Author Topic: Saving to $10K  (Read 75034 times)

recklesslysober

  • Bristles
  • ***
  • Posts: 490
  • Age: 30
  • Location: BC, Canada
Re: Saving to $10K
« Reply #600 on: January 17, 2018, 04:22:32 PM »
December: -$62,200
January: -$60,000

I'm up to $24K invested.. hopefully will hit the $25K mark next month! 1/4 of the way to the first $100K.

Trifele

  • Handlebar Stache
  • *****
  • Posts: 1069
  • Location: US
Re: Saving to $10K
« Reply #601 on: January 18, 2018, 05:10:29 AM »
December: -$62,200
January: -$60,000

I'm up to $24K invested.. hopefully will hit the $25K mark next month! 1/4 of the way to the first $100K.

Nice job RS!  Sounds like two milestones -- crossing -60 on the total NW and soon 25k on the investments? Nice!

Moonwaves

  • Pencil Stache
  • ****
  • Posts: 836
  • Location: Germany
    • My blog
Re: Saving to $10K
« Reply #602 on: January 18, 2018, 08:30:43 AM »
BoI savings a/c: 48.91
DiBa ETF: 456.37
CmzBank savings a/c: 500.00
Total:  1,005.28
BoI savings a/c: 54.00
DiBa ETF: 514.76
CmzBank savings a/c: 500.01 (1c interest earned. Yay? :) )
Total:  1,068.77

Not a big change here but I am sort of starting to feel like I'm getting somewhere because my annual expenses and travel accounts (which I don't count here, since they are just holding accounts for irregular expenses) have almost €1,000 in them now. And I'm still waiting on almost €1,500 worth of invoices to be paid, with nothing else left to pay off so as soon as I get that money, it will all be moving into various savings accounts.
« Last Edit: January 18, 2018, 08:35:48 AM by Moonwaves »

Spruit

  • Handlebar Stache
  • *****
  • Posts: 1022
  • Age: 31
  • Location: Netherlands
Re: Saving to $10K
« Reply #603 on: January 19, 2018, 09:49:27 AM »
Every penny counts, right? Even 0.01 euros ;)
I get so impatient in between pay checks. Still a good week to go before salary is in again. Glad I now get 30 euros more than earlier, I can certainly use these little wind falls.
Yay, out of debt... now, GROW!
My current journal

haypug16

  • Bristles
  • ***
  • Posts: 411
  • Age: 39
  • Location: Boston, MA
Re: Saving to $10K
« Reply #604 on: January 19, 2018, 11:10:13 AM »
@Spruit - Same here. Payday is so exciting. I get to update all my numbers and see what kind of progress I've made and then it's all done and I have to wait another 2 weeks to do it all again. In the interim I try to just focus on not spending so that I don't undo a bunch of work. 

Tass

  • Bristles
  • ***
  • Posts: 432
  • Age: 24
  • Location: Southern California
  • Working on a PhD...
Re: Saving to $10K
« Reply #605 on: January 19, 2018, 04:38:42 PM »
I get so impatient in between pay checks. Still a good week to go before salary is in again.

I feel this way too, and then I scold myself for wishing time would go faster instead of pursuing worthwhile things with the time... The point of the money is the freedom it brings, right? So what do we want to invest our freedom in?

But sometimes this throws me into existential spirals about my direction in life, so ya know, YMMV.

zeli2033

  • Stubble
  • **
  • Posts: 117
Re: Saving to $10K
« Reply #606 on: January 20, 2018, 06:57:06 AM »
Spruit/haypug16/Tass - Have to echo your sentiments exactly. Payday is my Christmas (or insert chosen holiday here). Each new paycheck means getting to take some much needed me time with my spreadsheets to allocate funds, tweak projections and dream about plan for the FI future.

This last week, the semimonthly holidays came early! DH got a final check in the transition between old company and new company so we were able to allocate a windfall to savings before our next anticipated paycheck.

12/11/17: (47,400)
12/26/17: (42,469)
12/29/17: (39,190)
1/13/18: (35,094)
1/20/18: (30,645)

Assets [401ks, IRAs, Cash]: 33,211
Student Loan: (63,857)

Watching the interest on the Student Loans hike up is a bit of a bummer but in the grand scheme of things, it's a small blip on the radar and won't be forever. Have to remind myself that perspective around goals is key: We'll be done maxing out our 2018 Roth IRAs in ~March so all the additional monthly savings will then go straight to the loans.

mountain mustache

  • 5 O'Clock Shadow
  • *
  • Posts: 57
Re: Saving to $10K
« Reply #607 on: January 21, 2018, 07:55:11 PM »
Currently I'm sitting at $3k in my savings account
My goal is 5k in savings as an emergency fund. I have some medical bills coming up, and I'm hoping I won't have to take from savings, but it will be nice to have it.
After getting 5k in emergency, my goal is to put at least $1k into an IRA by the end of the year. I'm young, and haven't done any long term savings before, so it will be a good start.

