2024 Women in Red Savers!

[Rukh O'Rorke]

On Friday, I got the paycheck with 10% to 401k and I think it is "enough" with a little to spare and so think I can keep at 10%. 

For next paycheck, I did redo the 10% to be 6% pretax, and 4% Roth - so next paycheck will have some more taxes taken and will see if the little to spare is enough for those taxes.

[debthaven]

NOT AN UPDATE, JUST TWEAKING THE TABLE

Now that I'm back on my company's complementary health insurance, I looked at the hospitalization benefits. If I'm correct, 1,000 should hopefully cover my surgery! So I moved 500 from hip surgery to general savings. 

If I'm wrong, I'll move it back LOL. 

Sorry for all the recent posts. It is a relief to see that I should be able to hit my goal this year despite the unexpected surgery. 

I also added a line for a great set of second-hand congas so poor DH and the other band members don't have to shlep mine to our friends' rehearsal space once or twice a week. Congas are huge, and very heavy. I'm picking these up the first weekend of October. That way I'll keep one set at home, and one set at our rehearsal space.

NAME	GOAL	SAVED	SPENT
General savings	10,000	8,750	0
Congas	250	0	0
Hip surgery	1,000	1,000	0
Travel	1,700	1,700	1,700
Event	750	750	750
Garden	750	750	750
Rug + Misc	1,050	1,050	1,050
TOTAL	15,500	14,000	4,250

24 Sept 2024 = 14,000 (total savings goal = 15,500)

[Rukh O'Rorke]

Sept 16, 2024 11:26:22 GMT -5 Rukh O'Rorke said:

On Friday, I got the paycheck with 10% to 401k and I think it is "enough" with a little to spare and so think I can keep at 10%. 

For next paycheck, I did redo the 10% to be 6% pretax, and 4% Roth - so next paycheck will have some more taxes taken and will see if the little to spare is enough for those taxes.

with the additional taxes, paycheck is $7 below my target. I think it will be ok and will go with it unless I see otherwise. 

but I can't see anything in my 401k account about what money is roth! I'm sure it should be listed as a separate bucket somehow? May need to contact the company next week. I really thought it didn't go through but checked pay stub and it says x to 401k, y to roth 401k.

[mollyc]

DDJoint Savings - $200.00

Savings - $996.33

I need to replace the windshield on my vehicle as soon as I can get in somewhere. The deductible will use up the auto portion of my savings but that’s what it’s for. I should probably get a wheel alignment too and my transmission checked out. So many things, so few $$.

[debthaven]

Update!

NAME	GOAL	SAVED	SPENT
General savings	10,000	8,750+500 = 9,250	0
Congas	250	+250	0
Hip surgery	1,000	1,000	0
Travel	1,700	1,700	1,700
Event	750	750	750
Garden	750	750	750
Rug + Misc	1,050	1,050	1,050
TOTAL	15,500	14,750	4,250

1 Oct 2024 = 14,750 (total savings goal = 15,500)

The semester started up slowly. I'll be reducing my hours again in Jan, so this is probably what savings will look like next year. 

It's been an expensive few weeks. We went to the UK to see our kids/grandkids, I'm renewing my passport, and hopefully buying the (used) congas this weekend. 

[seriousthistime]

Update

Name	Start	Goal	Saved	% Saved	Spent	Rose
Travel	$1,289	$6,000	$6,000	100.0%
Property Tax	$1,843	$6,200	$6,722	108.4%	$5,692
Weekly Savings	$0	$2,600	$1,952	75.0%
Pet Care	$0	$1,500	$1,251	83.4%
Total	$3,132	$16,300	$15,925	97.6%

Seriousthistime  $15,925, 10/1/2024 (Goal, $16,300)

Stash of $5 bills: $370

[mollyc]

DD Joint Savings - $330.00

Savings - $1,191.80

BC has its own Carbon Tax program and my household qualified for quarterly payments. We needed the $111.47 when I received it in July. I deposited $110.00 from the October payment to the joint acct. There should be another payment in January and April 2025. I intend to deposit the same amount from both payments to the joint account.

DD wants to start putting money into the account as well. I’ll only report on what I deposit if she does start.

[forwardwego]

 Good Morning Friends!

Thanks for being here, your presence is a continuing inspiration and encouragement.
My favorite snippet today is from Molly C... "So many things, so few $$."

We live in Volusia County, Florida and very grateful to personally escape deadly and costly effects of Hurricane Milton. Four deaths in our county, two women in separate homes from trees falling on them as they slept. Two others from medical events, one preparing their home and one medical need that first responders were hindered in getting to the scene.

