Author Topic: Saving to $10K  (Read 48464 times)

Spruit

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Re: Saving to $10K
« Reply #550 on: December 18, 2017, 02:56:05 PM »
Welcome to the forum.  You've done extremely well to save up so much.  Where are these savings?  Are they earning any interest?  I'd definitely consider investing a big chunk of it - even in a very secure bond you'll earn more interest than the 0.81% on your student loan.  (A loan with an interest rate below 3% is rarely worth rushing to pay off).

If I was yourself I'd maybe keep 10k in easy access savings for a rainy day, the rest I'd invest.  That 33k could earn you over 1,300 per year - being conservative.

I started saving up my cheap student loans when at Uni (because, why not? They've always been cheaper than interest on savings accounts at the time), but unfortunately had to live off of them when I graduated in midst of the recession... Since then I am replenishing the funds bit by bit, but had some help with that from my family (credit where credit is due!).

The 33k savings are in a savings account, a.k.a. not earning squat. It's a compromise. SO is way more risk averse and we plan to buy a house together in the forseeable future, maybe in the midst of a new recession? Who knows. I agreed to keep my saved-up-debt stable and very liquid in case I have to clear my student debt in order to secure us a mortgage if needed. I'm using the 33k as my cushion for just about everything expensive (dental and health care, unemployment, cars ... ahem), and plan to invest every penny once I've got my debt covered by savings again. I indeed do not intend to rush paying the debt.
« Last Edit: December 18, 2017, 03:08:29 PM by Spruit »
Yay, out of debt... now, GROW!
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Serendip

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Re: Saving to $10K
« Reply #551 on: December 19, 2017, 08:32:32 PM »
Hi Everyone,
First post here. Hopefully in the correct space :)

  I am recently back on the financial awareness train (spent 2012-'14 paying off debt hard-core, then '14-'16 saving and traveling). Since December started I have set up some financial goals and am talking with my partner about a 'modified buy-nothing' year as a way to experiment with the way we spend money (he is more comfortable with debt than I am).

This is a big stretch year for me (I don't make much money and it's variable year to year) but here are my GOALS :)

RRSP: Started DEC 17,441.65 -- Goal 23,000
TFSA:                         702.39 -- Goal 9300

I have some other goals too but these are focus ones (have put $260 into RRSP & $650 into TFSA in the last 2 weeks and get another paycheque on Friday), also am paying my tax installment where another $1000 has gone. Basically my entire pay but feels good to have more of a plan.





Spruit

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Re: Saving to $10K
« Reply #552 on: December 20, 2017, 03:24:22 AM »
Hi and welcome!
It's great that you already wiped out debt and can begin with a clean slate now. Good luck.
Yay, out of debt... now, GROW!
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Serendip

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Re: Saving to $10K
« Reply #553 on: December 20, 2017, 03:18:24 PM »
Thanks Spruit, yes the debt payment was big for me..everyone has a different comfort level and the interest on my $31,000 student loan was too high for me.
Looking forward to feeling more accountable and seeing how everyone moves forward.

Hi and welcome!
It's great that you already wiped out debt and can begin with a clean slate now. Good luck.

Manchester

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Re: Saving to $10K
« Reply #554 on: December 21, 2017, 04:38:30 AM »

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



 23/10/2017:

Current Account:  113.95
Emergency fund:  1.58
Investments:  527.21
Credit Card:  -822.27

TOTAL - -179.53


22/11/2017

Current: 119.37
Emergency Fund:  1.58
Investments:  569.80
Credit Card:  -195.70

NET:  495.05



Because of Christmas, I get paid tomorrow which is usually when I would update this.  I've decided to update my progress a day early so it shows me my real, end of month worth, rather than an overinflated version of it.

I've had quite a difficult month really, my girlfriend was made redundant, my brother was rushed into hospital and has needed a lot of support since, we've had a bereavement in the family and to top it off I've had a cold for 3 weeks now!  Money worries stack up, fortunately we've sorted Christmas out and have a good buffer in our joint accounts which should get us through until my S/O gets another job (which should hopefully be another increase in her wage).  We have plenty of equity in the house, but it will limit our capability to renegotiate our fixed term and reduce our monthly outgoings (something I was banking on to reach 10k by this time next year).

Whilst writing this post I'm thinking two things: firstly, 'suck it up', 'get on with everything' 'life gets you down, it's up to you to get back up and punch it in the face'.  Secondly, you lose loved ones at short notice, you realise how precious every second is.  Do I want to spend 50 years working?  DO I F**k!! 

