Author Topic: Save 100k(couple) or 50k(single) in 2017  (Read 57166 times)

BlueHouse

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Re: Save 100k(couple) or 50k(single) in 2017
« Reply #250 on: October 16, 2017, 11:27:54 AM »
October update:  2017 Progress against Goal
 
  Year to date progress:       Saved          Goal
   401k                               18,000              24,000   
   401k match                     33,975              30,000   
   Roth IRA                           6,500              6,500   
   Taxable Savings              51,600            100,000   
------------------------------------------------------------------------------         
   YTD                                112,075            160,500         70% of goal
   
January YTD savings             14,485          160,500          9%
February YTD savings            36,995          160,500         23%
March YTD savings                39,505          160,500         25%
April   YTD savings                67,015          160,500         42%
May    YTD savings                59,525          160,500         37% (ugh)
June YTD savings                  62,035          160,500         39%
July YTD savings                   64,545          160,500         40%
August YTD savings               87,055         160,500          54%
SeptemYTD savings               89,565         160,500          56%
OctoberYTD savings              112,075        160,500          70%

This is going to be tough.  I may be able to really tighten the belt to squeeze into the goal.

McStache

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Re: Save 100k(couple) or 50k(single) in 2017
« Reply #251 on: October 19, 2017, 03:28:09 PM »
October Update:
Bucket         Current / Goal
401k          $ 15,597 / $ 18,000
401k Match     $ 4,236 / $ 5,000
Roth IRA       $ 5,500 / $ 5,500 <-- Complete
HSA            $ 2,833 / $ 3,400
Brokerage     $ 24,629 / $ 20,000 <-- Complete, but with windfall - now targeting $30,000
------------------------------------
Total         $ 52,795 / $ 50,000 <-- Complete, but with windfall - now targeting $60,000

January        $ 3,727   7.5%
February       $ 7,918   15.8%
March         $ 11,838   23.7%
April         $ 15,599   31.2%
May/June      $ 24,764   49.5%
July          $ 28,937   57.9%
August        $ 32,638   65.3%
September     $ 49,377   98.8%
October       $ 52,795   105.6%  (88.0% to new target)

linuxhero

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Re: Save 100k(couple) or 50k(single) in 2017
« Reply #252 on: October 20, 2017, 08:10:44 AM »
October numbers...


HSA:                   $4792 / $5750
HSA Match:             $1000 / $1000
401K After Tax:       $28669 / $27010
401K Employer Match:   $6091 / $6885
Roth IRA:              $5500 / $5500
401K Pre Tax:         $11840 / $18000
Wife Traditional IRA:  $5500 / $5500
Mortgage principle:    $7012 / $8446
=====================================
Total:                $70403 / $78091 (90%)

ritz

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Re: Save 100k(couple) or 50k(single) in 2017
« Reply #253 on: October 20, 2017, 11:47:18 AM »
October Totals:
GoalActualRemaining
401(K)18,00014,5373,463
401(K) Match7,2005,8151,385
2016 Roth IRA1,5001,5000
2017 Roth IRA5,5005,5000
2016 HSA5135130
2017 HSA3,4003,4000
Taxable29,50024,5005,000
Total65,61355,7659,848
84.99% complete (81.46% without additional $12,500)

Just $5,000 and my 401(K) contributions left!

dreadmoose

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Re: Save 100k(couple) or 50k(single) in 2017
« Reply #254 on: October 20, 2017, 02:54:31 PM »
I'm jumping in to this really late (took me long enough to find this thread).

This has been a goal of mine all year, but hasn't been formally written down in order to keep me pushing at it... and I will need to push this last couple months through overtime and targeted savings.

So far:

Jan-17      $200
Feb-17      $1,700
Mar-17      $5,650
Apr-17      $9,576
May-17     $18,365
Jun-17      $30,847
Jul-17       $42,619
Aug-17     $52,436
Sep-17     $60,290
Oct-17      $68,144

Remaining [31,856]

This breaks down to:

TFSA           $18,885
RRSP          $49,259
Taxable       $0.00

Need2Save

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Re: Save 100k(couple) or 50k(single) in 2017
« Reply #255 on: October 29, 2017, 05:33:51 AM »
OCTOBER UPDATED TOTALS/ORIG GOALS:
401k Mrs:  $15,161 / $18,000 (84%)
401k Match Mrs: $3,259 / $2,400 (136%) - no change, will not get more $ until January '18
401k Mr: $16,336 / $18,000 (91%)
401k Match Mr: $9,261 / $5,500 (168%) -- includes $5,000 employer profit sharing deposit
HSA Mrs: $4,655 / $5,230 (89% - includes employer $ of $1,500)
HSA Mr: $1,440 / $1,520 (95% - includes employer $ of $1,000)
Taxable Investments:  $47,583 / $14,300 (333%)
Other Savings: $9,600 / $10,800 (89%)
College 529: $4,160 / $4,990 (83%)
Other College: $2,745 / $14,000 (20%) - no change
Extra Mortgage Princ:  $30,468 / $27,668 (110%)
TOTAL: $144,668 / $122,408 (118% of original goal)