Our roof held & home stayed dry, the neighborhood streets flooded, DH could come and go by truck, by car would have been risky for couple days. It's crazy to back out of your drive and the backup camera looks like you are at the boat ramp. From now on I wish passing neighbors bon voyage. We are in our present neighborhood only 7 months, thankfully we sold prior canal front home which has lower elevation. Reportedly the prior home was the only house on that block to stay dry. 

In the screened porch We laid plastic with a few pieces of sod on top for our dogs to potty. Our younger Frenchie adopted that method, our older boxer boy didn't understand and continued to need the yard, where he tripped and took a hard fall. Though he has recovered we have a follow up vet appointment this week.

Our reroof savings goal is on my mind more than ever. We are using Every Dollar budget tool, squeezing out $950 in the monthly budget for roof, @$1K monthly from pet and house sitting and similar. Evaluated the tax/insurance/HOA sinking fund and trimmed the cushion there for a one-time $1k bump to the roof fund. Roof fund now $11,520. which puts us on target for February or maybe even January.

[azucena]

Sept 13, 2024 11:33:03 GMT -5 azucena said:

prev update Azucena $29,174 on 8/2/24 towards Revised Goal $45,000 65%

It's nice that my budgeting system is holding up while I'm dealing with teen's medical stuff. Not saving quite as much as I had been before she moved in but that's okay and we're finding our rhythm towards what she needs vs spoiling her 

And, I have a whole new appreciation for African American hair care and costs.

Azucena $31,487 on 9/13/24 towards Revised Goal $45,000 70%

Azucena $33,941 on 10/15/24 towards Revised Goal $45,000 75%

[mollyc]

DD Joint Savings - $350.00

Savings - $1,548.30

[seriousthistime]

Update

Name	Start	Goal	Saved	% Saved	Spent	Rose
Travel	$1,289	$6,000	$6,000	100.0%
Property Tax	$1,843	$6,200	$7,237	108.4%	$5,692
Weekly Savings	$0	$2,600	$2,202	84.7%
Pet Care	$0	$1,500	$1,376	91.7%
Total	$3,132	$16,300	$16,815	103.2%

Seriousthistime  $16,815, 11/1/2024 (Goal, $16,300)

Stash of $5 bills: $390

[debthaven]

I paid the "private" part of my surgery bill ... 2.5K. I should get about half back from my health insurance, hopefully before the money leaves my account at the end of Nov.

I stupidly hadn't thought about the fact that I'd need to pay OOP and then get reimbursed. I budgeted 1K OOP. I may need to increase that once the dust settles.

[seriousthistime]

Sorry about that surprise, debthaven, but in any event it is money well spent. 

[Rukh O'Rorke]

hope the cash flows work out debthaven.

Hope you are on the mend and taking care of yourself!

[debthaven]

Update

NAME	GOAL	SAVED	SPENT
General savings	10,000	9,250+750=10,000	0
Hip surgery	1,000	1,000	1,000
Congas	250	250	250
Travel	1,700	1,700	1,700
Event	750	750	750
Garden	750	750	750
Rug + Misc	1,050	1,050	1,050
TOTAL	15,500	15,500	5,500

7 Nov 2024 = 15,500 (total savings goal = 15,500)

I know it looks like I reached my goal BUT I still don't know the OOP for my surgery. I'm leaving it as 1,000 for now (wishful thinking). I'll update again when I know more. 

[Rukh O'Rorke]

I upped my pretax 401k a little bit till end of year to even out from extra taxes on the ibond cash outs.

Still have 4% going to roth (10% pretax), will leave a little bit of the ibonds in the checking to make up for that to pay bills.

Does that even things up? I don't know! 

I should be moving things out of pretax, but of course, it always leads to more tax. Am spending the ibond money on debt paydown.

[mollyc]

DD Joint Savings - $370.00
Regular Savings - $1,915.21

It has been a very demoralizing week.

Take care everyone.

[debthaven]

Am spending the ibond money on debt paydown.

Can't wait to see your update Rukh O'Rorke !

You too mollyc , take care. 

[Sunnyday]

Hi, 
I've disappeared for a while. Maybe like a year. But I'm still committed.

I don't know, I just fell into a deep depression. The first year after the separation was high and lows. 
The second year was just low, and then lower.  I'm crawling back up. 

But that time period in which I was "high" and super motivated to get my finances back in order paid off as I did a lot of "set it and forget it" stuff.

I can't remember what my goals were a year ago, because they kept changing as life kept changing.

But I just did a financial analysis of all my expenses from Oct 2023 to Oct 2024.

Yeah, I could have done less fun, especially take out (restaurant category). But I did what I could to fight another day.

But here is the breakdown. 

