Author Topic: Save 50k single 100k couple in 2018  (Read 11556 times)

boarder42

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Save 50k single 100k couple in 2018
« on: December 29, 2017, 06:07:48 AM »
Throwing it down again congratulations to all from the last 2 years.

This year I'm going to up ours to 110k which is a real stretch goal as we've got a baby due in July.

Guess i should drop some details on how we'll get there

401k 1 - 18500
401k 2 - 18500
Match 1 - 3300
Match 2 - 5700
HSA - 6900
ESOP - 12000
Roths - 11000
Taxable - 44000
« Last Edit: January 02, 2018, 11:44:57 AM by boarder42 »
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Bateaux

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Re: Save 50k single 100k couple in 2018
« Reply #1 on: December 29, 2017, 06:57:52 AM »
Good luck with that savings goal and your child.
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2Birds1Stone

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Re: Save 50k single 100k couple in 2018
« Reply #2 on: December 29, 2017, 07:16:33 AM »
This is a HUGE stretch since our combined gross income is likely to be ~$130k......but we will try to get as close as possible.

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Re: Save 50k single 100k couple in 2018
« Reply #3 on: December 29, 2017, 07:58:48 AM »
We are in for another year! 

Here are our goals for 2018:
$ 18,500 -- 401k Mrs
$   6,593 -- 401k Match Mrs
$ 18,500 -- 401k Mr
$   5,122 -- 401k Match Mr
$   5,230 -- HSA Mrs
$   1,670 -- HSA Mr
$ 60,000 -- Taxable Investments
$   8,000 -- Other Savings
$ 30,900 -- Extra Principal Payments
$154,515 -- TOTAL GOAL FOR 2018

Stretch goal is to hit $160,000 again if certain things line up (like good annual bonuses and Mr.N2S receives Profit Sharing into his 401k). We have an ambitious goal on the taxable invesments this year that is boosted by no longer adding to college savings.
Good luck to everyone with your goals in 2018!

Fomerly known as something

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Re: Save 50k single 100k couple in 2018
« Reply #4 on: December 29, 2017, 08:30:53 AM »
I'm in for $75,000 as a single person. 

I'll be counting mortgage principal pay down somewhere between $5,000-$6000.
401k:  $18,500
401k match:  $6700
HSA:  $3450 
Roth IRA:  $5,500
Taxable:  $36,000

McStache

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Re: Save 50k single 100k couple in 2018
« Reply #5 on: December 29, 2017, 01:44:41 PM »
I'm in for another year!

Single: $50,000

Comfortably exceeded that in 2017, but likely taking a pay cut (for a much better work/life balance) soon, so it will be a lot tighter to meet this goal in 2018.

Rife

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Re: Save 50k single 100k couple in 2018
« Reply #6 on: December 31, 2017, 08:23:24 AM »
We are in again.

401k and match (mine): $23000
401k and match (hers): $24000
HSA: $5000
Mortgage Principal: $9000
Taxable: $48000

Total: $109000
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Ocinfo

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Re: Save 50k single 100k couple in 2018
« Reply #7 on: December 31, 2017, 09:29:07 AM »
We are in.

401k and match (mine): $36.5k
401k w/no match (hers): $18.5k (new job so no match for 1 year)
2x Roth IRA (possibly Backdoor): $11k
Rental unit principal: $1.5k
Assorted low or no interest debt pay down: $11k
Taxable: $36.5k

Total: Goal of $115k with $100k as a likely minimum.


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SAfAmBrit

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Re: Save 50k single 100k couple in 2018
« Reply #8 on: December 31, 2017, 09:45:49 AM »
We are in for another year

$ 18,000--401k
$   1,500--401k match
$   5,500--Roth
$   6,500--DH Roth
$ 60,000--Taxable Investment
$   8,500--Windows Saving
_________________________
$100,000--Target


StarBright

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Re: Save 50k single 100k couple in 2018
« Reply #9 on: January 01, 2018, 01:10:18 PM »
I'm in again for 2018.

Actually lowering our goal this year because we have a ton of differed home, car, and life maintenance that we will need to spend money on this year but I want to make sure I hit a minimum of 50k for the two of us.

