Author Topic: Race to 50K  (Read 25169 times)

haypug16

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Re: Race to 50K
« Reply #200 on: November 01, 2018, 08:05:32 AM »
Stocks on sale!

+1 to that

October Update
10/9/2017  - $26,382.82
10/31/2017 - $27,019.09
11/30/2017 - $28,401.58
12/31/2017 - $29,448.59
1/31/2018 - $31,351.25
2/28/2018 - $30,681.69
3/31/2018 - $30,392.51
4/30/2018 - $31,328.20
5/31/2018 - $32,200.97
6/30/2018 - $33,004.02
7/30/2018 - $34,339.73
8/31/2018 - $35,843.32
9/30/2018 - $36,400.34
10/31/2018 - $34,318.26 ($2,082.08) decrease, despite the fact that I invested ~$600 (my companies 401K plan is still being set up so i only got in one contribution this month.

Rosy

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Re: Race to 50K
« Reply #201 on: November 01, 2018, 09:36:02 AM »
PROGRESS REPORT BY MONTH

  *** 2017 ***

$  4,588.92  June
$  8,221.92  July
$ 10,000.00  Aug
$ 10,042.00  Sep
$ 10,064.00  Oct
$ 10,092.00  Nov
$ 10,117.00  Dec

  *** 2018 ***

$ 10,715.84 Jan
$ 13,873.10 Feb
$ 16,026.77 Mar
$ 20,054.06 Apr
$ 20,093.95 May
$ 20,132.64 June
July-Aug continued with no savings - interest only
$ 23,412.83 Sep
$ 25,041.58 Oct

NOTE: I took time out from saving for $50K to finish saving $10K for my travel fund - goal reached in July. Returned from trip in Sep with $3,2K left to plow back into goal #1 - to reach $50K in 2019.

November is looking good so far, projected savings $4,041.
(just got a surprise $1.5K loan payback, $1K from a matured sav acct, plus $1541. reg save = $4,041. tot sav, plus int, projected for Nov - $29,120).
Damn, I may actually be over $30K by EOY 2018.

« Last Edit: November 17, 2018, 02:16:44 PM by Rosy »

Rosy

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Re: Race to 50K
« Reply #202 on: November 01, 2018, 09:41:50 AM »
Just stumbled on this forum and this perfectly fits what I am in the process of trying to accomplish.  The timing is perfect as well, I've already incurred more expenses than expected for upcoming travel over the holidays, so I'm hoping this race will help curb any additional unnecessary holiday spending.

Started my journey to save $50k a while back and am just past the halfway point.  "Extra" money to stash away will be tight over the holidays and I am looking to increase my retirement contributions (not including retirement funds in this race) early 2019.  Looks like this is a great motivation space to keep on track so I am very excited to join!

(1st) Goal:  $50k saved by 12/31/2019

Current Balance:

10/30/18:  $25,098.54

Welcome @Anchored Adrift - you're already halfway there! Yeah well, the holidays are always a challenge, but having a firm goal and deadline keeps me from blowing it all - I might cave a bit, depending:)

It will be nice to race or drift alongside someone who has the same time deadline.

Serendip

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Re: Race to 50K
« Reply #203 on: November 12, 2018, 12:22:45 PM »
It's been a little while since I updated this particular thread.  Good work everyone!

This is a slow time of year for me savings-wise, I tend to have a lot of professional fees/insurance to pay and it's the slow time of year so I tend to take more vacation time off..had over a month off of work between Sept & Oct.
Still..slowly ticking upwards.
Had a stretch goal of being as close to $50,000 by the end of 2018 as possible but more likely I'll reach it somewhere in the first 6 months of 2019.

Dec 18/17    $ 18,146
Jan 03/18     $ 20,624
Feb 06/18     $ 25,073
Mar 30/18     $ 29,008
Apr 16/18      $ 30,000
May 14/18     $ 33,005
May 26/18     $ 35,013
June 22/18    $ 36,535
July 27/18     $ 39,000
Aug 31/18     $ 40,150
Sept 28/18    $ 42,500
Nov 12/18     $ 43,808

Rosy

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Re: Race to 50K
« Reply #204 on: November 17, 2018, 02:42:26 PM »
No worries Serendip - it's consistency that pays off - you'll still beat me to the finish line by a mile:)

Quote
November is looking good so far, projected savings $4,041.
(just got a surprise $1.5K loan payback, $1K from a matured sav acct, plus $1541. reg save = $4,041. tot sav, plus int, projected for Nov - $29,120).
Damn, I may actually be over $30K by EOY 2018.