Manchester

  • 5 O'Clock Shadow
  • *
  • Posts: 61
Re: Saving to $10K
« Reply #608 on: January 22, 2018, 05:22:40 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



21/12/2017

Current: £363.26
Emergency Fund: £1.58
Investments: £581.26
Credit Card: £0

NET: £946.10



It was an alright month for me overall.  I've managed to be more frugal which is why my current account is quite high.  I'd have saved more but had to cover some of my girlfriends bills now that she's out of work.  I was going to put a big chunk in my EF but seems counter productive as I'll likely have to cover more bills until she gets another job (so I'm effectively using my EF now?). 

I also have an investment opportunity coming up which I'm tempted to stick some money into (even if it's a modest amount). 

22/01/2018

Current: £940.82
Emergency Fund: £1.58
Investments: £659.59
Credit Card: £0


NET: £1,601.99


It's an increase of £655.89 which is better than December and also good considering the time difference between December's pay and January's.  Hopefully I'll keep going in the right direction whilst my SO is out of work.  Don't want to rack up credit card debt again as it makes a huge difference.
« Last Edit: January 25, 2018, 03:21:20 AM by Manchester »

lemonverbena

  • Stubble
  • **
  • Posts: 129
Re: Saving to $10K
« Reply #609 on: January 24, 2018, 09:03:37 PM »
Jan 2017:
SEP IRA: $225
Car loan: -$7825

Total: -$7600


Late Jan 2017:
SEP IRA: $225
tIRA: $1590
Car loan: -$7825

Total: -$6010


Mid Feb 2017:
SEP IRA: $226
tIRA: $1604
Car loan: -$5593

Total: -$3763

Mar 2017:
SEP IRA: $227
tIRA: $1630
Car loan: -$5593
Roof loan: -$8864

Total: -$12,600

Numbers going way in the wrong direction, but a roof replacement is so overdue and it feels good to be taking care of it. Should have half of it paid off by the end of the month.

Actually, make that by the end of June.

Mid-Apr 2017:
SEP IRA: $231
tIRA: $1624
Car loan: -$5120
Roof loan: -$8864
Emergency fund: $1000

Total: -$11,129

Late-Jun 2017:
SEP IRA: $245
tIRA: $1702
Car loan: -$4645
Roof loan: -$3864
Emergency fund: $1000

Total: -$5,562

Not even close to zero yet, but moving in the right direction again!

Mid-Sep:
SEP IRA: $581
tIRA: $1777
Car loan: $3931
Roof loan: $3649
Emergency fund: $0

Total: -$5,222

My number is basically the same as before, but life happened and now I need to replenish the emergency fund after a trip my spouse took to urgent care turned into an ambulance ride to the ER and a three day stay in the hospital. He now has an incurable autoimmune disease that will require lots of pharmaceuticals for the rest of his life. It has been an adjustment, for sure. So thankful he has good health insurance and we were able to deal with this with our meager emergency fund, but we also really wish we would have signed up for life insurance while he was still healthy!

Mid-Oct:
SEP IRA: $590
tIRA: $1809
Car loan: $3692
Roof loan: $3578
Emergency fund: $505
Hospital bill: $2024

Total: -$6390

Ah ha ha! Silly me. I thought we had paid off the last of the hospital bills. Nope. Another one rolled in. Always something.

Mid-Nov:
SEP IRA: $1395
tIRA: $1826
Car loan: $3452
Roof loan: $3578
Emergency fund: $1000
Hospital bill: $2024, maybe. It's under review.

Total: -$4833

Mid-Dec:
SEP IRA: $1399
tIRA: $1849
Car loan: $3211
Roof loan: $1506
Emergency fund: $1000
Hospital bill: $1774

Total: -$2243

Mid-Jan:
SEP IRA: $2524
tIRA: $1978
Car loan: $2971
Roof loan: $1352
Emergency fund: $1000
Hospital bill: $1523

Total: -$344 Getting close to zero!!!

