Author Topic: Saving to $10K  (Read 98858 times)

fluffmuffin

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Re: Saving to $10K
« Reply #800 on: May 08, 2018, 02:39:01 PM »
@DieHard_772 couldn't agree more :)

Manchester

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Re: Saving to $10K
« Reply #801 on: May 09, 2018, 02:55:27 AM »
I just want to thank everyone on this thread for being here...
As much as I love MMM, it has often been disheartening to be on this forum
when i see people who so nimbly seem to add tens of thousands of dollars to their
networth every year, or HUNDREDS of thousands for that matter.

As much as I like the idea behind MMM and aim to live true to it, there are
simple facts that I am working with, namely:
1) I run a business that costs a decent percentage of my income
2) Raising my income has not been as easy or as quick as i would like
3) there are realities at least for me that I can't just live the kind of spartan life that MMM seems to
support... and by far, the bulk of what i've earned goes to pay monthly expenses (both business and personal).
4) I'm still rather new to the idea of building my wealth... I've only been investing for 3 years

So our progress has maintained itself of over $1000+ networth growth per month, which is a lot more
progress than i ever did before, believe me, yet there have been many times that I wish it were much
faster... it certainly isn't at the levels that MMM talks about which result from you saving 50%+ of your income.

Hopefully that will change, and some day I will be able to save 50%+ of what I bring in, in the meantime...

I appreciate you all, because, like me, we're starting right here... at the bottom!  I don't mean that as a knock,
it's just nice to have people I can relate to on here.

Thank you!

A lot of the people on here, who're smashing it, are doing so because they've been naturally frugal, ended up with a high paying salary and then scoured the web thinking about what to do with it.  There will be significantly more people with lower incomes who want to invest more, but have never looked into it properly/made the sacrifices to enable them to invest.

If it helps you, don't compare yourself to the people adding hundreds of thousands of dollars to their portfolio each year.  Look closer to home.  By doing ANYTHING you're doing more than 99% of the worlds population.  Everyone says the first $10k is the hardest, and I believe them.   

haypug16

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Re: Saving to $10K
« Reply #802 on: May 10, 2018, 05:59:35 AM »
@DieHard_772 couldn't agree more :)

+1 This is my favorite gauntlet on the forum. I look forward to seeing updates from everyone working hard for this goal.

zeli2033

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Re: Saving to $10K
« Reply #803 on: May 12, 2018, 08:12:14 AM »
Been busy and missed the end of April update.

12/11/17: (47,400)
12/26/17: (42,469)
12/29/17: (39,190)
1/31/18: (28,165)
2/15/18: (26,399)
2/28/18: (21,735)
3/16/18: (19,339)
3/30/18: (16,099)
4/15/18: (13,183)
4/30/18: (11,771)

Assets [401ks, IRAs, HSA, Cash]: $48,294
Student Loan/CCs: (60,065)

It wasn't a great month - lots of additional expenses that will have a lingering impact on net worth goals until probably the end of May but continuing to track nonetheless!

Hirondelle

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Re: Saving to $10K
« Reply #804 on: May 12, 2018, 11:27:15 AM »
@DieHard_772 couldn't agree more :)

+1 This is my favorite gauntlet on the forum. I look forward to seeing updates from everyone working hard for this goal.

+2. I'm kinda sad I'm in the next thread already as I love the support and encouragement in this one. THe 10-100k was is more just an accountability check, this one's so much "warmer". Keep on rockin' people!

DieHard_772

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Re: Saving to $10K
« Reply #805 on: May 13, 2018, 02:39:53 PM »

A lot of the people on here, who're smashing it, are doing so because they've been naturally frugal, ended up with a high paying salary and then scoured the web thinking about what to do with it.  There will be significantly more people with lower incomes who want to invest more, but have never looked into it properly/made the sacrifices to enable them to invest.

If it helps you, don't compare yourself to the people adding hundreds of thousands of dollars to their portfolio each year.  Look closer to home.  By doing ANYTHING you're doing more than 99% of the worlds population.  Everyone says the first $10k is the hardest, and I believe them.