Two months to go! I'm projecting that we will hit our stretch goal of $160k

bigchrisb

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Re: Save 100k(couple) or 50k(single) in 2017
« Reply #256 on: October 29, 2017, 01:38:07 PM »
I'd like to get this to $110k by my last day at work (7 Oct).  September and October are big dividend months, and there should be a small amount of vacation time paid out at the end.

Jan $24763
Feb $5079
Mar $18870
Apr $2328
May $4325
Jun $3499
Jul $14404
Aug $14616
Sep $19033
Oct $10103

Total for 10 months:  116k.  My original goal was to save 100% of my employment income over the 6 months of work I had left.  Circumstance dragged this out to 10 months, and I ended up saving $116k out of 113.5k post tax dollars earned.  Goal achieved, despite some worries along the way.  I've now pulled the pin and left work - hopefully I can keep my spending below my investment earnings.  At this stage I'm  reasonably confident!

Good luck to all the other thread participants!

boarder42

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Re: Save 100k(couple) or 50k(single) in 2017
« Reply #257 on: October 30, 2017, 06:16:37 AM »
Month end Aug
Total = 60k    /    100.5K  60%

Month End October
total = 75,000 / 100.5k = 75%

I expect we'll beat it this year probably end up around 105-110k if i had to guess. 

SpareChange

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Re: Save 100k(couple) or 50k(single) in 2017
« Reply #258 on: October 30, 2017, 11:51:43 PM »
Oct: $3,315.67 saved.

YTD: $46,120.37/50k (92.2%)


Sailor Sam

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Re: Save 100k(couple) or 50k(single) in 2017
« Reply #259 on: October 31, 2017, 12:07:14 PM »
OCTOBER
              OCT         YTD        GOAL
Fed TSP:   $1,515.22   $15,112.68   $18,000 
Trad IRA:    $459.36    $4,591.00    $5,500
After Tax: $2,409.11   $32,159.42   $26,500
Total:     $4,383.69   $42,589.82   $50,000

Jan YTD Savings:   $5,571.87  (11% of goal) 
Feb YTD Savings:  $13,850.36  (28% of goal)
Mar YTD Savings:  $19,459.58  (39% of goal)
Apr YTD Savings:  $22,175.50  (47% of goal)
May YTD Savings:  $27,927.41  (56% of goal)
Jun YTD Savings:  $33,104.29  (66% of goal)
Jul YTD Savings:  $37,665.24  (75% of goal)
Aug YTD Savings:  $42,589.82  (85% of goal)
Sep YTD Savings:  $47,479.41  (95% of goal)
Oct YTD Savings:  $51,863.10  (103% of goal)


GOAL!

FireHiker

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Re: Save 100k(couple) or 50k(single) in 2017
« Reply #260 on: October 31, 2017, 04:39:26 PM »
I am not sure that we're going to make the 100k goal this year; we paid for some travel the past two months and it cut into our savings rate. Current total saved is $75,488.90 for the year, savings rate of 42%.

Definitely going to have to work on our overall spending next year to free up some extra money to save since we're going to have access to a mega backdoor roth finally...

SAfAmBrit

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Re: Save 100k(couple) or 50k(single) in 2017
« Reply #261 on: October 31, 2017, 10:57:45 PM »
October numbers

18000   18000   401k
  1400     1400   401k match
  5500     5500   Roth IRA
  6500     6500   DH Roth IRA
 36000   36000    Mortgage
  5700    15800   Taxable Vanguard
  4800      4800  Archaeology Dig
 12000    12000   Debt
89900   100000   
      
89.9 % towards target

2Birds1Stone

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Re: Save 100k(couple) or 50k(single) in 2017
« Reply #262 on: November 01, 2017, 08:11:19 AM »
This is going to be a huge stretch goal of ours this year! But we are in :)

Retirement Contributions
$18,000 his 401k $18k
$7,000 her 401k $12k
$5,500 his Roth IRA $5.5k
$5,500 her Roth IRA $5.5k
$6,750 HSA $6.75k

$42,750 Total $47,750

Non Retirement Contributions
$24,000 his Taxable
$12,000 his EF $40k
$12,000 her EF
$6,000 her Taxable
$3,250 Combined Joint Travel Fund

$57,750 Total $40,000

$100,000 Grand Total $87,750

Going to miss the mark on savings $100k, but our net worth will go up more than $100k with the addition of investment gains.