Manchester

  • 5 O'Clock Shadow
  • *
  • Posts: 61
Re: Saving to $10K
« Reply #610 on: January 25, 2018, 03:18:40 AM »
Mid-Jan:
SEP IRA: $2524
tIRA: $1978
Car loan: $2971
Roof loan: $1352
Emergency fund: $1000
Hospital bill: $1523

Total: -$344 Getting close to zero!!!

Nice jump in your IRA and all your bills going down too!  Keep going, you'll have a positive NW in no time!!

Imma

  • Pencil Stache
  • ****
  • Posts: 828
  • Location: Europe
Re: Saving to $10K
« Reply #611 on: January 25, 2018, 04:16:55 AM »
Well done, Lemonverbena and Manchester! You're both making good progress.

I can't wait for my salary to be paid next week. This has been a hard month. My bike got stolen and I had to replace it, we had storm damage to our garden fences (still waiting to hear if insurance covers anything, but we have a €250 deductable and the fence was old, so I'm not sure) and January is also the month we pay local taxes. We were both ill over Christmas, so we didn't go to any of the family gatherings. This saved us money in December, but we've made a lot of New Year's visits to family this month + a few still coming up. None of them live in our area, so there are a lot of travel costs. I'm very happy to have savings though: many people earning €1200/month get in debt from these kind of small emergencies. For us it's only a small setback. I am going to look through the house for things to sell this Saturday though. Every little bit helps. I think I have a few items of clothing that might sell (lost some weight).

The positive side is that this month will be the last month I'll have a €70 tax payment. We had a small tax debt and it'll be paid off. I had planned to put that €70 towards savings, but it seems I'll have to spend it on a €50/month course for the forseeable future. It's work related, but I'm paying out of pocket. I'm looking for a new job and this course will hopefully pay itself back over time.

Spruit

  • Handlebar Stache
  • *****
  • Posts: 1022
  • Age: 31
  • Location: Netherlands
Re: Saving to $10K
« Reply #612 on: January 25, 2018, 11:07:07 AM »
debt ~35k (@0.81%)
Savings ~33k
Invested 4.3k

Jan. 18 update:
debt ~35k (@0.81%)
savings ~34k
invested 4.7k

Salary came in, redirected 200 to savings, 200 will be automatically invested in a few days (not included in numbers above). Payment for gig should come next month (250 euros, split between saving).
Numbers are looking good now, but Dog will need her knee fixed which costs more than 1k. We have a joint pet saving plan, but that's depleted by now so I think this will need a refill from both our private accounts. But, disclaimer, aside I'm quite happy with the progress.
Yay, out of debt... now, GROW!
My current journal

DieHard_772

  • Bristles
  • ***
  • Posts: 339
  • Location: California
Re: Saving to $10K
« Reply #613 on: January 25, 2018, 02:23:48 PM »
Good job everyone!
BTW Often I think this thread is my favorite thread...



haypug16

  • Bristles
  • ***
  • Posts: 411
  • Age: 39
  • Location: Boston, MA
Re: Saving to $10K
« Reply #614 on: January 25, 2018, 02:40:44 PM »
Good job everyone!
BTW Often I think this thread is my favorite thread...

Same here. I love when it comes up in my "new replies to your posts" section. It's so positive and motivating.

DieHard_772

  • Bristles
  • ***
  • Posts: 339
  • Location: California
Re: Saving to $10K
« Reply #615 on: January 25, 2018, 09:19:12 PM »
Good job everyone!
BTW Often I think this thread is my favorite thread...

Same here. I love when it comes up in my "new replies to your posts" section. It's so positive and motivating.

Yes,  I can't yet relate to the folks whose accounts grew by $500k in the last 18 months or something.
This is the thread for babysteps... which some day will be huge steps.



runbikerun

  • Stubble
  • **
  • Posts: 187
Re: Saving to $10K
« Reply #616 on: January 26, 2018, 01:14:24 AM »
Slight backward step this month: I had to pay for flights for our summer holidays, which took a chunk out of my funds. It was expected, but a bit annoying to see the number going in the wrong direction. New total of 6,580.

lexde

  • Pencil Stache
  • ****
  • Posts: 934
  • Age: 28
Re: Saving to $10K
« Reply #617 on: January 26, 2018, 05:23:09 AM »
Slight backward step this month: I had to pay for flights for our summer holidays, which took a chunk out of my funds. It was expected, but a bit annoying to see the number going in the wrong direction. New total of 6,580.
Have you looked into travel hacking at all? Depending on how often you travel, it could pay for or at least offset some of the expenses for holidays.

runbikerun

  • Stubble
  • **
  • Posts: 187
Re: Saving to $10K
« Reply #618 on: January 26, 2018, 06:15:49 AM »
Slight backward step this month: I had to pay for flights for our summer holidays, which took a chunk out of my funds. It was expected, but a bit annoying to see the number going in the wrong direction. New total of 6,580.
Have you looked into travel hacking at all? Depending on how often you travel, it could pay for or at least offset some of the expenses for holidays.

