Author Topic: Achievement in May paycheck  (Read 1937 times)

twojabs

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Achievement in May paycheck
« on: May 23, 2016, 03:44:06 PM »
Not to trump my own horn but I saved 100% of my May paycheck.

OK so I'm skewing the figures slightly as two bills have managed to simultaneously fall into early June, but, at least for a limited time, I feel satisfied.

What %age do I "usually" save? How long is a piece of string?

I'm top heavy with cash savings (1.3 years current net income in cash), but I'm too much of a wimp to make the move to investing (thanks dad)... Have tinkered recently with some active managed funds which all seem to be balanced out, some +ve, some -ve, net no gains or losses!

(Really I need help)...

Dezrah

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Re: Achievement in May paycheck
« Reply #1 on: May 23, 2016, 04:09:21 PM »
Hey, tooting your own horn is what this section is for.

Personally I love it when I get bizarre, anomalous accounting results, like when my net worth improved 10000% month to month as I passed the $0 line.

So what allowed you to pull off this feat?  Did you cash some birthday checks?  Did a roommate pay first and last month's rent canceling out your need to pay this month?  Did you dumpster dive for food all month?  What's your secret?

As for the rest, you're right that 1.3 years net income is an awful lot of cash but we all have our hang ups.  Have you considered easing into reducing that amount by reducing it to something like 1.3 years of expenses?  Just keep lowering it a little bit at a time until you're no longer anxious about it, almost like you're doing Cognitive Behavioral Therapy or something.

twojabs

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Re: Achievement in May paycheck
« Reply #2 on: May 23, 2016, 04:58:11 PM »
Nice jump Dezrah :)

OK, so here's how it broke down...

1. We went on holiday and spent much less than anticipated (on holiday and at home) (about 1/3rd less than budget)
2. My mechanic can't book my vehicle in for a service and MOT (road fitness test) until early next week (ie invoice in June)
3. My wife got her first paycheck - woo!!

Actually my rental income and my wife's paycheck (though she did work an extra few hours this first month) will cover our expenses month to month (mortgages, electricity, cable) which technically means that I could save all my wages every month (though I'll still need to use it for car insurance, property management fee (something I can't not pay sadly), and home insurance), that's only a minor portion.

I might have to have some therapy on that one!

My retirement savings are in investments in my employee match scheme - I pay in 6% and the company matches it pre tax.  I pay in an additional 2% as well (pre tax), though it is all locked in until I'm 58, hence why I'd want to save/invest outside this.

 

Wow, a phone plan for fifteen bucks!