2021 Women in Red Savers

[bobosensei]

I'm planning a job change with a likely hit of 15-20k a year.  So the below numbers represent annual goals based on a reduced salary.  And my house expenses include a 6300 payment I'll be making this summer for the new furnace and AC I had installed a few weeks ago.  I also need to have an arborist come out to look at the trees in my backyard to see which ones are healthy and what needs to be cut down since the tree I lost in the tropical storm might have been due to sickness.  I think the whole row of Leyland Cypress trees have fungus, and anyway I need to do something about the way it looks since the tree that fell that was towards the center.  I don't like how it looks.  And my brokerage account is my overflow emergency fund.  Instead of building my online savings from 14k back to 20k, I'm going to put money back in the brokerage.

Name	Current	Goal	% Saved	Spent
ROTH 401k	$416.67	$8,000	5%	$0
ROTH IRA	$500	$6,000	8%	$0
HSA	$350	$3,550	10%	$0
Brokerage	$200	$2,400	8%	$0
House Expenses	$0	$8,000	0%	$0
Total	$1,466.67	$27,950	5.2%	$0

bobosensei, 1/18/2021, $1,466.67 (Goal $27,950) 5.2% complete 


PS I ended 2020 better than expected given my 4+ months unemployed.  I fully funded my roth ira, and made the decision to switch my 401k to a roth.

[Rukh O'Rorke]

UPDATE!

Rukh O'Rorke [1] Saving Goals for 2021

Account	Goal	Added	Saved	Percent
401k	$26,000	$1,095.96	$2,191.92	8%
HSA	$7,600	$296.15	$592.30	8%
EF:MM	$5,000	$250.00	$500.00	10%
EF:ETFs	$5,000	0	0	0%
Total	$43,600	$1,642.11	$1,642.11	8%

Rukh O'Rorke [2] Multiyear EF Goal

$11,566.54  (Start=$11,066.31 / Goal=$20,000)

One more paycheck into the mix.....

[seriousthistime]

Great to see so many old friends here, plus a few new Savers!

During this first month of the year, our behavior ranges from the "I've got a Savers goal and I'm going to knock it out of the park" (the Savers version of throwing ourselves into a New Years resolution to lose weight, for example) to "I'm going to save some money this year, but not sure how to start, what goals to set, still in the thinking stage" (going with the example of losing weight, this is the "Which diet sounds best for me?" followed by "right after I finish all the naughty groceries I bought yesterday"). 

The good thing about the Savers, unlike a diet, is that it is easy to pick a plan and tweak it as we go along.  That's much more difficult with a diet.  You can't do Weight Watchers one week, South Beach the next, Keto after that... but you CAN set a dollar amount you'd like to save this year, knowing what you know now (job stability, upcoming expenses, etc.), change it when circumstances change, break it out into mini-goals (i.e., categories) at any point, and switch it all up as needed. 

Soon we will be done with the first 1/12th of 2021.  If last year taught us anything, we learned to adjust to the unexpected.  If you're still at the "which plan sounds best for me?" stage, post your thoughts here and the group will help you brainstorm. 

[nidena]

It appears I'm due an update.


Item Goal Current

3-6 Months                     $6,000             $415.01
Home Improvements (1) $8,000              $47.45  (pulled from this to fund the CD)
CD                                 $1000               $1000
Funeral Travel Expenses  $1,000              $385 (first to tackle)
TSP                               $10,000             $1014.07 (passive savings)
IRA-Rollover                   $120,000          $13,393.04
Annuity xfer in 2023                               $5,411.76

Total                     $145,000                   $21,666.33

Nidena 1/23/2020 $21,666.33 (Goal $145,000.00 WIRS20 of 2020)

[seriousthistime]

Name	Start	Current	Goal	% Saved	Spent
Emergency Fund	$2,000	$2,000	$2,000	100.0%
Gifts	$14	$2,300	$2,300	100.0%
Travel	$2,310	$3,660	$5,000	73.2%
Property Tax	$2,785	$4,339	$5,500	78.9%	$2,728
Periodic Expense	$0	$0	$1,000	0.0%
Weekly Savings	$227	$334	$1,605	14.1%
Total	$5,560	$12,633	$17,405	72.6%

Serious this time, 1/23/2021, $12,633 (Goal $17,405)



Weekly Savings

		$3	$4	$5	$6	$7
$8	$9	$10	$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

[debthaven]

I'm still here in spirit, if not in monthly savings goals!

We are STILL set to sell that studio (it is taking a RIDICULOUS amount of time!) If When it finally happens, I hope to surpass my 10K goal!  

I really appreciate seriousthistime  still keeping me on the list, as well forwardwego 's (totally undeserved) shoutouts. 