We will end the year saving (in bold).

BlueHouse

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Re: Save 100k(couple) or 50k(single) in 2017
« Reply #263 on: November 01, 2017, 08:21:51 AM »
I am so impressed by the amounts that people are able to save -- especially the younger people.  Good job everyone!

I often think "if only I had known when I was that age", but I realize I'm extremely lucky to have found the way before it is too late and also that I've found it during the time of my highest income...so I can "catch up" to where I would have been ...if only.  :) 


boarder42

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Re: Save 100k(couple) or 50k(single) in 2017
« Reply #264 on: November 01, 2017, 08:44:23 AM »
I am so impressed by the amounts that people are able to save -- especially the younger people.  Good job everyone!

I often think "if only I had known when I was that age", but I realize I'm extremely lucky to have found the way before it is too late and also that I've found it during the time of my highest income...so I can "catch up" to where I would have been ...if only.  :)

i dont think there is an age people dont say i wish i'd known sooner.  the college kid - man if i'd worked in school.  the HS kid man if i had saved more of my tips.  the middle school kid - why'd i blow all my lemonade stand/mowing money on candy. etc.

obviously the younger you get there the better off you'll be. but i dont regret not knowing til post college as i think i'd have had less fun. 

BlueHouse

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Re: Save 100k(couple) or 50k(single) in 2017
« Reply #265 on: November 01, 2017, 09:15:50 AM »
I am so impressed by the amounts that people are able to save -- especially the younger people.  Good job everyone!

I often think "if only I had known when I was that age", but I realize I'm extremely lucky to have found the way before it is too late and also that I've found it during the time of my highest income...so I can "catch up" to where I would have been ...if only.  :)

i dont think there is an age people dont say i wish i'd known sooner.  the college kid - man if i'd worked in school.  the HS kid man if i had saved more of my tips.  the middle school kid - why'd i blow all my lemonade stand/mowing money on candy. etc.

obviously the younger you get there the better off you'll be. but i dont regret not knowing til post college as i think i'd have had less fun.
I suppose, but I don't think lemonade stand money would really make a difference no matter how young you start (unless it's people giving you money for your effort rather than tied to real economy.  In which case, I can see your point).  I guess to me, the real changes become obvious when there really is a percentage of your expenses that you can save.  And that didn't happen to me with my lemonade stand, or my rock sale, or my worm collections.  It really only would have made a difference for me once I was working full time and able to save money.  Every penny I earned before that went to my family to defray the cost of raising me and to my schooling.  There was no extra to stash back then (for me.  YMMV) 

Rhoon

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Re: Save 100k(couple) or 50k(single) in 2017
« Reply #266 on: November 01, 2017, 08:50:04 PM »
Reached the Single Goal last month.

Current Savings: $58,897, this is just 401K, company match and taxable account. I'll probably be able to add another $20K to this, but doubt I'll be able to get to the couple target.

SI w/ kid.

StarBright

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Re: Save 100k(couple) or 50k(single) in 2017
« Reply #267 on: November 07, 2017, 08:45:45 AM »
Updating through October -

401k Starbright                       12,404/  14,400                         
Starbright company match        3,842  /  1,000
401a w/ match DH                  10,800  /  12,960
457 DH                                   3,150   /  4,200
Roths                                      2,300  /  11,000
HSA                                        2,200  /   3,000
Extra Mortgage Principal           4,000  /   4,800
Taxable/Moneymarket               5,080  /   8,640

$43,776/ $60,000  (approx 73%)

I think we might be able to hit 90% of our goal in our 2017! If I end up with a good bonus we might even hit our goal. 


MrMoogle

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Re: Save 100k(couple) or 50k(single) in 2017
« Reply #268 on: November 17, 2017, 12:20:05 PM »
I make $84k/year now.  After seeing this thread, I went back to last year: I saved $45k last year on $80k, but I only qualified for 6 months of ESOP contributions.  So with $4k additional income and another 6 months of contributions, $50k will be possible, but a stretch.  Might as well set the bar a little high though, right?

My goal for the last few years has been $40k, so I was pleasantly surprised to see last year's result.
401k: 18k
Employer: 9k
Roth: 5.5k
Taxable: 6.5k
Emergency Account: 10k
total: 49k
6 weeks left, so I'm calling victory.