Very good point, @Manchester.  Thank you for the reminder



DieHard_772

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Re: Saving to $10K
« Reply #806 on: May 13, 2018, 04:08:50 PM »
@DieHard_772 couldn't agree more :)

+1 This is my favorite gauntlet on the forum. I look forward to seeing updates from everyone working hard for this goal.

+2. I'm kinda sad I'm in the next thread already as I love the support and encouragement in this one. THe 10-100k was is more just an accountability check, this one's so much "warmer". Keep on rockin' people!

I relate, @Hirondelle.  That's why i keep coming back on here.  It's good to remember our roots :)



haypug16

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Re: Saving to $10K
« Reply #807 on: May 14, 2018, 07:37:35 AM »
@DieHard_772 couldn't agree more :)

+1 This is my favorite gauntlet on the forum. I look forward to seeing updates from everyone working hard for this goal.

+2. I'm kinda sad I'm in the next thread already as I love the support and encouragement in this one. THe 10-100k was is more just an accountability check, this one's so much "warmer". Keep on rockin' people!

I relate, @Hirondelle.  That's why i keep coming back on here.  It's good to remember our roots :)

Well maybe as we start graduating into the 10-100K thread we can "warm" it up :) The support here is great and I'd hate to lose that by moving into the next race.

bcbaseballman

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Re: Saving to $10K
« Reply #808 on: May 14, 2018, 08:07:07 AM »
Hello all,

I figured this is a good place for me to start. I am 28 years old and thought I was doing good overall and then I calculated my net worth and was disappointed. Here is my current simple breakdown:

Assets (Savings account, IRA, Home Equity): $51,406.27
Liabilities (Student Loans, Car): $53,998.34

Total Net Worth: ($2,592.07)

Have a good day!

Hi, welcome to the thread.

What's your plan of action?  What interest rate are your loans etc?  You're not in a bad position, especially considering you're just starting out. 

:)

My wife actually just got a job (She stays at home with the kids during the day and is going to be working nights and weekends.) we have lived off of my salary for over around the last year just fine so what ever she makes is going to go toward paying for the car loan. hope to have all debt erased here in the next three years all while still putting around 20% into our retirement accounts. our car interest rate is 3.49%  while my student loans range from 3.5% to 6.5% when the car is paid off we plan on refinancing the loan to get a better rate for them.  (Just currently like the flexibility that the government gives us with them currently). I have the next multiple years laid out and hopefully we can stick to them as closely as possible!

bcbaseballman

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Re: Saving to $10K
« Reply #809 on: May 14, 2018, 08:16:29 AM »
I just want to thank everyone on this thread for being here...
As much as I love MMM, it has often been disheartening to be on this forum
when i see people who so nimbly seem to add tens of thousands of dollars to their
networth every year, or HUNDREDS of thousands for that matter.

As much as I like the idea behind MMM and aim to live true to it, there are
simple facts that I am working with, namely:
1) I run a business that costs a decent percentage of my income
2) Raising my income has not been as easy or as quick as i would like
3) there are realities at least for me that I can't just live the kind of spartan life that MMM seems to
support... and by far, the bulk of what i've earned goes to pay monthly expenses (both business and personal).
4) I'm still rather new to the idea of building my wealth... I've only been investing for 3 years

So our progress has maintained itself of over $1000+ networth growth per month, which is a lot more
progress than i ever did before, believe me, yet there have been many times that I wish it were much
faster... it certainly isn't at the levels that MMM talks about which result from you saving 50%+ of your income.

Hopefully that will change, and some day I will be able to save 50%+ of what I bring in, in the meantime...

I appreciate you all, because, like me, we're starting right here... at the bottom!  I don't mean that as a knock,
it's just nice to have people I can relate to on here.

Thank you!

I am still pretty new to this site and it is nice to see that there are people on here that are not making hundreds of thousands of dollars each year. I only make half that amount and  thought I was doing good until I see all those posts. Thank for this thread it has made me feel more at home here. Hoping to increase my NW around a grand each month.