I'm based outside the US, in a market where credit card bonuses are close to nonexistent, so travel hacking sadly isn't really an option. That said, the trade-off is that I can buy a Ryanair flight to just about anywhere in Europe for less than fifty dollars if I plan far enough in advance, so swings and roundabouts.

marielle

  • Pencil Stache
  • ****
  • Posts: 862
  • Age: 25
  • Location: South Carolina
Re: Saving to $10K
« Reply #619 on: January 26, 2018, 06:36:59 AM »
Haven't posted since reaching $0 net worth in August, now I'm at $5,246.

Welp, looks like I'm just under 11k now so I'll be joining the race to 100k thread!

It will drop slightly after paying rent and utilities in a few days, but should stay above 10k barring anything crazy like needing a car before my next paycheck (which is possible). I also have $120 in federal and $570 in state taxes due to me next month!

Imma

  • Pencil Stache
  • ****
  • Posts: 828
  • Location: Europe
Re: Saving to $10K
« Reply #620 on: January 26, 2018, 06:50:02 AM »
Haven't posted since reaching $0 net worth in August, now I'm at $5,246.

Welp, looks like I'm just under 11k now so I'll be joining the race to 100k thread!

It will drop slightly after paying rent and utilities in a few days, but should stay above 10k barring anything crazy like needing a car before my next paycheck (which is possible). I also have $120 in federal and $570 in state taxes due to me next month!

Congrats! Another graduate :) Hope to join you in the race to 100k next year.

Slanhirn

  • 5 O'Clock Shadow
  • *
  • Posts: 17
Re: Saving to $10K
« Reply #621 on: January 26, 2018, 07:00:25 AM »
Congratulations Marielle on graduating! 

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
February 2018 = £7,943 = + £1,048

Assets = £21,879
Student loans = (£13, 968)

Had to use my emergency fund this month for the first time for a vet emergency, so glad I didn't have to worry about money while also trying to handle a crisis! Set me back a little on my planned savings though so my NW £10K goal is now April rather March unless I can scrounge and save/earn £500 somehow in the next month.

Lichen

  • Stubble
  • **
  • Posts: 228
  • Location: PNW
  • We've got movie sign!
Re: Saving to $10K
« Reply #622 on: January 26, 2018, 09:41:30 AM »
Posting to join!

I just noticed there was a 10k thread - This is much more my speed!

We're self employed with money trickling in all month. In December, we managed to flip our finances so we are paying this month's bills off of last months earnings instead of paying everything as soon as we earned the money for it (and constantly posting a payment a few days late).

Income fluctuates monthly, but is around 40K/year on average. No debts but the house, which we have equity in. Not counting it as part of the net worth at this point though, since we will be either selling it or renting it out next year. My 10k race is all about cash saved (to be invested), baby!

January 1st saved: $334.24

DieHard_772

  • Bristles
  • ***
  • Posts: 339
  • Location: California
Re: Saving to $10K
« Reply #623 on: January 26, 2018, 09:55:17 AM »
Posting to join!

I just noticed there was a 10k thread - This is much more my speed!

We're self employed with money trickling in all month. In December, we managed to flip our finances so we are paying this month's bills off of last months earnings instead of paying everything as soon as we earned the money for it (and constantly posting a payment a few days late).

Income fluctuates monthly, but is around 40K/year on average. No debts but the house, which we have equity in. Not counting it as part of the net worth at this point though, since we will be either selling it or renting it out next year. My 10k race is all about cash saved (to be invested), baby!

January 1st saved: $334.24

Awesome, welcome aboard



fluffmuffin

  • Stubble
  • **
  • Posts: 248
  • Location: VA
Re: Saving to $10K
« Reply #624 on: January 26, 2018, 10:02:00 AM »
Welcome @Lichen and congratulations to the newest graduates! May the road to your next $90k be swift and painless :)

Cassini

  • 5 O'Clock Shadow
  • *
  • Posts: 2
Re: Saving to $10K
« Reply #625 on: January 26, 2018, 01:58:14 PM »
I know what people mean when they say they feel they are constantly anticipating the next payday. I have an app on my phone that counts down days to certain events, and the next payday is always on there!

