Author Topic: Saving to $10K  (Read 164944 times)

jdhansen

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Re: Saving to $10K
« Reply #1150 on: January 15, 2019, 02:15:17 PM »
This is an awesome thread reading all 23 pages was inspiring.  Here is to jumping in for the year 2019.  Need some where to keep me accountable for building those savings up after finally climbing out of credit card debt.

1/15/2019 total savings $1910.47

Congrats to all for there progress so far.

LittleWanderer

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Re: Saving to $10K
« Reply #1151 on: January 15, 2019, 02:23:57 PM »
Oh, I'm so sorry to hear about your cat, @haypug16.  I spent a lot of money on my dog at the end of her life.  We do what we need to do for our animals.  <3 

Speaking of, my number won't be good this month either.  The lizard came with me after my ex and broke up.  It was originally his kid's, but I was the one who cared for and loved the lizard through the years.  So she's mine now.  And she has some sort of infection and I had to take her to the vet and have tests done and now I'm giving her meds.  (Orally and injections!)  The whole thing has totaled around $400.  Dang.  But she's my buddy and I love her.  I'm hoping we still have many summer mornings sitting in the sunshine on the deck together.

haypug16

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Re: Saving to $10K
« Reply #1152 on: January 15, 2019, 03:08:37 PM »
Thanks, she was a wonderful cat and Mr Pug and I miss her a lot.

I hope your lizard makes a speedy recovery.

jdhansen, Welcome to one of the best threads around :)

cazio

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Re: Saving to $10K
« Reply #1153 on: January 15, 2019, 03:44:00 PM »
Speaking of, my number won't be good this month either.  The lizard came with me after my ex and broke up.  It was originally his kid's, but I was the one who cared for and loved the lizard through the years.  So she's mine now.  And she has some sort of infection and I had to take her to the vet and have tests done and now I'm giving her meds.  (Orally and injections!)  The whole thing has totaled around $400.  Dang.  But she's my buddy and I love her.  I'm hoping we still have many summer mornings sitting in the sunshine on the deck together.

Another lizard owner! I have 4, and one snake. :P

My beardie cost me almost as much one vet visit, only for me to find out he was just being a diva (he refused to poop for a month). I'm glad to hear you took her to the vet! It's sad when people think that just because they're small/"inexpensive" that they don't deserve vet visits. Hope she recovers fast!

So sorry to hear about your cat @haypug16 - my dog is getting up there and I am not looking forward to the day I have to say goodbye. :(

Imma

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Re: Saving to $10K
« Reply #1154 on: January 16, 2019, 02:55:50 AM »
@jdhansen welcome!

What this thread shows, is that you don't need to be rich or FI to be able to give yourself a better life. The stories in this thread show the radical impact of just a few thousand in savings, which is something most people are able to achieve if they put in the effort.

A few thousand means being able to give your pet the right end of life care. It means being able to change jobs and not having to worry about a new payment schedule. It means being able to replace or repair broken items without getting into debt. It means being able to go back to school for a degree to increase your earning capacity.

LittleWanderer

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Re: Saving to $10K
« Reply #1155 on: January 16, 2019, 07:01:53 AM »
Another lizard owner! I have 4, and one snake. :P

My beardie cost me almost as much one vet visit, only for me to find out he was just being a diva (he refused to poop for a month). I'm glad to hear you took her to the vet! It's sad when people think that just because they're small/"inexpensive" that they don't deserve vet visits. Hope she recovers fast!

Thank you!  I have a beardie too!  She has some sort of fungal infection - I just got word yesterday that it's not yellow fungus.  Still waiting on test results.  I'm not sure if other fungal stuff is as deadly as yellow or not.  Along with the expensive vet visit, I picked up some hornworms for her.  A peace offering after all those meds!  Haha. 

I was surprised by how attached to her I got.  I never thought I would have a lizard as a pet, but honestly she's been the perfect pet for me during this time in my life.  My dog was SO high maintenance (and expensive!) through her entire life and I'm completely burnt out and exhausted.  I can't wait for summer to get here so my lizard girl and I can sit outside in the sunshine in the mornings.  I drink coffee and she soaks up the natural UVs on my lap.  It's my favorite. 

