2024 Women in Red Savers!

[debthaven]

Yikes seriousthistime ! I hope it gets straightened out quickly when you get home and that you get good news when you do your taxes. 

[debthaven]

Name	Goal	Saved	Spent
General Savings	10,000	2,500	0
Travel	3,500	0	0
Garden	750	500+250	750
Miscellaneous	750	750	750
Rug	300	0	0
TOTAL	15,300	4,000	1,500

Debthaven: 5 Mar 2024: 4,000 euros (Total savings goal: 15,300)

I completely forgot that we still owed for the garden clean-up! 

My hours increased. I wanted more hours, but not this many. My April to July paychecks should be good. 

I want to save as much as possible so I can reduce my hours again in fall. This semester is "my last hurrah." 

[TheOtherMe]

Mar 4, 2024 14:25:27 GMT -5 seriousthistime said:

I'm puzzled about my taxes. Income went up a bit between 2022 and 2023, which should have increased the federal tax owed by $2K or so. Last year I made a January 2023 estimated payment for tax year 2022, to overpay so I could buy more I bonds with the refund. I bought $5K worth of I bonds and got a cash refund of about $1,000, so other than that estimated payment I was pretty close just from withholding. This year, TaxAct is showing, preliminarily, that I owe a big sum of money. I haven't been home, really, since November, so I haven't been able to compare tax years and scrutinize how I went so wrong in 2023. I'll be back home after April 15. Looks like I'll be requesting an extension and writing a big fat check to the IRS, at least until I file my tax return. Then we see if any of that comes back to me.

I hope you made a mistake on this year's tax return and that you don't end up owing a bunch of money.  

I like to be +/- $100.  I'm pretty good at it now--unless the law gets changed.  I no longer owe the state of Iowa any taxes.  I like it for me, but they are lowering property taxes, too, and this does not compute spend what the state needs to operate on.  So I figure I will eventually owe state income tax again.

I am not withholding from the state this year.  I didn't realize the change in the tax law last year so I had paid in some withholding and they owe me that money whenever they get around to it.

[teachermom]

Mar 4, 2024 14:25:27 GMT -5 seriousthistime said:

I'm puzzled about my taxes. Income went up a bit between 2022 and 2023, which should have increased the federal tax owed by $2K or so. Last year I made a January 2023 estimated payment for tax year 2022, to overpay so I could buy more I bonds with the refund. I bought $5K worth of I bonds and got a cash refund of about $1,000, so other than that estimated payment I was pretty close just from withholding. This year, TaxAct is showing, preliminarily, that I owe a big sum of money. I haven't been home, really, since November, so I haven't been able to compare tax years and scrutinize how I went so wrong in 2023. I'll be back home after April 15. Looks like I'll be requesting an extension and writing a big fat check to the IRS, at least until I file my tax return. Then we see if any of that comes back to me.

Serious....not sure if this is the issue but I am hearing a lot of people owe because they got health insurance on the marketplace and then made more money so they owe for that. 


Just catching up and looking at this again. Will work on goals and submit them. 

Teachermom

[seriousthistime]

Thanks, teachermom, for weighing in.  I don't get my health insurance through the marketplace, so that's not it.  But that could be the problem for someone else who reads here, so every thought is welcome. 

[seriousthistime]

Update

Name	Start	Goal	Saved	% Saved	Spent	Rose
Travel	$1,289	$6,000	$2,351	39.2%
Property Tax	$1,843	$6,200	$3,224	52.0%
Weekly Savings	$0	$2,600	$550	21.2%
Pet Care	$0	$1,500	$375	25.0%
Total	$3,132	$16,300	$6,500	39.9%

Seriousthistime  $6,500, 3/15/2024 (Goal, $16,300)


Monthly Savings (not tracked above)

January	February	March
April	May	June
July	August	September
October	November	December

Stash of $5 bills: $230. 

[seriousthistime]

Update

Still on track.  Kitchen remodeling is mostly done and paid for.  I have a big expense coming up for new flooring, then a bathroom remodel this summer.  That money is set aside in a different account that I don't track here. 

I started the year's chart with some money in my Travel and Property Tax accounts.  If I subtract the amount I started the year with, I have saved 24.9% from January 1 to today, compared to 44.1% total in the accounts I track here. Glad I am staying on track.  I'd love to be doing even more, of course.  

After years of trying to pay off debt, I find it satisfying to save money.  The first installment of annual property tax is due next month.  So glad I have the money set aside for that. 