Good for motivation, but I always feel a little guilty for not living in the moment as much as I could!

Below is my update for Jan Pay day. Can't believe it's almost February already...


Net Worth
Dec '17: £5792 - 2450 = £3342
Jan '18: £6759 - 2542 = £4217 (£875 increase)

Deposit Savings (16k target)
Dec '17 - £2277 - 14.23%
Jan '18 - £2842 - 17.76%
« Last Edit: January 26, 2018, 02:07:11 PM by Cassini »

Spruit

  • Handlebar Stache
  • *****
  • Posts: 1022
  • Age: 31
  • Location: Netherlands
Re: Saving to $10K
« Reply #626 on: January 26, 2018, 03:21:12 PM »
Well done graduates and hi to new members!
Yay, out of debt... now, GROW!
My current journal

fluffmuffin

  • Stubble
  • **
  • Posts: 248
  • Location: VA
Re: Saving to $10K
« Reply #627 on: January 29, 2018, 09:01:41 AM »
Yall I just need to share that I had some magic budgeting math work out for me! I needed exactly $250 to cover pre-paying some vacation stuff for this summer...and I got a check in the mail for $250 from a contract job-thing back in December. That money was always going to be earmarked for vacation stuff, but I didn't know when I was going to get it. So hooray, now I can hit my goal numbers for the next paycheck :)

zeli2033

  • Stubble
  • **
  • Posts: 117
Re: Saving to $10K
« Reply #628 on: January 29, 2018, 09:19:49 AM »
That’s excellent, fluffmuffin! Love it when financial magic works out :)

nosythecat

  • 5 O'Clock Shadow
  • *
  • Posts: 10
Re: Saving to $10K
« Reply #629 on: January 29, 2018, 03:10:16 PM »
Joining this thread

401K $4231
Debts  $(3420)
Savings $20
Checking  $255
Net Worth $1086

I want to exclude my 401k because technically that's money I'm not touching, but it's my net worth (excluding paid off car).   I've been laser focused on paying off my debt and should get that done by April and then my savings balance will look better than this pitiful $20.  I have already set up challenges and goals for myself to live as frugally as I can.  Just to pay off the debt will be a huge milestone for me.  Wish me luck all!

Spruit

  • Handlebar Stache
  • *****
  • Posts: 1022
  • Age: 31
  • Location: Netherlands
Re: Saving to $10K
« Reply #630 on: January 29, 2018, 04:04:56 PM »
Welcome and good luck!
Yay, out of debt... now, GROW!
My current journal

vikingtantan

  • 5 O'Clock Shadow
  • *
  • Posts: 15
Re: Saving to $10K
« Reply #631 on: January 29, 2018, 07:22:55 PM »
Currently have $5,300 in my emergency fund and hope to have it up to 10k by August 2018 or sooner. I should have a fairly large paycheck in March with bonuses and such, so hopefully I can smash this goal much sooner than August! :)

Spruit

  • Handlebar Stache
  • *****
  • Posts: 1022
  • Age: 31
  • Location: Netherlands
Re: Saving to $10K
« Reply #632 on: January 30, 2018, 12:38:13 AM »
So, dog had the operation without any complicaties it seems. Little bit less expensive than feared, covered it with our joint funds. Which means I'll get to keep my money to invest. And yesterday I got asked for a gig in June, which is far off but lucrative.
« Last Edit: January 30, 2018, 08:36:22 AM by Spruit »
Yay, out of debt... now, GROW!
My current journal

Lichen

  • Stubble
  • **
  • Posts: 228
  • Location: PNW
  • We've got movie sign!
Re: Saving to $10K
« Reply #633 on: January 30, 2018, 07:06:12 AM »
So, dog had the operation without any complicaties it seems. Little bit less expensive than feared, covered it with our joint funds. Which means I'll get to keep my money to invest. And yesterday I got asked foto a gig in June, which is far off but lucrative.

Great news on all fronts!

Imma

  • Pencil Stache
  • ****
  • Posts: 828
  • Location: Europe
Re: Saving to $10K
« Reply #634 on: January 30, 2018, 07:31:00 AM »
So, dog had the operation without any complicaties it seems. Little bit less expensive than feared, covered it with our joint funds. Which means I'll get to keep my money to invest. And yesterday I got asked foto a gig in June, which is far off but lucrative.