I just keep telling myself "My NW only going up is a sign of success!"

Hirondelle

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Re: Saving to $10K
« Reply #810 on: May 14, 2018, 08:41:13 AM »
I just want to thank everyone on this thread for being here...
As much as I love MMM, it has often been disheartening to be on this forum
when i see people who so nimbly seem to add tens of thousands of dollars to their
networth every year, or HUNDREDS of thousands for that matter.

As much as I like the idea behind MMM and aim to live true to it, there are
simple facts that I am working with, namely:
1) I run a business that costs a decent percentage of my income
2) Raising my income has not been as easy or as quick as i would like
3) there are realities at least for me that I can't just live the kind of spartan life that MMM seems to
support... and by far, the bulk of what i've earned goes to pay monthly expenses (both business and personal).
4) I'm still rather new to the idea of building my wealth... I've only been investing for 3 years

So our progress has maintained itself of over $1000+ networth growth per month, which is a lot more
progress than i ever did before, believe me, yet there have been many times that I wish it were much
faster... it certainly isn't at the levels that MMM talks about which result from you saving 50%+ of your income.

Hopefully that will change, and some day I will be able to save 50%+ of what I bring in, in the meantime...

I appreciate you all, because, like me, we're starting right here... at the bottom!  I don't mean that as a knock,
it's just nice to have people I can relate to on here.

Thank you!

I am still pretty new to this site and it is nice to see that there are people on here that are not making hundreds of thousands of dollars each year. I only make half that amount and  thought I was doing good until I see all those posts. Thank for this thread it has made me feel more at home here. Hoping to increase my NW around a grand each month.

I just keep telling myself "My NW only going up is a sign of success!"

Join us in the "Low income group journal" - we discuss many things for lower income folks :)

I'm increasing my NW with a similar value monthly.

QuillScroll

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Re: Saving to $10K
« Reply #811 on: May 14, 2018, 08:56:21 AM »
I post on 'Race to 50K thread' but I also follow this thread because I love it and love the support.

I recently found MMM, I have never been a networth tracker before. But I distinctly remember around Jan of 2016, my networth was close to zero. I didn't have any debt but also I didnt have any savings or investment.

Today my networth is around 35K. So it has taken about 2.5 years so slowly but surely progress is being made. So I want to re-iterate as long as there is progress, we all are on the right track.

Keep going!!!

DieHard_772

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Re: Saving to $10K
« Reply #812 on: May 14, 2018, 10:35:00 AM »

Join us in the "Low income group journal" - we discuss many things for lower income folks :)

I'm increasing my NW with a similar value monthly.

Lol, that's hilarious @Hirondelle !
Let's all be slow moving money creeps together... 



DieHard_772

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Re: Saving to $10K
« Reply #813 on: May 14, 2018, 10:35:51 AM »
Well maybe as we start graduating into the 10-100K thread we can "warm" it up :) The support here is great and I'd hate to lose that by moving into the next race.

Yes please!  @haypug16



DieHard_772

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Re: Saving to $10K
« Reply #814 on: May 14, 2018, 10:37:45 AM »

I am still pretty new to this site and it is nice to see that there are people on here that are not making hundreds of thousands of dollars each year. I only make half that amount and  thought I was doing good until I see all those posts. Thank for this thread it has made me feel more at home here. Hoping to increase my NW around a grand each month.

I just keep telling myself "My NW only going up is a sign of success!"

Lol, I know the feeling 1000% @bcbaseballman.  I've been telling myself, "No matter what, I will have a lot more money than I would otherwise!"
This reminds me to keep looking at my progress, instead of comparing it to what some other people may be doing.



DieHard_772

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Re: Saving to $10K
« Reply #815 on: May 14, 2018, 10:38:31 AM »
I post on 'Race to 50K thread' but I also follow this thread because I love it and love the support.