One more update for November - as of Nov 15, got $300 bonus earlier than expected, so total projected savings $4,341 this month.   
Best savings month all year. Hope everyone else is doing great this month too.

 


Serendip

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Re: Race to 50K
« Reply #205 on: November 18, 2018, 09:08:49 AM »
@Rosy Congrats--that's amazing!  You are doing great.

It's looking like November will be another slower savings month for me but will pick up hopefully next month & January.

eav

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Re: Race to 50K
« Reply #206 on: November 19, 2018, 01:13:22 PM »
Updating after a hiatus! I moved and was not very focused on my finances over the summer due to an intense job search. But somehow I've made the progress I did. I've recently decided to actually use the "pay yourself first" method. I'm hoping to hit 50k by my birthday in February if I try hard enough and no crazy expenses come up. We shall see!

May 2018 Total : 33,103
November 2018 Total: 41,530

Can't wait to get to 50k!

Gail2000

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Re: Race to 50K
« Reply #207 on: November 24, 2018, 10:12:04 AM »
So this thread is probably where I should start.

I知 negative net worth at-$47500 roughly. A household that makes $90000 should be able to do that in year if adopting a moustachian approach. I joke that we should just sell the house and it would be taken care of. But I like our modest dewelling. I知 just not sure how smart we were to use the Ho e buyer option for half our down payment.

So here goes. Starting November 23rd 2018. Goal: November 2019 race to 50000 starts today.

Rosy

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Re: Race to 50K
« Reply #208 on: November 28, 2018, 08:25:26 AM »
Updating after a hiatus! I moved and was not very focused on my finances over the summer due to an intense job search. But somehow I've made the progress I did. I've recently decided to actually use the "pay yourself first" method. I'm hoping to hit 50k by my birthday in February if I try hard enough and no crazy expenses come up. We shall see!

May 2018 Total : 33,103
November 2018 Total: 41,530

Can't wait to get to 50k!

Agreed, @eav - paying yourself first is an amazingly effective strategy. Welcome back!:)

So this thread is probably where I should start.

I知 negative net worth at-$47500 roughly. A household that makes $90000 should be able to do that in year if adopting a moustachian approach. I joke that we should just sell the house and it would be taken care of. But I like our modest dewelling. I知 just not sure how smart we were to use the Ho e buyer option for half our down payment.

So here goes. Starting November 23rd 2018. Goal: November 2019 race to 50000 starts today.

Welcome to the club, @Gail2000
Yeah, well - if you sell the house you still have to live somewhere, make rent payments and you no longer own your own place:) Persnickety...
Good Luck - just curious what is your new strategy?
Most of us started with the small stuff - questioning anything and everything from regular heretofore unquestioned cable and phone bills to scrutinizing the food and entertainment budget - you know, the low hanging fruit. Or are you already way past that? Just working on hammering away at debt?

Rosy

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Re: Race to 50K
« Reply #209 on: November 28, 2018, 08:53:05 AM »
November update:
It is that time again - and we are close to the annual reckoning too.
We'll know for sure in about 34 more days but I can report that I hit my target for 2018 already and then some. I started out the year hoping for $25K then $28K and then upped my expectations to $30K by Dec 2018.
It is still November and there is a good chance I'll end the year with $31K - unreal.

PROGRESS REPORT BY MONTH

  *** 2017 ***

$  4,588.92  June
$  8,221.92  July
$ 10,000.00  Aug
$ 10,042.00  Sep
$ 10,064.00  Oct
$ 10,092.00  Nov
$ 10,117.00  Dec

  *** 2018 ***

$ 10,715.84 Jan
$ 13,873.10 Feb
$ 16,026.77 Mar
$ 20,054.06 Apr
$ 20,093.95 May
$ 20,132.64 June
July-Aug continued with no savings - interest only
$ 23,412.83 Sep
$ 25,041.58 Oct
$ 29,385.62 Nov

NOTE: I took time out from saving for this $50K to finish saving $10K for my travel fund - goal reached in July 2018. Returned from the trip in Sep with $3,2K left to plow back into goal #1 - to reach $50K in 2019.