Glad to hear your dog is doing well :)

Still waiting to get paid. My boss always waits until the very last moment and this time he's waited for so long I'm not not sure the money will arrive this month. I really hate it when he pays late. First of all because it's just procrastination on his side, and it feels disrespectful, but we have a lot of automatic payments at the last day of the month and it's a hassle to transfer money from a savings account so they can go through.

Mongoose

  • Handlebar Stache
  • *****
  • Posts: 1773
Re: Saving to $10K
« Reply #635 on: January 30, 2018, 07:58:30 AM »
So, dog had the operation without any complicaties it seems. Little bit less expensive than feared, covered it with our joint funds. Which means I'll get to keep my money to invest. And yesterday I got asked foto a gig in June, which is far off but lucrative.

Glad to hear your dog is doing well :)

Still waiting to get paid. My boss always waits until the very last moment and this time he's waited for so long I'm not not sure the money will arrive this month. I really hate it when he pays late. First of all because it's just procrastination on his side, and it feels disrespectful, but we have a lot of automatic payments at the last day of the month and it's a hassle to transfer money from a savings account so they can go through.

This would make me nuts and is super inconsiderate of your boss!

MSquared

  • Stubble
  • **
  • Posts: 102
  • Location: USA
Re: Saving to $10K
« Reply #636 on: January 30, 2018, 08:15:21 AM »
Welcome new folks and congrats marielle!  :)  It's good to hear about puppies and financial magic too! 

MSquared

  • Stubble
  • **
  • Posts: 102
  • Location: USA
Re: Saving to $10K
« Reply #637 on: January 30, 2018, 08:26:33 AM »
End of January update:

Emergency fund: $3320

Yep, I went backwards.  I bought plane tickets (only happens about once a year) and my yearly supply of contacts this month.  Ouch.  At some point I'd like to have a separate fund for these things (because they're not exactly emergencies), but for the time being, these things are coming out of the e-fund.  Once I have the e-fund built up to where I want it, I'll deem it untouchable except for true emergencies and I'll have a separate savings for these type of things.  I suppose I could do that now, but I'm okay with this method for the time being.  It's all savings, after all. 

Unfortunately next month I'm heading backwards again due to getting the implant for my new tooth.  (To the tune of $2150.  Yikes!!!)  Thankfully March will be a quick rebuild with an extra paycheck and a tax return. 

lexde

  • Pencil Stache
  • ****
  • Posts: 934
  • Age: 28
Re: Saving to $10K
« Reply #638 on: January 31, 2018, 06:51:40 AM »
I’m 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
1/31/2018: $5,592.26

dj

  • Stubble
  • **
  • Posts: 225
Re: Saving to $10K
« Reply #639 on: January 31, 2018, 07:31:02 AM »
First time to the thread!!

I'm 26 and ready to get down to business for the next few years to kill as much debt as I can while building up savings.
Little bit of a slow start since I didn't understand much about money management right out of college and I took an adventure for 10 months out to Oregon on low hourly pay.

- Currently -
Cash: 991.36
Savings: 716.12
Credit card balance: -487.78
Car loan: -6320.24 (2.64%)
Student loan: -23,849 ($6,523 of this is at a 6.8% interest rate)

Approx $1300 in an old 401k that has been transferred to a holding trust company until I move it. I plan on starting an IRA with that.

I'm putting $250 towards this next months credit card payment, and hope to be putting away $500 to my savings for an emergency fund. Or should I just ditch the savings and pay off my credit card?

Let me know if you have some tips. Good luck everyone!

« Last Edit: January 31, 2018, 07:45:25 AM by dj »

zeli2033

  • Stubble
  • **
  • Posts: 117
Re: Saving to $10K
« Reply #640 on: January 31, 2018, 08:33:32 AM »
I'm putting $250 towards this next months credit card payment, and hope to be putting away $500 to my savings for an emergency fund. Or should I just ditch the savings and pay off my credit card?

Let me know if you have some tips. Good luck everyone!

Welcome dj! Great to have you here. RE: your question and going off the Investment Order Sticky Post (https://forum.mrmoneymustache.com/investor-alley/investment-order/msg1333153/#msg1333153) you could build up an e-fund first before going after the credit card (depending on the interest rate) and additional high-interest debt.

However, since the credit card balance is so low and it seems like you'll be able to wipe it quickly, I personally would want to douse the hair on fire debt before savings. But I just really like the psychological benefits of eradicating debt demons so YMMV. Either way, check out the Investment Order post, see what other mustachians have to say and of course, do your research before making your decisions.