McStache

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Re: Save 100k(couple) or 50k(single) in 2017
« Reply #269 on: November 21, 2017, 08:08:58 AM »
November Update:
Bucket         Current / Goal
401k          $ 16,678 / $ 18,000
401k Match     $ 4,669 / $ 5,000
Roth IRA       $ 5,500 / $ 5,500 <-- Complete
HSA            $ 3,117 / $ 3,400
Brokerage     $ 30,852 / $ 20,000 <-- Complete, but with windfall - now targeting $30,000 <-- Double complete
------------------------------------
Total         $ 60,816 / $ 50,000 <-- Complete, but with windfall - now targeting $60,000  <-- Double complete, but still have some individual goals to hit

January        $ 3,727   7.5%
February       $ 7,918   15.8%
March         $ 11,838   23.7%
April         $ 15,599   31.2%
May/June      $ 24,764   49.5%
July          $ 28,937   57.9%
August        $ 32,638   65.3%
September     $ 49,377   98.8%
October       $ 52,795   105.6%  (88.0% of new target)
November      $ 60,816   121.6%  (101.4% of new target)

NinetyFour

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Re: Save 100k(couple) or 50k(single) in 2017
« Reply #270 on: November 21, 2017, 08:51:44 AM »
Singleton.

401a:  $6000 (this is mandatory; cannot be increased or decreased)
403b: $24,000 (optional, but I will max it out)
mortgage principal:  $5000
457:  at least $15,000 (optional; I can put a max of $24,000 in, but not sure I will be able to)

That gets me to $50,000, but maybe I can do better!  We'll see!

My progress:

401a:               $10,518
403b:               $18,500
457:                $13,930
mortgage principal:  $8,788

Total:              $51,736


And another $18K+ will go into retirement accounts before the year is over.  :)

Update:

401a:               $12,722
403b:               $22,900
457:                $19,690
mortgage principal:  $9,871

Total:              $65,183

Geepers.  I hope my future self will have fun spending all of that money (except the mortgage principal).

linuxhero

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Re: Save 100k(couple) or 50k(single) in 2017
« Reply #271 on: November 21, 2017, 03:48:00 PM »
November numbers...

Married; single income; 2 kids

HSA:                   $5271 / $5750
HSA Match:             $1000 / $1000
401K After Tax:       $28669 / $27010
401K Employer Match:   $6587 / $6885
Roth IRA:              $5500 / $5500
401K Pre Tax:         $15149 / $18000
Wife Traditional IRA:  $5500 / $5500
Mortgage principle:    $7728 / $8446
=====================================
Total:                $75404 / $78091 (96%)

Need2Save

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Re: Save 100k(couple) or 50k(single) in 2017
« Reply #272 on: November 25, 2017, 07:20:36 AM »
NOVEMBER UPDATED TOTALS/ORIG GOALS:
401k Mrs:  $16,549 / $18,000 (92%)
401k Match Mrs: $3,259 / $2,400 (136%) - no change, will not get more $ until January '18
401k Mr: $17,518 / $18,000 (97%)
401k Match Mr: $9,654 / $5,500 (176%) -- includes $5,000 employer profit sharing deposit
HSA Mrs: $4,942 / $5,230 (94% - includes employer $ of $1,500)
HSA Mr: $1,480 / $1,520 (97% - includes employer $ of $1,000)
Taxable Investments:  $50,083 / $14,300 (350%)
Other Savings: $9,600 / $10,800 (89%)
College 529: $4,576 / $4,990 (92%)
Other College: $2,745 / $14,000 (20%) - no change
Extra Mortgage Princ:  $32,530 / $27,668 (118%)
TOTAL: $152,938 / $122,408 (125% of original goal)

Had an odd experience on Thanksgiving where the conversation of several family members went to investing and savings for retirement that was in no way urged on by us. That was satisfying and we just listened with curiousity. However, everyone now seems to know that we plan to retire in about 5 years.  I guess we've dropped enough hints over the last couple years or so and noone finds that shocking any longer. My BIL already retired early in his 40's after a full career as an EMT. He now collects as much in pension pay than he did from his take-home while working. He is an excellent example that it can be done even on a fairly modest income if you participate in work-place retirement opportunities and stay invested for the long-haul. 

SpareChange

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Re: Save 100k(couple) or 50k(single) in 2017
« Reply #273 on: November 27, 2017, 06:21:16 PM »
November: $3,436.93 saved.

YTD: $49,557.30/50k (99.1%)

Almost!!

