Author Topic: Saving to $10K  (Read 31108 times)

DieHard_772

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Re: Saving to $10K
« Reply #350 on: September 27, 2017, 10:20:16 AM »
As of today, I have 5,299.66 in my emergency fund. Halfway point has been cleared, and I'm almost exactly nine months from the 10k mark based on my current trajectory. Looking forward to arranging a meeting with my pension administrator next July to ramp up my contributions.

Way to go, that is awesome. 



DieHard_772

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Re: Saving to $10K
« Reply #351 on: September 27, 2017, 10:21:07 AM »
Hi Everyone, this is my first post, so be kind!

I'm an overseas MMM reader from the UK.  I've been obsessed with the idea of being financially independent for years now, however some bad decisions have probably put retirement a good 10-15 years off.  I'm 24 years old, I live with my girlfriend of 7 years.  I have roughly £50k equity in my house as well as a £180k mortgage (28/30 years to go) - however I have no current means of creating an income through the equity in this property so will not count it towards my goal below.  I'm happy with the debt, currently I pay 3.04% interest (which will be renegotiated and reduced in February) and the housing market where I live is very strong so I shouldn't have any issues recouping my money should I ever decide to sell.  My sister got married on the 5th of this month, and that included a week long trip to Vegas, which went over budget, and now I'm back home in England thinking about how many face punches I deserve.  (I still can't understand how it's considered normal to pay $20 for a cocktail by the pool!!!!).

Hopefully I'm on the right track now - I had a company car, but here in England we pay benefits in kind tax on any fringe benefits your receive from work.  I've got rid of that, taken a car allowance and gone for a less glamourous car which all in will save me a few hundred £ a month (the last car was very expensive - more face punches are required). I've also been scrimping and saving on shopping, prepping meals so I don't buy overpriced lunches/dinners etc. 

I officially threw down the gauntlet on the 22nd, so I'll start from there.  I want my net worth (not including my house) to reach £10k ASAP - I've set a mini target of getting it up to £3k by the 22nd of Feb 2018.

22/09/2017: 
Current account - £927.07
Emergency fund - £1.58
Investments - £0
Credit Card debt - -£1,288.72
Payments Due this month - -£1022

Total - -£1,382.07

Today was payday so I'm planning to smash the cc debt first, and then start filling up the EF and Investments later.

There are a couple of you on here who's positivity and encouragement for other posters has really encouraged me to stop thinking about 'going for it' and to just do it!  Thanks!

Welcome aboard!  You can do it... you already are



Imma

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Re: Saving to $10K
« Reply #352 on: September 27, 2017, 10:22:13 AM »
Hi Manchester!

Welcome and good luck! I'm from your side of the Atlantic too, although not in the UK (the Netherlands). Manchester  Well done buying a house aged 22. I bought a house in the same year but I was a bit older than you (nearly 25). You're right about not counting on the home equity, I don't do that either. In my area we have a very strong housing market right now but I have the gut feeling prices will be going down in the near future, and anyway, you can't access the money unless you sell up. Don't waste your time regretting bad decisions; you are very young and you're doing well for your age even if you have a small credit card debt and no emergency fund. Even if you need 15 years to FIRE, you'll FIRE before the age of 40.

DieHard_772

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Re: Saving to $10K
« Reply #353 on: September 27, 2017, 10:32:57 AM »
For the first time ever, our assets minus liabilities add up to over $10,000 :)

Onward and upward



Imma

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Re: Saving to $10K
« Reply #354 on: September 27, 2017, 10:44:16 AM »

Payday today!

Savings:
July 31: €2400
August 30: €2000

Investments:
July 31:  €1985.37
August 30: €2095.00

Total:
July 31:  €4385.37
August 30: €4095.00

Savings:
August 30:       €2000
September 27: €1300

Investments:
August 30:       €2095
September 27: €2253

Total:
August 30:       €4095
September 27: €3553

September was a very expensive month for us, as you can see. Still it could be worse. I spent €500 on renovating the bathroom (that's half of the amount, my partner paid the other half). We had it re-plastered, re-tiled, we added a toilet, replaced the radiator and the ventilator and did some other minor stuff. This amount includes all the supplies and some hired help so all in all it's a pretty good deal. It's also not a luxury renovation but a real necessity. The upstairs toilet isn't a luxury either because I suffer from bowel disease and I've fallen from the stairs twice while getting up half-awake in the middle of the night to go to the downstairs bathroom. We chose basic materials, not designer items, and a white-and-grey colour scheme.

