2022 WOMEN IN RED SAVERS

[seriousthistime]

WHO ARE THE WIRS?

Hello and welcome to the Women in Red Savers (WIRS) group! We are a supportive community group that celebrates reaching the personal savings goals of the WIRS members, whether we are women or men, currently “in the red” or “in the black.” This thread will give you basic information what our group is about, so please read all of the information provided below and then start posting!

The purpose of the Savers group is to empower our members to take financial control of their lives by setting, tracking and achieving savings goals. If you're interested in a community of support, motivation, and inspiration, then this is the place for you.

As one part of the Women In Red, the Savers focus on encouraging members to save, no matter what your level of savings knowledge is. You may be starting on your first Emergency Fund or maxing out your retirement. It doesn’t matter to us, as long as you keep doing it. We feel that positive encouragement and motivation will help all of us to learn better savings habits, and accomplish those savings goals.

A key part of saving is learning to incorporate savings into your daily routine – many of our members are also members of the No Spend threads or the Women In Red Racers. Savings is an integral part of paying off debt and changing your lifestyle, so no matter where you are in the process, this is the right place for you to be!

The WIRS - Women in Red Savers group is a SMALL sub-group of the larger Women in Red community because we are seeking the common WIR goal: Taking Total Financial Control! The same support, encouragement, motivation…and yes, sometimes “tough love” provided by the WIR is applied towards savings goals as well! And because the support and encouragement from a group with similar goals also serves to provide a sense of accountability in meeting our individual goals, what better way to approach this than promoting our own Savers group!!

THIS IS THE RIGHT PLACE FOR YOU TO BE!

[seriousthistime]

HOW DO YOU JOIN?

First, establish some sort of a goal. Then report your progress periodically by updating your numbers.


PLEASE use a tag line. In order to be able to keep track and post updates please make sure and include the start & goal such as:

Username / Update date / Current amount saved/you may follow that with your goal in parenthesis in any manner you wish.

Some suggestions are:

UserName 5/3/22 $8,500 ($0 1/1/22 / Goal=$16,000)

UserName 5/3/22 $8,500 (Start=$0 / Goal=$16,000)

There are some Savers that prefer to have massive multi-year goals that don't have an annual goal in mind so they could just do the basics like this, if they wanted to (not logging ★ progress).

UserName 5/3/22 $38,572 (Start=$24,369)

You can use a tag line only, or put your savings into a chart with totals, and the tagline below. To make a chart, you start to post a message and will see a line of icons above the big white box. The grid-looking thing is an empty chart where you can indicate the number of columns and rows you like, and if you want to have a border (if so, click on that box), then click "insert table."This is what you get if you select 2 columns, two rows. You can add or delete rows by choosing the cell nearest the place you want to add, and right click your mouse to see the options.

Row 1 column 1	Row 1 column 2
Row 2 column 1	Row 2 column 2

Then just highlight the contents in the first cell, and replace with whatever text or number you need.

Emergency Fund $1,000
Property Tax $2,000

And the tag line goes underneath (or at the top, anyplace as long as we can find it).

SMILIES AND SHOUTOUTS ARE USUALLY DONE AFTER THE END OF EACH MONTH.

We hope that your participation helps you to achieve a more prosperous 2022! Please join us!

[seriousthistime]

CHALLENGES AND TRICKS FOR SAVING

In the past, we have kicked around some ideas for ways to save. Some people are very methodical, and others need tricks and motivation. Some of us like both.

See replies #339, #348, #353, #358, and $360 in the Savers 2014 thread.

First, there is the weekly savings challenge. The idea is that for the first week of the year, you save $1, second week you save $2, then the third week you save $3, and so on up to $52 on the last week of the year. You end up with $1,378. This is a great way to build up an EF.

Variations:
Reverse weekly challenge: Start with $52 on the first week, $51 on the second week, $50 on the third week, and so on. You end up with the same $1,378, but it builds more quickly.

Bump-up weekly challenge: Instead of starting with $1 on the first week, start with a few dollars more than that, and increase by $1 each week. So maybe start with $5 the first week, $6 the second week, $7 the third week, and so on.

Maximum-tackle weekly challenge (forwardwego's idea): Make a list of weeks from 1 to 52. Each week, select an amount from $1 to $52 that you can manage that week. If it's $1, cross that off the list, and put it in savings. If it's $52, cross that off and put it in savings. Once it's crossed off, it's done and you have to select from the other amounts in future weeks. This gives you more flexibility during the more challenging weeks of the year.