Moonwaves

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Re: Saving to $10K
« Reply #1156 on: January 17, 2019, 03:18:14 AM »
... no sign of the copy of the police report, and no sign of an invoice. I need those last two in order to at least claim the excess from my insurance policy. I spoke to my credit card company today and can still dispute those charges so have emailed yet again and requested the documents yet again while pointing out that if they don't send them soon (I put a deadline in the email), I will have the charges entered into dispute as they were not authorised to take anything other than the excess.
Well isn't is astonishing how the threat of not getting paid all of a sudden makes people take notice. The invoice arrived promptly. Still no police report but the rental company claim to not have a copy of it (normally individuals just get it passed on from the insurance company). I was set to just pay the €60 myself (after a bit of a frantic search for a chequebook, as cheque is the only way to pay the gardaν* - I found one that was sent to an address I haven't lived at for thirteen years, which gives you an idea how long it has been since I have needed to use a cheque). But it all became moot as insurance4carhire processed my claim without it and a day later the payment of 1,500, which was due to arrive "within ten days" was in my account. I have to say, insurance4carhire have been great through this whole thing.


*That's the Irish police - gardaν sνochana (literally translates to guardians of the peace)

So, to start off 2019, money looks like this:
BoI savings a/c: 100.00
DiBa ETF: 974.94 (despite having paid in 100 since last time I posted, when the value was at 985. Le big sigh. But not really because stocks on sale and all that.)
CmzBank savings a/c: 1,900.00
Total:  +2,974.94

CC -2,775.00 - have already paid the first 500 towards the 3,275. As soon as I get the documents I need and the insurance claim goes through I will hopefully have 1,500 to pay off immediately. And I have several outstanding invoices to be paid, as one of my customers got a new system installed which has delayed payments for a couple of months - since I've now started down the route of payment reminders etc., I hope they'll move my stuff to the top of the queue soon. That will give me about 600 to throw at the card and leave me with a smaller amount that I should be able to pay off over two or three months with no problems. The monthly rate on the card is 1.74%.

Net: +199.94  (this doesn't include the 1,200 I currently have in my annual expenses account and around 150 in my travel account)

So, money situation currently looks like this:
BoI savings a/c: 100.00
DiBa ETF: 1,079.83
CmzBank savings a/c: 2,000.05
Total:  +3,179.88

CC -1,275.00

Net: +1,904.88  (not including savings for annual expenses and travel)

Trifele

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Re: Saving to $10K
« Reply #1157 on: January 17, 2019, 04:02:11 AM »
Congrats on getting the 1500 euros @Moonwaves -- One step closer to putting that whole thing behind you.  :)

Lincolnshire Girl

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Re: Saving to $10K
« Reply #1158 on: January 17, 2019, 04:53:39 AM »
Reporting in. As we are self-employed, our income varies monthly making it very difficult to plan too far ahead. However, it was a pretty awesome December meaning the starting point of our savings is considerably higher than expected! I have opened our first Vanguard ISA account (tax-free savings UK) and split between that and a savings account for an Emergency Fund starter.

January 2019 - £1,300

redwood_canyon

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Re: Saving to $10K
« Reply #1159 on: January 21, 2019, 09:15:21 PM »
Reporting in:

As a first year College student at 19 who hasn't held a job I am at a disadvantage,but hey you have to start some where. I plan to get a job this semester and over the summer, to help save up for tuition.

A considerable amount of Student debt will fall upon me this semester, 8K. (2.5k @ 9% and 5.5k at 6.8%) But being a Material Science and Engineering major I suspect in my first two years working I will pay off all my student debt. Parents are assisting with a considerable college fund, but know enough that I should have ownership of my education. (Which I will happily take as debt is a huge motivator)

My current goal is to save 10k to help assist with my tuition expenses next year, mitigate the need to take out loans. I also want to invest a portion of my income for my investments mostly indexes.

Current numbers:

Retirement Schwab account: 3.6k split between the low fee SWTSX, SWHFX, SWSSX. And also dividend paying T
(most to all gift money I receive goes in here, the gift that keeps on giving)

Savings: $814 embarrassingly low, however I would rather have more in investments. When i get a job I would like to figure out a healthy ratio of investing to savings cause knowing me I would like 75/25 or something extreme like that.