We also replaced the fridge/freezer because it had been broken for some time. We were lucky to be able to buy the new fridge and freezer from a friend that's moving away for the grand total of €50. We also paid €250 (half of what she paid a year ago) for her washing machine because ours is on the verge of breaking down. All the appliances we replaced were more than 10 years old, so the replacement was expected. We also spent €95 on renting a van to take them to our house and to get rid of the old appliances because we don't have a car and neither does the friend.

On top of that we went on a trip to the coast for a few days, stayed in an AirBnB and prepared food from the supermarket and I bought some new clothes for work. I try to buy second hand whenever I can, but it's very hard to find proper work clothes in my size. I only had a few items left so I had no choice but to buy new. Going on holiday might not have been the best decision financially either, but we hadn't been away for a couple of years and we really enjoyed it. Even when you go away on the cheap, it's still very good for your relationship to be away from normal life for a couple of days.

Trifele

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Re: Saving to $10K
« Reply #355 on: September 28, 2017, 04:12:59 AM »
For the first time ever, our assets minus liabilities add up to over $10,000 :)

Onward and upward

DieHard!!  You did it!   Congrats, and onward!  :)

MSquared

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Re: Saving to $10K
« Reply #356 on: September 28, 2017, 10:22:55 AM »
For the first time ever, our assets minus liabilities add up to over $10,000 :)

Onward and upward

Yay, DieHard!!! :)  Congratulations!

MSquared

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Re: Saving to $10K
« Reply #357 on: September 28, 2017, 10:29:29 AM »
End of September update:

Emergency fund: $5099
401k: $2621
TOTAL: $7720

I am back to being the richest I have ever been.  Onward we march!

I'm going on my mega cheap mustachain vacation in less than two weeks: backpacking on Appalachian Trail.  (What I've spent in gear over the years hopefully gets made up with all the camping we do!  I can't remember the last time I stayed in a hotel.)

Imma

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Re: Saving to $10K
« Reply #358 on: September 28, 2017, 10:39:14 AM »
For the first time ever, our assets minus liabilities add up to over $10,000 :)

Onward and upward

Congrats! Well done!

runbikerun

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Re: Saving to $10K
« Reply #359 on: September 28, 2017, 11:42:07 AM »
For the first time ever, our assets minus liabilities add up to over $10,000 :)

Onward and upward

Congratulations!

What's the procedure in these circumstances? Do we throw a virtual graduation party of some description?

martyconlonontherun

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Re: Saving to $10K
« Reply #360 on: September 28, 2017, 07:19:32 PM »
Background:
Age: 29
"Switched" Careers at 25.
Started taking personal finances 'seriously' around 27 (aka actually saving money, 401k, etc).
Started taking personal finances seriously around 29
Salary gradually up to 65k
Married but don't include house (equity/mortgage) or joint savings in these calculations since she's the boss, it gets messy with house equity/sweat equity ($40k total on a $170k house in May), and it will just be cherry on the top.
-Paid off car but not adding value of that in the calculation since its not worth more than a few Gs and requires maintenance
-4.5 years left of student loan payments I'm aggressively paying off/refinanced in January 17
-15 year mortgage in May
-Not including 529 accounts-Only a few hundred now, but it will be going to Godchildren/my future children so not my money in my eyes.

January 2016-
($45k) Student Debt
($2k) Personal CC Debt
$8k 401k
NW: ($38k)

NW April 2016: ($34K)
July 2016: ($28.4k)
October 2016: ($22.6k)
January 2017: ($20.8k) (Refinanced loan and intransit payments not reflected)
April 2017: ($10.9k)
July 2017: ($5.7k)
August 2017: ($2.5k)
September 2017:(~$1.7k)

Stretch goal is to be $10k by 30 (Early January).
Hoping to increase 401k/IRA when the Sloans are paid off and hopefully some more salary. Realistic goal is to retire by 55 unless I really climb the corporate ladder.
Current  August 2017: $1.8K - Investments ~$31.7k. This is a very conservative NW without any joint accounts. Boost in current money due to back pay

Manchester

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Re: Saving to $10K
« Reply #361 on: September 29, 2017, 05:23:51 AM »
Hi Everyone, thanks for the positive feedback! 