No matter what you're #winning because you're here :)

zeli2033

  • Stubble
  • **
  • Posts: 117
Re: Saving to $10K
« Reply #641 on: January 31, 2018, 08:40:34 AM »
End of January Update

12/11/17: (47,400)
12/26/17: (42,469)
12/29/17: (39,190)
1/31/18: (28,165)

Assets [401ks, IRAs, Cash]: $35,314
Student Loan: (63,480)

Recap: DH transitioned to new company, increased 401k contributions, liquidated checking account to only float one month of expenses and put the rest in 2017/2018 Roth IRAs.

haypug16

  • Bristles
  • ***
  • Posts: 411
  • Age: 39
  • Location: Boston, MA
Re: Saving to $10K
« Reply #642 on: January 31, 2018, 08:51:24 AM »
Welcome to everyone who just joined.

January 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) +3,969.70 increase from last month. I realized that I was not adding my checking account balance in my NW total! Normally this would be OK since every pay day money comes in and I pay my bills that day so the balance is kept very low, but now that my Student Loans are set up on Auto-pay which doesn't go through until the 13th I have some money sitting in the account. I almost posted my January update with out noticing that and the increase would have only been $2,955. So instead of coming in just under my $3K goal I surpassed it by nearly a grand. :)

So close to being out of the neg 20s and I'm 2 months away from my 1 year anniversary of joining this thread. I still can't believe how different my spending/savings has changed and that I've been able to increase my NW by ~$32K! I'll just be over here feeling proud of myself and also thinking about ways I can be even more Mustachian!



Zero NW goal - September 2018
$10K NW goal - December 2018
« Last Edit: January 31, 2018, 08:53:52 AM by haypug16 »

Tass

  • Bristles
  • ***
  • Posts: 432
  • Age: 24
  • Location: Southern California
  • Working on a PhD...
Re: Saving to $10K
« Reply #643 on: January 31, 2018, 10:27:42 AM »
I’m 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
1/31/2018: $5,592.26

Holy cow, lexde - am I reading right that you've gained almost $5k in a month and a half? You're on fire! (But in a cool way, not a debt way..)

lexde

  • Pencil Stache
  • ****
  • Posts: 934
  • Age: 28
Re: Saving to $10K
« Reply #644 on: January 31, 2018, 10:52:12 AM »
Holy cow, lexde - am I reading right that you've gained almost $5k in a month and a half? You're on fire! (But in a cool way, not a debt way..)
Yep! It won’t keep up at that rate because I am funneling cash into my HSA to have it fully funded by March 1 (about $600 in additional NW gain per month thanks to tax breaks) but I’m working diligently to hit my 10k goal before May! We’ll see.

TexasRunner

  • Pencil Stache
  • ****
  • Posts: 673
  • Location: Somewhere in Tejas
Re: Saving to $10K
« Reply #645 on: January 31, 2018, 11:01:31 AM »
Allright so I'm in. 
...
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).

Current status:
Total Net Worth:  +$38,756.52
Liquid Net Worth:  ($3,001.77)
Days Bought:  26.47

Its an additional +$1,833.09 to the net worth and an additional +$1,709.50 net worth not tied up in equity.

I do need to speed it up to hit my goal of September.  Planning a weekend vacation (and paying for it ahead of time) kinda screwed up my progress this month... :/  But life is about living.

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

Lichen

  • Stubble
  • **
  • Posts: 228
  • Location: PNW
  • We've got movie sign!
Re: Saving to $10K
« Reply #646 on: January 31, 2018, 02:39:57 PM »
January check-in (and my first official check-in):

January: $3217.74

This number may dip over February since I have a few summer reservations to make...

Manchester

  • 5 O'Clock Shadow
  • *
  • Posts: 61
Re: Saving to $10K
« Reply #647 on: February 01, 2018, 06:59:05 AM »
First time to the thread!!

I'm 26 and ready to get down to business for the next few years to kill as much debt as I can while building up savings.
Little bit of a slow start since I didn't understand much about money management right out of college and I took an adventure for 10 months out to Oregon on low hourly pay.

- Currently -
Cash: 991.36
Savings: 716.12
Credit card balance: -487.78
Car loan: -6320.24 (2.64%)
Student loan: -23,849 ($6,523 of this is at a 6.8% interest rate)

Approx $1300 in an old 401k that has been transferred to a holding trust company until I move it. I plan on starting an IRA with that.

I'm putting $250 towards this next months credit card payment, and hope to be putting away $500 to my savings for an emergency fund. Or should I just ditch the savings and pay off my credit card?

