2024 Women in Red Savers!

[debthaven]

Name	Goal	Saved	Spent
General Savings	10,000	+1,500 = 5,000	0
Travel	3,500	0	0
Garden	750	750	750
Miscellaneous	750	750	750
Rug	300	300	300
TOTAL	15,300	6,800	1,800

Debthaven: 1 May 2024: 6,800 euros (Total savings goal: 15,300)

I had a very good month. I also spent on DH's birthday, and on a minor medical procedure. I'll get some money back from insurance, but not much. 

The next few months should be pretty good too. 

PS I'm reducing again (slightly) in fall semester. 

[seriousthistime]

Update

I received my property tax bill and it's higher than I expected, though less than the $6,200 savings goal for that account.  I've raised the monthly deposit I make to that account to ensure I will have enough going forward.  I'm sure it will increase each year.  

Travel, Property Tax, and Pet Care balances will be partially spent in May. 

I think I am about to recover from the recent home improvement mega-spending. 

Name	Start	Goal	Saved	% Saved	Spent	Rose
Travel	$1,289	$6,000	$2,352	39.2%
Property Tax	$1,843	$6,200	$4,145	66.9%
Weekly Savings	$0	$2,600	$900	34.6%
Pet Care	$0	$1,500	$625	41.7%
Total	$3,132	$16,300	$8,022	49.2%

Seriousthistime  $8,022, 5/1/2024 (Goal, $16,300)


Monthly Savings (not tracked above)

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

Stash of $5 bills: $245. 

[mollyc]

Hi there. Just wanted to give an update such as it is. I had my surgery yesterday and it went well. It looks like I have one of the rare forms of ovarian cancer. They have to wait for various results to determine if I’m good for now or need additional treatments. If I need chemo, I can do that at home. If I need radiation, I’ll have to come back down here.

It’s kind of weird because I’m supposed to be moving around to get my bowels working again but everyone seems surprised that I am.

Having problems with the deep breathing and coughing though. I’m a wimp to pain and the good drugs just make me sleepy.

[saveinla]

May 4, 2024 11:29:10 GMT -5 mollyc said:

Hi there. Just wanted to give an update such as it is. I had my surgery yesterday and it went well. It looks like I have one of the rare forms of ovarian cancer. They have to wait for various results to determine if I’m good for now or need additional treatments. If I need chemo, I can do that at home. If I need radiation, I’ll have to come back down here.

It’s kind of weird because I’m supposed to be moving around to get my bowels working again but everyone seems surprised that I am.

Having problems with the deep breathing and coughing though. I’m a wimp to pain and the good drugs just make me sleepy.

Hi mollyc - take care of yourself. A soft pillow held to your mid section while coughing will help - sometimes its the side effects of anesthesia that causes the cough and breathing problems. Hope you feel better soon .

[TheOtherMe]

Hugs Molly.  Please take care of yourself.

[jerseygirl]

May 4, 2024 11:29:10 GMT -5 mollyc said:

Hi there. Just wanted to give an update such as it is. I had my surgery yesterday and it went well. It looks like I have one of the rare forms of ovarian cancer. They have to wait for various results to determine if I’m good for now or need additional treatments. If I need chemo, I can do that at home. If I need radiation, I’ll have to come back down here.

It’s kind of weird because I’m supposed to be moving around to get my bowels working again but everyone seems surprised that I am.

Having problems with the deep breathing and coughing though. I’m a wimp to pain and the good drugs just make me sleepy.

Wishing you recover well, surgery recovery is difficult
Hoping your rare form is capable for immunotherapy . Easier than chemo, but lots of helpful meds now
If drugs make you sleepy then you should have a good nights sleep
Be well!!

[debthaven]

Wishing you a good recovery Molly! Thanks for telling us. 

[seriousthistime]

mollyc, hang in there.  We're all rooting for you and a speedy recovery from the surgery.  Keep us posted on your progress.

We care. 

[azucena]

Mar 1, 2024 8:47:01 GMT -5 azucena said:

Keep up the good work, fellow savers!