Die Hard - well done!!  In a way it's both positive and also a shame that you won't be posting as much on this particular topic.  Hopefully all of us will get to catch up in the race to 100k! :D

Slanhirn

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Re: Saving to $10K
« Reply #362 on: September 29, 2017, 05:29:22 AM »
July 2017 = (£2,877)
August 2017 = (£1,852)  = +£1,025
September 2017 = (£650) = +£1,202
October = £1,238 = + £1,888

Assets = £16,738
Debts = (£15,500) -> student loans

Woop! Passed the £0 net worth milestone and now officially into positive net worth! On to reaching £10K net worth now :). Aiming to get there in Feb 2018.

Also, congrats DieHard! Good luck with the race to 100K!

« Last Edit: September 29, 2017, 05:32:28 AM by Slanhirn »

cazio

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Re: Saving to $10K
« Reply #363 on: September 29, 2017, 08:03:08 AM »
Double whammy! Positive net worth AND 10k in savings! I'll still be here to try to get that Net Worth up to $10k, but I'm super pumped!


Current Savings:
EF: $10,067!!!!
IRA: $1,500
Student Loans: -$11,478
Net Worth:  $89!!!

Sunk another $1936 into the EF today!

Current Savings:
EF: $8,680
IRA: $1,500
Student Loans: $-11,600
Net Worth:  $-1,420


Imma

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Re: Saving to $10K
« Reply #364 on: September 29, 2017, 01:05:16 PM »
Double whammy! Positive net worth AND 10k in savings! I'll still be here to try to get that Net Worth up to $10k, but I'm super pumped!


Current Savings:
EF: $10,067!!!!
IRA: $1,500
Student Loans: -$11,478
Net Worth:  $89!!!

Sunk another $1936 into the EF today!

Current Savings:
EF: $8,680
IRA: $1,500
Student Loans: $-11,600
Net Worth:  $-1,420


Congrats! Must be very motivating to have a positive net worth now.

I'm tracking investments + savings instead of net worth. As we have about €15000 in equity in the house currently (on a €90000 home we bought 2 years ago) my net worth is theoretically over €10000, but as we're in a huge housing market bubble and not planning to sell for 10+ years, I mentally disregard that money. It doesn't count until it's in my bank accounts.

Jim Fiction

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Re: Saving to $10K
« Reply #365 on: September 29, 2017, 05:54:54 PM »
Some really inspiring stuff in this thread! Might as well join in the fun myself.

Looking to get my net worth to 10K by the end of the year. The items below include only my accounts and does not include my wife's (she's in a lot better shape financially than I am.)

Current:

Bank Accounts: $6,186
HSA: $3,956
Roth 401K: $16,146
TOTAL ASSETS: $26,288

Student Loans: $(23,427)
Credit Cards: $(92)
TOTAL DEBT: $(23,519)

NET WORTH: $2,769

I started 2017 at $(8,578) so it has been a nice turnaround, overall. I haven't been as mustachian as I would have liked, and there were some pricey car repairs and some unexpected health expenses, but I am still happy with my progress.

All August bills are paid so I thought it would be a good time to provide an update. As of 8/31 my net worth is $ 4,964. That was a month-to-month change of $2,195, if I really put in the effort I think I can hit  $10K by the end of October. I already got rid of a few subscription services which saves me $20 a month so that's a start!

Well I did it! My net worth is current sitting at $11,511! I had a great month where I trimmed down some more expenses and I also received my company's yearly contribution to my 401k, which put me over the hump.

I'm off to the race to $100k thread. I hope to see all of you there soon!
« Last Edit: September 29, 2017, 06:00:08 PM by Jim Fiction »

Tass

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Re: Saving to $10K
« Reply #366 on: September 29, 2017, 11:47:13 PM »
July:

Emergency fund: $5,000.00
Roth IRA: 3267.05
Misc. cash: $562.51

"Student" debt: (2647.11)

Net worth: $6182.45

August:

Emergency fund: $5,004.29
Roth IRA: 3414.96
Misc. cash: $865.27

"Student" debt: (2397.11)

Net worth: $6888.41
Change: +$705.96

Emergency + travel fund: $6340.05 (these got combined for interest reasons - $5k is for emergencies.)
Roth IRA: 3579.84
Misc. cash: $257.41

"Student" debt: (1897.11)

Net worth: $8280.19
Change: +$1391.78

In my September budget overall, I was under target in every single category except food, where I was $10 over in work lunch budget and $1 over overall (meaning I was far enough under in other food areas to almost make up that $10). I also spent $91 miscellaneous and made an extra $30 from jury duty. Plus it was a three-paycheck month!

Next month, I'm getting a small raise but not changing my spending budget. I'm projected to cross $10k by December with $400 to spare so far. (Knock on wood?) I'm more than halfway paid through my debt and I should be done by February.