Name	Start	Goal	Saved	% Saved	Spent	Rose
Travel	$1,289	$6,000	$2,351	39.2%
Property Tax	$1,843	$6,200	$3,685	59.4%
Weekly Savings	$0	$2,600	$650	25.0%
Pet Care	$0	$1,500	$500	25.0%
Total	$3,132	$16,300	$7,186	44.1%

Seriousthistime  $7,186 3/30/2024 (Goal, $16,300)


Monthly Savings (not tracked above)

January	February	March
April	May	June
July	August	September
October	November	December

Stash of $5 bills: $240. 

[NastyWoman]

I have a (philosophical?) question and you are all going to think I've totally lost it but I am serious so hear me out please. This is not a brag post though it might feel like it

What is saving?

It used to be a simple concept when I was in the accumulation stage of life. It was a series of very deliberate actions where I designated any money I could toward that one goal -> being able to retire relatively comfortably aka savings. So I paid off all debts, specifically my mortgage as I never had other debts*.  The rest of my money went towards retirement. But now I am there. I have been retired for a little over 2 years. This year the RMDs start. Now to the question I posed above. For the last two years I have lived of SS and a smallish pension. I have not denied myself anything and traveled quite a bit. Mind you I don't fly business class and luxury hotels are not necessary for me either. I am very much a good enough is good enough person However, I have no interest in shopping (except for Xmas and birthday gift giving THAT I love), I really don't care about fashion or jewelry or stuff like that, etc. So rather than using up some of my cash equivalent savings the last two years, I have had a surplus of ~$10k/year. Now is that money "savings" or just "left overs"? There has been no deliberate action to accumulate this money. Is there really any difference between the two and, if so, does it actually matter?  I have never thought as little about my spending as I have the last few years and it is starting to feel weird. Not wrong per se but weird...
what do you, the deliberate savers here, think?

* I use my CC to pay for everything and pay the balance off monthly. I don't count the running balance as debt though technically it is of course.

[seriousthistime]

Interesting question, NastyWoman. 

I started saving in earnest while I still had debt to pay off. I had very specific savings and payoff goals.  My RMDs start this year too, and I've already arranged to receive that money monthly, setting aside an additional sum to pay the taxes arising from the RMD.  The RMD funds go into a taxable investment account. So is reinvesting the RMD "savings"?  I'm not sure.  I could spend the invested RMDs, but instead I'm saving them.  But really I'm just moving my savings from one RMD to another. At any rate, I don't track the RMDs or the investment account here.  

I purposefully sit down with my anticipated monthly expenses each month, and decide how much to put into savings, then live off what's left for that month.  So basically, I figure out my "leftover" money at the beginning of the month, and you have your "leftover" money at the end of that month.  Is there a difference?  Either way, I think it is savings. If it's not spending, and it's not savings, what else would it be?  

Many of us here have specific line items we're saving for.  Some (like azucena) have one large goal that they add to over the year (or maybe longer).  Maybe those who save that way would have a different take on the definition of "savings." Some of us have a set amount we add to each goal monthly, and others just see how the money plays out and decide which goal to allocate it to in any given month.

I think I added to your musings rather than answered your question. 

[debthaven]

Either way, I think it is savings. If it's not spending, and it's not savings, what else would it be?

NastyWoman I agree with seriousthistime on this. It's still there and accumulating, so to me, it's savings. 

I know you're frugal, but you may decide it's worth flying business or economy plus at some point, especially since you don't fly very often.

[azucena]

NastyWoman I think you're talking about savings, just a different phase of life. I'd encourage you to think about your goals - next year, 3 yrs, 5 yrs, 10 yrs. What might you be saving for? Are there places in your life that you could loosen the purse strings and make noticeable gains in quality of life? Does that matter to you? If not, what are your plans for any money eventually left behind years and years from now?

[debthaven]

azucena thank you for articulating exactly what I was thinking!  

[debthaven]

Name	Goal	Saved	Spent
General Savings	10,000	+1,000 = 3,500	0
Travel	3,500	0	0
Garden	750	750	750
Miscellaneous	750	750	750
Rug	300	300	300
TOTAL	15,300	5,300	1,800

Debthaven: 2 Apr 2024: 5,300 euros (Total savings goal: 15,300)

+ 1000 to general savings, and 300 for the new rug. 

I worked a lot in March. I'm working a lot in April/May/June. That'll be good for savings! 

[NastyWoman]

Apr 1, 2024 16:43:27 GMT -5 azucena said:

NastyWoman I think you're talking about savings, just a different phase of life. I'd encourage you to think about your goals - next year, 3 yrs, 5 yrs, 10 yrs. What might you be saving for? Are there places in your life that you could loosen the purse strings and make noticeable gains in quality of life? Does that matter to you? If not, what are your plans for any money eventually left behind years and years from now?