Sailor Sam

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Re: Save 100k(couple) or 50k(single) in 2017
« Reply #274 on: November 30, 2017, 08:11:43 PM »
NOVEMBER
              NOV         YTD        GOAL
Fed TSP:   $1,515.22   $16,627.90   $18,000 
Trad IRA:    $459.36     $5050.36    $5,500
After Tax:    $47.47   $32,206.89   $26,500
Total:     $2,022.05   $53,885.15   $50,000

Jan YTD Savings:   $5,571.87  (11% of goal) 
Feb YTD Savings:  $13,850.36  (28% of goal)
Mar YTD Savings:  $19,459.58  (39% of goal)
Apr YTD Savings:  $22,175.50  (47% of goal)
May YTD Savings:  $27,927.41  (56% of goal)
Jun YTD Savings:  $33,104.29  (66% of goal)
Jul YTD Savings:  $37,665.24  (75% of goal)
Aug YTD Savings:  $42,589.82  (85% of goal)
Sep YTD Savings:  $47,479.41  (95% of goal)
Oct YTD Savings:  $51,863.10  (103% of goal)
Nov YTD Savings:  $53,885.15  (108% of goal)


I decided to spend all my after tax dollars, instead of saving some. It was fun, but now I'm done.


Bateaux

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Re: Save 100k(couple) or 50k(single) in 2017
« Reply #275 on: November 30, 2017, 08:32:20 PM »
Pretty sure we've passed the 100k savings for couple, looks to be about $108,000 new money.  With market gains we're over 200k for the year Definitely should be a do over for 2018 unless I get fed up and FIRE.
« Last Edit: November 30, 2017, 08:38:19 PM by Bateaux »

NinetyFour

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Re: Save 100k(couple) or 50k(single) in 2017
« Reply #276 on: December 01, 2017, 04:35:10 AM »
Singleton.

401a:  $6000 (this is mandatory; cannot be increased or decreased)
403b: $24,000 (optional, but I will max it out)
mortgage principal:  $5000
457:  at least $15,000 (optional; I can put a max of $24,000 in, but not sure I will be able to)

That gets me to $50,000, but maybe I can do better!  We'll see!

Update:

401a:               $13,291 (counting both the employee and employer contributions)
403b:               $24,000
457:                $21,130
mortgage principal:  $9,871

Total:              $68,292

dreadmoose

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Re: Save 100k(couple) or 50k(single) in 2017
« Reply #277 on: December 01, 2017, 03:36:50 PM »
Update:
Jan-17$200
Feb-17$1,700
Mar-17$5,650
Apr-17$9,576
May-17$18,365
Jun-17$30,847
Jul-17$42,619
Aug-17$52,436
Sep-17$60,290
Oct-17$68,144
Nov-17$77,961

Remaining [22,039]

This breaks down to:

TFSA$18,885
RRSP$59,076
Taxable$0.00

I'm actually on track for the solo 100K goal I set myself, final RRSP input in December will include overtime amounting to around ~25K.

SAfAmBrit

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Re: Save 100k(couple) or 50k(single) in 2017
« Reply #278 on: December 02, 2017, 12:15:54 AM »
November numbers

18000   18000   401k
  1400     1400   401k match
  5500     5500   Roth IRA
  6500     6500   DH Roth IRA
 36000   36000    Mortgage
 12800    15800   Taxable Vanguard
  4800      4800  Archaeology Dig
 12000    12000   Debt
89900   100000   
      
97 % towards target

MrThatsDifferent

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Re: Save 100k(couple) or 50k(single) in 2017
« Reply #279 on: December 02, 2017, 01:15:48 PM »
So excited! My SO refuses to play along so I’m going solo on this but I’m only 5k from reaching the couple goal with just one month to go! What a great first year on MMM.

ritz

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Re: Save 100k(couple) or 50k(single) in 2017
« Reply #280 on: December 04, 2017, 12:24:12 PM »
November Totals:
GoalActualRemaining
401(K)18,00016,6311,369
401(K) Match7,2006,653547
2016 Roth IRA1,5001,5000
2017 Roth IRA5,5005,5000
2016 HSA5135130
2017 HSA3,4003,4000
Taxable33,50032,5001,000
Total69,61366,6972,916
95.81% Complete

My parents gave me some more money (I think that they are giving me money because they are giving my sister who is a student money and they want it to be fair, although they frame it in a different way), so I added $4,000 to my taxable goal. I have some money leftover so I can max out my 2018 HSA and Roth IRA in January. November was a three paycheck month, so I was able to save $4,000 out of my paychecks instead of the $2,000 I've been averaging. I just need to save $1,000 this month (should be able to do $2,000) and my 401(K) will max itself and I'm done for the year!