Another idea (chiver78 's idea) Is to use a deck of cards of which there are 52 (how convenient!). Pull a card out of the deck, and put that amount in weekly savings. An ace can be $1 or $11. Kings, Queens, and Jacks can be $10, or any other amount you assign to them. Thanks, chiver, for this idea.

Plateau weekly challenge: Start with the straight weekly challenge ($1, $2, $3...) and if it becomes too much to put in an ever-increasing amount, STOP increasing but continue to put in the last amount you were able to make. So if you had to stop at week 20, with $20, continue to put in $20 for the rest of the year.

There are a few non-weekly challenges we've been discussing.

Random cash challenge: If you find cash in pockets, floating around in your purse, in your laundry room, and basically any place other than your wallet, it goes into a pot to be added to your savings.

Specific denomination challenge: Choose a denomination that you want to save. It could be $10, $5, $1, quarters, dimes, all coins, etc. You get the idea. At the end of each day, if you have any of that denomination in your purse, wallet, backpack, or wherever you keep your money, it goes into a pot to be added to your savings.

[seriousthistime]

PLEASE NOTE:

This thread is now open for you to start posting goals, thoughts, and ideas for 2022.

The 2021 Savers thread is still open for you to post your final updates for 2021. Please post your final year-end updates in the 2021 Savers thread. 

When the smilies and shoutouts for 2021 are done, that thread will be locked. So please hurry and get your 2021 updates done by the afternoon of January 8, and post them in the 2021 thread.  We will post the shoutouts after the smilies are done. And after the shoutouts are posted, that thread will be locked.

Here's to successful saving in 2022, Savers! Let the savings begin!

[Rukh O'Rorke]

Dec 3, 2021 15:45:32 GMT -5 Rukh O'Rorke said:

Thinking about 2022 goals, since the market is really down this week, and I may not be able to retire like I was thinking about in 2022 - depending on where it all goes of course.



Rukh O'Rorke Saving Goals for 2022

Account	Goal
401k	$27,000
HSA	$3,650
I-Bonds	$10,000
MM	$20,000
Total	$60,650

                        
401k limit is up by 1k, I will be doing single hsa rather than family so that is less about 4k or so.

Want to continue building I bond and find other bond/cash investments I like, I just really want more ibonds! I love that 7% return!

Upping the MM goal, thinking my mulityear goal is not working out - it is just a piggy bank with money going in and money going out.

Student loans are going back into repayment, that'll be a drag on the finances for sure. I paid off 3 of the smaller loans, but think my minimum payment will still be more than 1k/month.

These savings goals will only be acheiveable if I get some good RI action through the year. I have finished all projects for this year, and neither client mentioned anything about work in 2022. I'll likely know by Feb/Mar if they are coming back, so will keep an eye on my email. Kind of a bummer to not know as I am planning on going LLC before end of year, but may not be worth the effort if they don't come back. 

Ah well! will see what happens.

quoting my thoughts off the end of 2021 thread. Will reevaluate come January.

Happy new year to all the savers!!

[seriousthistime]

Starting Update

Name	Start	Goal	Current	% Saved	Spent
Emergency Fund	$2,005	$2,500	$2,005	80.2%	$0
Gifts	$1,500	$2,600	$1,500	57.2%	$0
Travel	$0	$5,000	$0	0.0%	$0
Property Tax	$5,066	$5,500	$5,066	92.1%	$0
Periodic Expense	$2,004	$2,500	$2,004	80.2%	$0
Weekly Savings	$0	$1,586	$56	3.5%	$0
Total	$10,575	$19,686	$10,631	54.0%	$0

Serious this time [1], 1/1/2022, $10,631 (Goal $19,686)

Serious this time [2], 1/1/2022, $1,007 (Goal $10,000) (DGS's OOP medical)

I boosted some goals and kept others the same.  

Weekly Savings

$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	$51	$52	$53
$54	$55

For Weekly Savings, instead of starting with $1, I am starting with $5 and adding $1 each week.  

[Knee Deep in Water Chloe]

Good morning! May I join this year?
We plan to move this summer. That entails selling our current house and buying another house. 
I need to have a TBD amount of cash set aside for moving costs. 