401k Starbright   $15,000.00
401a Starhus (includes match)   $13,230.00
Roth Starbright   $1,500.00
Roth Starhus   $1,500.00
Starbright employer match   $1,500.00
457b Starhus   $4,200.00
HSA    $3,000.00
Taxable inv/Money Market   $5,270.00
Extra Mortgage Principal   $4,800.00
   
Total   $50,000.00 (for a couple)

 

salt cured

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Re: Save 50k single 100k couple in 2018
« Reply #10 on: January 01, 2018, 07:22:26 PM »
SO and I saved $102k last year. For 2018, the goal is $130k total with $100k in tax deferred accounts, $15k in cash, $10k in a taxable account, and $5k to debt.

NinetyFour

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Re: Save 50k single 100k couple in 2018
« Reply #11 on: January 01, 2018, 07:38:11 PM »
Singleton.

Two notes:  I am retiring roughly half way through 2018.  I will receive a lump sum of a full year's salary as an incentive payout.

Savings Goals for 2018:

401a:  $6800 (that includes both employee and employer contributions)
403b:  $24,500
457:  $24,500
mortgage principal:  $8000
taxable account:  $27,000
max Roth IRA 2017:  $6500
max Roth IRA 2018:  $6500

total:  $103,800
« Last Edit: January 01, 2018, 07:40:18 PM by NinetyFour »

zinny1

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Re: Save 50k single 100k couple in 2018
« Reply #12 on: January 02, 2018, 04:51:32 AM »
I'm in again - hoping to reach the $50K this time after just falling short in 2017.

Good luck to all.

MM_MG

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Re: Save 50k single 100k couple in 2018
« Reply #13 on: January 02, 2018, 10:56:50 AM »
Going to make it this year without counting bonus or taxable contributions...

$18,500  His 401K
$13,500  His Match
$18,500  Her 401K
$1,500    Her Match
$11,000  His/Her backdoor roths
$23,000  Mega backdoor roth
$8,000    Pension
$6,750    HSA with employer contribution
$X.XX     Taxable
$X.XX     Bonus

recklesslysober

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Re: Save 50k single 100k couple in 2018
« Reply #14 on: January 04, 2018, 02:37:09 PM »
I'm just posting to lurk.. I saw this thread in 2016 and thought.. maybe in 10 years from now! But in 2017 I paid off $30,000 of my student loans (almost $35,000 with interest). With less spending and a higher income I could probably pull off $50,000 in 2020 after I'm debt free!

All the best to everyone here, it's quite the inspiration to see these numbers!

FireHiker

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Re: Save 50k single 100k couple in 2018
« Reply #15 on: January 04, 2018, 02:49:56 PM »
We're going to try again this year! Last year we saved $85,266.95, short of our 100k goal but our best savings year ever to date. I'm determined to do a better job of hitting the 100k this year. Here are our tentative plans (note, we have 2 401k loans we are paying back way ahead of schedule; I count the repayments as "savings" because it is extra money going back into savings...)

My 401k: $18,500
My 401k match: $7213 (may go up at raise time?)
Husband's 401k: $24,500
Husband's 401k match: $9196 (may go up at raise time?)
HSA: $6900
childcare flex spending, all deposited to savings: $5,000
This brings it to $71,309 and covers all of the definite savings. The remaining $28,691 is up to us to set aside. It will likely be in the form of 401k loan repayments (about 19k left on mine, 45k on my husband's, from our house downpayment in 2012 before discovering MMM). We may move the childcare flex savings into 401k loan repayments because we REALLY want those gone...we now have access to a mega backdoor roth but really want the loans gone before we contribute to it.

kickel

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Re: Save 50k single 100k couple in 2018
« Reply #16 on: January 04, 2018, 03:16:04 PM »
Sign me up:

2017 saved = $39,528

What's another $10,500? Plus with an increase in salary, my stretch goal will be $75,000. Wish me luck!

Ira: $5,500 - Done
HSA: $3,450
House Down payment: $20,000
Taxable: $21,050+

Hopefully, my company adds a 401k this year so I can save more tax-deferred.

boarder42

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Re: Save 50k single 100k couple in 2018
« Reply #17 on: January 05, 2018, 12:52:44 PM »
Sign me up:

2017 saved = $39,528

What's another $10,500? Plus with an increase in salary, my stretch goal will be $75,000. Wish me luck!