We're also spending money (we even took out a loan) to redo another rental which hasn't been updated since 1970, literally. We're keeping that rental for retirement income, so I won't be racing that loan.

[nidena]

I realized I was so focused on paying down the CC that I hadn't yet setup my "set it and forget" Roth transfers.  Just took care of that.  I will now have $500 being transferred every 2nd of the month.

[plugginaway22]

I have been unable to make any savings goals for this year. My company is in the process of being sold and I will hold on until that happens. This news has me crazily stashing money every paycheck, which has been easy during Covid since we aren't spending (my vice is travel). We have been saving lots for the past 2 years with the thought that the stash would take us through 2 years of expenses, and then DH will collect SS. We max our 401Ks, HSA, and have no debt. Most would say we have too much cash sitting in savings/money markets. I would like to write up a case study for people to critique, but that doesn't seem to happen much on this site. I may do it over on MrMoneyM...
My company 'owes' me a bonus payable in March, about 10k that I plan to put into 401K almost completely since I won't max this year.

[debthaven]

Is your job safe plugginaway22 ?

[Annie7]

Jan 23, 2021 15:54:06 GMT -5 seriousthistime said:

Great to see so many old friends here, plus a few new Savers!

During this first month of the year, our behavior ranges from the "I've got a Savers goal and I'm going to knock it out of the park" (the Savers version of throwing ourselves into a New Years resolution to lose weight, for example) to "I'm going to save some money this year, but not sure how to start, what goals to set, still in the thinking stage" (going with the example of losing weight, this is the "Which diet sounds best for me?" followed by "right after I finish all the naughty groceries I bought yesterday"). 

The good thing about the Savers, unlike a diet, is that it is easy to pick a plan and tweak it as we go along.  That's much more difficult with a diet.  You can't do Weight Watchers one week, South Beach the next, Keto after that... but you CAN set a dollar amount you'd like to save this year, knowing what you know now (job stability, upcoming expenses, etc.), change it when circumstances change, break it out into mini-goals (i.e., categories) at any point, and switch it all up as needed. 

Soon we will be done with the first 1/12th of 2021.  If last year taught us anything, we learned to adjust to the unexpected.  If you're still at the "which plan sounds best for me?" stage, post your thoughts here and the group will help you brainstorm. 

This has prompted me to post here. 

I am still in the "what should I plan for and how" stage. 

I got divorced in Nov 2020. So, I'm still consolidating things and figuring out my financial situation. My tax situation will be different - probably owe since I will be filing single.

I'm considering switching to Roth 401K and NOT maxing from this year (but getting the match of course) and putting the extra towards other non-retirement investments. This will impact taxes withheld and take-home pay. I don't know how much I can save based on the new take-home until I make these changes and see.

Our raises and bonuses happen in March. So, I would like to wait until April to come up with a plan of how much I can save. 

I will finish paying DS2's college tuition by EOY for his last spring 2022 semester. I will finish paying for my car loan in Oct. So next year I will be in a better shape financially and can really start saving aggressively.

I don't know what to save for other than a couple things I know - roof and ac replacements. Do I combine these into the emergency fund? 

I have 45K in cash total. 30K of that is for tuition. 15K is towards roof (3 year horizon) and ac replacement (this year or next depending on when it dies) which needs a total of about 45K. So there is no "emergency fund" as a separate item. If the emergency happens (job loss is the main one) before I pay the tuition amounts, I can have DS2 take a loan and I will pay it off for him slowly as I can. If the emergency happens after, I will have to put off the roof and ac until I recover. I do have about 50K available in credit cards since I'm only using 2% of the limit and pay off every month. 

So, can I join in April when I have a better handle on my finance to come up with a plan?

[Rukh O'Rorke]

Jan 24, 2021 21:53:45 GMT -5 plugginaway22 said:

I have been unable to make any savings goals for this year. My company is in the process of being sold and I will hold on until that happens. This news has me crazily stashing money every paycheck, which has been easy during Covid since we aren't spending (my vice is travel). We have been saving lots for the past 2 years with the thought that the stash would take us through 2 years of expenses, and then DH will collect SS. We max our 401Ks, HSA, and have no debt. Most would say we have too much cash sitting in savings/money markets. I would like to write up a case study for people to critique, but that doesn't seem to happen much on this site. I may do it over on MrMoneyM...
My company 'owes' me a bonus payable in March, about 10k that I plan to put into 401K almost completely since I won't max this year.

hope this works out for you!

[forwardwego]

Annie7 Absolutely, join with goals whenever you can. By joining in 2021, I think you'll find that in 2022 you will be very glad you did. Your potential for "new savings" seems much greater for 2022, but getting your feet wet now will help you find the structure that works for you & will feel really good to see your acceleration in 2022 over 2021.