[Annie7]

Annie7 1/1/2022, $69,699 (Goal $120,000)

	Starting Amount	Goal Amount	Saved $	Amount to Go	Spent $	Need By	% Met
Basement	$10,000	$10,000	$10,000	$0	$0	3/1/2022	100%
AC Replacement	$10,000	$10,000	$10,000	$0	$0	8/1/2022	100%
Other Maintenance	$14,688	$15,000	$14,688	$322	$0	12/31/2022	98%
Emergency Fund	$35,000	$35,000	$35,000	$0	$0	12/31/2022	100%
MM Account	$0	$20,000	$0	$0	$0	12/31/2022	0%
Roof Replacement	$0	$30,000	$0	$30,000	$0	2023	0%
Total	$69,688	$120,000	$69,688	$50,322	$0		58%

I want to fund a MM account for after tax savings. I might move existing money from my other categories there. I added "Other Maintenance" since there are some things I want to do for the house and yard. 

Basement flooring is the only thing that I know for sure will be done this year. The others are all "if possible and if needed".

[seriousthistime]

Jan 1, 2022 11:35:51 GMT -5 Knee Deep in Water Chloe said:

Good morning! May I join this year?
We plan to move this summer. That entails selling our current house and buying another house. 
I need to have a TBD amount of cash set aside for moving costs. 

Of course you may join!  We'd love to have you here.

[Knee Deep in Water Chloe]

[Rukh O'Rorke]

UPDATE!

Rukh O'Rorke Saving Goals for 2022

Account	Goal	Added	Saved	Percent
401k	$27,000			0%
HSA	$3,650			0%
I-Bonds	$10,000	$2,500	$2,500	25%
MM	$20,000			0%
Total	$60,650			4%

                        
ok - I have no additional thoughts on these goals since the clock struck midnight 12/31/2021, so I'll go with them for the present!

speedbumbs will include student loan payment resumption in may or june, and I have not heard from any clients for RI regarding services in 2022, so I may be a bust there and need to reevaluate these goals, so still playing it by ear for a while.

thought I'd start off strong while I still can, lol! 4% there 

[Rukh O'Rorke]

Jan 2, 2022 15:17:51 GMT -5 Knee Deep in Water Chloe said:

ok - so how did you post this??

[mollyc]

Mollyc (1) 1/2/22 $1,295.18 (Start - $1,295.18)

Name	Goal	Added	Spent	Current	Percent
Ongoing	$3,000.00	$0.00	$0.00	$996.57	33%
Auto	$4,000.00	$0.00	$0.00	$238.61	6%
Fortis (NGas)	$255.00	$0.00	$0.00	$15.00	6%
Hydro (Elec)	$400.00	$0.00	$0.00	$45.00	11%
Total	$7,655.00	$0.00	$0.00	$1,295.18	17%

Ongoing Expenses - Right now the intent is to add $70 every 2 weeks as well as $200 once a month from my side job.  I will also be adding $100.00 every 2 weeks for the electricity bill.  If electricity costs less then $400.00 every other month, I'll move the difference to the Hydro account.  Right now our Feb invoice is projected to be over $500.  I don't expect electricity to be less then $200.00/month until sometime in the Spring.  Yes, we can't use less.  I expect to spend most of the money in ongoing in the next month or so.  I have a vet appt for Stevie this week and her and her mom both have appts to be spayed at the end of Feb.  If something happens so I can cash flow part of it, I will but that's fairly unlikely.  Lexie is 8 yrs old and both her and Stevie have had puppies so the operations are going to be really pricey.

Auto - ICBC changed their liability model and my insurance went down so once a month, I am depositing the difference.  I also deposit the difference if my biweekly auto expenses are less then my biweekly auto allowance.  The hope is to someday have $3,000.00 for a new-to-us vehicle and $1,000.00 for ongoing costs.

Mollyc (2) 1/2/22 $531.30 (Start - $531.30)

This is a separate savings account.  With everything happening in BC and the rest of the World since last April, I expect I will have to pull most of this money to help cover my home insurance when it comes due in May.  It cost $916 last year.  I know people who renewed this past Fall and they had 75%-80% increases in cost.  I most certainly can't cash flow that but I will keep depositing once a month for now.

[Knee Deep in Water Chloe]

Jan 2, 2022 15:34:42 GMT -5 Rukh O'Rorke said:

Jan 2, 2022 15:17:51 GMT -5 Knee Deep in Water Chloe said:

ok - so how did you post this??

I don't want to make assumptions, so please know I'm not trying to be a poop. 
It's an image of my excel spreadsheet. Do you mean the colors? Do you mean the font? Tell me how I can help you. 

[Rukh O'Rorke]

Jan 2, 2022 20:42:43 GMT -5 Knee Deep in Water Chloe said:

Jan 2, 2022 15:34:42 GMT -5 Rukh O'Rorke said:

ok - so how did you post this??