I recently found MMM, I have never been a networth tracker before. But I distinctly remember around Jan of 2016, my networth was close to zero. I didn't have any debt but also I didnt have any savings or investment.

Today my networth is around 35K. So it has taken about 2.5 years so slowly but surely progress is being made. So I want to re-iterate as long as there is progress, we all are on the right track.

Keep going!!!

And that is called progress!  nice work @QuillScroll



Trifele

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Re: Saving to $10K
« Reply #816 on: May 15, 2018, 05:14:14 AM »
Well maybe as we start graduating into the 10-100K thread we can "warm" it up :) The support here is great and I'd hate to lose that by moving into the next race.

Yes please!  @haypug16

The Race to 100k thread is great, but you're right that it is a bit more businesslike, like "Let's get this thing done."    Y'all will warm it up just by being there.  :)

And I agree, it's usually not helpful to compare yourself to others in terms of progress.  I focus on my own progress, and look at it like DieHard said -- I am way better off than I would have been otherwise.   We all are!


MSquared

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Re: Saving to $10K
« Reply #817 on: May 15, 2018, 07:28:03 AM »
The Race to 100k thread is great, but you're right that it is a bit more businesslike, like "Let's get this thing done."    Y'all will warm it up just by being there.  :)

Definitely looking forward to having more folks from this thread join us in the race to 100K!  It's a little quiet over there.  (And I'm going to be there forever, so I need good company!  Haha.)

haypug16

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Re: Saving to $10K
« Reply #818 on: May 15, 2018, 09:02:35 AM »
May 15th Update
3/31/2017 (52,848.85)
4/30/2017 (48,076.67)
5/31/2017 (47,110.22)
6/30/2017 (46,540.28)
7/31/2017 (44,354.10)
8/31/2017 (47,236.39)
9/30/2017 (42,436.10)
10/31/2017 (33,346.78)
11/30/2017 $(28,911.53)
12/31/2017 $(24,424.13)
1/31/2018 $(20,454.43)
2/28/2018 $(18,221.63)
3/31/2018 $(14,916.69)
4/30/2018 $(9,800.88)
5/15/2018 $(9,227.46) +573.42 increase on the smaller side but in the right direction. I have some reimbursements from a business trip last week for a few hundred but I haven't calculated the exact amount since it's in DKK but that I'll get at the end of the month so should still have a good month.

Tass

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Re: Saving to $10K
« Reply #819 on: May 15, 2018, 04:33:55 PM »
The Race to 100k thread is great, but you're right that it is a bit more businesslike, like "Let's get this thing done."    Y'all will warm it up just by being there.  :)

Definitely looking forward to having more folks from this thread join us in the race to 100K!  It's a little quiet over there.  (And I'm going to be there forever, so I need good company!  Haha.)

I like seeing names I know near me on the [bottom of the] spreadsheet as people from this thread graduate. It feels almost like we're classmates, forging ahead together. :)

fluffmuffin

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Re: Saving to $10K
« Reply #820 on: May 16, 2018, 06:22:38 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
2/2/2018: $8,424.59
2/19/2018: $8,431.24
3/30/2018: $8,614.89
4/16/2018: $8,742.36
5/1/2018: $8,905.80

5/16/2018: $9,005.80

Still not where I want to be, but somehow I have under $1,000 to go?? Just shows the power of incremental progress, I guess.

And of course, the significant privilege of having received a bump from inherited money, since it would take a lot of incremental progress to come up with that extra $3,250. Without that I'd be around $5,800, which is nothing to sneeze at...but a lot lower than $9,005.

Manchester

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Re: Saving to $10K
« Reply #821 on: May 16, 2018, 07:42:21 AM »
Way to go Fluffmuffin.  You're so close now!!  You're over the last hurdle in this thread (hitting $9k) and now the finishing line is well within your sights!