Ira: $5,500 - Done
HSA: $3,450
House Down payment: $20,000
Taxable: $21,050+

Hopefully, my company adds a 401k this year so I can save more tax-deferred.

its beyond dumb in this country that retirement savings and healthcare are tied to employers.
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Blissful Biker

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Re: Save 50k single 100k couple in 2018
« Reply #18 on: January 05, 2018, 04:28:13 PM »
I am in!  In 2017 we saved $67k CDN, which is 50% of our net income.  I am the primary breadwinner and have been working part time and feeding teenage boys.  So I am pretty pleased with the savings rate but always keen to do better. 

Setting a goal to save $75K in 2018.  If the office needs me to return to full time (fingers crossed that they won't), I'll bump the goal to $100K.  I love working part time - balancing enjoying today and enjoying the future.  If I stay part time I will FIRE in 6 years and I am good with that.

Her TFSA: $5500
His TFSA: $5500
Her RRSP: $20K
His RRSP:  $20K
RESP: $5000
Car Savings: $10K
Taxable Account: $9K
----------------------------
$75K

Yes, car savings aren't truly savings but we haven't bought one in 15 years and it is time.  Besides, this is my post and I can make up my own rules.  :)

If all goes according to plan we will need to open our first taxable account before the end of 2018.  Hooray!  That is a big milestone.

MrThatsDifferent

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Re: Save 50k single 100k couple in 2018
« Reply #19 on: January 06, 2018, 10:32:38 PM »
I’m in again too.  In a couple but going it alone, still aiming for the couple goal though.

ACyclist

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Re: Save 50k single 100k couple in 2018
« Reply #20 on: January 07, 2018, 09:52:42 AM »
There is no way we can do this.  That is about our entire income.  HAHA

Our savings plan for the year:

Max my 403b at 50 yr rates 24K
Max my husband's 403b18K
Receive 403a from his work 3-4k
max both roths 12K
After tax savings 20K (last years savings rate)

That's about 77K

SAfAmBrit

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Re: Save 50k single 100k couple in 2018
« Reply #21 on: January 07, 2018, 10:28:39 AM »
We are in for $100,000 again this year. I have 1 called Debt - it is not debt but my new low e glass windows windows for my desert home. My rules!

18000   401k 
1400           401k match
5500           Roth IRA
6500           DH Roth IRA
60000   Taxable Vanguard
10000   Debt
101400   

I am also changing jobs - I am nervous and excited but for the first time when it comes to work I am taking a chance which my financial situation is allowing me to do - if it does not work out c'est la vie! Working from home for more money. So it may be more or less.

linuxhero

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Re: Save 50k single 100k couple in 2018
« Reply #22 on: January 07, 2018, 12:52:03 PM »
My family is in for this challenge again this year.

Married, one income, two kids.  We can't quite make $100k, but $88k should be doable (up from $80k last year)


HSA                   $4900
HSA Match             $2000
401K After Tax       $29270
401K Employer Match   $7230
401K Pre Tax         $18500
Roth IRA              $5500
Wife Traditional IRA  $5500
Mortgage Principal    $8834
Taxable Account       $7000

Total:               $88734



Good luck to everyone on the challenge!

Bateaux

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Re: Save 50k single 100k couple in 2018
« Reply #23 on: January 07, 2018, 01:21:32 PM »
Oh please.
401k $24500
401k match $5000
401k $24500
401k match  $5000
Roth IRA  $6500
Roth IRA  $6500
Defined Benefit Pension $12000
Taxable $24000
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Fi365

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Re: Save 50k single 100k couple in 2018
« Reply #24 on: January 08, 2018, 09:33:30 AM »
Challenge accepted!

My LLC's self-employment varies a bit, but if I earn $175,000 this year (hit $200,00+ last year), then we can save here:

$18,500 TSP
$3,128 TSP match
$11,000 IRAs
$3,600 529 plan
$30,000 SEP IRA for 2018
$25,000 SEP IRA for 2017 (TBD based on ~April 2018 taxes and max available)
$63,000 mortgage

= $150,000, of which $100,000 will come from our "surplus" earnings thanks to making a lot and living a frugal lifestyle and $50,000 will intentionally draw down our bloated savings account

Before anyone balks at our high household income that makes this possible, please know that I drive a 1999 car worth $3,000 that still has a (functional) tape player.