FireHiker

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Re: Save 100k(couple) or 50k(single) in 2017
« Reply #281 on: December 14, 2017, 03:55:34 PM »
I never updated at the end of November; we had saved $80,976.95 YTD as of the end of November. It looks like we will be falling short of our goal this year, but it's a big improvement over last year. Our savings rate as of the end of November was 41.6%.  I'll post a final update at the end of December, but I'm pretty happy with our comparison against last year:
2017 (through Nov), $80,976.95 saved, 41.6% savings rate
2016 $58,192.98 saved, 27% savings rate

It's amazing what a little bit of awareness and accountability makes. We will definitely try again next year to hit the 100k.

NinetyFour

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Re: Save 100k(couple) or 50k(single) in 2017
« Reply #282 on: December 15, 2017, 07:23:34 PM »
Singleton.

401a:  $6000 (this is mandatory; cannot be increased or decreased)
403b: $24,000 (optional, but I will max it out)
mortgage principal:  $5000
457:  at least $15,000 (optional; I can put a max of $24,000 in, but not sure I will be able to)

That gets me to $50,000, but maybe I can do better!  We'll see!

Update:

401a:               $13,841 (counting both the employee and employer contributions)
403b:               $24,000
457:                $23,670
mortgage principal: $10,416

Total:              $71,927

PharmaStache

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Re: Save 100k(couple) or 50k(single) in 2017
« Reply #283 on: December 16, 2017, 11:59:44 AM »
5.5k TFSA 1
5.5k TFSA 2
4k RRSP
2.5k RESP 1
5k RESP 2
19500 TFSA 1
8000 Taxable 11k so far.  Should be some more this month as well.
(not bothering to include pension contributions/matches this year)
=50k  53k so far

boarder42

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Re: Save 100k(couple) or 50k(single) in 2017
« Reply #284 on: December 20, 2017, 11:50:07 AM »
we hit 110k this year in savings.

we did just transfer 25k into a Donor Advised Fund with vanguard - so i dont know if we should count that as not reaching the goal. - but the tax implications of not doing so were to big to pass up- donate 25k today at a cost of 17.25k or get a lower return based on the new tax code coming out.

MM_MG

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Re: Save 100k(couple) or 50k(single) in 2017
« Reply #285 on: December 20, 2017, 10:40:20 PM »
In...again...

$18,000  401K
$13,500  Match
$11,000  Backdoor roths
$22,000  Mega backdoor roth
$8,000    Pension
$6,750    HSA with employer contribution
$44,000  Bonus
$X.XX     Taxable

Done.  Haven't added up the final numbers, but it's over $100K.

linuxhero

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Re: Save 100k(couple) or 50k(single) in 2017
« Reply #286 on: December 21, 2017, 09:56:08 AM »
December numbers.  Hooray, goal reached!  Next year we should be able to do better with the tax plan changes adding an extra estimated ~ $5k to take home pay.

Married; single income; 2 kids


HSA:                   $5750 / $5750
HSA Match:             $1000 / $1000
401K After Tax:       $28920 / $27010
401K Employer Match:   $7084 / $6885
Roth IRA:              $5500 / $5500
401K Pre Tax:         $18000 / $18000
Wife Traditional IRA:  $5500 / $5500
Mortgage principle:    $8446 / $8446
=====================================
Total:                $80200 / $78091 (103%)

McStache

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Re: Save 100k(couple) or 50k(single) in 2017
« Reply #287 on: December 21, 2017, 09:29:53 PM »
December Update:
Bucket         Current / Goal
401k          $ 18,000 / $ 18,000 <-- Complete
401k Match     $ 5,864 / $ 5,000 <-- Complete
Roth IRA       $ 5,500 / $ 5,500 <-- Complete
HSA            $ 3,400 / $ 3,400 <-- Complete
Brokerage     $ 39,347 / $ 20,000 <-- Complete, but with windfall - now targeting $30,000 <-- Double complete
------------------------------------
Total         $ 72,110 / $ 50,000 <-- Complete, but with windfall - now targeting $60,000  <-- Double complete, but still have some individual goals to hit <-- Actually complete

January        $ 3,727   7.5%
February       $ 7,918   15.8%
March         $ 11,838   23.7%
April         $ 15,599   31.2%
May/June      $ 24,764   49.5%
July          $ 28,937   57.9%
August        $ 32,638   65.3%
September     $ 49,377   98.8%
October       $ 52,795   105.6%  (88.0% of new target)
November      $ 60,816   121.6%  (101.4% of new target)
December      $ 72,110   144.2%  (120.2% of new target)

Overall, a great year!  Exceeded the overall goal of $50K and met all of my sub goals.  Next year is a big ? with some life changes/trips in the works, but I'm hoping to still hit at least $50K.