What would you recommend doing?

Rn I am thinking about mostly focusing on saving, putting away maybe 15-20%. The thought would be to mitigate the need to take out further loans.

The other thought is not to worry about the loans since it will be likely I can pay them off in the first two years of work post graduation. However still build a nice savings buffer 10k or so but do something more like 50/50 investments and savings.


Hirondelle

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Re: Saving to $10K
« Reply #1160 on: January 21, 2019, 11:48:10 PM »
@redwood_canyon even though I applaud on you for investing money so early on, I'd probably recommend to put more into savings to get yourself a solid emergency fund; let's say 3x monthly expenses or anything that can cover an 'emergency', whatever level of emergency you may expect. Besides that, taking on student loans at 9% is quite a high interest rate, so it might make sense to use your earnings for avoiding the 9% loans rather than investing/saving them. I'm not in the USA though, so not sure if your retirement account has other benefits (e.g. tax) that might make it a better ROI compared to paying down/avoiding loans.

Imma

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Re: Saving to $10K
« Reply #1161 on: January 22, 2019, 12:05:06 AM »
I agree with Hirondelle. I would target an EF of around $1000 for small emergencies that can happen to anyone, then start to use the money to pay for college expenses instead of taking out loans. The general rule of thumb is to pay off debts asap if the interest is more than 4-5%.

9% is also a very high interest percentage, is there any specific reason why the interest is so high? Is there anything you can do about that?

Trifele

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Re: Saving to $10K
« Reply #1162 on: January 22, 2019, 04:09:57 AM »
Welcome @redwood_canyon!  Good advice above.  You should square away your emergency fund first.  As a full time student you may not need all that much more.  Think of your worst case scenarios where an expense could hit you and your parents would/could not help, and plan accordingly.

See the Investment Order thread by MDM.  https://forum.mrmoneymustache.com/investor-alley/investment-order/msg1333153/#msg1333153.   It's way more information than you need right now, but if you skim it you'll have a general sense of the big picture investing 'game plan' in the US.

In your situation (college student) the steps about paying off existing debts (Steps 2 and 7) would also apply to taking on more debt.  So for example, after your EF is funded and you are then faced with a choice of (a) taking out a loan at 8% to pay tuition or (b) paying cash, you would pay the cash.  Note that that decision depends on the interest rate of the loan.  Step 2 is the higher rate loans, and Step 7 is the lower rate loans. 

Good for you for tackling these issues now!
« Last Edit: January 22, 2019, 04:19:35 AM by Trifele »

redwood_canyon

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Re: Saving to $10K
« Reply #1163 on: January 22, 2019, 06:44:03 AM »
Welcome @redwood_canyon!  Good advice above.  You should square away your emergency fund first.  As a full time student you may not need all that much more.  Think of your worst case scenarios where an expense could hit you and your parents would/could not help, and plan accordingly.

See the Investment Order thread by MDM.  https://forum.mrmoneymustache.com/investor-alley/investment-order/msg1333153/#msg1333153.   It's way more information than you need right now, but if you skim it you'll have a general sense of the big picture investing 'game plan' in the US.

In your situation (college student) the steps about paying off existing debts (Steps 2 and 7) would also apply to taking on more debt.  So for example, after your EF is funded and you are then faced with a choice of (a) taking out a loan at 8% to pay tuition or (b) paying cash, you would pay the cash.  Note that that decision depends on the interest rate of the loan.  Step 2 is the higher rate loans, and Step 7 is the lower rate loans. 

Good for you for tackling these issues now!

Thank you very much for your valuable advice. After reevaluating I am thinking of building a 2k emergency fund by the end of this year, as well a saving as much as I can for expenses.

Thank you for the guidance to a relevant thread, I will be sure to look at that and use it to my advantage. Better to have more info now than lack it. And you are very correct paying cash would be the best option. I have to see if I can pay off my 2.5k loan @ 9% this or next year. The other is a federal Student loan, but I will see to it that I tackle that head on as well. Thank you again for your help! -Nathan Gay

redwood_canyon

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Re: Saving to $10K
« Reply #1164 on: January 22, 2019, 06:48:58 AM »
I agree with Hirondelle. I would target an EF of around $1000 for small emergencies that can happen to anyone, then start to use the money to pay for college expenses instead of taking out loans. The general rule of thumb is to pay off debts asap if the interest is more than 4-5%.