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FireHiker

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Re: Save 50k single 100k couple in 2018
« Reply #25 on: January 08, 2018, 09:46:30 AM »
its beyond dumb in this country that retirement savings and healthcare are tied to employers.

Isn't that the truth!!

BlueHouse

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Re: Save 50k single 100k couple in 2018
« Reply #26 on: January 08, 2018, 10:12:03 AM »
Challenge accepted!

My LLC's self-employment varies a bit, but if I earn $175,000 this year (hit $200,00+ last year), then we can save here:

$18,500 TSP
$3,128 TSP match
$11,000 IRAs
$3,600 529 plan
$30,000 SEP IRA for 2018
$25,000 SEP IRA for 2017 (TBD based on ~April 2018 taxes and max available)
$63,000 mortgage

= $150,000, of which $100,000 will come from our "surplus" earnings thanks to making a lot and living a frugal lifestyle and $50,000 will intentionally draw down our bloated savings account

Before anyone balks at our high household income that makes this possible, please know that I drive a 1999 car worth $3,000 that still has a (functional) tape player.
I don't understand this math.  If you're drawing down from a savings account, you are spending, not saving.  If you're transferring between two accounts, it's just a transfer...not a savings.   Also, your posted numbers add up to $154,228. 
Sometimes nothing can be a real cool hand

BlueHouse

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Re: Save 50k single 100k couple in 2018
« Reply #27 on: January 08, 2018, 10:33:24 AM »
I'm in for 2018 again. 
I didn't quite hit goal last year, but for 2018, my target is:

$24,000 401k
$36,000 401k match
$  6,500 IRA to Roth
$40,000 Taxable
$20,000 Sinking fund for car purchase in 2018
$23,340 xtra mortgage principal

=======================
149,840 TOTAL 2018 Goal

$  2,510  January YTD Progress  = 1.7% of goal

Sometimes nothing can be a real cool hand

BiggerFishToFI

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Re: Save 50k single 100k couple in 2018
« Reply #28 on: January 08, 2018, 10:40:42 AM »
Wife and I only hit 62k last year but plan to slash our spending this year by 25k! That combined with more tax deferred money will hopefully get us there.

401k 1: $18500 + $4600 match = $23,100
401k 2: $18500
457: $18500
Roth IRA 1: $5500
Roth IRA 2: $5500
Student Loan Repayment: $28,900

Total: $100,000!

Stretch goal is to KILL the student loans which are sitting at $49k right now.
« Last Edit: January 08, 2018, 10:45:08 AM by soontoberich »

Fi365

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Re: Save 50k single 100k couple in 2018
« Reply #29 on: January 08, 2018, 10:47:53 AM »
Challenge accepted!

My LLC's self-employment varies a bit, but if I earn $175,000 this year (hit $200,00+ last year), then we can save here:

$18,500 TSP
$3,128 TSP match
$11,000 IRAs
$3,600 529 plan
$30,000 SEP IRA for 2018
$25,000 SEP IRA for 2017 (TBD based on ~April 2018 taxes and max available)
$63,000 mortgage

= $150,000, of which $100,000 will come from our "surplus" earnings thanks to making a lot and living a frugal lifestyle and $50,000 will intentionally draw down our bloated savings account

Before anyone balks at our high household income that makes this possible, please know that I drive a 1999 car worth $3,000 that still has a (functional) tape player.
I don't understand this math.  If you're drawing down from a savings account, you are spending, not saving.  If you're transferring between two accounts, it's just a transfer...not a savings.   Also, your posted numbers add up to $154,228.

Oops, newbie here. I heard the term "savings rate" for the first time literally this month and didn't know where to lump savings account stuff. I intentionally rounded $154,225 to $150,000 just to verify that yes, we could reach the $100,000 challenge for the household.

I see that others are including the principal section of their mortgage payments, so I included those, too.

