[nikiz628]

Oct 14, 2019 13:33:00 GMT -5 nikiz628 said:

UPDATE 11/30/19: 

2019 Savings	START	CURRENT	GOAL	STILL NEEDED
Emergency Fund	$2,091.03	$1,000.00	$4,500.00	$3,500.00
DS1's Savings	$1,750.51	$1,960.00	$2,000.00	$40.00
DS2's Savings	$576.65	$734.44	$800.00	$65.56
TOTALS	$4,418.19	$3,694.44	$7,300.00	$3,605.56

NikiZ628 11/30/19 $3,695.44 (Goal $7,300 WIRS1)

This will be my last savings update for the year. We obviously tapped in to that EF a lot this year, with H changing jobs and some medical bills I incurred. I am very happy it was there to keep us from leaning on credit cards. Now, it's time for us to look ahead to 2020 and get our savings goals listed out! I'll post them here once we finalize! 

[plugginaway22]

12/01/19 Update: Plugginaway22: $45,440 (goal $36,000)



brick bank              $10,201
on-line bank           $19,452
credit union            $15,787
Total                       $45,440


HSA balance $14,804

DH received a bonus we weren't expecting.  This total will be reduced by about 2k once all Christmas spending is done.  I really don't have any 'wants' right now.  We have our dishwasher and washer/dryer that are about 15 years old and will need to be replaced sometime soon.  DH has an 8 year old car with over 150k miles on it so he continues to talk about replacing it.  Always thinking about our next trip, so I will start working on that.  Not sure what my goals for 2020 are, just keep on stashing?