[seriousthistime]

Jan 25, 2021 18:18:44 GMT -5 forwardwego said:

Annie7 Absolutely, join with goals whenever you can. By joining in 2021, I think you'll find that in 2022 you will be very glad you did. Your potential for "new savings" seems much greater for 2022, but getting your feet wet now will help you find the structure that works for you & will feel really good to see your acceleration in 2022 over 2021.

Yes, Annie7, you can join at any time, you can change your goals at any time, you can change from a $ amount in the bank approach to a $ amount saved even though spent (because all savings, even retirement savings, will be spent at some point) and you can decide which savings to post here.  When I first started, I posted my 401k savings which did not start at zero for that year, and just made me look like a SuperSaver, which was partly investment increases.  I certainly was not a SuperSaver!  I changed it up the second year and removed 401k savings from the chart.  I see some others do track it in various ways. 

The important thing is for you to find out what is comfortable for you, and don't feel bound by your initial choices. 

[Annie7]

Thanks forwardwego and seriousthistime. I will come back with goals in April. 

[paynointerest]

Pay-no-interest: $14,100.00 (Goal: $58,200)

	Goal	Saved	% of Goal	Amt Spent
My 403b	$19,500	4,100	21%
My 457b	$19,500
Tax Invest Acct	$6,000
DH2020 Roth	$6,000	6,000	100%
MY2020 Roth	$6,000	2,000	33%
DH 403b	$12,000	2,000	17%
Total	$58,200	14,100	20%

I had money left over in December that I contributed to DH and my Roth IRAs and now I'm back to working on the goal to max out our supplemental retirement accounts. I submitted my materials for promotion on Sunday. Once the initial review is passed, I'll be asked to sign a document that gives the committee the go ahead to begin the official review. I'll know in June what the outcome is.

Stay safe and stay healthy.

[sealy]

My first savers post of 2021.  I've transferred $500 to my savings which means I have $10K I will need to use it for taxes, truck payment in August, and mortgage payment in August. It's going to be hard seeing it go but that's what it's for.  I will now focus on paying off my truck.  Thanks for always being supportive.  I'm not going anywhere I'm just saying thanks.

[seriousthistime]

Jan 29, 2021 3:46:00 GMT -5 sealy said:

My first savers post of 2021.  I've transferred $500 to my savings which means I have $10K I will need to use it for taxes, truck payment in August, and mortgage payment in August. It's going to be hard seeing it go but that's what it's for.  I will now focus on paying off my truck.  Thanks for always being supportive.  I'm not going anywhere I'm just saying thanks.

sealy, I'm trying to put together a tag line for two for you.

Is this correct or does it need to be changed: 

sealy, 1/29/21, $10,000 (Goal $10,000)

and judging from your signature about the 52-week challenge, 

sealy, 1/29/21, $0 (Goal $1,378)

[seriousthistime]

Attention Savers, 

I will be doing the smilies on the afternoon of February 4.  Please get your updates posted by then.  Thank you!

[Rukh O'Rorke]

Jan 29, 2021 3:46:00 GMT -5 sealy said:

My first savers post of 2021.  I've transferred $500 to my savings which means I have $10K I will need to use it for taxes, truck payment in August, and mortgage payment in August. It's going to be hard seeing it go but that's what it's for.  I will now focus on paying off my truck.  Thanks for always being supportive.  I'm not going anywhere I'm just saying thanks.

August?

[plugginaway22]

Plugginaway22:   $3000 ($24,000)

January update...

I picked $2000/month to save in 2021.  It will be a year of changes. I will not be working much after May, so we will see if I can eek this out, with DH income, our bonuses, etc. It is a good start with 3k saved in January.

This is my travel dream month and since nothing can be planned I am feeling BLAHHHHH...I do get my second Pfizer vaccine this coming week so that is one happy thing.  

Good luck to all of you in 2021!  This group has motivated me and I couldn't have buckled down at a better time!

[seriousthistime]

Jan 29, 2021 18:58:56 GMT -5 Rukh O'Rorke said:

Jan 29, 2021 3:46:00 GMT -5 sealy said:

My first savers post of 2021.  I've transferred $500 to my savings which means I have $10K I will need to use it for taxes, truck payment in August, and mortgage payment in August. It's going to be hard seeing it go but that's what it's for.  I will now focus on paying off my truck.  Thanks for always being supportive.  I'm not going anywhere I'm just saying thanks.

August?

I think she doesn't get a salary in August.  I'm guessing, based on reading sealy's posts over the years. 

[azucena]

I'm playing but just treaded water in Jan after paying a few annual bills in Dec and paid for our spring break trip.

Going to leave my goal at $30,000 to make us stretch. Hoping DH gets vaccinated and can go back to work by end of Feb.