I'll probably stick to updating once a month because that seems to be good enough for my motivation.

Can I just say that my math brain is loving that 2 months in ~ 16% is dead on track 

Azucena $10,215 on 3/1/2024 towards Goal $65,000 16%

I've been behind on updates. Last one 3/1/24 lines up with just before work bonus and bonus teen hit my universe. My work bonus was enough to make my head spin and to be honest have prob been on too much of a spending spree since then. Wants, future trips, and setting up bonus teen in our house along with spoiling her as much as I can bc she needed that. Starting to find our rhythm with her. It's expensive to add another teen to the household but I wouldn't have it any other way.

Spent some time catching up on budget numbers this morning and even though the credit card bill has been scary the past two months, it's paid in full and we're still in good shape. Loving that the systems and thought processes I've put in place the last several years are good enough to hold us thru survival mode and I can put the money stuff on the back burner and then play catch-up. Such a luxury!

Noticed that interest rate at my US bank savings acct went from 4 something % to 1.98%. This prompted me to take "overflow" emergency fund and move it to cap one 1 yr cd at 5%.

Looks like cap one savings acct is paying 5%. Anyone have advice on if it's consistently higher than us bank/brick and mortar banks? If so, might be worth the trouble to move all our accounts there. Will have to think about it.

Azucena $42,852 on 5/11/2024 towards Goal $65,000 66%

[seriousthistime]

No advice on whether it's consistently higher than brick and mortar banks.  I've seen slightly higher interest rates on some CDs at other online banks, but I don't want to have CDs at numerous different banks.  I'm alone, and if I kick the bucket I owe it to my kids not to have high-paying CDs at a bunch of different banks that they'd have to chase down.  I've had my main checking at Capital One for some years so if I can find a good rate there, I'll keep everything there.  I have a local brick and mortar bank because sometimes I need access to a chunk of cash (actual $$$ bills) or get a quick cashier's check.  The CD rate at that bank is about 1% lower than Capital One.  

Already 66% saved!  Very nice job. 

[Rukh O'Rorke]

May 4, 2024 11:29:10 GMT -5 mollyc said:

Hi there. Just wanted to give an update such as it is. I had my surgery yesterday and it went well. It looks like I have one of the rare forms of ovarian cancer. They have to wait for various results to determine if I’m good for now or need additional treatments. If I need chemo, I can do that at home. If I need radiation, I’ll have to come back down here.

It’s kind of weird because I’m supposed to be moving around to get my bowels working again but everyone seems surprised that I am.

Having problems with the deep breathing and coughing though. I’m a wimp to pain and the good drugs just make me sleepy.

Sending you good wishes for a quick recovery!

[Rukh O'Rorke]

Update!

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

Vehicle	Goal	Current	Percent
401k	30,500	12,749	42%
SEP-IRA	~4,500 1,700	1,700	100%
HSA	5,150	2,052	40%
bonds	10,000	1,100	11%
Total	47,350	17,601	37%

Still haven't made any changes lowering contributions to not max the 401k this year but likely to happen at some point - will delay as long as I can. Should know my raise in a few weeks and will go from there. Not even sure what to expect there to be honest! ugh! not sure how to even feel in term of what to think!

Due to a lot of generally increased cost, my home office deductions were higher this year for the side biz, although this also resulted in a lower allowed sep-ira contribution. But I did the max that I was allowed. My current balance in the sep-ira is 12,432.81, in which I take a childish amount of pride. Like my own earned money from a lemonade stand rather than my allowance for doing chores. I remember my first big check for RI (that was over 10k). I was beaming with pride, like I made money out of nothing! It felt really powerful to me to do that. Seems much more routine to me now, however! I think this is year 5, and only the past 3 years with the sep-ira (I didn't know I could do it before I went with the tax peron, since I was already maxing my 401k).

