2023 Women in Red Savers

[Rukh O'Rorke]

It's 2023 Everyone!!

Saving? Investing?

Whatcha gonna do?

[Rukh O'Rorke]

Dec 30, 2021 13:28:28 GMT -5 seriousthistime said:

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!

[Rukh O'Rorke]

Dec 30, 2021 13:29:29 GMT -5 seriousthistime said:

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!

[Rukh O'Rorke]

Dec 30, 2021 13:30:25 GMT -5 seriousthistime said:

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.

[Rukh O'Rorke]

Dec 30, 2021 13:34:42 GMT -5 seriousthistime said:

PLEASE NOTE:

This thread is now open for you to start posting goals, thoughts, and ideas for 2023.

The 2022 Savers thread is still open for you to post your final updates for 2022. Please post your final year-end updates in the 2022 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 2023, Savers! Let the savings begin!

Just edited updated year into Serious' preamble.

there will be no more formal shoutouts and smiley in the 2023 thread!! please cheer your fellow savers on when you can.

Let's do it!

[debthaven]

Rukh O'Rorke looks great! But I'd take out the end of your second post about the smileys, since nobody will be doing them (which is absolutely fine!!! We can support each other!) 

[debthaven]

Debthaven: 1 Jan 2022 22,750 euros (Goal 17,000 euros)

I too am thinking about next year's goals. I was SO AMAZED by my retirement bonuses ... turns out it's the law LOL.

I'm getting estimates to replace our huge single-pane glass French doors with double-glazing. The cost has always been prohibitive, but we'll see.

I am officially retired as of 31 Dec, but I'm continuing to work (less). I already regret agreeing to work as much this semester (2-3 days/week at school instead of 3-4).

But this is a unique opportunity for me to save. I've never earned much, so I was never able to save much. Now I'm getting a modest pension AND working. I saved ALL of the retirement bonuses I received in December, and more!!!

My goal is to save as much as I can in 2023. I don't want to do this forever. I'm committed to the Spring semester. I'm planning to do Fall semester too, but we'll see.

[Rukh O'Rorke]

I need to rethink where I'm at and what my future plans are, so these may all change before I get there.

• 30k to max 401k with catchup
• 4.85k to max HSA with catchup
  
• 10k Ibonds
• 10k treasuries
• 5k taxable stock

Total 59.85k for savings in 2023....


Many variables are unclear right now, but I'll try for this and adapt as I go along.

[azucena]

Current completely liquid savings sits at $50k in usbank earning nothing.  Need to figure out a better place for majority and decide how much we need to keep liquid and how much could be locked up in Ibonds and/or CDs for true emergencies.

Here's what I'm thinking for our savings goals:

22.5k to max 401k; set and forget
10.5k to max AT retirement; set and forget
10k kids college savings; set and forget

30k general savings; accumulate from payday overflow - this will be a bit of a reach with the added 10k kid goal this year but that's okay bc we need to buckle down and prepare for college costs
 
Maintain typical mortgage payment to pay down mortgage by another 15k in 2023 to bring the balance just under $200k. 10 more years left which roughly coincides with when DD10 hits college.

[debthaven]

Debthaven: 6 Jan 2022 23,250 euros (Goal: I need to figure it out)

[saveinla]

azucena - we have been looking at brokered CDs for the savings that earn virtually nothing.

If anyone has any experience about them, please post. We are looking at Merrill Lynch CDs through BOA - they are paying 3.5% to 4% depending on the amount and timeframe.

[anciana]

plugginaway22 Avatar

Aug 25, 2022 11:17:45 GMT -7 plugginaway22 said:


For years I have kept short term savings in the online money market account Capital One 360 (really old ING). It was earning .8% in July when I noticed they had a new savings account called the 360 Performance which is now paying 1.7%. So I had to open that new account and move everything over. I just looked at monthly interest to date and boy does it make a difference. Since we are living off savings these first 2 years of retirement there is quite a bit of cash laying around.





ETA: today on 8/29 it is now paying 1.75%

azucena and saveinla, this quote is from last year's thread. I opened this same 360 Performance account. As the interest rates grew, so did the rates for this savings account. I believe they are 3.30% at the moment. I can very easily transfer the money to my checking account that is not held by Capital One, so it does take few days.

[saveinla]

Jan 6, 2023 11:27:18 GMT -5 anciana said:

plugginaway22 Avatar

Aug 25, 2022 11:17:45 GMT -7 plugginaway22 said:


For years I have kept short term savings in the online money market account Capital One 360 (really old ING). It was earning .8% in July when I noticed they had a new savings account called the 360 Performance which is now paying 1.7%. So I had to open that new account and move everything over. I just looked at monthly interest to date and boy does it make a difference. Since we are living off savings these first 2 years of retirement there is quite a bit of cash laying around.