I feel more determined than ever and despite things not going my way, it's up to me to sort it!  Now my sob stories are over, here are my stats:

Current: 363.26
Emergency Fund: 1.58 (really need to bump this up in the future, a spare grand would come in very handy right now).
Investments: 581.26
Credit Card: 0

NET: 946.10

Increase of 451.05.  Not as much as I would have liked, but another month in the right direction!


Suzanne

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Re: Saving to $10K
« Reply #555 on: December 21, 2017, 04:47:08 AM »
to be able to join the thread "Race from 10 to 100K".

Who wants to join? :)

I am in for the race.

TexasRunner

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Re: Saving to $10K
« Reply #556 on: December 21, 2017, 08:29:55 AM »
..., my girlfriend was made redundant

If she was made redundant.....  Doesn't that mean you now have a second girlfriend....?

(Kidding :p )

Credit Card: 0

Congrats!!!!

You're actually making pretty good progress.  The snowball effect goes both ways, with debt pushing you back and interest driving you forward.  The snowball is now slowly rolling the other way.  Good thing to have.
"The mathematical formula for the number of motorcycles you need is   x+1, where x is the number of motorcycles you currently have."

Spruit

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Re: Saving to $10K
« Reply #557 on: December 22, 2017, 09:13:59 AM »
Last paycheck of the year came in today, so I redirected part of it to the stash right away. We don't do lavish Christmas gifts here, so that helps.

NW progress:

1 december: 4717
22 december: 5937

Too bad next years health care premiums are due before Jan '18, that'll knock ~1k off again. Still, progress :)
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Serendip

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Re: Saving to $10K
« Reply #558 on: December 22, 2017, 09:49:28 AM »
[
I've had quite a difficult month really, my girlfriend was made redundant, my brother was rushed into hospital and has needed a lot of support since, we've had a bereavement in the family and to top it off I've had a cold for 3 weeks now!  Money worries stack up, fortunately we've sorted Christmas out and have a good buffer in our joint accounts which should get us through until my S/O gets another job (which should hopefully be another increase in her wage).  We have plenty of equity in the house, but it will limit our capability to renegotiate our fixed term and reduce our monthly outgoings (something I was banking on to reach 10k by this time next year).

Whilst writing this post I'm thinking two things: firstly, 'suck it up', 'get on with everything' 'life gets you down, it's up to you to get back up and punch it in the face'.  Secondly, you lose loved ones at short notice, you realise how precious every second is.  Do I want to spend 50 years working?  DO I F**k!! 


Sorry to hear of your loss and the hard times this month Manchester.
 It's true, grief helps us prioritize how we spend our days and the way we impact those around us while we are here. Good job on making personal progress and being there for your family.

Cassini

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Re: Saving to $10K
« Reply #559 on: December 23, 2017, 05:09:46 AM »
Long time lurker joining to post on this thread! You are all doing so well!

My boyfriend and I want to focus on saving for a house deposit in 2018 so our goal is to save 12,000 in 2018, which is doable but tough.

Cash savings: 2128
Investments: 3514
Credit Card: -2303  (currently at 0% interest for another year so going to pay off slowly)

Net Worth: 3340

I'm not including our student loans (circa 6k), or pensions (18k) here. Student Loans are at 1.25% and come off our pay automatically as we live in the UK. Don't see much point to pay more just now!

Happy Christmas/Holidays/New Year, everyone!


Slanhirn

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Re: Saving to $10K
« Reply #560 on: December 23, 2017, 08:37:18 AM »
Happy Holidays Everyone!

July 2017 = (2,877)
August 2017 = (1,852)  = +1,025
September 2017 = (650) = +1,202
October 2017 = 1,238 = + 1,888
November 2017 = 3,066 = + 1,178
December 2017 = 4,360 = + 1,294
January 2018 = 6,895 = + 2,535

Assets = 21,222
Student loans = (14,327)

My stretch goal for 10K NW is March 2018.

Bumper month this month! I tightened up on some more expenses, the rose quite a lot as well which was a nice plus :). I've pretty much paid for my Christmas expenses so don't foresee this figure changing.

fluffmuffin

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Re: Saving to $10K
« Reply #561 on: December 26, 2017, 07:23:13 AM »
Sounds like people are doing a great job of not letting the holidays knock them off track--love all of the end-of-the year progress reports!

Manchester, I'm sorry this has been such a tough month. I hope that your girlfriend finds a new job soon and that your brother is doing better. You're doing a great job of keeping the financial focus. Sometimes I think it's easier to let all the little things go when a big thing comes along that might knock you for a loop. Awesome job keeping focused on the long-term goals.

Imma

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Re: Saving to $10K
« Reply #562 on: December 26, 2017, 10:56:37 AM »
Welcome Cassini!