Let me know if you have some tips. Good luck everyone!

Welcome to the forum!  Feel free to ask questions in here, I've found everyone is positive and friendly!

Zeli's advice is right IMO.  The order of investments is important, but a lot depends on your personal circumstances and your risk tolerance.  Depending on your job safety, accomodation arrangements and so on, you may need an emergency fund in place.  If you were to say you have 3 children, a mortgage and an unstable job, an emergency fund is vital, if you're living in your childhood home, rent free with no bills, then you obviously don't need as much.

If you're being charged over 10% interest on your CC, I would treat this as an emergency and attempt to pay that off immediately, dipping into your savings account if you need to.  Seriously, treat it as if your hair is on fire!!  Meals out/take aways, nights out, short breaks, any treats what so ever - forget it until it's extinguished!  Work over time if you can.  I know it's 'only a few hundred $'s' but that's the type of mind set that got me out of CC debt.  It's incredibly demoralising to work hard and earn more money one month, to find it'll only service your CC interest and you'll be in a similar boat next month etc.   

The interest you're saving on that will help you boost a reasonable emergency fund. and then I'd tackle the 6% student loan with equal vigour.




frontstepdesign

  • 5 O'Clock Shadow
  • *
  • Posts: 63
  • Location: Mississippi Delta
Re: Saving to $10K
« Reply #648 on: February 01, 2018, 07:54:56 AM »
Posting to join!  I think I just need to swap my FB time to the various threads on this forum... :)

We're in a transitional period - we have sales deals pending with tenants* in two previous residences, and settling into the new place has its expenses too, so my balance sheet looks pretty daunting right now...for my own sanity, I want to monitor making progress SOMEWHERE.

Cash: 5332
401K: 36,013
NonPropertyDebt (highest priority, but most of this is at 0% temporary rate): (16,742)
Student loan: (2861)

*though one of these is looking pretty sketchy - I hope we don't have to evict the guy, he's been a longtime friend.  But with numbers above, I can't afford to extend loan/gift of unpaid rent!
Journaling about directing my expertise at myself: https://forum.mrmoneymustache.com/journals/design-gets-shit-done/

dj

  • Stubble
  • **
  • Posts: 225
Re: Saving to $10K
« Reply #649 on: February 01, 2018, 08:17:27 AM »
First time to the thread!!

I'm 26 and ready to get down to business for the next few years to kill as much debt as I can while building up savings.
Little bit of a slow start since I didn't understand much about money management right out of college and I took an adventure for 10 months out to Oregon on low hourly pay.

- Currently -
Cash: 991.36
Savings: 716.12
Credit card balance: -487.78
Car loan: -6320.24 (2.64%)
Student loan: -23,849 ($6,523 of this is at a 6.8% interest rate)

Approx $1300 in an old 401k that has been transferred to a holding trust company until I move it. I plan on starting an IRA with that.

I'm putting $250 towards this next months credit card payment, and hope to be putting away $500 to my savings for an emergency fund. Or should I just ditch the savings and pay off my credit card?

Let me know if you have some tips. Good luck everyone!

Welcome to the forum!  Feel free to ask questions in here, I've found everyone is positive and friendly!

Zeli's advice is right IMO.  The order of investments is important, but a lot depends on your personal circumstances and your risk tolerance.  Depending on your job safety, accomodation arrangements and so on, you may need an emergency fund in place.  If you were to say you have 3 children, a mortgage and an unstable job, an emergency fund is vital, if you're living in your childhood home, rent free with no bills, then you obviously don't need as much.

If you're being charged over 10% interest on your CC, I would treat this as an emergency and attempt to pay that off immediately, dipping into your savings account if you need to.  Seriously, treat it as if your hair is on fire!!  Meals out/take aways, nights out, short breaks, any treats what so ever - forget it until it's extinguished!  Work over time if you can.  I know it's 'only a few hundred $'s' but that's the type of mind set that got me out of CC debt.  It's incredibly demoralising to work hard and earn more money one month, to find it'll only service your CC interest and you'll be in a similar boat next month etc.   

The interest you're saving on that will help you boost a reasonable emergency fund. and then I'd tackle the 6% student loan with equal vigour.

Thanks! I move out of my place with 3 other roommates in July. Only $375 rent, but if I got that new position, I would be a 5 minute walk from work. Once I move out, if I wanted to live at home for free, I'm 40 minutes away from work having to drive every day....
May be worth it to do as much research as I can to find a cheap living situation close to work.