9% is also a very high interest percentage, is there any specific reason why the interest is so high? Is there anything you can do about that?

The 9% is a private loan I took out, I agree it is really high. The company actually advertised the loan as being low but dependent on the cosigners credit. For this semester I needed $8k in loans, and since I don't qualify for much assistance, the school could only offer me the 5.5k in federal loans that it offers everyone. The most I can do is save up to pay cash for my student expenses and pay off that loan in the next year or so, if they let me.

Moonwaves

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Re: Saving to $10K
« Reply #1165 on: January 23, 2019, 01:47:42 AM »
My second credit card bill arrived yesterday and I remember (a) that the way interest is calculated means it's always more than I think it is going to be* and (b) how stressful it is to have an outstanding balance. So, I have raided my annual expenses and travel fund, and taken 280 from my "business" account** and just sent the money to clear the credit card bill. By Friday I should be back to debt-free status. Not having money in my sinking funds accounts is stressful (although I left 50 in each, just to have something there), but not as stressful as getting a credit card bill with interest on it was. Talk about a ten-year challenge! This is so different from the many, many years that I used my card up to the limit and just paid enough off every month so that the new interest wouldn't send me over my limit.

In car accident saga news, in case anyone is interested, I received a letter from the agents acting on behalf of the rental company that owned the car I hit asking me to phone them to discuss the events. What they've written in their letter is honestly not what I thought had happened (although it's not impossible it happened that way either) and I freaked out a bit when I got it. I've now contacted the company I rented from to see what they recommend (if it was my own car I wouldn't talk to them without contacting my insurance company first, so this is the closest I've got to that) and will wait to see what they say. But my reaction to that letter, after I thought I was starting to actually do pretty well again, has convinced me I need to get help. I've also started freezing up when I'm on the bus and we stop suddenly (I never noticed before how often that happens) and having some problems sleeping. So, heading to the doctor tomorrow to ask for a referral to a psychologist. And then tomorrow afternoon I'll go and donate blood. Normal life has to keep on keeping on one way or the other. :)


* Also, it's been a good few years now since I've paid interest on a credit card and I think I had blocked all of that out a bit.
** This is just a separate savings account for my side-gig income - when I get paid, I transfer part of the money (i.e. the VAT portion of every invoice and 30% of the net to cover income taxes) to that account. Early last year I started transferring 40% most of the time so that I was building up some extra to cover things like replacing my laptop when necessary. So there was some leeway to take a bit of money from that account.

Manchester

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Re: Saving to $10K
« Reply #1166 on: January 23, 2019, 03:47:19 AM »
Financially you're doing really well.  Keep on cracking on and you'll be in a much stronger position SOON. 

Mentally you need to get your head right.  Seeking a psychologist is important, at least that way you won't bottle it up which could exasperate the issue.  If you want to vent to a random stranger on the internet, with no judgement attached, feel free to pm me.  I'm in no way qualified to help, but will offer my limited advice if you feel it would help.


My brother had a serious car accident which he was lucky to walk away from.  The first few months he suffered from PTSD-like symptoms.  The good news is that in his case time seems to heal all wounds.

Imma

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Re: Saving to $10K
« Reply #1167 on: January 28, 2019, 10:25:27 AM »
Hope you've been getting the help that you need Moonwaves! And I van totally imagine having credit card debt stressed you out. Good to hear you've paid that off. Being able to sleep at night is the most important thing. You'll have more savings again soon, I'm sure.