Okay, the corrected numbers would be:

$18,500 TSP
$3,128 TSP match
$11,000 IRAs
$3,600 529 plan
$30,000 SEP IRA
$7,802 mortgage #1 regular principal payments
$6,616 mortgage #2 regular principal payments
$63,389 mortgage #1 additional principal payments
= $144,045 (and ~$25,000 more towards the SEP IRA's 2017 tax year, which'll come out of the boring old savings account. No plans to add anything to the boring old savings account in 2018.)
« Last Edit: January 08, 2018, 10:50:14 AM by Fi365 »
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dreadmoose

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Re: Save 50k single 100k couple in 2018
« Reply #30 on: January 08, 2018, 01:01:19 PM »
I'm going to shoot for as high as possible this year, but won't hit my last years high of $110K.

Our hours have been capped at 40 for my main contract so unless some side work comes up (didn't have time for it last year) I'll do significantly less overtime (none).

I've also decided to save more in my TFSA (tax free growth) this year instead of maxing RRSP (tax deferred savings) so the taxes eat up a lot.

Anyways:

Current Goals are

$42,415 TFSA
$22,124 RRSP

DateTo Date / Goal%
Jan 2017TBU / $ 64,5390
Just starting on my FIRE journey, hopefully posting here creates accountability and eventually lowers my very anti-mustachian life habits.

sisto

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Re: Save 50k single 100k couple in 2018
« Reply #31 on: January 08, 2018, 03:55:56 PM »
I'll join, but I won't be able to hit $100K for a couple. We are a single family income, so I can't put in 401K for DW.

401K $18500
IRA 1 $5500
IRA 2 $6500
HSA $6900
FSA $600
Match $6000 (not exactly a match, but will be about this much put in by employer)
ESPP $12000 (this is an estimate full value based on sell and reinvest)
RSU $10000
Tax $15000

I estimate about $81000, this is slightly higher than last year mostly due to increased maximums. Not sure about counting principal payments or not, but if added that's ~$12000 which puts us close to the challenge goal.
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Bumbles8

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Re: Save 50k single 100k couple in 2018
« Reply #32 on: January 08, 2018, 05:51:04 PM »
I'll join even if I'm not sure I can make it:

401k - 18,500
401k match - 3,500
HSA - 3,000
HSA match - 400
Roth - 5,500
Last debt - 3,000   (My post, my rules as others said)
Add to savings acct - 5,000   (Guess)
Taxable - 3,000   (Need to open, also a guess)
Total - 42k

That would be a great year.  Will need a miracle (gains - which don't really count) to make it to 50k

Need pretty much all of that to make it to 100k NW this year - so, let's go!

Fi365

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Re: Save 50k single 100k couple in 2018
« Reply #33 on: January 08, 2018, 08:08:00 PM »
Wife and I only hit 62k last year but plan to slash our spending this year by 25k! That combined with more tax deferred money will hopefully get us there.

401k 1: $18500 + $4600 match = $23,100
401k 2: $18500
457: $18500
Roth IRA 1: $5500
Roth IRA 2: $5500
Student Loan Repayment: $28,900

Total: $100,000!

Stretch goal is to KILL the student loans which are sitting at $49k right now.

Wow, how are you slashing your spending by 25k? Please teach me your ways, o wise one.
« Last Edit: January 08, 2018, 11:01:51 PM by Fi365 »
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BiggerFishToFI

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Re: Save 50k single 100k couple in 2018
« Reply #34 on: January 08, 2018, 09:35:46 PM »
Wife and I only hit 62k last year but plan to slash our spending this year by 25k! That combined with more tax deferred money will hopefully get us there.

401k 1: $18500 + $4600 match = $23,100
401k 2: $18500
457: $18500
Roth IRA 1: $5500
Roth IRA 2: $5500
Student Loan Repayment: $28,900

Total: $100,000!

Stretch goal is to KILL the student loans which are sitting at $49k right now.

Wow, how are you slashing your savings by 25k? Please teach me your ways, o wise one.

Should be easy since we have been non-mustachian spendy pants! Just discovered MMM in April of 2017 and made some very noticeable improvements but still have a ton of room to slash spending.

Another thing I didn't mention is my wife should be (hopefully) getting a big pay raise for the second half of the year as she is finishing her final year of residency.

Goal is to go from $76k spend to <$50k spend! Which equates to increasing our savings rate from 45.5% to 64%! And would move our FI date from 11.3 to 7.5 years!