I'm sorry for your loss, Manchester. You're going through a rough time, but I'm glad to hear it motivates you to make the right decisions. I hope 2018 will be a better year for you.

Spruit, I think this is the first year my health care premium is due Dec 27 and not Jan 1st! This will definitely lower my end-of-year net worth (is this a Mustachian People Problem? I think so .... ) . Still, paying it all at once gives me about 3% discount which is a lot more than the interest on my savings account. I have a separate savings account for health care costs that I don't track in this thread. I haven't spent a lot of money this holiday season, I'm just waiting for my salary to be paid so I can calculate my end-of-year net worth. It's a good tradition in this country that employers pay December's wages before Christmas (normally, most employers pay once a month around the 26th) but sadly my employer always pays on the very last working day of the month so I don't expect it to be different this month.

zeli2033

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Re: Saving to $10K
« Reply #563 on: December 26, 2017, 04:18:37 PM »
Forgot to update on 12/15 so updating a bit late. Will hopefully get on a cadence of updating twice monthly shortly after receiving income and money has been sent off to savings/debts.

12/11/17: (47,400)
12/26/17: (42,469)

Hoping to finish 2017 with Net Worth in the negative 30s...even if it's -39,999, I'll be happy! But that requires one of us getting a bonus so might not be realistic. Either way, progress is awesome to see.

MSquared

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Re: Saving to $10K
« Reply #564 on: December 27, 2017, 09:05:19 AM »
End of December update:

Emergency fund: $4440.  (+$254)

End of 2017:
I started the year with around $1000 and am finishing with $11,208.  So my savings rate was somewhere in the 30-35% ballpark.  I'm happy with that! 
« Last Edit: December 27, 2017, 09:07:27 AM by MSquared »

martyconlonontherun

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Re: Saving to $10K
« Reply #565 on: December 29, 2017, 08:23:41 AM »
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, 68k as of End of 2017, 75k at beginning of CY18
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 17), 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 '17
-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)
October 2017: $1.8k - $32k
November 2017: $4.5K - Investments ~$33.8k.
December 2017: $7.9K - Investments ~$37.8k.

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  Beginning  January: $11.4K - Investments ~$39.6k.

See you all on the flip.

TexasRunner

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Re: Saving to $10K
« Reply #566 on: December 29, 2017, 08:29:47 AM »
Allright so I'm in.  Been lurking for a while but need more motivation.

Read through all the MMM blog posts (yes I mean all) from July to November of 2016, and been actively working on finances since then.  Some major items:  flipped the house from 98k (bought December of 2014) to 135k in March of 2017.  The 37k was a huge boon for the net worth.  Was aggressively paying down the mortgage before that as a way of forced savings, now I know better but still better than loose spending.

Changed jobs in January for a 15% raise and am in a new position at the same place that should net another 30% raise or so.  Negotiations are coming up and I plan on being pretty aggressive (my team is extremely good and make the company profit in the millions).

The wife is becoming more spending-controlled but doesn't speak FIRE as clearly as I do thanks to learning things on this forum, otherwise she is all on board.  Am excited to bounce more ideas around as there is a vast span of knowledge on this forum.


Current status:
Total Net Worth:  +$33,532.94
Liquid Net Worth:  ($7929.52) (Due to student loans, CC debt that needs to get pummeled, and stupidly not building enough of a emergency fund).

Goal by September 2018 (these specifically because it would be 6 full months of FU money without hitting the retirement accounts): 
Total Net Worth: +$61,287.35
Liquid Net Worth: +$19,824.89
Which would make me a 10k liquid net worth cohort of March/April 2018.

Yes, I know I am technically already a graduate...  But the net worth is at risk because it is largely tied up in equity.  FU money is present but lacking compared to CC debt which is very much hitting a hair-on-fire issue. 

Good to keep working on it and seeing the updates in this thread.
Update at end of December....   Not bad considering 1/2 of 1 month.  :)

Current status:
Total Net Worth:  +$36,923.43
Liquid Net Worth:  ($4,711.27) (Due to student loans, CC debt that needs to get pummeled, and stupidly not building enough of a emergency fund).

This thread is great.  Helped me do significantly less spending (and cut out all the unnecessary BS) for two weeks to post this.

I also want to accelerate my goal from September to August....  :)

Keep it up everybody.
"The mathematical formula for the number of motorcycles you need is   x+1, where x is the number of motorcycles you currently have."

lexde

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Re: Saving to $10K
« Reply #567 on: December 29, 2017, 08:59:55 AM »
I’m in! 10k net worth will be my goal for May 2018.