Imma

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Re: Saving to $10K
« Reply #1168 on: January 28, 2019, 10:35:25 AM »
Savings:
July 31:                 €2400
August 30:            €2000
September 27:       €1300
October 30:           €1400
November 30:        €1600
December 29:        €1100
February 1:            €1100
February 28:          €1300
March 29:              €1300
April 30:                  €800
May 29:                 €2300
June 28:                €3500
July 31:                 €3250
August 31:             €3700
September 30:       €2550
October 29:            €3500
December 1:          €2900
December 30:        €2600   
January 28:.           €2850

Pre-tax investments:
October 29:               €96.24
December 1:.           €197,68
December 31:          €277.92
January 28:.             €395,50

Post-tax Investments:
July 31:                 €1985.37
August 30:             €2095.00
September 27:       €2253
October 30:           €2461
November 30:        €2622.06
December 29:        €2661.50 (didn't do the monthly transfer yet)
February 1:            €3021,56
February 29:          €3101,58
March 29:              €3160,54
April 30:                €3439.66
May 29:                 €3729.27
June 29:                €3890.53
July 31:                 €4106.20
August 31:             €4278.05
September 29:       €4285.11 (didn't do the monthly transfer yet)
October 29:           €4453.30 (did a double transfer this month, but sadly a lot of my gains have been wiped out)
December 1:.        €4621,02
December 30:       €4371.92
January 28:.          €5039,38


Total:
July 31:                  €4385.37
August 30:              €4095.00
September 27:        €3553
October 30:             €3861
November 30:          €4222.06
December 29:          €3761,50 (+ 740 unpaid salary = 4501.50 )
February 1:             €4121,60
February 29:           €4401,58
March 29:               €4460,54 
April 30:                 €4239.66
May 29:                  €6029.27
June:                      €7390.53
July 31:                  €7356.20 ( + €70 on my credit card, so really €7426.20)
August 31:              €7978.05
September 29:        €6835.11
October 29:             €8049.54
December 1:           €7718,07 
December 30:         €7249.84
January 28:             €8284,88

New goals for 31 December 2019:

Savings: 5000
Investments: 10000

The market helped a lot this month, but I'm also preparing for some exams so I'm not going anywhere except work and the grocery store to get food and chocolate.

BobTheBuilder

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Re: Saving to $10K
« Reply #1169 on: January 29, 2019, 02:04:39 PM »
Hi guys,

I am Bob and I am new to this place. As I calculated a few minutes ago, I graduated from the race to positive thread.

I would like to start the year with a net worth of 261€ and stay with you for most of 2019 :-)

Notable positions:

Debt 10,268€ at very low interest (leftover student debt and full-pay credit card)
Investments and cash 8,429€
Car 2,100€

Total January: 261€

Next goal: Building up EF to 3k and have more investments and cash than credit


haypug16

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Re: Saving to $10K
« Reply #1170 on: January 29, 2019, 02:42:23 PM »
Welcome Bob!

I'm super exicted to post my end of January numbers. Spoiler alert they won't have () around them :)

Imma

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Re: Saving to $10K
« Reply #1171 on: January 29, 2019, 03:15:31 PM »
Wow @haypug16 ! I'm so happy for you and I haven't even seen the numbers yet.

Trifele

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Re: Saving to $10K
« Reply #1172 on: January 29, 2019, 05:08:38 PM »
Bob and Haypug you both rock!  Crossing the zero is huge.  Well done!

BobTheBuilder

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Re: Saving to $10K
« Reply #1173 on: January 30, 2019, 10:43:19 AM »
@haypug16 tell us the magic numbers :-D @Trifele  and @Imma you guys are top motivators!

haypug16

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Re: Saving to $10K
« Reply #1174 on: January 30, 2019, 10:52:06 AM »
Have to wait till tomorrow when I actually get paid. Soon though ... soon :)

TexasRunner

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Re: Saving to $10K
« Reply #1175 on: January 30, 2019, 12:05:09 PM »
Have to wait till tomorrow when I actually get paid. Soon though ... soon :)


wild forest

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Re: Saving to $10K
« Reply #1176 on: January 30, 2019, 01:33:31 PM »
Jan. 30, 2019: $2,973.81