Here's to hoping that our December savings are not wiped out by our holiday expenditures - good luck and happy saving everyone!



jojoguy

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Re: Race to 50K
« Reply #210 on: November 29, 2018, 02:43:49 AM »
October 7, 2018 = $600
October 18, 2018 = $2500
November 1, 2018 = $5,995
November 15, 2018 = $9,273
November 29, 2018 = $11,340

This thread deserves more posts for motivation.

Rosy

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Re: Race to 50K
« Reply #211 on: November 29, 2018, 01:13:15 PM »
October 7, 2018 = $600
October 18, 2018 = $2500
November 1, 2018 = $5,995
November 15, 2018 = $9,273
November 29, 2018 = $11,340

This thread deserves more posts for motivation. - Indeed:)


@jojoguy - Congrats! you are killing it!
Now I'm dying to know - how in the world does one go from $600 in October to $11,340 by November?


Serendip

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Re: Race to 50K
« Reply #212 on: November 29, 2018, 01:23:56 PM »
October 7, 2018 = $600
October 18, 2018 = $2500
November 1, 2018 = $5,995
November 15, 2018 = $9,273
November 29, 2018 = $11,340

This thread deserves more posts for motivation. - Indeed:)



@jojoguy - Congrats! you are killing it!
Now I'm dying to know - how in the world does one go from $600 in October to $11,340 by November?

I second this intrigue!!

Serendip

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Re: Race to 50K
« Reply #213 on: November 29, 2018, 01:26:58 PM »
Dec 18/17    $ 18,146
Jan 03/18     $ 20,624
Feb 06/18     $ 25,073
Mar 30/18     $ 29,008
Apr 16/18      $ 30,000
May 14/18     $ 33,005
May 26/18     $ 35,013
June 22/18    $ 36,535
July 27/18     $ 39,000
Aug 31/18     $ 40,150
Sept 28/18    $ 42,500
Nov 12/18     $ 43,808
Nov 29/18     $ 44,500

Looks like I will reach the target sometime in the next six months, depending on how much I can save while still paying my major tax installments.
 Exciting!--then I will reset this challenge and solely build one of the accounts to $50,000 (right now these are combined accounts)

Gail2000

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Re: Race to 50K
« Reply #214 on: November 29, 2018, 06:31:16 PM »
Updating after a hiatus! I moved and was not very focused on my finances over the summer due to an intense job search. But somehow I've made the progress I did. I've recently decided to actually use the "pay yourself first" method. I'm hoping to hit 50k by my birthday in February if I try hard enough and no crazy expenses come up. We shall see!

May 2018 Total : 33,103
November 2018 Total: 41,530

Can't wait to get to 50k!

Agreed, @eav - paying yourself first is an amazingly effective strategy. Welcome back!:)

So this thread is probably where I should start.

I知 negative net worth at-$47500 roughly. A household that makes $90000 should be able to do that in year if adopting a moustachian approach. I joke that we should just sell the house and it would be taken care of. But I like our modest dewelling. I知 just not sure how smart we were to use the Ho e buyer option for half our down payment.

So here goes. Starting November 23rd 2018. Goal: November 2019 race to 50000 starts today.

Welcome to the club, @Gail2000
Yeah, well - if you sell the house you still have to live somewhere, make rent payments and you no longer own your own place:) Persnickety...
Good Luck - just curious what is your new strategy?
Most of us started with the small stuff - questioning anything and everything from regular heretofore unquestioned cable and phone bills to scrutinizing the food and entertainment budget - you know, the low hanging fruit. Or are you already way past that? Just working on hammering away at debt?

My plan, Rose,  is in the works. It will be slow. So for the boyfriend and I are putting $700 away I. Savings ( $350 in rrsps, and 250 in Tfsa) Included in my race is the payment on the mortgage that at the moment is paying at 183$ on the capital in the $304/ biweekly payment. I. Not sure if this should be included in my savings rate but I have seen it in the comments. My hope is that with a tax refund, (last year was 6k) I will boost the over all savings.