In other words, I'm psyched!
« Last Edit: September 30, 2017, 12:05:31 AM by Tass »

Imma

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Re: Saving to $10K
« Reply #367 on: September 30, 2017, 03:44:15 AM »
Some really inspiring stuff in this thread! Might as well join in the fun myself.

Looking to get my net worth to 10K by the end of the year. The items below include only my accounts and does not include my wife's (she's in a lot better shape financially than I am.)

Current:

Bank Accounts: $6,186
HSA: $3,956
Roth 401K: $16,146
TOTAL ASSETS: $26,288

Student Loans: $(23,427)
Credit Cards: $(92)
TOTAL DEBT: $(23,519)

NET WORTH: $2,769

I started 2017 at $(8,578) so it has been a nice turnaround, overall. I haven't been as mustachian as I would have liked, and there were some pricey car repairs and some unexpected health expenses, but I am still happy with my progress.

All August bills are paid so I thought it would be a good time to provide an update. As of 8/31 my net worth is $ 4,964. That was a month-to-month change of $2,195, if I really put in the effort I think I can hit  $10K by the end of October. I already got rid of a few subscription services which saves me $20 a month so that's a start!

Well I did it! My net worth is current sitting at $11,511! I had a great month where I trimmed down some more expenses and I also received my company's yearly contribution to my 401k, which put me over the hump.

I'm off to the race to $100k thread. I hope to see all of you there soon!

Another graduate! Well done!

Moonwaves

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Re: Saving to $10K
« Reply #368 on: September 30, 2017, 05:15:09 AM »
Congratulations to those who've graduated to the race to 100k thread!

Savings on 4 July 2017
BoI savings a/c: 12.62
DiBa ETF: 144.75 (this is a savings plan that €50 goes into every month)
CmzBank savings a/c: 100.00
Total:  257.37
So, savings as at 31 July 2017 (minimal changes this month)
BoI savings a/c: 12.62
DiBa ETF: 191.78
CmzBank savings a/c: 100.00
Total:  304.40

And apparently I skipped August. Have been very, very busy with side gig AND moving (far quicker than expected) to working full-time again (up from 30 to 40hrs/wk). I am pretty annoyed though that it happened so fast accounting has apparently not caught up yet so I didn't get paid for the additional 10 hrs I worked the last two weeks. It'll get paid out at the end of October. Not a huge amount but annoying to not get it. And almost all of the side-gig income is still outstanding. Finishing up another huge job this weekend and next week and once I've issued that invoice, I'll start chasing the others. I may actually be able to pay my sister back and have enough to put aside to cover my tax bill and still be making progress on saving.

As at 30 September 2017, here's how savings stand:
BoI savings a/c: 12.62
DiBa ETF: 294.72
CmzBank savings a/c: 100.00
Total:  407.34

MrMustache

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Re: Saving to $10K
« Reply #369 on: September 30, 2017, 10:35:20 AM »
Assets:
Cash: 2600
401k: 1280 (stopped contributing since no match to pay off the high interest credit cards and returning 8% on that as of now)

Liabilities:
Credit cards: (4230) (0% until May 2018)

Networth: (350)
Live in a HCOL area though so tomorrow I get to dish out ~2100 for rent, utilities, car insurance. So really about (3000).

I'm planning on throwing 1k each from December to finish paying off the card by April statement since I can take advantage of the 0% and in the meantime putting everything I can in savings which is about ~2k a month.

Morphy

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Re: Saving to $10K
« Reply #370 on: September 30, 2017, 11:01:21 AM »
Joining the party.

Sept 30, 2017

Assets: $2756.11
Liabilities: $2168.72 (2k of which is a student loan)
Net Worth: $587.39

DieHard_772

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Re: Saving to $10K
« Reply #371 on: September 30, 2017, 01:37:43 PM »
Some really inspiring stuff in this thread! Might as well join in the fun myself.

Looking to get my net worth to 10K by the end of the year. The items below include only my accounts and does not include my wife's (she's in a lot better shape financially than I am.)

Current:

Bank Accounts: $6,186
HSA: $3,956
Roth 401K: $16,146
TOTAL ASSETS: $26,288

Student Loans: $(23,427)
Credit Cards: $(92)
TOTAL DEBT: $(23,519)

NET WORTH: $2,769

I started 2017 at $(8,578) so it has been a nice turnaround, overall. I haven't been as mustachian as I would have liked, and there were some pricey car repairs and some unexpected health expenses, but I am still happy with my progress.