Not bad overall.  Also, I don't know how to calculate it, but the percentages are based off my take-home pay.  I also have 15% taken directly from my paycheque to my retirement fund, and the company does a 3% match.  So I'm not really sure what my total saving rate is. 

60.3%  Fixed expenses
11.30% Fun
28.40% Savings/sink funds


Here are some interesting tidbits.

Legal 7% of my take-home income went to legal fees.  (Now that is done!!! no more lawyers!)
Rent 25 % of my take-home income went to rent.
Grocery 10.3 % of my take-home income went to groceries
Travel 2.3 % of my take-home income went to travel
Restaurant 6% of my take-home income went to restaurants and takeout

As of now, I have 3 goals left

Downpayment 15,000/10,000 saved
Travel 6,000/4,000 saved
4-month EF 15,000/12,000 saved

I have 10 K left to save. I should be able to get that done by April 2025 at the latest but most likely earlier with tax refunds. 

[debthaven]

I think you're doing great Sunnyday ! It really does take two years to digest a divorce. 

I received the paperwork from the hospital today and sent it to my health insurance. Fingers crossed they reimburse me quickly (and well).

[debthaven]

Final 2024 update confirmed!

NAME	GOAL	SAVED	SPENT
General savings	10,000	9,250+750=10,000	0
Hip surgery	1,000	1,000	1,000
Congas	250	250	250
Travel	1,700	1,700	1,700
Event	750	750	750
Garden	750	750	750
Rug + Misc	1,050	1,050	1,050
TOTAL	15,500	15,500	5,500

18 Nov 2024 = 15,500 (total savings goal = 15,500)

My OOP for the surgery was under 1,100 euros. With 1,000 saved, I'm calling it good.  

ETA: I think that's it for 2024. I plan to spend late Nov's income on Christmas.

I'm cutting my hours again in January, so I need to decide on my 2025 savings goal.

[seriousthistime]

Has anyone begun to think about 2025 goals?

I have just some loose ideas, which I can sum up in one sentence: Keep saving. 

Beyond that, I'll have to give it some thought. 

[Rukh O'Rorke]

Nov 20, 2024 18:33:19 GMT -5 seriousthistime said:

Has anyone begun to think about 2025 goals?

I have just some loose ideas, which I can sum up in one sentence: Keep saving. 

Beyond that, I'll have to give it some thought. 

Some not very coherent thoughts, I must admit!

how much can I save/should I try to save? roth vs pretax is also a big question for me. teen persuasion heped me realize that I have already filled my pretax with money that will be future taxed at 22% and lower (unless a really bad black swan event happens).

So it seems I should take the opportunity to just do whatever salary I can into Roth. I can't explain why it is so hard for me get on board with this internally. I am currently putting 4% into roth, but I'm trying to lower my taxes a bit for 2024 so have 10% going into pretax. It seems silly as this money is going to be taxed 24% either way and I know it, but I can't help myself from trying to lower my tax bill!

Oh! One thing that does "work" is that in retirement, I won't have to pay ~5% state income tax on the money, so I guess that is a real savings of sorts. But then all the earnings will be taxed at 24% fed and I really should take the opportunity to build up the roth numbers for later on.

So - yeah - struggling to figure out and not very coherent thoughts!

[debthaven]

I've been thinking about my 2025 goals. I need to decide how much I want reduce my hours vs how much I want to save.

I'll probably reduce both (hours and savings) by about 30%.

Whatever hours I do will be on Zoom ... no more having to go into school. 

[seriousthistime]

I'm glad you are scaling back on your hours, debthaven, and are balancing that against your finances.  It's important to find that comfort level. 

[seriousthistime]

I just glanced at my January 2024 posts here.  Trying to see what worked and what didn't, and what changed during the year. 

Home updating took a lot of cash this past year!  I still have some things to get to, but 2025 will not be such an expensive year (2024 was kitchen + whole house flooring + hall bathroom). The primary bath needs some updates.  It should be a simpler job than the hall bath was.  I'd be happy to just move ahead with that update and repaint some of the rooms. 

I like having a separate savings account for property taxes which are due in May and September. I don't need a separate account for pet expenses.  I just cash-flow it as I go.  

I want to get back to saving all the money from one of my income sources.  So I will probably add that chart back into my savings goals. 

I've saved my $5 bills this year and have a bit more than $400 right now. I actually like having that cash stashed away in my house. 

I will probably still have a separate savings fund for travel.  

Still thinking about weekly savings, whether I should do it again, how much to save, and whether it should be the same amount each week. 

I'll be interested to see what everyone here decides to try for 2025. It may motivate me to try some new ideas.