ETA: today on 8/29 it is now paying 1.75%

azucena and saveinla , this quote is from last year's thread. I opened this same 360 Performance account. As the interest rates grew, so did the rates for this savings account. I believe they are 3.30% at the moment. I can very easily transfer the money to my checking account that is not held by Capital One, so it does take few days.

Thank you.

[minnesotapaintlady]

Jan 6, 2023 8:39:52 GMT -5 azucena said:

Current completely liquid savings sits at $50k in usbank earning nothing.  Need to figure out a better place for majority and decide how much we need to keep liquid and how much could be locked up in Ibonds and/or CDs for true emergencies.

Here's what I'm thinking for our savings goals:

22.5k to max 401k; set and forget
10.5k to max AT retirement; set and forget
10k kids college savings; set and forget

30k general savings; accumulate from payday overflow - this will be a bit of a reach with the added 10k kid goal this year but that's okay bc we need to buckle down and prepare for college costs
 
Maintain typical mortgage payment to pay down mortgage by another 15k in 2023 to bring the balance just under $200k. 10 more years left which roughly coincides with when DD10 hits college.

Backdoor Roth IRAs?

[azucena]

Jan 6, 2023 12:55:14 GMT -5 minnesotapaintlady said:

Jan 6, 2023 8:39:52 GMT -5 azucena said:

Current completely liquid savings sits at $50k in usbank earning nothing.  Need to figure out a better place for majority and decide how much we need to keep liquid and how much could be locked up in Ibonds and/or CDs for true emergencies.

Here's what I'm thinking for our savings goals:

22.5k to max 401k; set and forget
10.5k to max AT retirement; set and forget
10k kids college savings; set and forget

30k general savings; accumulate from payday overflow - this will be a bit of a reach with the added 10k kid goal this year but that's okay bc we need to buckle down and prepare for college costs
 
Maintain typical mortgage payment to pay down mortgage by another 15k in 2023 to bring the balance just under $200k. 10 more years left which roughly coincides with when DD10 hits college.

Backdoor Roth IRAs?

Someone needs to teach me how. I'm having dinner with our accountant friend in a couple of weeks and will pick his brain on it.

I have USAA in mind to look at savings yields since my dad had an account with them so I think I qualify via his service.

[minnesotapaintlady]

Jan 6, 2023 13:20:44 GMT -5 azucena said:

Jan 6, 2023 12:55:14 GMT -5 minnesotapaintlady said:

Backdoor Roth IRAs?

Someone needs to teach me how. I'm having dinner with our accountant friend in a couple of weeks and will pick his brain on it.

I have USAA in mind to look at savings yields since my dad had an account with them so I think I qualify via his service.

Do you already have traditional IRAs?  That makes things messy and maybe not worth the hassle, but if you don't it's a very easy process.  Basically just contribute to a traditional IRA (everyone is eligible to do so that has taxable income and is under 70), then immediately convert it to a Roth.  With the brokerage places like Vanguard and Fidelity it's very easy.  "Convert to Roth" is literally a button right above your Traditional IRA at Vanguard.

[debthaven]

We got the estimate for the windows... 24/25K (euros) in aluminum. I know we should get another estimate but our good friends did that homework before they recently hired this company, and they were very happy with them.

That's for 4 enormous sets of French doors downstairs (3 and 4 panels each), plus automatic shutters, plus 3 4 large upstairs windows plus 1 small window.

So I know what my savings goal is now. Saving 32K would still leave me 20K after paying for half of the windows.

Debthaven: 6 Jan 2022 23,250 euros (Goal: 30,000)

My goal is to save 1K/month starting in February (when I start getting my pension). I don't know if that's feasible (I also want to live on/travel with some of my income from continuing to work.)  

We also need to get the outside of our house repainted. We don't yet have the estimates for that. 

We can't pay for both items in cash. The plan is to pay for one and borrow for the other. We'll figure it out, but at least we got the ball rolling.

[debthaven]

Current completely liquid savings sits at $50k in usbank earning nothing. Need to figure out a better place for majority and decide how much we need to keep liquid and how much could be locked up in Ibonds and/or CDs for true emergencies.

azucena are you already saving 10K for college per DD? If not, you could use 20K of that 50K for that. 

[CCL]

Jan 6, 2023 9:26:08 GMT -5 saveinla said:

azucena - we have been looking at brokered CDs for the savings that earn virtually nothing.

If anyone has any experience about them, please post. We are looking at Merrill Lynch CDs through BOA - they are paying 3.5% to 4% depending on the amount and timeframe.