December 14, 2017: +811


12/29/2017: $2,243

zeli2033

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Re: Saving to $10K
« Reply #568 on: December 29, 2017, 09:27:15 AM »
Last December update:

12/11/17: (47,400)
12/26/17: (42,469)
12/29/17: (39,190)

Assets [401ks, IRAs, Cash]: 24,371
Student Loan: (63,561) Ouch. Can't wait for later in 2018 when we can start obliterating this...

On the bright side, it's so nice to see the first -30 overall :).

Imma

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Re: Saving to $10K
« Reply #569 on: December 29, 2017, 11:02:36 AM »
Savings:
July 31:                 2400
August 30:            2000
September 27:       1300
October 30:           1400
November 30:        1600
December 29:        1100

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)

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 )

My boss made a mistake and only paid me 490 instead of 1230. This is also an expensive month with a lot of health costs. My employer's mistake will be corrected in the new year, but right now I'm really glad I have savings!

Goals for 31 December 2018:

Savings:            3000
Investments:     4500
Total:                7500

As long as the market doesn't crash, I'll probably hit the investment goal. I automatically transfer 155/month = 1860/year. I hope to be able to reach the savings goal as well. This depends on the amount of expensive fun things I'm going to do next year, as well as unexpected health and home maintenance costs and the amount of overtime I'll be able to work. 

haypug16

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Re: Saving to $10K
« Reply #570 on: December 29, 2017, 11:17:16 AM »
December 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) +4,487.40 increase from last month!

Payday was today instead of the 31st so I'm updating early after paying my bills. I don't expect to spend any money over the next couple days as I'm sick and spending most of my time in bed. Anyway, December was another great month. I managed to keep my holiday spending in check as well as all others. My original Year end goal was -$28K I believe and I surpassed that. My average monthly increase has been over $3K since joining this challenge at the end of March. I am going to make this my new goal (it was $2,500)

Great job everyone else. Here's to an even better 2018!

TexasRunner

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Re: Saving to $10K
« Reply #571 on: December 29, 2017, 12:48:29 PM »
...
12/31/2017 $(24,424.13) +4,487.40 increase from last month!
...
Great job everyone else. Here's to an even better 2018!

Well Done!!!  I think you beat me for December.  :)
"The mathematical formula for the number of motorcycles you need is   x+1, where x is the number of motorcycles you currently have."

Moonwaves

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Re: Saving to $10K
« Reply #572 on: December 29, 2017, 01:55:37 PM »
BoI savings a/c: 18.87
DiBa ETF: 355.70
CmzBank savings a/c: 350.00
Total:  724.57

BoI savings a/c: 48.91
DiBa ETF: 456.37
CmzBank savings a/c: 500.00
Total:  1,005.28

Imma

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Re: Saving to $10K
« Reply #573 on: December 29, 2017, 03:25:25 PM »
BoI savings a/c: 18.87
DiBa ETF: 355.70
CmzBank savings a/c: 350.00
Total:  724.57

BoI savings a/c: 48.91
DiBa ETF: 456.37
CmzBank savings a/c: 500.00
Total:  1,005.28

That's an increase of almost 40% !!!!! Well done.

Moonwaves

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Re: Saving to $10K
« Reply #574 on: December 30, 2017, 04:13:53 AM »
BoI savings a/c: 18.87
DiBa ETF: 355.70
CmzBank savings a/c: 350.00
Total:  724.57

BoI savings a/c: 48.91
DiBa ETF: 456.37
CmzBank savings a/c: 500.00
Total:  1,005.28

That's an increase of almost 40% !!!!! Well done.
Thanks! Hate to admit it but part of the reason for the big increase is that when I was transferring money to my Commerzbank savings, I copied the details from last time but forgot to change the amount and transferred more than I had planned to. But instead of transferring it back, I left it and just had a very tight few weeks at the end of November. I still can't quite believe that I have actually saved a thousand. I think the invested money doesn't really feel real, as it's intended to just sit there earning for a long time. But so nice that my "doesn't feel real" money is now money I have invested and isn't money I owe on a credit card. :)

fluffmuffin

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Re: Saving to $10K
« Reply #575 on: December 30, 2017, 12:44:53 PM »
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
10/16/2017: $4,021.00
11/1/2017: $4,121.00
11/16/2017: $4,208.73
12/1/2017: $4,267.73
12/15/2017: $4,532.82
12/30/2017: $4,864.78

Put over $300 from a paycheck into the house fund for the first time in what feels like forever. Glad I could end 2017 on that note, and I cannot wait to see a number that starts with a 5! Grateful for all of the support and accountability in this thread. Y'all are my people.