All August bills are paid so I thought it would be a good time to provide an update. As of 8/31 my net worth is $ 4,964. That was a month-to-month change of $2,195, if I really put in the effort I think I can hit  $10K by the end of October. I already got rid of a few subscription services which saves me $20 a month so that's a start!

Well I did it! My net worth is current sitting at $11,511! I had a great month where I trimmed down some more expenses and I also received my company's yearly contribution to my 401k, which put me over the hump.

I'm off to the race to $100k thread. I hope to see all of you there soon!

Way to go!



Tass

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Re: Saving to $10K
« Reply #372 on: September 30, 2017, 08:53:34 PM »
July:

Emergency fund: $5,000.00
Roth IRA: 3267.05
Misc. cash: $562.51

"Student" debt: (2647.11)

Net worth: $6182.45

August:

Emergency fund: $5,004.29
Roth IRA: 3414.96
Misc. cash: $865.27

"Student" debt: (2397.11)

Net worth: $6888.41
Change: +$705.96

September:

Emergency + travel fund: $6340.05 (these got combined for interest reasons - $5k is for emergencies.)
Roth IRA: 3579.84
Misc. cash: $1038.66

"Student" debt: (1897.11)

Net worth: $9061.44
Change: +$2173.03

Updated because apparently they're now charging us rent on the first day of the relevant month instead of the last day of the previous? So I expect my NW to drop considerably on the first day of each month, but technically speaking that's what it is on the last day of September...

This feels like cheating.
« Last Edit: September 30, 2017, 08:59:18 PM by Tass »

haypug16

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Re: Saving to $10K
« Reply #373 on: October 01, 2017, 08:31:47 AM »
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) +$4,800.19
7 month average Net Worth increase = $1,781.48

September ended up being a great month. No big surprises which helped me recover from August and having my extra part-time job helped. My CC bills are the lowest they've been in a long time. I'll be getting my severance paycheck next Friday the 6th and it's all going towards Debt. I think that will bring my net zero date up to the end of next year (from May 2019).

I start my new job tomorrow (the one that has been my part-time job for the past couple months) and I am sticking around at my other job (the one I'm getting the severance pay from) to do some part-time work. That will probably continue for the next 2-3 months at least. 

How was everyone else's month?

p.s. I just noticed that my Net-worth is up by $10K from when I first joined this thread! That's kind of amazing. :)

haypug16

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Re: Saving to $10K
« Reply #374 on: October 01, 2017, 08:38:46 AM »
For the first time ever, our assets minus liabilities add up to over $10,000 :)

Onward and upward

Woohoo!!! Congrats!!!!

DieHard_772

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Re: Saving to $10K
« Reply #375 on: October 01, 2017, 02:15:46 PM »
For the first time ever, our assets minus liabilities add up to over $10,000 :)

Onward and upward

Woohoo!!! Congrats!!!!

Thank you!



DieHard_772

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Re: Saving to $10K
« Reply #376 on: October 01, 2017, 02:18:36 PM »
For the first time ever, our assets minus liabilities add up to over $10,000 :)

Onward and upward

Congratulations!

What's the procedure in these circumstances? Do we throw a virtual graduation party of some description?

Lol, we just celebrate and send good thoughts!



fluffmuffin

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Re: Saving to $10K
« Reply #377 on: October 02, 2017, 10:32:07 AM »
Loving all of the awesome energy this thread has had recently! Major congrats to all of the graduates and everybody hitting milestones :) I've thought about joining the 100k one too, but my progress would be so infinitesimally slow that I don't think it would even be worth it...

7/13/2017: $2,238.41
8/1/2017: $2,771.40
8/16/2017: $3,071.40
9/1/2017: $3,202.61
9/15/2017: $3,502.63
10/2/2017: $3,807.67

October is going to suck financially, so I'll be surprised if I don't have to cut my house contribution from my next paycheck. I have to rent a truck to help get my grandma's house cleared out; I need new running shoes; I had some car expenses in September; and I somehow need two fillings. I have sinking funds for the car and medical stuff, but I get really nervous if they dip below $800 each, so I would prioritize topping those back up over shiny new toy (aka down payment) money. (And of course I can't use the $1,600 sitting in the quasi-HSA I have through my job for the fillings, because America is stupid.) But I'm going to do my best to cut elsewhere so I don't need to!

MSquared

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Re: Saving to $10K
« Reply #378 on: October 02, 2017, 12:39:22 PM »
I've thought about joining the 100k one too, but my progress would be so infinitesimally slow that I don't think it would even be worth it...