You are right I do need to look at the budget. The struggle I have is a partner that is not fully on board. This above all needs to be discussed. I am hoping to have more  headway by January.

jojoguy

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Re: Race to 50K
« Reply #215 on: November 30, 2018, 04:57:05 AM »
October 7, 2018 = $600
October 18, 2018 = $2500
November 1, 2018 = $5,995
November 15, 2018 = $9,273
November 29, 2018 = $11,340

This thread deserves more posts for motivation. - Indeed:)



@jojoguy - Congrats! you are killing it!
Now I'm dying to know - how in the world does one go from $600 in October to $11,340 by November?

I second this intrigue!!


Sorry for a late reply, guys. Mainly much of it came from being unsure how much I could save bleeding in from September. Basically, I had to get the approval of my wife to drastically save more. So really the intial first 2500 came from the middle of September. The rest came from budgeting only 1800 a month for our expenses from each month since September. We accumulated a lot of overtime also. We have been able to save roughly 4,500-5,000 monthly of our take home pay since early October. January is interesting since we`ll be out of season for easily acquired overtime. Hopefully, I am able to keep getting at least some of it.
« Last Edit: December 01, 2018, 04:42:06 AM by jojoguy »

haypug16

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Re: Race to 50K
« Reply #216 on: November 30, 2018, 01:43:22 PM »
November Update
10/9/2017  - $26,382.82
10/31/2017 - $27,019.09
11/30/2017 - $28,401.58
12/31/2017 - $29,448.59
1/31/2018 - $31,351.25
2/28/2018 - $30,681.69
3/31/2018 - $30,392.51
4/30/2018 - $31,328.20
5/31/2018 - $32,200.97
6/30/2018 - $33,004.02
7/30/2018 - $34,339.73
8/31/2018 - $35,843.32
9/30/2018 - $36,400.34
10/31/2018 - $34,318.26
11/30/2018 - $36,059.70 +$1,741.44 increase

Much better than last month! Hoping to do about the same next month. I was hoping to kick up my 401K savings even more but right now I really need to focus on paying down my Student Loans that are over 5% (~$30K) once I get that chunk paid off I'll feel better about putting more money into the 401K and maxing it out.

Penn42

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Re: Race to 50K
« Reply #217 on: November 30, 2018, 05:15:58 PM »
07/29/18 - $37,782.07
08/31/18 - $40,708.61
09/28/18 - $44,223.21
10/31/18 - $44,231.89
11/30/18 - 49,751.72

I had A LOT of OT this past month.  Was able to put $2,252 into taxable on top of $2,665 of 401(k) contributions.  I'll max my 401(k) for the first time around two Fridays from now.  Next year I'm going to try to save 50K. 

Rosy

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Re: Race to 50K
« Reply #218 on: December 01, 2018, 11:10:09 AM »
^^^^^
Congrats @Penn 42 - you are about to graduate!:)
Amazing to see what a difference OT can make - you and jojo both hit it out of the park in no time!

The next 50K will bring you to that sweet spot of $100K ... the first 100,000 is the hardest - it steamrolls from there to $1Mil or so everyone says.

The math supports it - https://fourpillarfreedom.com/the-math-behind-why-net-worth-goes-crazy-after-the-first-100k/

How the poor get there - https://www.montanamoneyadventures.com/why-saving-the-first-100000-is-so-hard/

What the bogleheads have to say about it - https://www.bogleheads.org/forum/viewtopic.php?t=159377

How the money blog views it - https://www.mymoneyblog.com/charlie-munger-the-first-100000-is-the-most-difficult.html

Reading "the math behind why networth goes crazy after the first 100K" - convinced me to stay in the game for this first fifty and do what I can to speed it all up.
It is also where I found the inspiration and conviction I needed to change my perspective. Instead of quitting after this first $50K, I think I'll keep adding to the stash.
We'll see:)

The plan for 2019 is to hit $40K by June and $50K by Dec 2019. A year is a very long time - anything can happen.