DieHard_772

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Re: Saving to $10K
« Reply #576 on: December 30, 2017, 07:25:36 PM »
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
10/16/2017: $4,021.00
11/1/2017: $4,121.00
11/16/2017: $4,208.73
12/1/2017: $4,267.73
12/15/2017: $4,532.82
12/30/2017: $4,864.78

Put over $300 from a paycheck into the house fund for the first time in what feels like forever. Glad I could end 2017 on that note, and I cannot wait to see a number that starts with a 5! Grateful for all of the support and accountability in this thread. Y'all are my people.

Nice job, and Happy New Year



MSquared

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Re: Saving to $10K
« Reply #577 on: December 31, 2017, 08:28:38 AM »
Grateful for all of the support and accountability in this thread. Y'all are my people.

Agreed, I love this thread!  :)  I'm posting in the race to 100K thread too, but dang those people save A LOT and quickly!  I imagine I'll become the resident old lady over there.  I love seeing the updates and progress here.  We're all kicking ass! 

DieHard_772

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Re: Saving to $10K
« Reply #578 on: December 31, 2017, 02:05:38 PM »
Grateful for all of the support and accountability in this thread. Y'all are my people.

Agreed, I love this thread!  :)  I'm posting in the race to 100K thread too, but dang those people save A LOT and quickly!  I imagine I'll become the resident old lady over there.  I love seeing the updates and progress here.  We're all kicking ass!

No kidding, it's great to have a thread of people at a pace that I can do myself at this point...



Manchester

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Re: Saving to $10K
« Reply #579 on: January 01, 2018, 07:15:10 AM »
Thanks for all your kind messages to my previous post.

Happy new year everyone.  I hope 2018 is happy and prosperous for all of you.

runbikerun

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Re: Saving to $10K
« Reply #580 on: January 04, 2018, 01:00:16 AM »
Up to 6,860 as of December 31st. My credit card bill is a little higher than I'd like, but not anywhere near high enough to be a problem. I have ten all-day Saturday lectures in twelve weeks this spring, so I won't be doing much socialising (or indeed anything except working, studying, cooking and sleeping), which should bring me back to normal just in time for the three weddings (and probably three stag nights/weekends) I'll be attending this year. At least two of the weddings (and hopefully two of the stags) will be in the city I live in, though, so that at least limits expenses.

Imma

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Re: Saving to $10K
« Reply #581 on: January 04, 2018, 02:42:17 AM »
I got paid! My boss made a mistake and only paid me 490 instead of 1230 at the end of December, but I received the remaining amount today.


Savings:
July 31:                 2400
August 30:            2000
September 27:       1300
October 30:           1400
November 30:        1600
December 29:        1100
January 4:             1600

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)
January 4:             2805.67

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 )
January 4:             4405,67


Goals for 31 December 2018:

Savings:            3000
Investments:     4500
Total:                7500

As long as the market doesn't crash, I'll probably hit the investment goal. I automatically transfer 155/month = 1860/year. I hope to be able to reach the savings goal as well. This depends on the amount of expensive fun things I'm going to do next year, as well as unexpected health and home maintenance costs and the amount of overtime I'll be able to work.

Manchester

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Re: Saving to $10K
« Reply #582 on: January 12, 2018, 05:26:52 AM »
I got paid! My boss made a mistake and only paid me 490 instead of 1230 at the end of December, but I received the remaining amount today.


Savings:
July 31:                 2400
August 30:            2000
September 27:       1300
October 30:           1400
November 30:        1600
December 29:        1100
January 4:             1600

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)
January 4:             2805.67

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 )
January 4:             4405,67


Goals for 31 December 2018:

Savings:            3000
Investments:     4500
Total:                7500

As long as the market doesn't crash, I'll probably hit the investment goal. I automatically transfer 155/month = 1860/year. I hope to be able to reach the savings goal as well. This depends on the amount of expensive fun things I'm going to do next year, as well as unexpected health and home maintenance costs and the amount of overtime I'll be able to work.

All looks good!  Good that you got paid in the end.  Hoping you get to work as much overtime as you'd like this year!

Imma

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Re: Saving to $10K
« Reply #583 on: January 12, 2018, 07:11:17 AM »
Thanks! Well, the first unexpected expense of 2018 has come up already: my bike was stolen. But the good news is I've already got 40 hours of overtime scheduled over the next couple of months and we'll probably get a nice tax return too. Due to my s/o's work, we're also skipping our holiday together.