Don't justify your position off the inheritence you received!  It's one thing to recieve inheritence and another to invest it properly (as opposed to going on a big shopping trip).  If you classify your windfalls as luck, by the same token you could say a big unexpected bill is unlucky etc.  The only thing that matters are the cold hard facts. :)

QuillScroll

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Re: Saving to $10K
« Reply #822 on: May 16, 2018, 08:39:42 AM »
If you classify your windfalls as luck, by the same token you could say a big unexpected bill is unlucky etc.  The only thing that matters are the cold hard facts. :)

Well said Manchester!!!
Way to go Fluffmuffin :)

Yasha

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Re: Saving to $10K
« Reply #823 on: May 17, 2018, 07:00:30 PM »
Hello friends!

I haven’t been posting heaps, but I’ve been trucking along in the background and am happy to report that net worth has been creeping steadily upward, by my calculations we are now at negative $18133. More importantly we now have an ‘oh shit’ stash of a grand, so we can get ourselves out of a small amount of trouble without resorting to borrowing money. Having that grand established now means that we are pointing the firehose of $250 a fortnight at the NZ loan so that is now going down at a more rapid pace. Add to that the fact that there are three paydays this month instead of the standard two and it’s looking very promising... Could it be that we hit 0 this year?
« Last Edit: May 17, 2018, 07:03:39 PM by Yasha »

Moonwaves

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Re: Saving to $10K
« Reply #824 on: May 18, 2018, 01:03:39 AM »
Love your pictures. I have two weeks holidays coming up and I really need to get my life organised. I started a bullet journal last year after reading about it here and although I didn't use it religiously, I did find it useful and kept on going back to it. I got a really nice notebook for my birthday in December and decided to retire the now-grotty-looking Leuchtturm notebook I had been using and start 2018 off fresh but I still haven't managed to sit down for even ten minutes and just get it organised properly. Can hardly believe it is half-way through May already. I badly need to get organised so this was a timely reminder. And I will need to replace my laptop soon, saving for it a bit more systematically than I have been up to now would be a really good idea. :)

Manchester

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Re: Saving to $10K
« Reply #825 on: May 22, 2018, 02:46:07 AM »
Hi Everyone.  I'm really happy with my progress this month.  It's the first month with my new payrise and I've actually spent less than I usually would.  I've had some extra costs this month (cars/birthdays), but it wasn't anything unexpected. 

I've bumped my savings by £652.82 and my pension by £473.63.  Total N/W increase is £1,136.03.

I really want to get my E/F over £2k.  Once I've done that I'll feel a bit more comfortable opening a Vanguard account and investing more each month.



Imma

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Re: Saving to $10K
« Reply #826 on: May 22, 2018, 06:14:20 AM »
That's great progress, @Manchester !

And I totally agree with building up your EF first. You've paid off your credit card now and you don't want to get sucked back into debt in case an unexpected bill comes up.

fluffmuffin

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Re: Saving to $10K
« Reply #827 on: May 22, 2018, 07:07:51 AM »
+1 to Imma. Awesome job, Manchester!

Imma

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Re: Saving to $10K
« Reply #828 on: May 29, 2018, 09:16:17 AM »
Savings:
July 31:                 €2400
August 30:            €2000
September 27:       €1300
October 30:           €1400
November 30:        €1600
December 29:        €1100
February 1:            €1100
February 28:          €1300
March 29:              €1300
April 30:                  €800
May 29:                 €2300

Investments:
July 31:                 €1985.37
August 30:             €2095.00
September 27:       €2253
October 30:           €2461
November 30:        €2622.06
December 29:        €2661.50 (didn't do the monthly transfer yet)
February 1:            €3021,56
February 29:          €3101,58
March 29:              €3160,54
April 30:                €3439.66
May 29:                 €3729.27

Total:
July 31:                  €4385.37
August 30:              €4095.00
September 27:        €3553
October 30:             €3861
November 30:          €4222.06
December 29:          €3761,50 (+ 740 unpaid salary = 4501.50 )
February 1:             €4121,60
February 29:           €4401,58
March 29:               €4460,54 
April 30:                 €4239.66
May 29:                  €6029.27

Goals for 31 December 2018:

Savings:            €3000   €5000
Investments:     €4500
Total:                €7500    €9500

Received one of the big payments I was waiting for, still waiting for the other (around €1000) but I'm supposed to get it before July. Also worked a bit of overtime this month which will be paid next month. Progress in the right direction again :) I'm also talking to a company that approached me for a new job. I'm not sure if this will work out, but if it does, I will make a lot more money than I do now. 