Once I graduate out of this thread, I'm going to be in the 100k thread f-o-r-e-v-e-r.  (Or it's going to feel that way.)  So you're not alone!  You can pull up a chair with me and settle in with never ending coffee for the long haul. 

fluffmuffin

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Re: Saving to $10K
« Reply #379 on: October 02, 2017, 02:47:20 PM »
Once I graduate out of this thread, I'm going to be in the 100k thread f-o-r-e-v-e-r.  (Or it's going to feel that way.)  So you're not alone!  You can pull up a chair with me and settle in with never ending coffee for the long haul. 

I think I'd get too frustrated by all of the people who make enough money to bank my entire monthly salary, haha. I also do a lot better with setting smaller goals where I can really see the movement. I track my NW because it's easy to pull from YNAB, but it's just going to take me such a long goddamned time to reach $100k that it's virtually meaningless for me to set that as an active goal. With that said, I'm almost halfway there ($47k!) and only cracked $40k/year in salary in 2015 (graduated in 2010)...the next $53k should come a whole lot faster :)

Oh, biking update: I ran my first-ever bike errand yesterday. It was just dropping off books at the library on quiet streets that I ride regularly, but I still did it! Getting to work by bike still seems unachievable anytime soon, but I'm trying to walk twice a week in the meantime.

Tass

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Re: Saving to $10K
« Reply #380 on: October 02, 2017, 04:42:16 PM »
I've thought about joining the 100k one too, but my progress would be so infinitesimally slow that I don't think it would even be worth it...

Once I graduate out of this thread, I'm going to be in the 100k thread f-o-r-e-v-e-r.  (Or it's going to feel that way.)  So you're not alone!  You can pull up a chair with me and settle in with never ending coffee for the long haul.

SAME

Oh, biking update: I ran my first-ever bike errand yesterday. It was just dropping off books at the library on quiet streets that I ride regularly, but I still did it! Getting to work by bike still seems unachievable anytime soon, but I'm trying to walk twice a week in the meantime.

I've missed 2-3 weeks as I was prepping for a big presentation I gave today (hurrah!) so I'll be going back to this. I'm trying for three times a week hopefully including slightly longer trips each weekend. Last one I did was to the beach (!!); next I'm going to try the library. (7-10 miles round trip.)
« Last Edit: October 04, 2017, 11:30:58 AM by Tass »

DieHard_772

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Re: Saving to $10K
« Reply #381 on: October 04, 2017, 10:23:51 AM »
Once I graduate out of this thread, I'm going to be in the 100k thread f-o-r-e-v-e-r.  (Or it's going to feel that way.)  So you're not alone!  You can pull up a chair with me and settle in with never ending coffee for the long haul. 

I think I'd get too frustrated by all of the people who make enough money to bank my entire monthly salary, haha. I also do a lot better with setting smaller goals where I can really see the movement.

1000% agreement on that! 
Thank you for helping me keep the faith.  I admit, over the past few months, I was sometimes very frustrated not able to save as much as I wanted to.  This thread is awesome to remind me that I'm not the only one.

We are all doing our best and that is what matters. 

I can tell you this:  my wife and I are worth a lot more now than we were a year ago...



DieHard_772

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Re: Saving to $10K
« Reply #382 on: October 04, 2017, 10:26:09 AM »
Also, on a side note, just yesterday my IRAs reached over $8000 for the first time  :)



Imma

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Re: Saving to $10K
« Reply #383 on: October 04, 2017, 10:37:01 AM »
Well done, DieHard!

Sometimes it feels like everyone on here is a millionaire. I make a good amount of money for my country / the amount of hours I work / my age, but I'm in a mortgage pay-off thread with people whose monthly extra mortgage payment is more than I make in a month. It's not very motivating. That's why I'm glad that we have a group of people with more modest incomes and we're all doing what we can to make progress.

DieHard_772

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Re: Saving to $10K
« Reply #384 on: October 04, 2017, 12:24:47 PM »
Well done, DieHard!

Sometimes it feels like everyone on here is a millionaire. I make a good amount of money for my country / the amount of hours I work / my age, but I'm in a mortgage pay-off thread with people whose monthly extra mortgage payment is more than I make in a month. It's not very motivating. That's why I'm glad that we have a group of people with more modest incomes and we're all doing what we can to make progress.