I don't want to make assumptions, so please know I'm not trying to be a poop. 
It's an image of my excel spreadsheet. Do you mean the colors? Do you mean the font? Tell me how I can help you. 

so you take a snip of your excel, save it, where do you put the image so you can get it into the post?

[seriousthistime]

Jan 2, 2022 15:17:51 GMT -5 Knee Deep in Water Chloe said:

So it looks like this would be your starting tag line:

Treading Water Chloe, 1/1/22, $5,581.46 (Goal $26,900) 

Is that correct?

[azucena]

I'm in again as this thread definitely motivates me to save more than I would on my own.  Bumping up my goal from $30,000 past my $35,000 stretch goal, to $40,000 of which $5k will fund property tax at yearend.  I don't want to just coast at $30,000; I want to push us to save just a bit more since DH got a raise partway thru last year.  I will likely spin off some of the savings into an IRA but still count it because it's additional saving that I wasn't doing before.

Azucena $0 of $40,000 (0%) as of 1/1/2022

[steph08]

2022 GOALS

UPDATE: steph08 $18,313.29 1/3/2021 Goal $67,600.00

Savings	Start	Previous	Current	Difference	Goal	Percentage Saved
Emergency Fund	$18,313.29	$18,313.29	$18,313.29	$0.00	$20,000.00	91.57%
DD1 529 Payback	$0.00	$0.00	$0.00	$0.00	$2,700.00	0.00%
DD2 529 Payback	$0.00	$0.00	$0.00	$0.00	$2,700.00	0.00%
DD1 Savings	$0.00	$0.00	$0.00	$0.00	$500.00	0.00%
DD2 Savings	$0.00	$0.00	$0.00	$0.00	$500.00	0.00%
401K Savings	$0.00	$0.00	$0.00	$0.00	$20,500.00	0.00%
401k Employer Match	$0.00	$0.00	$0.00	$0.00	$2,700.00	0.00%
DD1 529 2022	$0.00	$0.00	$0.00	$0.00	$3,000.00	0.00%
DD2 529 2022	$0.00	$0.00	$0.00	$0.00	$3,000.00	0.00%
My Roth IRA	$0.00	$0.00	$0.00	$0.00	$6,000.00	0.00%
DH Roth IRA	$0.00	$0.00	$0.00	$0.00	$6,000.00	0.00%
TOTAL	$18,313.29	$18,313.29	$18,313.29	$0.00	$67,600.00	27.09%

These are a stretch, but what the heck

[Saving4Norway]

Month	Early Retirement Goal	Saved	% Met
SAVINGS ACCT	$17,500	$17,500	100%
MONEY MARKET	62500	$66,500	106%
January	2500	$3,000	120%
February	2500	$-	0%
March	2500	$-	0%
April	2500	$-	0%
May	2500	$-	0%
June	2500	$-	0%
July	2500	$-	0%
August	2500	$-	0%
TOTAL	$100,000	$87,000	87%

Saving4Norway 1/2/22 $87,000 (Goal $100,000) 

[Saving4Norway]

So Savers, things are a bit different for me again this year. I plan to "retire" from teaching at the end of this school year, in June, but my contract/paychecks continue thru August. My plan has been to save up $100,000 in liquid assets to live off of for several years before I decide I need to get another paying job. (NOT in PUBLIC EDUCATION.) 

[Rukh O'Rorke]

Jan 4, 2022 22:57:14 GMT -5 Saving4Norway said:

So Savers, things are a bit different for me again this year. I plan to "retire" from teaching at the end of this school year, in June, but my contract/paychecks continue thru August. My plan has been to save up $100,000 in liquid assets to live off of for several years before I decide I need to get another paying job. (NOT in PUBLIC EDUCATION.) 

good luck!

[nidena]

So...to avoid any iffy situations, I stopped my automatic transfers to my Roth.

I've seen it mentioned on one of these boards that my military pension and disability don't count as earned income so I figured I go for safe rather than sorry.

Looks like my savings growth will be a bit slower for the immediate future.

[azucena]

Jan 3, 2022 11:03:03 GMT -5 azucena said:

I'm in again as this thread definitely motivates me to save more than I would on my own.  Bumping up my goal from $30,000 past my $35,000 stretch goal, to $40,000 of which $5k will fund property tax at yearend.  I don't want to just coast at $30,000; I want to push us to save just a bit more since DH got a raise partway thru last year.  I will likely spin off some of the savings into an IRA but still count it because it's additional saving that I wasn't doing before.