@haypug16 and @Serendip - you are in the homestretch - goal in sight!:) Keep on keeping on .....
« Last Edit: December 03, 2018, 10:17:07 AM by Rosy »

Anchored Adrift

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Re: Race to 50K
« Reply #219 on: December 02, 2018, 07:01:35 PM »
Update:

Goal:  $50k by 12/31/2019

Current Balance:

10/30/18:  $25,098.54
12/03/18:  $26,633.07

Serendip

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Re: Race to 50K
« Reply #220 on: December 02, 2018, 08:30:13 PM »
Thanks for those links @Rosy, so interesting and inspiring!
 (I noticed that the 2nd & 3rd ones are the same one however, the bogleheads one seems to be missing :) )

Loved this statement in the last article about setting smaller goals than 1M--
"But if you are in the phase of your life where you love watching your account balances grow every day, even by a few dollars (been there, done that), $100k is the biggest goal you need."

I feel like I could continually work on the 50K goal..
Currently it's for my NW (I'm late to the game) but most of that is specialty retirement savings, so maybe the next step could be investing since that account is only at $3600 right now! eek!)

Rosy

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Re: Race to 50K
« Reply #221 on: December 03, 2018, 12:52:21 PM »
Quote
Thanks for those links @Rosy, so interesting and inspiring!
 (I noticed that the 2nd & 3rd ones are the same one however, the bogleheads one seems to be missing :) )

Sorry, fixed that for ya:) changed the link to the bogleheads discussion @Serendip
I can appreciate the comment on watching your account balance, especially when I'm close to ratching it up another 1K or another 10K.
My favorite link was the first one - the math behind it all, it was a long article, but comforting to see and understand - if you do X it will result in Y.
Just one step to follow, with a guaranteed end result.

Serendip, we may be late to the game, but it doesn't impact the effect - if you do X you will have Y - the math doesn't lie.
Perseverance is key.


haypug16

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Re: Race to 50K
« Reply #222 on: December 03, 2018, 01:09:19 PM »
Thanks for sharing the links Rosy. I just read through https://fourpillarfreedom.com/the-math-behind-why-net-worth-goes-crazy-after-the-first-100k/ It's nice to see that my assumptions about how long it will take me to FIRE are not crazy!

DieHard_772

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Re: Race to 50K
« Reply #223 on: December 04, 2018, 02:22:06 PM »

COMPARISON (OCTOBER 2017 TO APRIL 2018)
OUR ASSETS:  THEN:  $15654   NOW:   $26,000  (+$10,000)
Money for spending:  THEN: $1952  NOW: $4500   (+$2500)
Savings:    THEN:  $2125  NOW:  $6500   (+$4375)
Our Investments (my IRAs, my wife's Sep-IRA, and our HSA):  THEN: $11,576  NOW:  $15,100   (+$3500)

OUR LIABILITIES:  THEN:  -7305  NOW:  -5733  (+$1575)
Credit card:  THEN:  -$2925  NOW:  -$1750  (+$1175)
Student loan: THEN: -$4380  NOW: -$3980  (+$400)

TOTAL NETWORTH:
THEN:  $8349  NOW:  $20,000 (+$11,500)

I definitely simplified and averaged out things a little bit here, so numbers are not exact.  Also, there's about $2700 about to come out for taxes, so that will impact the networth.  But this is a decent snapshot, and much progress is being made!

Hey All,
It's been awhile, I wanted to check in.
We have been making steady progress with our networth.

Current networth hovering at around $26,000 NOT including our checking accounts (which I'm pretty sure were covered in my last summary above from April 2018).  Here's the breakdown:

Investment Accounts:  $19,697 (+$4,597)
Savings Accounts: $9,243 (+2,743)
Debt: -$3083 (+2,650)
TOTAL:  $25,857

So our progress in these three areas:  (+$9,990)
Not bad for 8 months!

My goal has been for us to pass $50k networth by the end of 2020.  But recently we have adopted a new plan to save 25% of our income (nearly double what we have saved in the past), so this will hopefully get us there much faster).

Feels good to make progress!



Serendip

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Re: Race to 50K
« Reply #224 on: December 04, 2018, 04:23:54 PM »
Quote
Thanks for those links @Rosy, so interesting and inspiring!
 (I noticed that the 2nd & 3rd ones are the same one however, the bogleheads one seems to be missing :) )

Sorry, fixed that for ya:) changed the link to the bogleheads discussion @Serendip
I can appreciate the comment on watching your account balance, especially when I'm close to ratching it up another 1K or another 10K.
My favorite link was the first one - the math behind it all, it was a long article, but comforting to see and understand - if you do X it will result in Y.
Just one step to follow, with a guaranteed end result.

