Author Topic: 70% Savings Rate  (Read 1202 times)

JenniferW

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70% Savings Rate
« on: January 07, 2019, 10:35:22 AM »
Just reached 70% savings rate.  Saving approximately $2050 per month on $2900 per month net income.  (Splitting bills with roommate).
« Last Edit: January 09, 2019, 03:52:39 PM by JenniferW »

RWD

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Re: 70% Savings Rate
« Reply #1 on: January 07, 2019, 10:43:41 AM »
Congrats!

KathrinS

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Re: 70% Savings Rate
« Reply #2 on: January 07, 2019, 01:44:39 PM »
Wow that's amazing, congrats!! I'm nowhere near that, just happy to get to 50% most months :)

DreamFIRE

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Re: 70% Savings Rate
« Reply #3 on: January 07, 2019, 04:06:57 PM »
Just reached 70% savings rate.  Saving approximately $2050 per month on $2900 per month income.  (Splitting bills with roommate).

Good job.  Hopefully I can get around 70% this year.   I did better last year, but I have some upcoming expenses and feel I should loosen the purse strings a little.

https://forum.mrmoneymustache.com/share-your-badassity/my-savings-rate-for-2018-90242/

Much Fishing to Do

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Re: 70% Savings Rate
« Reply #4 on: January 07, 2019, 07:05:30 PM »
Wow, you're killing it

JenniferW

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Re: 70% Savings Rate
« Reply #5 on: January 07, 2019, 10:12:05 PM »
Oh I should add, that the $2900 per month is net income.

jojoguy

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Re: 70% Savings Rate
« Reply #6 on: January 08, 2019, 04:51:00 AM »
My goal is 70% this year too. Time to become the Frugal Superman! My wife is my Lois Lane. :)

LoanShark

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Re: 70% Savings Rate
« Reply #7 on: January 09, 2019, 08:44:30 AM »
Hell yeah! Keep it up.

Assetup

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Re: 70% Savings Rate
« Reply #8 on: January 09, 2019, 08:47:03 AM »
That's fantastic!  Keep it up

SimpleDreamer

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Re: 70% Savings Rate
« Reply #9 on: January 21, 2019, 05:16:09 PM »
Just reached 70% savings rate.  Saving approximately $2050 per month on $2900 per month net income.  (Splitting bills with roommate).

That is awesome!!! Living on $850 per month is very impressive!

JenniferW

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Re: 70% Savings Rate
« Reply #10 on: January 21, 2019, 05:46:39 PM »
Just reached 70% savings rate.  Saving approximately $2050 per month on $2900 per month net income.  (Splitting bills with roommate).

That is awesome!!! Living on $850 per month is very impressive!

Well my boyfriend also chips in $850.  So that's $1700 between us. It costs us like $1800 per month actually, I forgot I do get some credit card churning bonuses at about $125 per month.

$450 Groceries between us (we don't eat cheap carbs since I'm diabetic, so the food we get is usually more expensive like meat & veggies)
$665 house payment
$340 utilities (includes $60/month for cox cable)
$35 per month for auto fuel for me -- I own an old 90's lexus sedan which I got for $5000 few years back.  Car insurance is $35
Medicine: $75
Doctor Visits: $40
Discretionary:  $100 / month budget (includes restaurants, fast food, gifts, board games, hair cuts, etc..)
$14 cell phone bill
« Last Edit: January 21, 2019, 05:50:32 PM by JenniferW »

JenniferW

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Re: 70% Savings Rate
« Reply #11 on: January 21, 2019, 05:54:04 PM »
Regarding "Discretionary" above.  I just use one category in Personal Capital called Discretionary for anything that isn't essential.  So I throw fast food, restaurants, gifts, decorations, electronic gadgets/parts, board games, clothing, non-essential household items etc. all together; makes it easier to budget for me. I just watch that Discretionary total for the month and when it starts approaching $100 I slow down and am more choosy what I spend it on.  For example my reasoning might be: sorry friend, you don't get a gift this year because my boyfriend and I really want to go out to dinner tonight, lol.

Regarding clothing above, I feel it is discretionary since one can get free clothing from local Buy Nothing facebook group or buy for couple dollars at Salvation Army on Wednesday half off sales :). I'm simple anyways, pretty much own just a couple pairs of jeans and a few inexpensive but decent tops.  Two pairs of shoes/sandals.  I don't care what others think about my clothing.
« Last Edit: January 21, 2019, 06:03:28 PM by JenniferW »

patrickza

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Re: 70% Savings Rate
« Reply #12 on: Today at 02:02:26 AM »
That's a great spending level. If you can keep it there and grow your income you'll do amazingly well. How long do you think you can keep your spending level under $1000?

TRD

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Re: 70% Savings Rate
« Reply #13 on: Today at 02:56:33 AM »
well done!

jojoguy

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Re: 70% Savings Rate
« Reply #14 on: Today at 04:51:27 AM »
Just reached 70% savings rate.  Saving approximately $2050 per month on $2900 per month net income.  (Splitting bills with roommate).

Is your roommate saving their money as well?

JenniferW

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Re: 70% Savings Rate
« Reply #15 on: Today at 06:14:52 AM »
That's a great spending level. If you can keep it there and grow your income you'll do amazingly well. How long do you think you can keep your spending level under $1000?

I am quite content actually -- I don't feel lacking in material things.  And the things I do need, I'll buy used or get free from Buy Nothing Facebook group.  For entertainment: free outings, visiting friends, board games, the Internet, Netflix, etc. are just fine.  I don't have any drug addictions nor smoking or drinking so that helps as well -- thankfully my BF doesn't either.  He's pretty frugal and content as well which I am really happy about. 

I plan on keeping this going indefinitely, at least until I retire when I'm 67.  However, there will be some big events that pop up here and there, e.g. air conditioner going out in home, etc..  But it is all good, I'll have enough money saved to pay for them without it denting my retirement too much.

Regarding my BF saving, he's been getting a lot better.  He's been saving about $700 per month and been working on growing his ebay / facebook marketplace reselling side-gig business. 
« Last Edit: Today at 06:22:10 AM by JenniferW »