Bearblastbeats

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Re: Saving to $10K
« Reply #584 on: January 12, 2018, 07:19:43 AM »
does my $12k in my 401k count?

haypug16

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Re: Saving to $10K
« Reply #585 on: January 12, 2018, 07:53:27 AM »
Happy New year

January mid-month 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)
1/12/2018 $(23,417.43) Increase of $1006.70 from previous month


Got paid a few days early due to the Monday holiday. Not a bad month but my goal is $3K increase for the month and I'm $500 shy of hitting the mid month goal of $1500. I just have to try to work some more hours in my Part-time job. I really should take advantage of that since it will be coming to an end by next month.

@Bearblastbeats - You can use the race anyway you like. Some people track overall Net Worth and others just track individual accounts. It's up to you.

zeli2033

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Re: Saving to $10K
« Reply #586 on: January 13, 2018, 08:38:38 AM »
Mid-month update also due to early payday:

12/11/17: (47,400)
12/26/17: (42,469)
12/29/17: (39,190)
1/13/18: (35,094)

Assets [401ks, IRAs, Cash]: 28,518
Student Loan: (63,612)

This is a big month for us. I started contributing the max to my 401K and DH is transitioning to another company this month so there will be some additional cash coming in that we'll be throwing to savings. We're pushing to max our Roths for 2017/2018 asap so we can turn our focus to the student loan for the rest of the year.

Imma

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Re: Saving to $10K
« Reply #587 on: January 13, 2018, 08:49:14 AM »
Well done Zeli2033! You are making huge progress and it sounds like 2018 is going to be a good year for you guys!

@Bearblastbeats You set your own goals. I don't personally track my net worth, because a large amount of my NW is in my house that has gone up massively in value since we bought it. I only track my investments and my 'leftover cash' savings account, not the accounts with money reserved for certain future expenses.

zeli2033

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Re: Saving to $10K
« Reply #588 on: January 13, 2018, 09:25:13 AM »
Thank you, Imma! You all keep me so motivated!

Spruit

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Re: Saving to $10K
« Reply #589 on: January 13, 2018, 12:48:50 PM »
But the good news is ... Due to my s/o's work, we're also skipping our holiday together

Yay? Positive side to everything, I guess...

I said yes to a gig that I don't really have time for, but could probably just squeeze in between my tasks for my "real" job. It does bring about 20% of my regular income as extra cash, but there goes my weekend. Not sure if I'm being smart of stupid here.
Sometimes I think I'm just too lazy or impatient for that whole FI thing, I just love my free time so much. I want it NOW. Hard to really gain a high income with such an attitude.



« Last Edit: January 13, 2018, 12:54:18 PM by Spruit »
Yay, out of debt... now, GROW!
My current journal

Rimu05

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Re: Saving to $10K
« Reply #590 on: January 13, 2018, 04:00:33 PM »
Time to join this seriously and post my finances to the direct number. I have all my accounts on Mint so despite not posting here. I pretty much can see what a poor net worth I have on mint.

I think I should define this by net worth, but my first savings to 10K will be trying to get my savings account and 401K there. I save about $1000 each month, so my monthly expenses tend to be around 1400

Age - 25

Total net worth = -$30,768

Car loan = -$9,331
Student loan = $-28,503
Credit card = -$ 4,313 (about 4,000 is medical debt, but lazy paying this as it is on 0% until next year)

Positives

401K - $7785
Checking - 1287.60 (Haven't paid all my bills yet, will have about $200 left after bills.)
Savings - $2300.11

Short term goal - Get savings account to $5,000. Pay of credit card debt and cancel credit card. I ripped up this card after putting all my medical bills on it. Once, I pay it off. going to cancel it.

On that note, my 401K is the most impressive. I have contributed only about 6% of my income last year and bumped it up to 10% this year and amazed that it somehow managed to reach $7,000. Once, my credit card debt is gone, really going to get on a Roth IRA.


Total networth = -29,399
Car loan = -$9,030
Student loan = -$28,503
Credit card = -$ 4,228  (0%)

Positives

401K - $8,263
Savings - $2800.11

New year hear we go.

Total net worth = -$27,676

Car loan = -$8424
Student loan = $-28,320
Credit card = -$ 4,330 (Still at 0%, not going to pay it until other goals are met)


Positives

401K - $9,162 (This is nuts, i don't have a high income, it's like increased by over $1000 in a month??)
Checking - 158
Savings - $4000
« Last Edit: January 13, 2018, 04:11:16 PM by Rimu05 »

Imma

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Re: Saving to $10K
« Reply #591 on: January 14, 2018, 06:02:41 AM »
But the good news is ... Due to my s/o's work, we're also skipping our holiday together

Yay? Positive side to everything, I guess...