Fidelity has brokered CDs. Their rates are usually very competitive. I bought one about a month ago. 3 months at 4%.

ETA: looks like 3 mo. are around 4.25%. 6 mo. are 4.4-4.5%

Once you have an account with them, it's very simple to purchase.

[nlt]

I have been doing 1 month CD’s through TD Ameritrade.  The last few have been 1 month at 4.2%.  Super easy to do through your broker and new ones are listed aLl the time, so you could build a savings ladder with different rates and terms.  Like anoTher poster said, I had a “high yield” online savings account with the old ING/capital one.  When I finally looked to see If they had increased their rates with off the rate hikes, I was shocked to see I was earning about 0.2%

[azucena]

Not familiar with brokered CDs so will have to read about them. Does that mean you pay broker fees? If so, I'm guessing pretty small since it's an easy transaction.

MPL - I'll have to look if we have true IRAs. If we do, they are small, leftovers from DH prior job. Nice to know that there literally might be an easy button.  I also need to be careful about the tax considerations since we're in such a high bracket. This is where accountant friend will come in handy as we pay him to do our taxes. Just need to connect with him so I scheduled family dinner in a couple weeks well before tax season gets cra-zy for him as he's a partner in his firm.

Debt - we purposely front-loaded our retirement savings the last decade.  We didn't save for retirement at all in our 20s, not even 401k to the match, no 401k savings at all because I was way underpaid, and DH was on disability and not working. We made ends meet month to month and kept a meager emergency fund. So we had some catching up to do and made good use of our 30s to do so and that will continue to give us compound interest, time value of money benefit.

Now, almost 4 yrs into our 40s, we've hit our stride and will benefit from continuing to limit lifestyle creep with the occasional vacation splurge. Last year was the first year that we shifted liquid savings to the girls as we hit $100k 'emergency' fund which I know is way too much for most people but I've taken FMLA leave for DH 6 times in my career and once for myself due to depression.  So knowing we can weather one of those times is a huge stress relief. My compromise has been to move $40k into ibonds the last two years where it's safely able to at least earn us something. Thanks YM for that prompt.

Then last year, I started putting the overflow savings into the girls accounts for the first time. A beloved family member gifted them $5k each earmarked for college so we added $5k more and bought them each an ibond. Again safe but earning something. I don't like the idea of putting their college money in the market bc we are on limited time esp for DD14.

Looking this morning, we have almost $35k in their combined accounts. We've been better the last few years of making them put half of bday and odd job money into savings and finding them ways to earn money around our house - that portion is small but will grow as they age - and at least we're instilling the savings habit.

Meanwhile, my detailed spreadsheets show that we've saved $25-30k each of the last 4 yrs since my last big raise, so that's where I feel okay telling DD14 that we can kick in $30k/yr to cashflow college. About 30% of that savings comes from my bonus, but even in a low year, we could cut some other spending as we're usually doing $2-10k in home improvements per year. And we could also cut our vacation budget if needed.

And we're setting the stage with DD14 to find a good school but not try to compete for the best school or best scholarships. She's level-headed enough to agree at least for now; we'll see when we hit junior year and the peer pressure is on.

I feel like we're in really good shape and our plan seems solid. My next step is to find more safe, earning spots for our savings.

Debt - 2023 home improvement project for us is two egress windows in our basement. Estimate came in at $5k/each; cheaper since our basement is entirely above ground on that side of the house. 2024 will be a jack/jill type closet to make those two fully finished basement rooms into official bedrooms taking our house from 3 BD/3 Bath to 5 BD/3 Bath which should have an eventual payoff even though this is our forever home.

My bonus will also finish paying off our Punta Cana spring break, and with any luck we'll have $2k to splurge on an outdoor theater setup which will get a lot of use from the kids and friends in the years to come.  We have projector and screen that we usually use in the driveway. We'd like to set up more permanently on the patio under the deck with outdoor surround sound, outdoor sectional, and maybe some curtains to darken it earlier and shield some of the bugs. Should be a fun project that DH and I can enjoy planning together.