Fi365

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Re: Save 50k single 100k couple in 2018
« Reply #35 on: January 08, 2018, 11:04:33 PM »
Wife and I only hit 62k last year but plan to slash our spending this year by 25k! That combined with more tax deferred money will hopefully get us there.

401k 1: $18500 + $4600 match = $23,100
401k 2: $18500
457: $18500
Roth IRA 1: $5500
Roth IRA 2: $5500
Student Loan Repayment: $28,900

Total: $100,000!

Stretch goal is to KILL the student loans which are sitting at $49k right now.

Wow, how are you slashing your savings by 25k? Please teach me your ways, o wise one.

Should be easy since we have been non-mustachian spendy pants! Just discovered MMM in April of 2017 and made some very noticeable improvements but still have a ton of room to slash spending.

Another thing I didn't mention is my wife should be (hopefully) getting a big pay raise for the second half of the year as she is finishing her final year of residency.

Goal is to go from $76k spend to <$50k spend! Which equates to increasing our savings rate from 45.5% to 64%! And would move our FI date from 11.3 to 7.5 years!

(Oops, meant to say "slashing your spending" and not "slashing your saving;" glad you understood.)

Congrats on all the smart moves. We discovered MMM a few years ago, thought it was totally impossible, forgot about it, and found another (milder) financial podcaster named Pete the Planner. We listened to and read his stuff for a few years and decreased spending consistently since then. And yet, we still have SO MUCH room for improvement. Best of luck on your savings journey!
The steps we're taking 365 days a year to reach financial independence by… 45? 40? https://fi365.wordpress.com/

jpeizie

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Re: Save 50k single 100k couple in 2018
« Reply #36 on: January 12, 2018, 08:44:08 AM »
My 2018 goals...

401k: $18500
401k match: $4500
His IRA: $5500
Her IRA: $5500
Taxable savings: $18000

Total: $52k

The taxable savings will be hard based on our current spend rates... last year we "only" managed to save $40k. Always trying to improve tho!

drumstache

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Re: Save 50k single 100k couple in 2018
« Reply #37 on: January 12, 2018, 09:02:09 AM »
I'm in (Single):
401K: 18500

401k matching: 3000
IRA: 5500
Taxable VK: 36,000  (minimum, if market makes a 'correction', will dump more into this)

Total:  63,000





« Last Edit: January 12, 2018, 09:04:47 AM by drumstache »

ritz

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Re: Save 50k single 100k couple in 2018
« Reply #38 on: January 16, 2018, 12:18:37 PM »
I'm in again this year. I'm starting a new job in two weeks where I will make more money (yay!), but lose my 401(K) match (boo) and access to an HSA (boo).

Goal is:
-18,500 401(K)
-5,500 Roth IRA
-40,000 taxable savings
plus whatever my January match is and a month of H.S.A. for a little over $64,000 in savings.

The thing that looks most likely to derail this in 2018 is that one of my roommates is getting serious with her boyfriend and they are talking about getting engaged, so there is a big chance she will move out by the end of the year, and I think I will just pay her portion of the rent instead of moving (our apartment is under rent control so it would actually be cheaper to stay and pay 2/3rds of our rent than move to a 1 bedroom if I want to stay in my neighborhood) or getting another roommate (I think I'm getting too old to have to learn to put up with yet another person).

BlueHouse

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Re: Save 50k single 100k couple in 2018
« Reply #39 on: January 17, 2018, 12:55:31 PM »

Oops, newbie here. I heard the term "savings rate" for the first time literally this month and didn't know where to lump savings account stuff. I intentionally rounded $154,225 to $150,000 just to verify that yes, we could reach the $100,000 challenge for the household.

I see that others are including the principal section of their mortgage payments, so I included those, too.

Okay, the corrected numbers would be:

$18,500 TSP
$3,128 TSP match
$11,000 IRAs
$3,600 529 plan
$30,000 SEP IRA
$7,802 mortgage #1 regular principal payments
$6,616 mortgage #2 regular principal payments
$63,389 mortgage #1 additional principal payments
= $144,045 (and ~$25,000 more towards the SEP IRA's 2017 tax year, which'll come out of the boring old savings account. No plans to add anything to the boring old savings account in 2018.)