I'll update it monthly and see how it goes.
« Last Edit: January 30, 2019, 01:39:55 PM by wild forest »

haypug16

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Re: Saving to $10K
« Reply #1177 on: January 31, 2019, 06:58:39 AM »
January 2019 Update
3/31/2017 (52,848.85)
4/30/2017 (48,076.67)
5/31/2017 (47,110.22)
6/30/2017 (46,540.28)
7/31/2017 (44,354.10)
8/31/2017 (47,236.39)
9/30/2017 (42,436.10)
10/31/2017 (33,346.78)
11/30/2017 $(28,911.53)
12/31/2017 $(24,424.13)
1/31/2018 $(20,454.43)
2/28/2018 $(18,221.63)
3/31/2018 $(14,916.69)
4/30/2018 $(9,800.88)
5/31/2018 $(7,375.85)
6/30/2018 $(5,735.59)
7/31/2018 $(7,109.58)
8/31/2018 $(6,439.93)
9/30/2018 $(2,990.84)
10/31/2018 $(4,180.43)
11/30/2018 $(1,495.30)
12/31/2018 $(1,524.93)
1/31/2019 $1,935.70 +$3,460.63 Increase <---- see that right there? That's a positive number!!!!!

I expect to finish this race in the next 3 months or so. It feels really great to not have any more parenthesis around my numbers :) The market helped me out a good amount this month I assumed I was going to be positive but didn't know by how much.

Hirondelle

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Re: Saving to $10K
« Reply #1178 on: January 31, 2019, 07:02:27 AM »
Congrats @haypug16 !!! That's amazing and you make such big jumps from month to month!

bcbaseballman

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Re: Saving to $10K
« Reply #1179 on: January 31, 2019, 07:21:56 AM »
WOW! haypug16 that is amazing. Great work. I hope that every month is like this last one from now on! My numbers are going to be great as well.

Welcome @wild forest. Looks like you are starting in a great position as it is. Well done.

mckaylabaloney

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Re: Saving to $10K
« Reply #1180 on: January 31, 2019, 08:33:41 AM »
yay @haypug16 !!! I'm so happy for you!

Trifele

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Re: Saving to $10K
« Reply #1181 on: January 31, 2019, 09:04:36 AM »
RAaaahhhh!!!  [cheering wildly from the sideline]

Go Haypug Go!!!!!!!  Huge congratulations!!!!

LittleWanderer

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Re: Saving to $10K
« Reply #1182 on: January 31, 2019, 10:25:14 AM »
Woo hoo!!!  Big congrats on being in the black, @haypug16!  You've come so far so quickly!

And welcome to the club, @wild forest!

LittleWanderer

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Re: Saving to $10K
« Reply #1183 on: January 31, 2019, 10:33:53 AM »
December emergency fund: $5505 (+$258)

January emergency fund: $5515 (+$10)

That $10 is just interest.  I did not save anything toward my poor e-fund in January.  But I didn't take anything out either!  I had a lot of big expenses this month - $700 worth of car maintenance, $400 for the vet/lizard care, and a plane ticket.  I got paid 3x this month, but all that absorbed my entire extra paycheck and then some.  Such is life. 

Optimiser

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Re: Saving to $10K
« Reply #1184 on: January 31, 2019, 01:46:30 PM »
I just graduated to this thread from the Race to Positive Net Worth.

Net worth January 2017 was -$57,500.

Today it is $500!
« Last Edit: January 31, 2019, 01:48:17 PM by Optimiser »

bcbaseballman

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Re: Saving to $10K
« Reply #1185 on: February 01, 2019, 07:30:13 AM »

2018
1/31 : (5949.05)
2/28 : (5288.30)
3/31 : (4273.93)
4/30 : (2592.07)
5/31 : (629.70)
6/30 : 1,206.77
7/31 : 2,703.97
8/31: 5,651.70
9/31: 8,039.01
10/31: 7,803.49
11/30: 9,531.28
12/31: 9,296.79


2019
1/31/19: 13,493.35

I was expecting to graduate this thread here this month but I really was not thinking it was going to be by this much! markets were great to me this month. I put in almost 1,200 into retirement. market change added an additional ~2,300. and my debts went down their steady $750.

Good Luck to everyone on your journey. I will be reading and keeping up just like it do now.

@Optimiser welcome to this thread. It is one of the best in my opinion on the whole forum!

haypug16

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Re: Saving to $10K
« Reply #1186 on: February 01, 2019, 08:31:05 AM »
I just graduated to this thread from the Race to Positive Net Worth.

Net worth January 2017 was -$57,500.

Today it is $500!

Welcome! We have pretty similar timelines :)



@Optimiser welcome to this thread. It is one of the best in my opinion on the whole forum!