Azucena $0 out of $30,000

[seriousthistime]

Jan 30, 2021 9:29:26 GMT -5 plugginaway22 said:

Plugginaway22:   $3000 ($24,000)

January update...

I picked $2000/month to save in 2021.  It will be a year of changes. I will not be working much after May, so we will see if I can eek this out, with DH income, our bonuses, etc. It is a good start with 3k saved in January.

This is my travel dream month and since nothing can be planned I am feeling BLAHHHHH...I do get my second Pfizer vaccine this coming week so that is one happy thing.  

Good luck to all of you in 2021!  This group has motivated me and I couldn't have buckled down at a better time!

Yes, that's what this group does!  Motivation and support. I would not have been able to retire if I hadn't started taking the reins on my savings, and this group is what opened my eyes to that.  

[sealy]

Jan 30, 2021 10:37:00 GMT -5 seriousthistime said:

Jan 29, 2021 18:58:56 GMT -5 Rukh O'Rorke said:

August?

I think she doesn't get a salary in August.  I'm guessing, based on reading sealy's posts over the years. 

seriousthistime is correct.  I only get paid 11 months out of the year.  I don't get a check at the end of July.  So I need to save for August's bills and taxes.  Every year I say I'll have them take out more for taxes but I don't.  Once my truck is paid off maybe I can have them take out more.

[sealy]

Jan 29, 2021 15:14:11 GMT -5 seriousthistime said:

Jan 29, 2021 3:46:00 GMT -5 sealy said:

My first savers post of 2021.  I've transferred $500 to my savings which means I have $10K I will need to use it for taxes, truck payment in August, and mortgage payment in August. It's going to be hard seeing it go but that's what it's for.  I will now focus on paying off my truck.  Thanks for always being supportive.  I'm not going anywhere I'm just saying thanks.

sealy, I'm trying to put together a tag line for two for you.

Is this correct or does it need to be changed: 

sealy, 1/29/21, $10,000 (Goal $10,000)

and judging from your signature about the 52-week challenge, 

sealy, 1/29/21, $0 (Goal $1,378)

seriousthistime my tags should be sealy 1/29/21 $10,000 (Goal $25,000) but I'm pausing this goal for now so I can focus more on my truck.  The 52-week challenge tag is correct   
   sealy 1/29/21 $0 (Goal 1,378).  Thank you putting my tags together.

[debthaven]

I don't want to jinx myself, but it looks like we have an appt on Tues to sign the first set of papers for the sale of the wonky studio. 

If that happens, I should reach my savings goal (and then some!) by late spring or early summer. 

So fingers crossed!

plugginaway22 does that mean you'll be retiring this year? By choice, or is your job going away? And what about your DH?

Only if you don't mind answering of course! I know we are about the same age, so I'm curious, but I don't want to pry. 

[plugginaway22]

Yes Debt, once the sale of the company I work for is final I will be retiring. My plan was always to retire at 62, and I will be 61 in 2021, so not too much earlier. DH is 61 and planning to retire at 62. My employer has mentioned the possibility of me doing some part time bookkeeping work from home,but I am not counting on that or even sure I want to. We now have 3 grandbabies and my mother is in her 80s, I'm ready to devote more time to family.

[teachermom]

Update: 

I still haven't had time to really focus on what my goals will be for this year. I do know that I spent most of my savings now on my house and electrical work I needed. I still need to save to get the hardwood floors redone....so to start that is going to be one of my goals. I will also need to do some painting on the outside of my home and some landscaping before I sell. 

Here is what I am going to go with to start:

Hardwood Floors  - $5000.00
Painting - $300
Landscaping - $500

Teachermom#1 2/1/21 $200 ($0.00 1/1/2001, Goal $5800)

I forgot....I have automatic payments for Car Maintenance and Christmas/Gifts, so I will do 2 races. 

Car Maintenance (Maintenance, tires, tabs) - $600
Christmas/Gifts - $1200 

Teachermom#2 2/1/21 $300 ($0.00 1/1/2001, Goal $1800)

Good luck everyone!!
Teachermom

[shanendoah]

On Thursday I will get my first full paycheck at the new job. I got all my paperwork for retirement savings and benefits in, so hopefully it will reflect accurate deductions. If that's the case, I'll be able to put together my savings plan for the year (well, for the quarter, because that works so much better for me).
So far, we did make the $500 deposit into my husband's 2021 ROTH IRA, but nothing else. I will include that when I put together my official goal/post later. No need to include me in this month's smilies. 

[Saving4Norway]

Month	2021 Goals	Saved	% Met
B of Jan	2500	2500	100%
E of Jan	1	60	6000%
B of Feb	2500	2500	100%
E of Feb	1	0	0%
B of March	2500	0	0%
E of March	1	0	0%
TOTAL	7503	5060	67%

Saving4Norway 2/2/21 $5060 (Goal $7,503)