This is the problem: I get whatever I want. I gave up layovers on long distance flights years ago. And while I have not resorted to business class yet (I will when my body tells me to do so) I have booked economy plus tickets for long flights since at least 2019. No flying in 2020 for obvious reasons but since then I have flown to Europe three times (11 hour flights) and last August to Singapore (17 hours each way). In those trips I also made side trips but those were just short hops 1-2 hour flights so that was on regular economy class. It just wasn't worth paying hundreds more for just a few hours.
I will move to Germany in about 3 years and I have no idea what my budget will look like at that time. But I also will sell my SF Bay area condo before I go so I will have that money to pay for any differences like healthcare, and housing. DGS2 has decided that I will live to 101 years plus one day (my guess is he doesn't want to miss out on one last birthday cake hence the one day). I am not worried about leaving an inheritance for my kids as they are both doing exceedingly well. My current plan for whatever is left is to divided by them, or (remember 101 years) if they predecease me by their kids.  To answer seriousthistime what is it if not savings: it feels to me like leftover food stuck in the fridge   For some reason I have, at least temporarily, lost my connection with and understanding of money and I feel I need to get it back somehow.

[azucena]

Sounds like you understand money plenty fine. You just may not be used to having a surplus after buying pretty much whatever you want. I've reached an income where I feel that way sometimes. I'd really be able to feel that way if I didn't have kid costs and college tuition looming lol.

One thing I've been trying is to consider my surplus in thirds - savings (beyond retirement and emergency) that continues to build, college savings, and a third to really just spend thoughtfully on things that will improve my family's life. Housecleaner starting a couple years ago, instacart grocery delivery, cat litter subscription, and here lately spending on meal prep (costco premade, homechef, and time for dinner). These meals are pricey but man have they simplified life and started to cut down on our restaurant budget. I had to get out of the frugal budget mindset of $2-3/meal/person as these take us into the $8 range.

[Rukh O'Rorke]

Dec 23, 2023 13:27:31 GMT -5 Rukh O'Rorke said:

Ok - not sure where I will go or what all may happen as my finances are a bit in flux right now. For a starting point:

* 30,500 to max 401k with catchup
* 5,150 to max HSA with catchup
* 10,000 Ibonds
*  4,500? to SEP-IRA¹

Total ~50,150

¹ need to do taxes to get the figure

Been very busy and depleted, but wanted to do a EOQ accounting before it all goes to hades.

Vehicle	Goal	Current	Percent
401k	30,500	8,113	27%
SEP-IRA	~4,500	1,305	25%
HSA	5,150	0	0
bonds	10,000	0	0
Total	50,150	9418	19%

Overall, not too bad so far, but I think this is going to be the year it all blows up for me again - and super soon!

I was really hoping to be able to max my Ibonds again this year when I get my big RI check later this month, and I wanted to do it before May 1st as fed still talking about lower rates.....and I know Ibonds aren't the "greatest" but the tax treatment and having them locked away somewhat really works for me. Oh - and now I'm realizing that since I delayed the project finishing a bit even though I get the check according to the due date on my invoice, that unless they send it to me a little early - I won't have to deposit into checking, have it clear, and make my Ibond purchase anyway.....ouch! Well - that is out of my hands, I think last year they did sent the check a week or two before the due date, will just have to see how that goes...

But - What I'm struggling with is that I am likely going to have to back off maxing my 401k this year. Meaning that if I put money into Ibonds instead of 401k that I will pay income tax of 22 or 24% fed, and about 5% state. that seems like madness to me! So if I can' put 15k into 401k this year and do 10k ibonds - that the 10k would best be put into 401k for the tax benefits.

But I do have almost everything in 401k so will have taxes at some point there!

What to do?

But on the other hand, there are good reasons (aren't there??) to have a pile of post taxed money to access during retirement - of which I will have slim to none of those piles, and Ibonds was looking it to me as back up money to use for unexpected things so aas to not rack up a bunch of extra taxes in a new roof or some such event.

[seriousthistime]

Do CDs appeal to you, Rukh O'Rorke?  If I bonds appeal to you because they are locked away and post-taxed, have you looked into the high CD rates right now?  They are not quite as locked away, but they are still painful to cash in. 

[Rukh O'Rorke]

Apr 4, 2024 10:40:02 GMT -5 seriousthistime said:

Do CDs appeal to you, Rukh O'Rorke ?  If I bonds appeal to you because they are locked away and post-taxed, have you looked into the high CD rates right now?  They are not quite as locked away, but they are still painful to cash in. 

thanks - I haven't done CDs as I prefer the tax treatment of the Ibond interest I had bought some treasuries, and was surprised they kept throwing off dividends or interest or what ever they term them and I have to put those on my income tax form and pay income tax.  OH! but I think you don't pay any state income tax on it so just 22 or 24% depending on where my income is. My hope is to only use the Ibonds when my income is lower so the interest would be much less taxed, but who knows if that will really work out?