I was due 1100 back from federal taxes, so directed those to ibonds. Not sure if I will be able to do more to ibonds this year or not. Seems it would just come out of 401k money so if that is so, not sure what I will do. The HSA contributions are set to max - not even sure if I can lower that outside of open enrollment or life circumstance changes or if I could. Don't plan to, however. 

I suppose if I don't get a nice raise, I can try trolling for more side business income. Not sure how to feel about that, since in general I feel on the verge of collapse due to overwork! Not even sure how I would go about getting the type of clients like I have now. And not sure how to go about a different kind of client. 

[teachermom]

azucena - I would give Capital One Savings a try. I have had multiple savings accounts there for more than 20 yrs and always earned more than brick and mortar savings. I also have a checking account attached so when I need to spend money, I transfer from my savings to checking and use my debit card. Happens instantly with no issues. 

Teachermom

[debthaven]

Update

Name	Goal	Saved	Spent
General Savings	10,000	5,000	0
Travel	3,500	1,500	0
Garden	750	750	750
Miscellaneous	750	750	750
Rug	300	300	300
TOTAL	15,300	8,300	1,800

Debthaven: 1 June 2024: +1,500 travel = 8,300 euros (Total savings goal: 15,300)

This is a stretch, but I can claw back some of that money if I need to. Next month's savings will go to travel too, then it's back to general savings.

In the end I paid nearly 275 euros OOP for that procedure in April. I renewed my yoga subscription in May. I need new glasses, but I may wait till after the summer for those. It never ends.

Thinking of you mollyc  and wishing you the best. We'd love to hear how you're doing.

[seriousthistime]

Update

Name	Start	Goal	Saved	% Saved	Spent	Rose
Travel	$1,289	$6,000	$2,352	39.2%
Property Tax	$1,843	$6,200	$4,661	66.9%	$3,099
Weekly Savings	$0	$2,600	$1,151	44.2%
Pet Care	$0	$1,500	$750	50.0%
Total	$3,132	$16,300	$8,914	54.7%

Seriousthistime  $8,914, 6/10/2024 (Goal, $16,300)

Redirecting my Monthly Goal to remodeling expenses for now. No updates forthcoming. 

Stash of $5 bills: $300.  (Funny story. I went out of town and (was pretty sure) I hid the stash of bills in a purse I haven't used in a while.  When I got back to town, I looked through all my purses and didn't find the stash.  I looked in other recent hiding places and found nothing.  I obsessed about it for a day, and then figured I would either come across it in time, or not, but there was no reason to drive myself crazy over it, looking in all the usual hiding places over and over.   A couple of days ago, I cleaned out my purse and switched to a different one.  I'm still getting used to all the zippered pockets inside and out.  So today, I broke a $20 and got $5 in the change.  I unzipped a pocket inside the purse to stash it, and lo and behold, what do I find but my stash of $5 bills!  It was not easy to overlook because $300 is 60 $5 bills  And the stack was folded in half so it was pretty thick.  Well, all's well that ends well.)

[TheOtherMe]

That's funny!  I'm glad the stash turned up and you have it now safe and sound.

[Rukh O'Rorke]

Bonus and raise were nice this year! Not super fabulous. More than I expected though, although of course I’m always willing to take more if needed ;P.


Need to consider what should go to debts vs savings. Unfortunately, 30 dollars going to Uber if to work cuz I’m late for a meeting. At 11, loll. Hopefully can waltz in the door in time…or just 1-2 mins off. On highway now, been some jamming but hopeful…

Just as I type that we come to a dead stop….

Classic.

[debthaven]

I'm glad you found the stash seriousthistime ! And yay on the bonus and raise Rukh O'Rorke !

[azucena]

May 11, 2024 6:16:41 GMT -5 azucena said:

Azucena $42,852 on 5/11/2024 towards Goal $65,000 66%

We're spending more than we should. Setting up bonus teen and spoiling her has been pricey but worth it. Some of it is me catching up on things I want to change/add around the house. Probably should cut back some but not sure I care enough to. Kinda in a blech place this week.