Azucena $0 of $40,000 (0%) as of 1/1/2022

First payday savings deposit of 2022 was $2,927.

Got an estimate back from new contractor about some home improvements, so will be saving up for those too.

Work 401k moved to Fidelity and now gives us the option of putting in $10,000 in after tax money.  I just sent my contributions to do that this year as our fin advisor said we should increase post-tax investments.  Glad it's all in one place.

Azucena $2,927 of $40,000 (7%) as of 1/7/2022

[Rukh O'Rorke]

UPDATE![/b]

Rukh O'Rorke Saving Goals for 2022

Account	Goal	Added	Saved	Percent
401k	$27,000	$882.00	$882.00	3%
HSA	$3,650	$296.15	$296.15	8%
I-Bonds	$10,000	$0	$2,500.00	25%
MM	$20,000	$250.00	$250.00	1%
Total	$60,650	$1,428.15	3,928.15	6%

                        

Foiled! My new 401k allocation didn't go through so it is lower than I wanted. Meanwhile! The HSA is at my old level of family, but I am only single now so will need to check in with HR about that. for 401k will wait till after bonus in may/june and the set to equally max for rest of the year.


1/26 pay periods! Hello new year, starting over....

[minnesotapaintlady]

Jan 7, 2022 13:59:59 GMT -5 Rukh O'Rorke said:

Foiled! My new 401k allocation didn't go through so it is lower than I wanted. Meanwhile! The HSA is at my old level of family, but I am only single now so will need to check in with HR about that. for 401k will wait till after bonus in may/june and the set to equally max for rest of the year.


1/26 pay periods! Hello new year, starting over....

My 401K change didn't go through either, so it reverted back to the 50% I had going into regular 401K, PLUS the 15% I added to catch-up after the regular was maxed in October.  $1200 contribution on my $1800 gross. After insurance, SS and HSA contribution, my check was $200.  Ouch!  Good thing I operate a month ahead so I don't need the income until February. 

[Knee Deep in Water Chloe]

So it looks like this would be your starting tag line:

Treading Water Chloe, 1/1/22, $5,581.46 (Goal $26,900)

Is that correct?

seriousthistime, Yes, thank you!

[Rukh O'Rorke]

Jan 7, 2022 21:50:02 GMT -5 minnesotapaintlady said:

Jan 7, 2022 13:59:59 GMT -5 Rukh O'Rorke said:

Foiled! My new 401k allocation didn't go through so it is lower than I wanted. Meanwhile! The HSA is at my old level of family, but I am only single now so will need to check in with HR about that. for 401k will wait till after bonus in may/june and the set to equally max for rest of the year.


1/26 pay periods! Hello new year, starting over....

My 401K change didn't go through either, so it reverted back to the 50% I had going into regular 401K, PLUS the 15% I added to catch-up after the regular was maxed in October.  $1200 contribution on my $1800 gross. After insurance, SS and HSA contribution, my check was $200.  Ouch!  Good thing I operate a month ahead so I don't need the income until February. 

Definitely!

I was  because I even logged into my company laptop to make the change over the New year break....soiling my days off! 

[mollyc]

Jan 2, 2022 17:11:12 GMT -5 mollyc said:

Mollyc (1) 1/7/22 $1,565.30 (Start - Jan 2/22 - $1,295.18)

Name	Goal	Added	Spent	Current	Percent
Ongoing	$3,000.00	195.08	$0.00	$1,191.65	33%
Auto	$4,000.00	$75.04	$0.00	$313.65	6%
Fortis (NGas)	$255.00	$0.00	$0.00	$15.00	6%
Hydro (Elec)	$400.00	$0.00	$0.00	$45.00	11%
Total	$7,655.00	$270.12	$0.00	$1,565.30	17%

Mollyc (2) 1/5/22 $531.32 (Start - Jan 2/22 - 531.30)

Since the vet bill was just a little over $200, rather then take the funds out and later deposit $200 back from my side job, I just cashed flowed it.  I should have payment for my December invoice before I need to spend that money.  Hopefully things will keep going well and I'll have enough money for the girls' operations by the end of February.

[snapdragon]

Hi Everybody!

I am planning to be gone from work in June and moving to a different state by the end of the year so I am sort of at a loss. I Keep putting money into my different savings accounts but I am not sure when I will stop doing that. 

Everyone keep up the good work!

[seriousthistime]

Wow, snapdragon, that is BIG news! 

If you're inclined, you can just post a tag line and skip posting the money in your different savings accounts.  Grand totals work, too.