22% starts at just like 48k of income, can't see me ever engineering life that I could get by on less than that given the higher COL, property taxes, here abouts. But since the 10k is post tax I could maybe do a few years where I keep the taxes down by using 3 years of Ibond deposits and that is 30k to spend and then can keep taxable income lower so in the 12% range for the interest? I just don't know! Trying to build in some flexibility somewhere!

So I've accepted a bit less interest for not paying taxes on it at the moment!

[minnesotapaintlady]

Apr 4, 2024 11:55:08 GMT -5 Rukh O'Rorke said:

Apr 4, 2024 10:40:02 GMT -5 seriousthistime said:

Do CDs appeal to you, Rukh O'Rorke ?  If I bonds appeal to you because they are locked away and post-taxed, have you looked into the high CD rates right now?  They are not quite as locked away, but they are still painful to cash in. 

thanks - I haven't done CDs as I prefer the tax treatment of the Ibond interest I had bought some treasuries, and was surprised they kept throwing off dividends or interest or what ever they term them and I have to put those on my income tax form and pay income tax.  OH! but I think you don't pay any state income tax on it so just 22 or 24% depending on where my income is. My hope is to only use the Ibonds when my income is lower so the interest would be much less taxed, but who knows if that will really work out?

22% starts at just like 48k of income, can't see me ever engineering life that I could get by on less than that given the higher COL, property taxes, here abouts. But since the 10k is post tax I could maybe do a few years where I keep the taxes down by using 3 years of Ibond deposits and that is 30k to spend and then can keep taxable income lower so in the 12% range for the interest? I just don't know! Trying to build in some flexibility somewhere!

So I've accepted a bit less interest for not paying taxes on it at the moment!

Of course, that's taxable income, so you can add 14K for the standard deduction...although we might only have a couple more years before that is cut back to what it used to be.  You can also tap the Roth to supplement income without upping AGI.

[Rukh O'Rorke]

Apr 4, 2024 14:34:02 GMT -5 minnesotapaintlady said:

Apr 4, 2024 11:55:08 GMT -5 Rukh O'Rorke said:

thanks - I haven't done CDs as I prefer the tax treatment of the Ibond interest I had bought some treasuries, and was surprised they kept throwing off dividends or interest or what ever they term them and I have to put those on my income tax form and pay income tax.  OH! but I think you don't pay any state income tax on it so just 22 or 24% depending on where my income is. My hope is to only use the Ibonds when my income is lower so the interest would be much less taxed, but who knows if that will really work out?

22% starts at just like 48k of income, can't see me ever engineering life that I could get by on less than that given the higher COL, property taxes, here abouts. But since the 10k is post tax I could maybe do a few years where I keep the taxes down by using 3 years of Ibond deposits and that is 30k to spend and then can keep taxable income lower so in the 12% range for the interest? I just don't know! Trying to build in some flexibility somewhere!

So I've accepted a bit less interest for not paying taxes on it at the moment!

Of course, that's taxable income, so you can add 14K for the standard deduction...although we might only have a couple more years before that is cut back to what it used to be.  You can also tap the Roth to supplement income without upping AGI.

so 62k....still seems pretty modest of an income before the 22% taxes kick in. I'm still trying to figure out a way to live on that kind of income, but not sure how feasible it is in higher col areas. not super high but chicago is not cheap for sure! Although someday the student loans and car note will be paid off, and then that may be more manageable? but who knows where I will be by then? 

Where will it be if is goes back to "where it used to be"? Hoping after the election biden will get something good tax-wise for us little people!

[minnesotapaintlady]

Apr 5, 2024 12:48:28 GMT -5 Rukh O'Rorke said:

Apr 4, 2024 14:34:02 GMT -5 minnesotapaintlady said:

Of course, that's taxable income, so you can add 14K for the standard deduction...although we might only have a couple more years before that is cut back to what it used to be.  You can also tap the Roth to supplement income without upping AGI.

so 62k....still seems pretty modest of an income before the 22% taxes kick in. I'm still trying to figure out a way to live on that kind of income, but not sure how feasible it is in higher col areas. not super high but chicago is not cheap for sure! Although someday the student loans and car note will be paid off, and then that may be more manageable? but who knows where I will be by then? 

Where will it be if is goes back to "where it used to be"? Hoping after the election biden will get something good tax-wise for us little people!