I agree, I think we all are on this Forum because we like the spirit of MMM, and I certainly feel that passion for it.  So in my mind, I would love to be saving 60% of my income each month, and hopefully some day I will be doing that... in the meantime, I do the best I can with what I got.  And I'm grateful.



fluffmuffin

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Re: Saving to $10K
« Reply #385 on: October 04, 2017, 02:54:32 PM »
Well done, DieHard!

Sometimes it feels like everyone on here is a millionaire. I make a good amount of money for my country / the amount of hours I work / my age, but I'm in a mortgage pay-off thread with people whose monthly extra mortgage payment is more than I make in a month. It's not very motivating. That's why I'm glad that we have a group of people with more modest incomes and we're all doing what we can to make progress.

I agree, I think we all are on this Forum because we like the spirit of MMM, and I certainly feel that passion for it.  So in my mind, I would love to be saving 60% of my income each month, and hopefully some day I will be doing that... in the meantime, I do the best I can with what I got.  And I'm grateful.

Yesss, totally agree with all of this.

dreaming

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Re: Saving to $10K
« Reply #386 on: October 04, 2017, 04:47:04 PM »

I'm in the same boat as retirementdreaming.  While our 401k's have a decent balance we have a hard time increasing our savings.  Some months it's only the $25 I automatically transfer from checking to savings!  I am only including the savings account; the checking account fluctuates too much.

Goal - $10,000

3/24/17 - 2,168
5/31/17 - 2,218 - So far it has only been the $25 that is automatically transferred.  At least it's going in the right direction.
9/30/17 - 4,320 - Not very much in 4 months, but it should increase faster now that we don't have to pay for any kind of childcare.

Hargrove

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Re: Saving to $10K
« Reply #387 on: October 04, 2017, 05:05:48 PM »
I'm in the same boat as retirementdreaming.  While our 401k's have a decent balance we have a hard time increasing our savings.  Some months it's only the $25 I automatically transfer from checking to savings!  I am only including the savings account; the checking account fluctuates too much.

Why ever NOT include your 401k? You deferred taking the money to get a savings benefit and invest it.

To beat the motivation problem too, I kept a particular spreadsheet:

(Money deposited), (balance), difference between (balance) and (balance less (money deposited + previous balance)).

The last column was the most helpful - I could see how much my money started working without me, and I was only comparing my speed against myself. Theoretically, whatever you save in a year is going to generate 1/10th of that on its own thereafter. I like to imagine every year as building a tiny assistant. It took me into my third year to really see the money working, but once you have 1/3 or 1/2 of your ability to contribute coming from just returns, that's when it starts to feel like you really "built" something. In my experience, the second year was the most difficult.

Trifele

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Re: Saving to $10K
« Reply #388 on: October 05, 2017, 04:30:19 AM »
I'm in the same boat as retirementdreaming.  While our 401k's have a decent balance we have a hard time increasing our savings.  Some months it's only the $25 I automatically transfer from checking to savings!  I am only including the savings account; the checking account fluctuates too much.

Why ever NOT include your 401k? You deferred taking the money to get a savings benefit and invest it.

To beat the motivation problem too, I kept a particular spreadsheet:

(Money deposited), (balance), difference between (balance) and (balance less (money deposited + previous balance)).

The last column was the most helpful - I could see how much my money started working without me, and I was only comparing my speed against myself. Theoretically, whatever you save in a year is going to generate 1/10th of that on its own thereafter. I like to imagine every year as building a tiny assistant. It took me into my third year to really see the money working, but once you have 1/3 or 1/2 of your ability to contribute coming from just returns, that's when it starts to feel like you really "built" something. In my experience, the second year was the most difficult.

+1.  I'm old now, LOL, but looking back this is so true.  The hardest part mentally and financially is the first couple of years.  It took me years to really understand what Hargrove is saying -- that the money I saved is like tiny helpers -- but it's so true.   In those first couple of years (poor couple of academics, not earning much) it did feel like we weren't making much progress, and it was hard.  But just keep saving -- and you will get there.   One day down the road you will check your investment balances and be shocked at what your little helpers are churning out.

I had a little mantra I would say to myself during the hard years.  It comes from a language teacher I had in high school.  I tended to ask "why" questions about the grammar I was learning, which bogged me down.  She said to me "You're just starting.  For right now, don't think.  Just memorize."   So in our early years of mustachianism, I chanted to myself "Don't think.  Just save."  :)


DieHard_772

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Re: Saving to $10K
« Reply #389 on: October 05, 2017, 02:25:38 PM »

I had a little mantra I would say to myself during the hard years.  It comes from a language teacher I had in high school.  I tended to ask "why" questions about the grammar I was learning, which bogged me down.  She said to me "You're just starting.  For right now, don't think.  Just memorize."   So in our early years of mustachianism, I chanted to myself "Don't think.  Just save."  :)

That is awesome.



lemonverbena

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Re: Saving to $10K
« Reply #390 on: October 05, 2017, 10:37:21 PM »
Hi, I'm just checking in to publicly state my intention to hit zero NW by the end of the year!