Welcome to the club Fi365. 
To tell you the truth, whatever you want to count for motivation is what matters the most as far as I'm concerned.  You'll find if you dig a little in the forums that there are many people with different opinions on how to calculate savings rate! 

Good luck!
Sometimes nothing can be a real cool hand

StarBright

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Re: Save 50k single 100k couple in 2018
« Reply #40 on: January 18, 2018, 07:18:40 AM »
I'll join even if I'm not sure I can make it:

401k - 18,500
401k match - 3,500
HSA - 3,000
HSA match - 400
Roth - 5,500
Last debt - 3,000   (My post, my rules as others said)
Add to savings acct - 5,000   (Guess)
Taxable - 3,000   (Need to open, also a guess)
Total - 42k

That would be a great year.  Will need a miracle (gains - which don't really count) to make it to 50k

Need pretty much all of that to make it to 100k NW this year - so, let's go!

Bumbles8- I never make my goal! But, I've done the challenge for the last two years and saved so much more than I would have otherwise! I think the first year I did it I had initially planned on trying to save 30k but joined this challenge and even though we didn't hit 50k we came close. Last year we were aiming for 60k and hit 56k.

If we hadn't joined the challenge we would have saved around 60k. With the challenge we saved about 100k in two years. Even though we "lost" - we won! Have fun and good luck!
« Last Edit: January 18, 2018, 07:20:35 AM by StarBright »

Fi365

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Re: Save 50k single 100k couple in 2018
« Reply #41 on: January 18, 2018, 09:57:59 AM »

Oops, newbie here. I heard the term "savings rate" for the first time literally this month and didn't know where to lump savings account stuff. I intentionally rounded $154,225 to $150,000 just to verify that yes, we could reach the $100,000 challenge for the household.

I see that others are including the principal section of their mortgage payments, so I included those, too.

Okay, the corrected numbers would be:

$18,500 TSP
$3,128 TSP match
$11,000 IRAs
$3,600 529 plan
$30,000 SEP IRA
$7,802 mortgage #1 regular principal payments
$6,616 mortgage #2 regular principal payments
$63,389 mortgage #1 additional principal payments
= $144,045 (and ~$25,000 more towards the SEP IRA's 2017 tax year, which'll come out of the boring old savings account. No plans to add anything to the boring old savings account in 2018.)

Welcome to the club Fi365. 
To tell you the truth, whatever you want to count for motivation is what matters the most as far as I'm concerned.  You'll find if you dig a little in the forums that there are many people with different opinions on how to calculate savings rate! 

Good luck!

We spent the last DECADE thinking that investing the employer match (~3-5%) was enough. We literally had no idea what we were "supposed" to do with extra money we didn't need to spend. We bought some cars and motorcycles and mortgages and still had plenty leftover. THANK GOODNESS we finally discovered the FI community!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! Raising the bar on savings rates and retirement goals!!!!!!!!!!
The steps we're taking 365 days a year to reach financial independence by… 45? 40? https://fi365.wordpress.com/

Need2Save

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Re: Save 50k single 100k couple in 2018
« Reply #42 on: January 19, 2018, 08:23:01 AM »
January Progress***
$1,454 / $ 18,500 -- 401k Mrs
$3,296 / $   6,593 -- 401k Match Mrs
$1,314 / $ 18,500 -- 401k Mr
$  394 /  $   5,122 -- 401k Match Mr
$1,797 / $   5,230 -- HSA Mrs
$    60 /  $   1,670 -- HSA Mr
$5,725 / $ 60,000 -- Taxable Investments
$2,900 / $   8,000 -- Other Savings
$1,939 / $ 30,900 -- Extra Principal Payments
$18,879 / $154,515 -- TOTAL GOAL FOR 2018 
(January is up to 12% of our goal)


We had some unusual activity in January which accounts for such a large savings total.  I got my employer match on my 401k for the prior 6 months period, we re-invested proceeds of selling ESPP from the prior quarter into taxable accounts, and we received $1,500 in one of our HSA accounts from employer #1. I don't expect our saving rate to be nearly as high in February.  It will be just a plain old vanilla month for us here.

I hope everyone is off to a killer start to 2018!