Payday update

Azucena $45,530 on 6/14/2024 towards Goal $65,000 70%

[forwardwego]

Hi Savers! I hope you've been well. Time for me to pay attention again. It's wonderful to see familiar names. For starters will track just the priority savings item (need a re roof).

Forwardwego $1400, 6-27-24, goal $17,000.

[debthaven]

Great to "see" you again forwardwego !

[seriousthistime]

Yay! forwardwego is back!

[debthaven]

Update!

Name	Goal	Saved	Spent
General Savings	10,000	+1,500=6,500	0
Travel	3,500	+1,500=3,000	0
Garden	750	750	750
Miscellaneous	750	750	750
Rug	300	300	300
TOTAL	15,300	11,300	1,800

Debthaven: 1 July 2024: +1,500 savings +1,500 travel = 11,300 euros (Total savings goal: 15,300)

This was an AMAZING month for savings!!!

I've been working a LOT doing interviews with prospective students!!! Today I was paid for May interviews. Next month I'll be paid for June interviews, so it should be another great month!

[mollyc]

Good morning or afternoon as appropriate.

After many reschedulings of the appointment, I’ve been cleared to go back to work immediately.

I’m not going to go back to the office full time until next week. I am doing some work from home. I’m going to see if I can use vacation pay to make up the difference for this week. If not, I’ll just take the hit from the reduced hours.

I’ll be able to start saving again in August.

DD and I opened a joint savings account last week when she was in town. I put in $60 that I had put aside. I am getting a raise that starts on the last pay date in July. I won’t know what the net difference will be until September when benefits start up again but I will be able to save $20/payday there for sure. I’ll see when I know the true net if it’s worth putting directly into my regular savings or better to keep in chequing to cover the fluctuating cost of gas and such.

[forwardwego]

Good morning 🌞 ☕️…. Does anyone have experience with Ally bank “buckets”? I’m trying to simplify and organize and this sounds helpful. Would love to hear the pros and cons. Thanks!

[Rukh O'Rorke]

Questions for the Savers! Interest in other thoughts, POVs, etc.

My work bonus and big Rukh, Inc payday is about to run out and I'm once again looking at bill and pay dates and cutting things very close.

August
My mortgage is usually drawn on the 2nd for the autopay - but technically they can on the 1st. Just checked the history and the mortage comes through on the 2/3/even 4 once, never on the 1st.

For August, my paycheck will come 2nd of August so relying on this is sketchy. But if the mortgage gets pulled on the 1st, I won't have the money there. (I can possible have DS on alert to zelle me some cash just overnight in case the pull come early)

My last payday in July is the 19th. If I lower my 401k contribution today to just to get the match, I'm not sure if it will take effect in time for the paycheck on the 19th. But by August 2nd, the immediate crisis will be over. And my guesstimate is that it would only be about 500 extra in my paycheck which won't go very far with my budget, and I'm unsure how things may progress. August has 3 paychecks, which will help Sept, and then I have 3 small RI projects in the fall.

My resistance!
I have almost always prioritized saving over comfortable cash flow (As many of you may know by now!!). I feel like maxing my 401k is the least I should be doing savings wise, and yet it is a struggle to maintain that right now. On the other hand, it was also a bit of a struggle 20 years ago, and I definitely seeing the rewards from that now - and have real hopes to retire in the next 1-3 years.

Once you stop maxing 401k, it is very painful to go back! Plus if things go smoothly later in the year and I end up being able to max for the year after all,  then I would need ot do even higher amounts to make up for not maxing for a few paychecks, and that would be very painful!

While I have high debt payments right now, I do have a high salary. I feel a bit ashamed really to be struggling like this. I feel I should somehow "force" myself to manage, and I worry if I loosen up the savings, I won't do the things I know I need to do budget-wise. I've already largely forgotten about them since I had the large cash influx. Only now do I remember all I was going do to trim down the monthly budget!