What number is everyone else hoping to close out the year on?

Moonwaves

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Re: Saving to $10K
« Reply #391 on: October 05, 2017, 11:57:10 PM »
As at 30 September 2017, here's how savings stand:
BoI savings a/c: 12.62
DiBa ETF: 294.72
CmzBank savings a/c: 100.00
Total:  407.34
Wow, for the first time since I started my ETF savings plan six months ago, this morning the value shows as more than I've put in (300.04). Not a lot more but it had started to feel like I'd made a really bad choice of fund (it's an MSCI world one). Over 300 means that it has gained not only enough to offset the fees but a bit more, too. I know it'll go down again at some stage but it's kind of cool to see. Makes it feel like maybe this whole stocks as method of saving isn't ridiculous after all.

runbikerun

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Re: Saving to $10K
« Reply #392 on: October 06, 2017, 03:37:50 AM »
Hi, I'm just checking in to publicly state my intention to hit zero NW by the end of the year!

What number is everyone else hoping to close out the year on?

I'm aiming to make it to a little over 6,800 by New Year's.

fluffmuffin

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Re: Saving to $10K
« Reply #393 on: October 06, 2017, 04:30:18 AM »
For purposes of this challenge, if I stay on track with my original goal, I’ll have ~$5,475 saved. Realistically I don’t know if that’s going to happen with some upcoming expenses. I’m trying my best to get to $5,475, but I won’t beat myself up as long as I manage to crack $5,000 for the house.

DieHard_772

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Re: Saving to $10K
« Reply #394 on: October 06, 2017, 08:52:26 AM »
Hi, I'm just checking in to publicly state my intention to hit zero NW by the end of the year!

What number is everyone else hoping to close out the year on?

Well, it's hard to say for sure, but overall I'm intending a consistent NW over $10,000 in the next 3-6 months.  :)





Tass

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Re: Saving to $10K
« Reply #395 on: October 06, 2017, 10:42:45 AM »
What number is everyone else hoping to close out the year on?

I'm actually on track to hit 10k in November, fall back below it when rent is charged, and hit it again in December. I was planning to move up to the 100k thread and inch along there, but maybe I'll stick around until I get 10k in investments; anyone else?

I'd love to have 0 debt by the end of the year but I don't think that's going to be possible; projecting $772 left in December and gone by February. Then all my savings can go into savings!

Imma

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Re: Saving to $10K
« Reply #396 on: October 06, 2017, 11:11:03 AM »
My goal is €5000, but I think €4500 is probably a more realistic estimate. Even though we try not to spend too much during the holiday season, we're visiting a lot of relatives and travelling costs money. I normally buy one new dress every holiday season, but I might skip that this year. We have lots of occasions in December, so if I buy one new dress every year, I always have a collection of about 7 party dresses in total, and that will last me throughout the month.

haypug16

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Re: Saving to $10K
« Reply #397 on: October 06, 2017, 01:08:59 PM »
Hi, I'm just checking in to publicly state my intention to hit zero NW by the end of the year!

What number is everyone else hoping to close out the year on?

My Year End goal is Net Worth of ($28,671.77) That'll be a nearly $22K increase from end of 2016. I'm at ($33K) today so just a few thousand more to go which is doable with about 3 months left in the year.
« Last Edit: October 06, 2017, 04:08:13 PM by haypug16 »

DieHard_772

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Re: Saving to $10K
« Reply #398 on: October 06, 2017, 02:53:44 PM »
Hi, I'm just checking in to publicly state my intention to hit zero NW by the end of the year!

What number is everyone else hoping to close out the year on?

My Year End goal is Net Worth of ($28,671.77) That'll be a nearly $22K increase from end of 2017. I'm at ($32K) today so just a few thousand more to go which is doable with about 3 months left in the year.

Wooooowwww

Good job ;)



twocatsinaflat

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Re: Saving to $10K
« Reply #399 on: October 06, 2017, 03:11:35 PM »
Hopping on the band wagon late, but better than never.

October Savings: $453.64
Invested: $225.00
Total: $678.64