[azucena]

Jan 6, 2023 21:15:58 GMT -5 nlt said:

I have been doing 1 month CD’s through TD Ameritrade.  The last few have been 1 month at 4.2%.  Super easy to do through your broker and new ones are listed aLl the time, so you could build a savings ladder with different rates and terms.  Like anoTher poster said, I had a “high yield” online savings account with the old ING/capital one.  When I finally looked to see If they had increased their rates with off the rate hikes, I was shocked to see I was earning about 0.2%

Thanks, NLT, some great advice.  Pls join us here and list your savings goals if you feel comfortable sharing. If you've read for a while, I hope you notice that our goals run the gamut of ranges, needs, and wants.  I've found this community very motivating because when I'm tempted to spend too much, a little voice in my head will say 'but then you won't be able to post a good monthly savings update to YM' LOL. Easy accountability from my internet friends 

[CCL]

Jan 7, 2023 9:02:14 GMT -5 azucena said:

Not familiar with brokered CDs so will have to read about them. Does that mean you pay broker fees? If so, I'm guessing pretty small since it's an easy transaction.

MPL - I'll have to look if we have true IRAs. If we do, they are small, leftovers from DH prior job. Nice to know that there literally might be an easy button.  I also need to be careful about the tax considerations since we're in such a high bracket. This is where accountant friend will come in handy as we pay him to do our taxes. Just need to connect with him so I scheduled family dinner in a couple weeks well before tax season gets cra-zy for him as he's a partner in his firm.

Debt - we purposely front-loaded our retirement savings the last decade.  We didn't save for retirement at all in our 20s, not even 401k to the match, no 401k savings at all because I was way underpaid, and DH was on disability and not working. We made ends meet month to month and kept a meager emergency fund. So we had some catching up to do and made good use of our 30s to do so and that will continue to give us compound interest, time value of money benefit.

Now, almost 4 yrs into our 40s, we've hit our stride and will benefit from continuing to limit lifestyle creep with the occasional vacation splurge. Last year was the first year that we shifted liquid savings to the girls as we hit $100k 'emergency' fund which I know is way too much for most people but I've taken FMLA leave for DH 6 times in my career and once for myself due to depression.  So knowing we can weather one of those times is a huge stress relief. My compromise has been to move $40k into ibonds the last two years where it's safely able to at least earn us something. Thanks YM for that prompt.

Then last year, I started putting the overflow savings into the girls accounts for the first time. A beloved family member gifted them $5k each earmarked for college so we added $5k more and bought them each an ibond. Again safe but earning something. I don't like the idea of putting their college money in the market bc we are on limited time esp for DD14.

Looking this morning, we have almost $35k in their combined accounts. We've been better the last few years of making them put half of bday and odd job money into savings and finding them ways to earn money around our house - that portion is small but will grow as they age - and at least we're instilling the savings habit.

Meanwhile, my detailed spreadsheets show that we've saved $25-30k each of the last 4 yrs since my last big raise, so that's where I feel okay telling DD14 that we can kick in $30k/yr to cashflow college. About 30% of that savings comes from my bonus, but even in a low year, we could cut some other spending as we're usually doing $2-10k in home improvements per year. And we could also cut our vacation budget if needed.

And we're setting the stage with DD14 to find a good school but not try to compete for the best school or best scholarships. She's level-headed enough to agree at least for now; we'll see when we hit junior year and the peer pressure is on.

I feel like we're in really good shape and our plan seems solid. My next step is to find more safe, earning spots for our savings.

Debt - 2023 home improvement project for us is two egress windows in our basement. Estimate came in at $5k/each; cheaper since our basement is entirely above ground on that side of the house. 2024 will be a jack/jill type closet to make those two fully finished basement rooms into official bedrooms taking our house from 3 BD/3 Bath to 5 BD/3 Bath which should have an eventual payoff even though this is our forever home.

My bonus will also finish paying off our Punta Cana spring break, and with any luck we'll have $2k to splurge on an outdoor theater setup which will get a lot of use from the kids and friends in the years to come.  We have projector and screen that we usually use in the driveway. We'd like to set up more permanently on the patio under the deck with outdoor surround sound, outdoor sectional, and maybe some curtains to darken it earlier and shield some of the bugs. Should be a fun project that DH and I can enjoy planning together.

No. Fidelity doesn't charge a fee. Here's some info from their website:

www.fidelity.com/fixed-income-bonds/cds

[minnesotapaintlady]

Jan 7, 2023 9:02:14 GMT -5 azucena said:

MPL - I'll have to look if we have true IRAs. If we do, they are small, leftovers from DH prior job. Nice to know that there literally might be an easy button.  I also need to be careful about the tax considerations since we're in such a high bracket. This is where accountant friend will come in handy as we pay him to do our taxes. Just need to connect with him so I scheduled family dinner in a couple weeks well before tax season gets cra-zy for him as he's a partner in his firm.

There are no tax implications of doing a Roth conversion unless you have pre-tax IRA money mixed in there, since you're rolling after tax money into another after tax account.