Fomerly known as something

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Re: Save 100k(couple) or 50k(single) in 2017
« Reply #288 on: December 22, 2017, 06:21:57 AM »
I made it as well, I think.

I maxed out everything as far as TSP/IRA/HSA.  My taxable gets a little bit tricky as I had an unexpected transfer and made a decent amount on my house sale that I wasn't sure how to account for in the challenge so I just fell back into systematic saving into my taxable but not really paying attention to exactly how much it was.  (I have some variation to my pay due to overtime and most of it gets saved.  I also have a couple of cash for specific purposes accounts that extra gets diverted to my taxable once they hit a certain amount.)

I'll be in again in 2018 for $75,000 for a single.

ToughMother

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Re: Save 100k(couple) or 50k(single) in 2017
« Reply #289 on: December 27, 2017, 10:17:54 AM »
Here's the Q4 update

                         (through 12/23 paycheck)
GOALS                       ACTUAL (thru Q4)
Pension savings $12K  14,060 117% (got a promotion/raise, pension is % of salary)
457 savings $24K        24,000 100%
403b savings $12K      24,000 200% (got a promotion/raise, $ going here)
ROTH savings $6.5K      6,500 100% (I forgot I had already contributed to my 2016 account, so I had everything saved for 2017)
After tax savings $4K   16,834 421% (rest of promotion/raise going here)
TOTAL $58.5K ($8K higher goal than 2016)  85,394 150% in Q4

The promotion/raise that helped me crush my 2017 financial goals also crushed my health and soul.  I'm bagging out of the job in 2018 as soon as possible.  No idea what my future path holds and what that means for my savings.  Hope to make enough to max out a 403b/401k type plan.  I do have money already saved for an IRA (be it Roth or traditional) so that will happen for 2018, but anything after that is TBD.  Exciting (aka frightening) times ahead...

CONGRATS to all those who met or exceeded your goals for the year!  HANG IN THERE for those that encountered circumstances where they felt short of their goals -- keep at it!!

RetirementDreaming

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Re: Save 100k(couple) or 50k(single) in 2017
« Reply #290 on: December 27, 2017, 12:41:46 PM »
We saved 104k in 2017 which was 75% of our goal.  We pulled in some expenses this year paid cash so it wiped out our savings account.  Next year should be flat to this year even with my husband retiring in the Summer.   

dreadmoose

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Re: Save 100k(couple) or 50k(single) in 2017
« Reply #291 on: December 27, 2017, 02:30:33 PM »
Jan-17$200
Feb-17$1,700
Mar-17$5,650
Apr-17$9,576
May-17$18,365
Jun-17$30,847
Jul-17$42,619
Aug-17$52,436
Sep-17$60,290
Oct-17$68,144
Nov-17$77,961
Dec-17$105,090

Goal Reached!

This breaks down to:

TFSA$23,975
RRSP$81,115
Taxable$0.00

Did it, and with a little room to spare. Hopefully I can keep this pace up next year as well (will be much harder as I hit the need for taxable accounts).

boarder42

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Re: Save 100k(couple) or 50k(single) in 2017
« Reply #292 on: December 27, 2017, 03:34:49 PM »
congrats all - 2018 challenge will be coming back up.  really earie to be socking away 6 digits and increasing that amount every year.

NinetyFour

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Re: Save 100k(couple) or 50k(single) in 2017
« Reply #293 on: December 27, 2017, 06:19:00 PM »
Here's the Q4 update

                         (through 12/23 paycheck)
GOALS                       ACTUAL (thru Q4)
Pension savings $12K  14,060 117% (got a promotion/raise, pension is % of salary)
457 savings $24K        24,000 100%
403b savings $12K      24,000 200% (got a promotion/raise, $ going here)
ROTH savings $6.5K      6,500 100% (I forgot I had already contributed to my 2016 account, so I had everything saved for 2017)
After tax savings $4K   16,834 421% (rest of promotion/raise going here)
TOTAL $58.5K ($8K higher goal than 2016)  85,394 150% in Q4

The promotion/raise that helped me crush my 2017 financial goals also crushed my health and soul.  I'm bagging out of the job in 2018 as soon as possible.  No idea what my future path holds and what that means for my savings.  Hope to make enough to max out a 403b/401k type plan.  I do have money already saved for an IRA (be it Roth or traditional) so that will happen for 2018, but anything after that is TBD.  Exciting (aka frightening) times ahead...

CONGRATS to all those who met or exceeded your goals for the year!  HANG IN THERE for those that encountered circumstances where they felt short of their goals -- keep at it!!