+1 this is one of my favorite threads here.

mckaylabaloney

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Re: Saving to $10K
« Reply #1187 on: February 01, 2019, 09:54:22 AM »
1/1/2018: $(170,956.12)
2/1/2018: $(166,849.63)
3/1/2018: $(161,395.88)
4/1/2018: $(156,590.44)
5/1/2018: $(152,997.61)
6/1/2018: $(149,175.48)
7/1/2018: $(143,748.22)
8/1/2018: $(138,734.38)
9/1/2018: $(135,043.66)
10/1/2018: $(131,441.14)
11/1/2018: $(133,372.50)
12/1/2018: $(128,081.25)
1/1/2019: $(80,750.78)
2/1/2019: $(73,422.02)

Wow, big boost from the markets this month. My 401k still has negative total returns (I started it in December 2017...lol yikes), but everything is finally moving in the right direction again. (...for now?) I know that downturns are also good (at least in some ways) at the beginning of my investing life, but it just feels good to see my accounts getting bigger instead of smaller, you know?

I crunched some numbers this week and am shifting my strategy a little this year (at least for now), because I'm thinking very seriously about moving back to my hometown at the beginning of next year. The market there is such that buying would almost certainly be a much, much better choice than renting, and there are tons of fixer uppers to be snapped up (even the houses that have already been flipped are often incredibly inexpensive). And I have close family members in that area who have flipped houses and would help me do most of the work very cheaply. So: instead of paying down my loans more aggressively this year, I'm paying the minimum and saving my extra money in a house fund. Between my savings from my regular paychecks and my year-end bonus, I hope to have enough to buy a cheap house and pay for renovations without taking on additional debt beyond a small mortgage. If I don't end up moving, or I decide not to buy a house, or I do move but just buy a house that's already been flipped (which would likely require less cash up front than a renovation would), I'll just dump all that cash into my loans instead. I will pay a little more on interest this way, and my progress will be a little slower as a result, but I'm willing to do that to leave this option open for myself.

Way to go @bcbaseballman !
« Last Edit: February 01, 2019, 09:57:40 AM by mckaylabaloney »

Yasha

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Re: Saving to $10K
« Reply #1188 on: February 01, 2019, 02:01:18 PM »
Thought I was going to be “worthless” by Feb 14th, turns out I will just be “debtless” because *drumroll* I’m already worthless!!! Woohoo!!! This pay just gone pushed me over into the positive net worth category and I am exciteyd! Plus, I finally got to colour in my mountain and cross out the additional interest I didn’t need to pay due to paying the loan off two years early. Bonus: I called the bank to close the account and requested information about a refund of the balance of the loan insurance I took, a week later I got a check for $200 in the mail, pretty chuffed that I remembered to remind them I was owed a refund

mckaylabaloney

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Re: Saving to $10K
« Reply #1189 on: February 01, 2019, 02:25:11 PM »
Congrats @Yasha ! I love seeing those squares get filled in.

Dicey

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Re: Saving to $10K
« Reply #1190 on: February 01, 2019, 07:27:56 PM »
So much good news! Congratulations to everyone on their achievements!
« Last Edit: February 02, 2019, 10:14:01 PM by Dicey »

jdhansen

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Re: Saving to $10K
« Reply #1191 on: February 01, 2019, 10:49:35 PM »
End of January 2019 Update
1/15/2019 total savings $1910.47
1/31/2019 total savings $2433.19

Now I can get onto the monthly cycle a bit better.  Looks like my families new budget for the year is working as intended so far.

TyGuy

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Re: Saving to $10K
« Reply #1192 on: February 02, 2019, 11:02:31 AM »
I have been reading through this thread over the past few days, and the interactions between everyone here warms my heart! I currently have a negative net worth due to student loans (graduated in June 2018), but I will likely be joining this thread by the end of 2019 or early 2020. In the meantime I look forward to watching the progress of everyone here!

mckaylabaloney

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Re: Saving to $10K
« Reply #1193 on: February 02, 2019, 02:42:05 PM »
I have been reading through this thread over the past few days, and the interactions between everyone here warms my heart! I currently have a negative net worth due to student loans (graduated in June 2018), but I will likely be joining this thread by the end of 2019 or early 2020. In the meantime I look forward to watching the progress of everyone here!