Serendip, we may be late to the game, but it doesn't impact the effect - if you do X you will have Y - the math doesn't lie.
Perseverance is key.

Three cheers for that @Rosy !

jojoguy

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Re: Race to 50K
« Reply #225 on: December 13, 2018, 02:25:10 AM »
October 7, 2018 = $600
October 18, 2018 = $2500
November 1, 2018 = $5,995
November 15, 2018 = $9,273
November 29, 2018 = $11,340
December 13, 2018 = $13,155

Trying to hit 15K by the end of the month.

Rosy

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Re: Race to 50K
« Reply #226 on: December 13, 2018, 10:11:20 AM »
Congrats to everyone for hanging in there - I hope you fared well in 2018 and that 2019 will treat you even better!
Cheers to a wonderful 2019 for us all!

PROGRESS REPORT BY MONTH

  *** 2017 ***

$  4,588.92  June
$  8,221.92  July
$ 10,000.00  Aug
$ 10,042.00  Sep
$ 10,064.00  Oct
$ 10,092.00  Nov
$ 10,117.00  Dec

  *** 2018 ***

$ 10,715.84 Jan
$ 13,873.10 Feb
$ 16,026.77 Mar
$ 20,054.06 Apr
$ 20,093.95 May
$ 20,132.64 June
July-Aug continued with no savings - interest only
$ 23,412.83 Sep
$ 25,041.58 Oct
$ 29,385.62 Nov
$ 31,027. + projected for December - will adjust final numbers in Jan.

NOTE: I took time out (in 2018) from saving for this $50K to finish saving $10K for my travel fund - goal reached in July 2018. Returned from the trip in Sep with $3,2K left to plow back into goal #1 - to reach $50K in 2019.

1. There is a chance that I might magically come up with an extra $1K in January - depends entirely on my total holiday spending.
2. I adjusted my budget for 2019 as I do every year to take my new goals into account.
3. However, I am not ratcheting up my savings efforts for this $50K goal to the extremes I did in 2018.

The new savings plan for 2019:
Continue to save all of my SS in 2019 (which may or may not get a slight bump starting in January - depending on how much they raise the Medicare Part B health insurance premiums). Min 1541 - max 1584, likely around 1560 - we'll see.

With luck, a small increase in income along with some small bonus monies my budget will have some breathing room in 2019. A welcome relief.
Goal # 1 - strengthen, build-up my financial base, i.e. various slush funds (that may take three to six months).
Goal # 2 - I already set up auto pay to a new holiday $50 and travel acct $50 - monthly.

It would be nice, if I could manage to reach $50K by Oct or Nov instead of the Dec 2019 deadline I set for myself, but you know a year is a long time, anything can happen.

Wishing you all - Good Luck and Good Health - may you reach all your goals and then some:) in 2019!
Cheers to a wonderful 2019 for us all!

Serendip

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Re: Race to 50K
« Reply #227 on: December 14, 2018, 02:00:44 PM »
Great job @Rosy and everyone else along on this challenge!

Year in review, I blew past my goals and saved a big portion of my income. Not as diligent as others on this forum to calculate the exact percentage but I know it's the highest it has ever been.

Dec 18/17    $ 18,146
Jan 03/18     $ 20,624
Feb 06/18     $ 25,073
Mar 30/18     $ 29,008
Apr 16/18      $ 30,000
May 14/18     $ 33,005
May 26/18     $ 35,013
June 22/18    $ 36,535
July 27/18     $ 39,000
Aug 31/18     $ 40,150
Sept 28/18    $ 42,500
Nov 12/18     $ 43,808
Dec 14/18     $ 46,040

So satisfying to reach another milestone.
Once I hit $50,000 (likely in the next few months as my work slows considerably in January) I will re-evaluate what my goal is for 2019 but for now, I am happy to keep ticking along here & on the race to $100,000 (since that one will likely take quite a few more years!)
« Last Edit: December 14, 2018, 02:03:53 PM by Serendip »

Penn42

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Re: Race to 50K
« Reply #228 on: December 31, 2018, 08:18:35 PM »
07/29/18 - $37,782.07
08/31/18 - $40,708.61
09/28/18 - $44,223.21
10/31/18 - $44,231.89
11/30/18 - $49,751.72
12/31/18 - $51,240.83

I'm going to attempt to get my expenses under $10,000 dollars for 2019 and simultaneously try to save 50k for the year.  I might have to pick up some weekend work to make that second part happen.  We'll see. 