ToughMother--I wish you all the best as you exit from your stressful job!  Thanks to all your savings, you are in the position to prioritize your health!  :)  I hope you will update us at some point as your exit date approaches--maybe in the "Class of FIRE 2018" thread?  :)

MrThatsDifferent

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Re: Save 100k(couple) or 50k(single) in 2017
« Reply #294 on: December 28, 2017, 06:46:02 AM »
I did it! Achieved the couple goal as a single (cause SO refuses to play) in one year! Yeah me! That’s 5x more than I had last year this time. Wow! Thanks MMM!

ToughMother

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Re: Save 100k(couple) or 50k(single) in 2017
« Reply #295 on: December 28, 2017, 11:15:31 AM »
ToughMother--I wish you all the best as you exit from your stressful job!  Thanks to all your savings, you are in the position to prioritize your health!  :)  I hope you will update us at some point as your exit date approaches--maybe in the "Class of FIRE 2018" thread?  :)

Hey @NinetyFour !! Thanks for checking in while on your mid-west visit! 

While I'd LOVE to be FIRE'd in 2018, the truth is I do have to find SOMETHING as this premature exit means I'll no longer have a pension to figure into my future plans.  I'll be leaving with 7 years of the 10 needed to be vested.  If I'm lucky, I'll find some other gig in the state system, but otherwise, it is back to the drawing board... 

My stress and health consequences are so bad, though, that I truly have no options -- I'm going to the doc today to get some help with my blood pressure.  I can't even imagine going back to work after break -- but I still have another week of sweet freedom before thinking about that trauma.  In the meantime, I'm doing a lot of projections (with assistance from Mark Zoril http://workshop.planvisionmn.com/96-plan/) to see what my options and needs are.

I'm grateful this position gave me a blockbuster savings year, but the cost has been far too high.  I'll share more when I "cut bait."  Congrats on your own upcoming FIRE!  SO impressed and you just knocked your goals for the year out of the park!  So terrific!

Happy New Year! 
« Last Edit: December 28, 2017, 11:17:11 AM by ToughMother »

FireHiker

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Re: Save 100k(couple) or 50k(single) in 2017
« Reply #296 on: December 28, 2017, 12:27:05 PM »
I never updated at the end of November; we had saved $80,976.95 YTD as of the end of November. It looks like we will be falling short of our goal this year, but it's a big improvement over last year. Our savings rate as of the end of November was 41.6%.  I'll post a final update at the end of December, but I'm pretty happy with our comparison against last year:
2017 (through Nov), $80,976.95 saved, 41.6% savings rate
2016 $58,192.98 saved, 27% savings rate

It's amazing what a little bit of awareness and accountability makes. We will definitely try again next year to hit the 100k.

Final 2017 number: $85,266.95 saved, 40.5% savings rate

So, we didn't make the 100k goal, but did increase our savings rate from 27% in 2016 to 40.5% in 2017. Onward to more progress in 2018! Thanks all for the encouragement here; it helps to have a place to be accountable and share goals.

ronsbusa3

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Re: Save 100k(couple) or 50k(single) in 2017
« Reply #297 on: December 28, 2017, 02:14:04 PM »
A little late to the party but I have good news. My DW and I saved $131,022 this year.  ($22k came from the sale of a not very mustachian corvette)  Up from $82k in 2016 Next year we look to hit the $100k goal again.


Need2Save

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Re: Save 100k(couple) or 50k(single) in 2017
« Reply #299 on: December 29, 2017, 07:45:52 AM »
FINAL TALLY FOR 2017 IS IN:
401k Mrs:  $17,936 / $18,000 (100%) -- slightly off due to the way % works in our plan
401k Match Mrs: $3,259 / $2,400 (136%) - no change, will not get more $ until January '18
401k Mr: $18,000 / $18,000 (100%)
401k Match Mr: $10,049 / $5,500 (183%) -- includes $5,000 employer profit sharing deposit
HSA Mrs: $5,229 / $5,230 (100% - includes employer $ of $1,500)
HSA Mr: $1,420 / $1,520 (100% - includes employer $ of $1,000)
Taxable Investments:  $52,583 / $14,300 (368%)
Other Savings: $9,600 / $10,800 (89%)
College 529: $4,992 / $4,990 (100%)
Other College: $2,745 / $14,000 (20%) - no change
Extra Mortgage Princ:  $34,592 / $27,668 (125%)
TOTAL: $160,506 / $122,408 (131% of original goal)

We reached our stretch goal of $160k  -- so happy about that!

We met or exceeded all of our goals except college savings.  The reason for that is that one of our kids decided that college was not for him after one semester so there is no need to pile more money into that bucket. This allowed us to exceed some of our other goals for the year such as adding to our taxable investments.