You're welcome to join this thread even if you have a negative net worth! Don't know if you noticed above, but I am uhhhhh extremely in the hole :)

LittleWanderer

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Re: Saving to $10K
« Reply #1194 on: February 03, 2019, 09:24:10 AM »
You're welcome to join this thread even if you have a negative net worth! Don't know if you noticed above, but I am uhhhhh extremely in the hole :)

Yeah, but you're speeding through that debt!!!  You'll surpass those of us in the black before you know it! 

Imma

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Re: Saving to $10K
« Reply #1195 on: February 03, 2019, 11:42:08 AM »
So many good news in this thread! Congrats @bcbaseballman, hope to see you soon in the next thread :) Welcome to all the new people.

@Yasha: I really love seeing everything coloured in! And great that you didn't forget about the money they owed you. I'm sure that's something people forget to ask for all the time.
@LittleWanderer : sometimes staying where you are is an achievement in itself. You had a few unexpected big bills this month and you were able to cashflow them without even touching the EF. How many people do you know that could cashflow more than $1000 in extra costs on top of the regular bills, without even batting an eyelid? This is normal to us MMM folks but most of the people I know irl would be in trouble.
@mckaylabaloney Just noticed you paid off 100k in a year :o :o You are making an insane amount of progress. Home ownership is not for everyone and you'll find mixed opinions about it on the forum, but personally I love being a homeowner. I love being able to truly call my house my own, I love not being dependent on shady landlords and in our case it's also financially a much better decision. I would personally not go back to my hometown, but I can understand the idea, especially if you still have lots of people living there. Even if you're not sure at all yet it's a good idea to keep the money available until you're certain, one way or another.

bcbaseballman

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Re: Saving to $10K
« Reply #1196 on: February 04, 2019, 07:55:54 AM »
Congradulation @Yasha! great feeling to be worthless.

@TyGuy go ahead and join this thread. you don't have to have a positive net worth to be here.

haypug16

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Re: Saving to $10K
« Reply #1197 on: February 04, 2019, 07:56:55 AM »
I have been reading through this thread over the past few days, and the interactions between everyone here warms my heart! I currently have a negative net worth due to student loans (graduated in June 2018), but I will likely be joining this thread by the end of 2019 or early 2020. In the meantime I look forward to watching the progress of everyone here!

You're welcome to join this thread even if you have a negative net worth! Don't know if you noticed above, but I am uhhhhh extremely in the hole :)

+1 I started out negative $52K so feel free to jump in now if you want.

TyGuy

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Re: Saving to $10K
« Reply #1198 on: February 04, 2019, 09:25:03 PM »
Thank you all for being so warm and inviting, I am exciting to now be sharing my progress here!

Hopefully paying off my loans by the middle of 2020 (depending on if I land a new job that I am currently interviewing for, and likely near the point of receiving a job offer). Additionally, I will be making a minimum payment of $1000 a month  (self-enforced minimum, actual is ~$350) to my student loans, adding whatever additional funds I have to the principle.

1/12/19:
NGA $3,751.61 @ 3.86%
NGB $811.80    @ 3.86%
NGC $4,779.69 @ 4.66%
NGD $2,397.55 @ 4.66%
NGE $5,814.59 @ 4.29%
NGF $2,271.61 @ 4.29%
NGI $5,520.77 @ 4.45%

H1&2 $18,415 @ 5.00%

Total: ($43,762.76)


2/1/19:
NG Total: 25,145.92 @~4.20% (-$201.70)
H1&2 $17,415.14 @ 5.00% (-$1,000)

Total: ($42.561.06) -$1,201.70


I am currently enrolled in my employer's 401k program, receiving the maximum match. Not included is my 401k form my previous employer and the small amount of money I have invested and my emergency fund. I will try to update this later on in the week to reflect my net worth!

JanetJackson

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Re: Saving to $10K
« Reply #1199 on: February 05, 2019, 06:04:14 AM »
I haven't visited this thread as much since I "graduated" last year, BUT it looks like I am about to buy a house, which will firmly put me back into this thread.  Wayyyy back into it, lol.

So just posting to make sure I'm getting updates and to say Hello Again!

Estimated Net Worth once I close on the house: -$70,000.