Eric222

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Re: Save 50k single 100k couple in 2018
« Reply #43 on: January 19, 2018, 09:44:22 AM »
My goal for me, myself, and I:
Debt paydown:  $100k
401(k) + Roth:  $25k

Total 'savings' goal (quotes because I'm counting paying off debts) = $125k
“Except when awesome is just awesome, because sometimes it is.” - Scrubby

Journal: Racing towards zero

Where I started...

Long term goals:  Stay fit, NW0 by 39, and FI by 52.  Required SR:  60%.  SR goal for monthly income: 50%.

linuxhero

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Re: Save 50k single 100k couple in 2018
« Reply #44 on: January 20, 2018, 05:37:24 PM »
January's numbers.

Married; single income; 2 kids


HSA                   $408 / $4900
HSA Match               $0 / $2000
401K After Tax       $3929 / $29270
401K Employer Match   $496 / $7230
401K Pre Tax            $0 / $18500
Roth IRA              $357 / $5500
Wife Traditional IRA  $357 / $5500
Mortgage Principal    $721 / $8834
Taxable Account         $0 / $7000

Total:               $6269 / $88734 (7.07%)

McStache

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Re: Save 50k single 100k couple in 2018
« Reply #45 on: January 22, 2018, 04:27:59 PM »
January Update:
Bucket         Current / Goal
401k           $ 3,503 / $ 23,500 (lumping pre-tax and after-tax contributions)
401k Match       $ 467 / $ 3,000 (changing jobs, so losing out on some match compared to last year)
Roth IRA          $ 50 / $ 5,500
HSA              $ 746 / $ 3,450
Brokerage          $ 0 / $ 14,550
------------------------------------
Total          $ 4,765 / $ 50,000

January        $ 4,765   9.5%

Fi365

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Re: Save 50k single 100k couple in 2018
« Reply #46 on: January 23, 2018, 12:07:55 PM »
January update:

Married; dual income; 1 toddler.

$1,423 / $18,500 TSP
$244 / $3,172 TSP match
$2,542 / $5,500 IRA #1
$458 / $5,500 IRA #2
$0 / $18,500 Solo 401k as employee 
$0 / $32,000 Solo 401k as employer
$632 / $8,119 Mortgage #1 principal regular     
$5,500 / $5,500 Mortgage #1 principal extra     
$542 / $6,617 Mortgage #2 principal regular     
$966 / $8,300 529s
$25 / $300 Taxable account

$12,332 / $112,008 Total (11% of the way there yeahhhhhhhhhhhhhhhhhhhhh!)

Fine, I'll stop paying extra on the mortgages until all the tax-advantaged buckets are full.
DR --> FI unbrainwashing takes time.
But I'm still counting the TSP match and regular mortgage paydown here because heck where else can you celebrate moving your net worth forward if not with strangers on the internet?!
The steps we're taking 365 days a year to reach financial independence by… 45? 40? https://fi365.wordpress.com/

zeli2033

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Re: Save 50k single 100k couple in 2018
« Reply #47 on: January 30, 2018, 10:08:07 PM »
I'm down. Married, no kids. Don't think we'll make $100k but I think we'll still win simply for showing up to play.

401k 1: $18,500
Match: $3,000
401k 2: $18,500
HSA: $6,900
2017 Roths: $5,000 ($6k added December 2017)
2018 Roths: $11,000
Student Loan Debt Paid: $31,000
============================
Total "Saved": $92,900

Fomerly known as something

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Re: Save 50k single 100k couple in 2018
« Reply #48 on: January 31, 2018, 07:55:42 AM »
January update:

401k:  2093/18500
401k match:  764.92/6000
IRA:  5,500/5,500
Taxable:  2569.59/35,000
House principle:  416.27/5000
HSA:  $2,500/2,700
HSA pass through:  $62.5/$750


dreadmoose

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Re: Save 50k single 100k couple in 2018
« Reply #49 on: January 31, 2018, 11:09:03 AM »
Current Goals are

$42,415 TFSA
$22,124 RRSP

Date To Date   /  Goal %
Jan 2017 $4,035.22   /  $64,539 6.3%
Just starting on my FIRE journey, hopefully posting here creates accountability and eventually lowers my very anti-mustachian life habits.