July $111,700, $6,145 increase
Aug $112,494, $793 increase
Sep $109,536, $2,958 decrease
Oct $117,581, $8,021 increase
Nov $121,142, $3,855 increase
Dec $128,574, $7,442 increase
$23K increase since end of June.
So I was looking at my numbers and I came up with savings goal of $40K in 2016. I wish it would be more, but realistically this is all I can do and I don't want to set unrealistic goals and then be discouraged.
My breakdown of this amount as as follows:
-- 401k from work - max at $18K, no match
-- HSA - max at 6750, $2K of this is contributed by the company, but it's part of my savings and NW
-- Traditional IRA - $5500, I already contributed this amount for 2016 out of my cash reserves, but need to save this amount through out 2016 to replenish my cash reserve, so this will be cash savings.
-- Additional cash savings - $10K, this is where I will need to keep myself accountable and this will be the hardest part for me, everything else is pretty much automated.
This totals to $40,250
This will not be easy for me to be honest. And I will need to do a bulk of these savings in the second half of the year. I have my medical deductible that I will be using all of my extra cash for in the first half of the year, $3.5K and I have summer vacations planned and part of my annual budget. So those will eat up most of my free cash.
The second half of the year should be much better though. I will start getting repreve from HSA deductible payments around April according to my estimates and medical needs, and my vacations will not be a huge burden thanks to travel rewards. So by May I am hopping to be gaining momentum with my savings for the rest of the year.
I did $23K in second half of 2015, though $3.5 of that was a windfall of sorts. Market did not thing for me during that time, so it's all me, which give me a hopeful feeling for 2016.
Now if only market would recover and grow, I'd be golden.
Looking forward to $168K at 12/31/2016.
Edit: to correct Roth IRA to Traditional IRA because I always confuse them