[CCL]

Jan 6, 2023 13:28:16 GMT -5 minnesotapaintlady said:

Jan 6, 2023 13:20:44 GMT -5 azucena said:

Someone needs to teach me how. I'm having dinner with our accountant friend in a couple of weeks and will pick his brain on it.

I have USAA in mind to look at savings yields since my dad had an account with them so I think I qualify via his service.

Do you already have traditional IRAs?  That makes things messy and maybe not worth the hassle, but if you don't it's a very easy process.  Basically just contribute to a traditional IRA (everyone is eligible to do so that has taxable income and is under 70), then immediately convert it to a Roth.  With the brokerage places like Vanguard and Fidelity it's very easy.  "Convert to Roth" is literally a button right above your Traditional IRA at Vanguard.

OK, wait a minute. Don't you mean "earned income" or what IRS calls taxable compensation? We have taxable income: interest, dividends, pension  etc., but it doesn't qualify us to contribute to our IRAs. It would be great if I could contribute, then convert right away every year.

[minnesotapaintlady]

Jan 8, 2023 22:33:45 GMT -5 CCL said:

Jan 6, 2023 13:28:16 GMT -5 minnesotapaintlady said:

Do you already have traditional IRAs?  That makes things messy and maybe not worth the hassle, but if you don't it's a very easy process.  Basically just contribute to a traditional IRA (everyone is eligible to do so that has taxable income and is under 70), then immediately convert it to a Roth.  With the brokerage places like Vanguard and Fidelity it's very easy.  "Convert to Roth" is literally a button right above your Traditional IRA at Vanguard.

OK, wait a minute. Don't you mean "earned income" or what IRS calls taxable compensation? We have taxable income: interest, dividends, pension  etc., but it doesn't qualify us to contribute to our IRAs. It would be great if I could contribute, then convert right away every year.

Yes, I meant earned income. 

[seriousthistime]

Hi all, 

And thank you to Rukh O'Rorke for getting the 2023 thread started.  

I've headed for a warmer climate and more sunshine, and will be here until the end of March. It only took three long days in the car.  Not that I'm complaining.  My friends and I made it here without any mishaps and hope it stays that way. 

I bought another I bond for $10K.  A 'back of the envelope' calculation suggests I may owe about $1K to the IRS, so I am sending in an estimated tax payment of $6,500 expecting it should cover any taxes owed, and I can get the full $5K in paper I bonds.  I've adjusted my withholding so my income will be more regular this year.  I didn't arrange to have withholding taken from one of my pensions, which I fixed in the middle of the year and as a result the net was way low for that pension for the rest of the year.  So now I've got that fixed so it will be withheld evenly over the year. 

It's great to see so many Savers here on the 2023 thread. I'm going to review my 2022 chart and see where I'm heading this year.  I have a couple of big projects planned at home (remove popcorn ceilings throughout, and remodel the fireplace wall) and have enough cash set aside for those.  Whether I want to save more for other smaller projects or cash flow it all, well, we'll see. 

I saw someone above mentioned Capital One's 360 Performance Savings account.  I moved my Capital One money market funds to a 360 Performance Savings account last fall. It made a big difference in interest earned. 

[debthaven]

In the end we decided to get 3 estimates for the windows/shutters. The third company is coming tomorrow. 

I'm guessing the estimates will all be pretty similar. We should have them all by next week. I may tweak my savings goal at that point.

[seriousthistime]

Starting 2023

Name	Start	Goal	Saved	% Saved	Spent
Emergency Fund	$0	$3,000	$8	0.0%
Gifts	$0	$3,000	$8	0.0%
Travel	$0	$8,000	$3	0.0%
Property Tax	$0	$6,200	$10	0.0%
Periodic Expense	$0	$3,500	$12	0.0%
Weekly Savings	$0	$1,898	$123	6.5%
Total	$0	$25,598	$164	0.1%

Seriousthistime [1], 1/9/23, $164 (Goal $25,598)

Seriousthistime [2], 1/9/23, $4,512 (Goal $10,000) (*DGS OOP Medical)


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

For Weekly Savings this year, I decided to add $10 to each week's amount so instead of starting with $1, I am starting with $11.  This will give me an extra $520 saved by the end of the year.  Thee chart helps me figure out which weekly amount I want to deposit at any given time, so I don't have to go in chronological order. 

[debthaven]

The third estimate for the windows came in ...35K.   It looks like we're going for the one that's 25K. I may get one more estimate before we decide.

Debthaven: 6 Jan 2022 23,250 euros (Goal: 30,000)

I'm not sure I can reach this goal without taking more hours. I'm not sure I'm willing to do that. I may pick up one or two more individual professors or staff but I don't want more regular classes.

ETA: I have somebody coming tomorrow for the LAST last estimate.