In 2017 before the TCJA went into effect, the standard deduction for single was $6,350 and there were personal exemptions of $4050/each.  So, a single person would be at $10,400. Of course, this would be inflation adjusted, but figure the standard deduction will be cut in half and then whatever they decide to set the personal exemption at.

As much as I hate Trump, those tax cuts were pretty huge for me.  Only problem was they were set to sunset at the end of 2025.  Of course, you may have gotten screwed over with the 10K SALT limit, so it might be a positive for you for the tax law to revert. 

[Rukh O'Rorke]

Apr 5, 2024 12:58:56 GMT -5 minnesotapaintlady said:

Apr 5, 2024 12:48:28 GMT -5 Rukh O'Rorke said:

so 62k....still seems pretty modest of an income before the 22% taxes kick in. I'm still trying to figure out a way to live on that kind of income, but not sure how feasible it is in higher col areas. not super high but chicago is not cheap for sure! Although someday the student loans and car note will be paid off, and then that may be more manageable? but who knows where I will be by then? 

Where will it be if is goes back to "where it used to be"? Hoping after the election biden will get something good tax-wise for us little people!

In 2017 before the TCJA went into effect, the standard deduction for single was $6,350 and there were personal exemptions of $4050/each.  So, a single person would be at $10,400. Of course, this would be inflation adjusted, but figure the standard deduction will be cut in half and then whatever they decide to set the personal exemption at.

As much as I hate Trump, those tax cuts were pretty huge for me.  Only problem was they were set to sunset at the end of 2025.  Of course, you may have gotten screwed over with the 10K SALT limit, so it might be a positive for you for the tax law to revert. 

Had to look up salt. I don't know which is better for me, I do itemize. Biden is putting on the average joe working for the working man, so I'm sure not having taxes raised on the under 1-200k incomes will be a priority.

But just because it is a priory doesn't mean it will happen. I just hope the sane majority of the country gets it together and the dems take it all in november. without manchin to screw around with everyone.....and they get something even better than trumps for us. 

well see about all that I guess.

[mollyc]

So it’s been a long time since I’ve input anything here.

Right now savings is:

$431.84 of $2,000.00 - general
Zero each for heating and electricity

I got an unexpected raise a couple of months ago so I was able to increase my payday deposit to $200 biweekly from $150 biweekly.

I was able to pay for 3 months car insurance and the annual house insurance last week. Unfortunately the annual furnace inspection and a needed repair to same will likely use up the last of this.

Unfortunately savings are now on hold. I started having digestive issues around Boxing Day which have plagued me on and off since then. Fortunately the doctor I saw about it noticed that while I was a youthful 60, I was still 60 and sometimes ovaries are stupid.

One Ultrasound, CatScan, MRI and many blood tests later, my left ovary did prove stupid. I am scheduled for at minimum a hysterectomy due to ovarian cancer. I was annoyed that my only risk factors are age and obesity. Then I remembered that they were the only risk factors Summer Bear had for bladder cancer. At least I’m operable.

[seriousthistime]

Good luck mollyc.  No one wants to get news like that, but at least your condition is treatable.  Stay in touch on the boards.  You are in good company, (not with ovarian cancer but) various members here have had very successful treatment for different sorts of cancers.  You will find a lot of support here.  Stay in touch, and feel free to vent as needed. 

[debthaven]

Wishing you the very best mollyc ! Yes please keep us updated. 

[TheOtherMe]

All the best in healing mollyc

[jerseygirl]

Mollyc, Good you went to see doctor!! I also had minor digestive issues and DD a nurse told me to go to ER. Thankfully she did as I was diagnosed with colon cancer. Had immunotherapy and surgery and almost exactly one year later absolutely no signs of cancer. I had a PET scan that detects cancer activity and a new blood test that finds any cancer DNA. Both nothing detected!

Hoping you have good results and ovarian cancer isn’t easy to find early. You’re very fortunate

[Rukh O'Rorke]

Wishing you the best outcome, mollyc

[NastyWoman]

Apr 22, 2024 13:58:21 GMT -5 mollyc said:

Unfortunately savings are now on hold. I started having digestive issues around Boxing Day which have plagued me on and off since then. Fortunately the doctor I saw about it noticed that while I was a youthful 60, I was still 60 and sometimes ovaries are stupid.

One Ultrasound, CatScan, MRI and many blood tests later, my left ovary did prove stupid. I am scheduled for at minimum a hysterectomy due to ovarian cancer. I was annoyed that my only risk factors are age and obesity. Then I remembered that they were the only risk factors Summer Bear had for bladder cancer. At least I’m operable.

[mollyc]

Thanks everyone.