The other side is taxes. Between fed and state I will be paying ~29% taxes on money that doesn't go into the 401k. In 2023 I paid 22.5k in fed taxes and nearly 6.5k in state income tax (and I had some investment losses carryover as deductions) 2024 tax year I won't have any loses to deduct and my income is going to be a bit higher so even more taxes, and the 401k is the best and easiest way to save on those taxes. If I max out the 401k, will likely pay 25k in fed and 7.5k for state. Then, add in 240 more in fed tax for every 1k that doesn't go into the 401k, plus 50 for state. 

Summary
Well, I feel like I have talked myself into and out of it several times over writing this out. I am unconvinced that I should lower my 401k, or that it would do me any good to do so in long run when considering the high taxes!

I can do a few things in the next open enrollment to lower my benefit costs, will consider that. That would be effective jan 1 2025. I need to get cracking on cancelling some subscirptions and lowering other fees as I can.

My large RI project in 2025 starts in feb and I should have the pay in late april to May. If they come back to me!!! My goal from here to then is not have a huge hole I have to throw it into when I get it! 

I think that is my best path. Keep scrimping by, try to lower/eliminate unnecessary expenses, and put myself into a position to use the next big payday to turn the ship a bit.

What do you all think?

[plugginaway22]

You are too financially set to be living on the edge like this with your cash flow. Sleeping at night is number one for me. Yes, reduce the 401K contributions (buying high right now) and take a little buffer out of your emergency funds! In the grand scheme, I always vote for reducing stress! Someone on here years ago taught us the KISS method (keep it simple stupid!).

Your net worth has to be close to your all time high...set your accounts up so things are stress free with your money!  

[Rukh O'Rorke]

Jul 5, 2024 19:11:45 GMT -5 plugginaway22 said:

You are too financially set to be living on the edge like this with your cash flow. Sleeping at night is number one for me. Yes, reduce the 401K contributions (buying high right now) and take a little buffer out of your emergency funds! In the grand scheme, I always vote for reducing stress! Someone on here years ago taught us the KISS method (keep it simple stupid!).

Your net worth has to be close to your all time high...set your accounts up so things are stress free with your money!  

thanks - yes - this is a good point and will think on it a little more. 

One point: My current 401k contributions are going into cash equivalent fund, so not buy high at the moment, trying to balance out risk a bit with new money. My stocks are mostly in individual stocks - so very volatile, and worried about another big drop. I am close to my ath but it feels very illusory to me. 

[Rukh O'Rorke]

still contemplating things. I've changed my mind a half dozen times this past day!

One disquieting aspect is that if I can't max my 401k it means I'm spending a great deal on what is still a very no-frills life! So while I look at my retirement funds and think - I should retire right now! The truth is my rate of spend is so high that the money could be wiped out before I get to social security. Add in a downturn, or just bad new for one of my stock holdings, and it would assured. I do currently have debts of about 500k that I am paying on. (The house is worth 540k per redfin, so I discount that in the NW calculations.)

Then the rest of my life would be one of those 1970's commericials about living on a fixed income with only soc sec or very little above that. I guess at this point in my life, that is one of my greatest fears, and every penny into retirement accounts pushes that farther away from becoming a reality for me.


I guess in some ways my resistance is also due to a refusal to acknowledge where my monthly cash flows are givent he debt repayments and other obligations.

Have spent some time crunching the numbers YTD, and it isn't looking good! But I knew that. Despite the numbers, I slept very well last night! so that was nice. my insomnia seems more related to work stress so when I get away from it for a bit, sleep follows.

One thing I did friday was going into work site and remove my extra taxes. I was putting 50 extra to fed and 15 extra to state to offset the RI taxes. It looks like it will probably be ok - based on last years taxes - and will deal with it at tax time if not.

Will contemplate things a bit more, but I think I do have to lower it and face where I am right now. Even if I make through August - it is only a temporary respite and the issue persists. I have spreadsheet proof it will!

[Rukh O'Rorke]

So I did it! 

The site said it won't report the requested change to my employer until 7/12 Why so long?

oh! I'll send an email to HR on Monday to see if they can apply it sooner. Seems very weird.