My investments are also doing really well! It seems everybody is complaining about the markets not doing well this year, but I just can't see that in my own portfolio (which is 100% index funds, 75% stocks and 25% bonds, so fairly conservative) . I transfer €175 every month, but the value of my portfolio increased almost €300 from last month and almost €600 over 2 months. All in all I'm up about 8% over 2018.
« Last Edit: May 29, 2018, 09:25:36 AM by Imma »

Spruit

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Re: Saving to $10K
« Reply #829 on: May 29, 2018, 09:39:15 AM »
Wooptidoo, it's payday! Got paid for main job and side gig this month, so a welcome boost for the numbers.
NW numbers:
Dec (2-12-17): 4171
Dec (22-12-17): 5937
Jan (1-1-18): 4398
Feb (5-2-18): 5067
Feb (23-2-18): 6445
March (30-3-18): 5191 6032[/b]
May (29-5-2018): 7682

Totally forgot April. Nothing too exciting happened there, just imagine a number between March and May...
May's got a seven! Yay for vacation money may!
Yay, out of debt... now, GROW!
My current journal

Manchester

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Re: Saving to $10K
« Reply #830 on: May 30, 2018, 02:56:06 AM »
Wow @Imma !  That's great progress.  Good to see you put 1500e into your savings after having to use some in April. If the current trend continues I'm sure you're going to smash your investment target early.  Sounds promising on the job front, let's see what happens.

You're on a good streak @Spruit .  Since January it's been going the right way.  I'm sure you'll be out of here in no time.

Imma

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Re: Saving to $10K
« Reply #831 on: May 30, 2018, 01:42:35 PM »
Didn't get the job :(  but was asked to work quite a bit of overtime in my current job in June and July. If I really work all these hours, it will be an extra €1000. I need a new coat and new boots for next winter which might cost more than I'd like if I can't find them secondhand, but I'm still on the right track to reach my goals this year.

This is the first time in my life I'm doing this well financially. I was always good with money, I just didn't have enough of it. Now we earn a bit more (although not really a lot because we both work parttime) and our bills are much lower, so there's money left over at the end of the month and I can easily afford anything I need. It's a good feeling to see my savings/investments grow this fast. 

haypug16

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Re: Saving to $10K
« Reply #832 on: May 31, 2018, 08:22:39 AM »
May Update
3/31/2017 (52,848.85)
4/30/2017 (48,076.67)
5/31/2017 (47,110.22)
6/30/2017 (46,540.28)
7/31/2017 (44,354.10)
8/31/2017 (47,236.39)
9/30/2017 (42,436.10)
10/31/2017 (33,346.78)
11/30/2017 $(28,911.53)
12/31/2017 $(24,424.13)
1/31/2018 $(20,454.43)
2/28/2018 $(18,221.63)
3/31/2018 $(14,916.69)
4/30/2018 $(9,800.88)
5/31/2018 $(8,508.19) +1,292.69 Increase

I was a bit of a spendypants this month. Got some new backpacking gear and overall didn't enter in all my purchases like I usually do (on a daily basis). I'm going to enter in all of May at some point this week/end to see what's going on. I was hoping to be able to ease back on the tracking but I can see that I'm not really ready for that.

Anyway still a good month and I'm still on track for hitting zero this summer and $10K this fall/winter. I do have my car insurance bill coming up at the end of June so I think next month will be another smaller increase like this month but hopefully not so bad.