I said yes to a gig that I don't really have time for, but could probably just squeeze in between my tasks for my "real" job. It does bring about 20% of my regular income as extra cash, but there goes my weekend. Not sure if I'm being smart of stupid here.
Sometimes I think I'm just too lazy or impatient for that whole FI thing, I just love my free time so much. I want it NOW. Hard to really gain a high income with such an attitude.

Well, not exactly yay, but I'm good at looking at the positive side of things. My fiance likes to spend when we're on holiday, so we compromise by eating out for breakfast / lunch more often than I'd like. Not going on holiday will save us a LOT of money. Plus the reason we're not going is because he has some awesome opportunities lined up, it's not like he's going to sit in an office for the entire summer. But we're going to take a lot of day trips this year instead and I'm trying to find good deals on those. We're going to get free Efteling tickets from Airmiles (we live close, so no travel costs either) and go to lots of free gigs and festivals this year.

I know what you feel like. I value my free time a lot, too. We both work part time (in my case, for health reasons, in his case, so he can work in his own business) and I know it's going to take me a lot longer to become FI. On the other hand, I consider myself to be partially retired already and it feels like such a luxury to have so much free time.

Zamboni

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Re: Saving to $10K
« Reply #592 on: January 14, 2018, 06:39:47 AM »
@lexde That is a great graph! Well done!

lexde

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Re: Saving to $10K
« Reply #593 on: January 14, 2018, 07:36:25 AM »
Im in! 10k net worth will be my goal for May 2018.

December 14, 2017: +811
[took out NW graph for quoting]
12/29/2017: $2,243
1/14/2018: $3,162.51

lexde

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Re: Saving to $10K
« Reply #594 on: January 14, 2018, 07:37:05 AM »
@lexde That is a great graph! Well done!
Thanks! I use YNAB to track everything, and really like it's NW graph feature. :-)

Manchester

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Re: Saving to $10K
« Reply #595 on: January 15, 2018, 04:30:52 AM »
Time to join this seriously and post my finances to the direct number. I have all my accounts on Mint so despite not posting here. I pretty much can see what a poor net worth I have on mint.

I think I should define this by net worth, but my first savings to 10K will be trying to get my savings account and 401K there. I save about $1000 each month, so my monthly expenses tend to be around 1400

Age - 25

Total net worth = -$30,768

Car loan = -$9,331
Student loan = $-28,503
Credit card = -$ 4,313 (about 4,000 is medical debt, but lazy paying this as it is on 0% until next year)

Positives

401K - $7785
Checking - 1287.60 (Haven't paid all my bills yet, will have about $200 left after bills.)
Savings - $2300.11

Short term goal - Get savings account to $5,000. Pay of credit card debt and cancel credit card. I ripped up this card after putting all my medical bills on it. Once, I pay it off. going to cancel it.

On that note, my 401K is the most impressive. I have contributed only about 6% of my income last year and bumped it up to 10% this year and amazed that it somehow managed to reach $7,000. Once, my credit card debt is gone, really going to get on a Roth IRA.


Total networth = -29,399
Car loan = -$9,030
Student loan = -$28,503
Credit card = -$ 4,228  (0%)

Positives

401K - $8,263
Savings - $2800.11

New year hear we go.

Total net worth = -$27,676

Car loan = -$8424
Student loan = $-28,320
Credit card = -$ 4,330 (Still at 0%, not going to pay it until other goals are met)


Positives

401K - $9,162 (This is nuts, i don't have a high income, it's like increased by over $1000 in a month??)
Checking - 158
Savings - $4000


Good going.  I can imagine adding $1k into your 401k is really exciting. 

What are the interest rates on your various accounts and loans?  Savings/Car/Student/Credit Card. 

I know the credit card is 0%.  When does that expire and what is the rate moving forward.  It might be worth starting to pay it down now to avoid a big lump sum having to go out when the 0% period expires (depending on interest rates and your ability to pay it off in one go).

Rimu05

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Re: Saving to $10K
« Reply #596 on: January 15, 2018, 07:12:41 PM »
Time to join this seriously and post my finances to the direct number. I have all my accounts on Mint so despite not posting here. I pretty much can see what a poor net worth I have on mint.

I think I should define this by net worth, but my first savings to 10K will be trying to get my savings account and 401K there. I save about $1000 each month, so my monthly expenses tend to be around 1400

Age - 25

Total net worth = -$30,768

Car loan = -$9,331
Student loan = $-28,503
Credit card = -$ 4,313 (about 4,000 is medical debt, but lazy paying this as it is on 0% until next year)

Positives

401K - $7785
Checking - 1287.60 (Haven't paid all my bills yet, will have about $200 left after bills.)
Savings - $2300.11

Short term goal - Get savings account to $5,000. Pay of credit card debt and cancel credit card. I ripped up this card after putting all my medical bills on it. Once, I pay it off. going to cancel it.