Everybody keep up the great work! 


Rosy

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Re: Race to 50K
« Reply #229 on: January 01, 2019, 12:07:01 PM »
Now that's just awesome @Penn42 - CONGRATS!

Rosy

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Re: Race to 50K
« Reply #230 on: January 01, 2019, 12:31:31 PM »
HAPPY NEW YEAR everyone!:)

PROGRESS REPORT BY MONTH

  *** 2017 ***


$  4,588.92  June
$  8,221.92  July
$ 10,000.00  Aug
$ 10,042.00  Sep
$ 10,064.00  Oct
$ 10,092.00  Nov
$ 10,117.00  Dec

  *** 2018 ***


$ 10,715.84 Jan
$ 13,873.10 Feb
$ 16,026.77 Mar
$ 20,054.06 Apr
$ 20,093.95 May
$ 20,132.64 June
July-Aug continued with no savings - interest only
$ 23,412.83 Sep
$ 25,041.58 Oct
$ 29,385.62 Nov
$ 31,034.86 Dec - Yay - I'm so happy I broke the halfway mark and finally made it past $30K to boot:)

NOTE: I took time out (in 2018) from saving for this $50K to finish saving $10K for my travel fund - goal reached in July 2018. Returned from the trip in Sep with $3,2K left to plow back into goal #1 - to reach $50K in 2019.


   *** 2019 ***

$ 32,630. January 2019 - projected


So there we go again - GOAL 50K by Dec 2019 - sooner if possible:) GAME ON!

Mongoose

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Re: Race to 50K
« Reply #231 on: January 02, 2019, 12:29:11 PM »
Love to see that progress Rosy! Happy New Year!

CanadianTeacher

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Re: Race to 50K
« Reply #232 on: January 05, 2019, 11:52:28 PM »
Second year teacher here. Started to jump start my savings the moment I started getting a Paycheque in September 2017. I only started meticulously tracking my wealth across all my accounts in January 2018. My goal is to get to $50,000 by the summer!

January 2018: $18,944.35
February 2018: $22,047.46
March 2018: $23,463.61
April 2018: $24,224.19
May 2018: $26,173
Jun 2018: $29,519.62

Didn't bring in much money over the summer, and knew my savings were dropping, so wasn't encouraged to keep tracking. This year I work in a higher paid district (+ $20,000), but they withhold 2 months worth of pay over the course of the year, and pay it out over the summer. Should be a better summer this year :)

October 2018: $29,676.50
November 2018: $32,923.90
December 2018: $34,394.85


My overall figure would be significantly higher if it weren't for poor performing markets (I have about half of the money in index funds and a few hand-selected stocks).

Hoping to have enough for at least a 20% down payment on a home when I'm awarded a continuing contract (September 2020 at the soonest). Homes in my area start at about $300,000, so $60,000 is needed, but I don't want to completely drain my savings so I'm hoping to have around $100,000 at that time... hopefully...

Serendip

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Re: Race to 50K
« Reply #233 on: January 07, 2019, 02:30:56 PM »
Good work everyone!
I just broke the $49,000 mark! Currently at $49,011

Wuhoo :)

Rosy

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Re: Race to 50K
« Reply #234 on: January 08, 2019, 01:54:55 PM »
......SNIP.....

October 2018: $29,676.50
November 2018: $32,923.90
December 2018: $34,394.85

Hoping to have enough for at least a 20% down payment on a home when I'm awarded a continuing contract (September 2020 at the soonest). Homes in my area start at about $300,000, so $60,000 is needed, but I don't want to completely drain my savings so I'm hoping to have around $100,000 at that time... hopefully...
[/b]

Welcome to the challenge!
Sounds like a fabulous plan @CanadianTeacher - you'll see $50K in no time!

Rosy

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Re: Race to 50K
« Reply #235 on: January 08, 2019, 01:57:21 PM »
Good work everyone!
I just broke the $49,000 mark! Currently at $49,011

Wuhoo :)

WOOHOO @Serendip - sweet success - almost there:)!