On that note, my 401K is the most impressive. I have contributed only about 6% of my income last year and bumped it up to 10% this year and amazed that it somehow managed to reach $7,000. Once, my credit card debt is gone, really going to get on a Roth IRA.


Total networth = -29,399
Car loan = -$9,030
Student loan = -$28,503
Credit card = -$ 4,228  (0%)

Positives

401K - $8,263
Savings - $2800.11

New year hear we go.

Total net worth = -$27,676

Car loan = -$8424
Student loan = $-28,320
Credit card = -$ 4,330 (Still at 0%, not going to pay it until other goals are met)


Positives

401K - $9,162 (This is nuts, i don't have a high income, it's like increased by over $1000 in a month??)
Checking - 158
Savings - $4000


Good going.  I can imagine adding $1k into your 401k is really exciting. 

What are the interest rates on your various accounts and loans?  Savings/Car/Student/Credit Card. 

I know the credit card is 0%.  When does that expire and what is the rate moving forward.  It might be worth starting to pay it down now to avoid a big lump sum having to go out when the 0% period expires (depending on interest rates and your ability to pay it off in one go).

Savings yields only 1% but I am building an emergency fund here.

For the student loans I have three balances at 6.55% and the rest at 3.5%
Car loan 2.79%
CC is at 0% until April but in a very unmustachian way, planning to open another credit card and use a free balance transfer to transfer to new credit card and let it sit at 0% for the year. On that note, don't use the CC much, I should take it off amazon though because I add the occasional item I need there.


Manchester

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Re: Saving to $10K
« Reply #597 on: January 16, 2018, 02:46:19 AM »







Savings yields only 1% but I am building an emergency fund here.

For the student loans I have three balances at 6.55% and the rest at 3.5%
Car loan 2.79%
CC is at 0% until April but in a very unmustachian way, planning to open another credit card and use a free balance transfer to transfer to new credit card and let it sit at 0% for the year. On that note, don't use the CC much, I should take it off amazon though because I add the occasional item I need there.


Good stuff.  What's your goal for the emergency fund?  Obviously it would make sense to prioritise the 6.55% loan first.  I think your plan with the CC is alright as well, just make sure you have got a set goal to pay it off... It might affect your credit rating if you have numerous cards to your name.

fluffmuffin

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Re: Saving to $10K
« Reply #598 on: January 16, 2018, 06:51:43 AM »
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
10/16/2017: $4,021.00
11/1/2017: $4,121.00
11/16/2017: $4,208.73
12/1/2017: $4,267.73
12/15/2017: $4,532.82
12/30/2017: $4,864.78
1/16/2018: $8,114.78

The jump is due to a one-time windfall. Only $250 is budgeted savings from a paycheck; it could have been higher but I wanted to divert some extra money into the I'm In Two Weddings This Summer fund. Exciting number, though.

@Rimu05, just having multiple cards shouldn't negatively affect your credit score. Having more than one card can actually help your rating, since the higher the amount of unused credit you have available, the better it usually is for your score. So opening another card isn't necessarily a bad thing, as long as you don't plan to add any additional charges and don't have a lot of other credit inquiries at the same time from opening other lines of credit (mortgage, car loan, etc.). You just want to be absolutely sure that you have a plan in place to pay it off before you start getting hit with any interest, as I'm sure you know.

Rimu05

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Re: Saving to $10K
« Reply #599 on: January 16, 2018, 10:07:15 AM »







Savings yields only 1% but I am building an emergency fund here.

For the student loans I have three balances at 6.55% and the rest at 3.5%
Car loan 2.79%
CC is at 0% until April but in a very unmustachian way, planning to open another credit card and use a free balance transfer to transfer to new credit card and let it sit at 0% for the year. On that note, don't use the CC much, I should take it off amazon though because I add the occasional item I need there.


Good stuff.  What's your goal for the emergency fund?  Obviously it would make sense to prioritise the 6.55% loan first.  I think your plan with the CC is alright as well, just make sure you have got a set goal to pay it off... It might affect your credit rating if you have numerous cards to your name.

My goal for the emergency fund is 10K. I had a series of emergencies late 2016 to mid 2017 and 5K simply wasn't enough. I'd rather not have to put emergencies on my credit card again. It's not to say these emergencies will happen again, but I'd like to not frown at not having it.

I only have two credit cards, one I never use and keep it for the history only.