Gail2000

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Re: Race to 50K
« Reply #236 on: January 09, 2019, 04:10:29 AM »
Currently sitting at -43500.

I bought back a life insurance policy that was given to me by my parents that made the difference this month.

Dec 2018 : -47000 roughly

Goal of replacing the car this year with cash and achieving a -30000k. The only debt is the mortgage and homebuyers plan we used to borrow interest and penalty free from retirement saving for the house. Finally feeling like we have some traction. Thank you for your support.

Rosy

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Re: Race to 50K
« Reply #237 on: January 10, 2019, 01:25:41 PM »
Currently sitting at -43500.

I bought back a life insurance policy that was given to me by my parents that made the difference this month.

Dec 2018 : -47000 roughly

Goal of replacing the car this year with cash and achieving a -30000k. The only debt is the mortgage and homebuyers plan we used to borrow interest and penalty free from retirement saving for the house. Finally feeling like we have some traction. Thank you for your support.

You are moving right along:) @Gail2000 and you definitely have traction now. Persistence is key.

I may have to stop or slow down my savings contributions in order to help family with a dental bill. We'll see how it goes with surgery in February.
Strangely I don't mind re-directing my funds away from savings for that.
 
It feels good to do good things with your money, but I have become cautious. I learned my lesson years ago about helping yourself first so you can help others. Never weaken your own position and leave yourself open to financial destruction because you had good intentions.

Gail2000

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Re: Race to 50K
« Reply #238 on: January 10, 2019, 08:36:07 PM »
Currently sitting at -43500.

I bought back a life insurance policy that was given to me by my parents that made the difference this month.

Dec 2018 : -47000 roughly

Goal of replacing the car this year with cash and achieving a -30000k. The only debt is the mortgage and homebuyers plan we used to borrow interest and penalty free from retirement saving for the house. Finally feeling like we have some traction. Thank you for your support.

You are moving right along:) @Gail2000 and you definitely have traction now. Persistence is key.

I may have to stop or slow down my savings contributions in order to help family with a dental bill. We'll see how it goes with surgery in February.
Strangely I don't mind re-directing my funds away from savings for that.
 
It feels good to do good things with your money, but I have become cautious. I learned my lesson years ago about helping yourself first so you can help others. Never weaken your own position and leave yourself open to financial destruction because you had good intentions.


Dental surgery is an investment in self and preventive of some of the most interest pain. All well worth for yourself or family. Month to month advancement to wards our goals whether bog or small is advancement still.

I maintain life insurance in a term policy to help but this one was so small and quite frankly just annoying to send the check. Off to make the funds more productive. I am looking forward to be worth nothing. Two years is the goal. Im feeling fortunate to have found this wonderful group. I am learning so much.

Different perspectives on rick management and beyond. I知 perhaps too conservative for my age but it has helped keeping me from debt at the very least.

Serendip

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Re: Race to 50K
« Reply #239 on: January 11, 2019, 07:28:10 PM »
Jumping jehosaphat--I made it!
Helped that we had no extra Christmas bills due a no-shopping year.. happy Friday!

 $50,040

now I might stay in this gauntlet and adjust so so my goal is to get my RRSP to $50K, currently at $33,765
« Last Edit: January 11, 2019, 07:31:07 PM by Serendip »

haypug16

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Re: Race to 50K
« Reply #240 on: January 15, 2019, 10:25:19 AM »
Update
10/9/2017  - $26,382.82
10/31/2017 - $27,019.09
11/30/2017 - $28,401.58
12/31/2017 - $29,448.59
1/31/2018 - $31,351.25
2/28/2018 - $30,681.69
3/31/2018 - $30,392.51
4/30/2018 - $31,328.20
5/31/2018 - $32,200.97
6/30/2018 - $33,004.02
7/30/2018 - $34,339.73
8/31/2018 - $35,843.32
9/30/2018 - $36,400.34
10/31/2018 - $34,318.26
11/30/2018 - $36,059.70
12/31/2018 -$35,350.43 -($709.27) decrease
1/15/2019 - $37,107.37 -$1,756.94 increase

I guess I didn't post a year end update, I bet it was my subconscious not wanting to post a decrease in my account but the first half of January more than made up for that. The market seems to be heading back up which is nice.