How was everyone else's May?

zeli2033

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Re: Saving to $10K
« Reply #833 on: May 31, 2018, 09:37:42 AM »
End of May update

12/11/17: (47,400)
12/26/17: (42,469)
12/29/17: (39,190)
1/31/18: (28,165)
2/15/18: (26,399)
2/28/18: (21,735)
3/16/18: (19,339)
3/30/18: (16,099)
4/15/18: (13,183)
4/30/18: (11,771)
5/31/18: (6,744)

Assets [401ks, IRAs, HSA, Cash]: $51,805
Student Loan/CCs: (58,549)

Oyy - you know when you have a spendypants month and then it takes forever to put the breaks back on and get outta that mode?...Annnnd then it takes a bit to mitigate the impacts of the spendypants behavior? Well that's where we are right now. May was a spendypants month like April was...and we have big expenses for both June and July lined up so we're feeling the pinch a little bit and not making as much progress as before. BUT - definitely still going the right direction so really have no business complaining. Maxing out our retirement accounts helps keep the assets climbing even if our savings rate is abysmally low. Just need to get back on track with what spending we can control, pay off the upcoming expenses like car insurance and car repairs, wedding stuff (in the bridal party) and a road trip this July. All worth it but I'm really looking forward to spending less money and putting it toward our debt.

Anywho, I've missed tracking everyone's progress. Can't wait to see how May shaped up for y'all!

MSquared

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Re: Saving to $10K
« Reply #834 on: May 31, 2018, 10:10:33 AM »
Got some new backpacking gear

Oh, that's exciting!  What did you get?  I'm lusting after a $600 20oz tent and keep facepunching myself for wanting it.  (Don't worry, everyone!  I'm not going to buy it unless I find myself planning for a thru hike.  And if I'm planning a thru hike, it means my life has been turned upside down.)

MSquared

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Re: Saving to $10K
« Reply #835 on: May 31, 2018, 10:14:06 AM »
Emergency fund: $4730 (-$693)

Dental bill, moving, and extra rent took the e-fund down a notch (sigh), but there should be no more big expenses on my horizon (I hope!)  Looking forward to building this back up.

SansSkill

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Re: Saving to $10K
« Reply #836 on: May 31, 2018, 12:17:05 PM »
Hello!

Been lurking this forum for a while, figured I might as well join the forum and the racehere.

January:
Checking account: €2073.70
Saving account: €500.00
Investment: €495.06
Total: €3068.76

February:
Checking account: €1978.53
Saving account: €987.22
Investment: €495.06
Total: €3965.75

March:
Checking account: €1810.04
Saving account: €1500
Investment: €1448.95
Total: €4758.99

April:
Checking account: €2095.95
Saving account: €3000
Investment: €2007.78
Total: €7103.66

Because of technical issues my rent wasn't deducted last week of April and will instead be deducted the first week of May, so these numbers are slightly inflated.
Nonetheless, it was a great month, I've made some progress towards reducing groceries spending, goal this month is to keep groceries below €250,-.
At the current pace I'll be here for 2-3 months more, but I got some big expenses coming up, so I think 4-6 months is more realistic.

May:
Checking account: €1801.27
Emergency Fund: €3000.00
Amortization Fund: €74.18
Goal Fund: €0.00
Investment: €2632.87
Total: €7508.32

That was an expensive month, had rent deducted twice as mentioned before, had last installment of this year's tuition deducted, bought a new laptop  and had a lot of yearly bi-yearly scheduled bills and fronted some bills, but I did get my tax return on the other hand.
Still up by just over €400 though!
Also, you can see I did a thing and trade my savings account in for three funds, I realized I could open infinite saving accounts at no cost so I figured I'd map them to their purpose.
EF is self explanatory, goal is €5k.
Amortization fund is where I put 1/12th of every yearly recurring expense and 1/6th of every bi-annual recurring expense, etc. This way my checking account and EF / Goal Fund can be left alone when a lot of scheduled non-monthly expenses overlap instead of having to move things around to cover for cashflow shortages as I needed to do sometimes.
Goal Fund is for well, goals. It will be used after EF is filled, current goals are saving for a house and possibly driver's license lessons.

haypug16

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Re: Saving to $10K
« Reply #837 on: May 31, 2018, 01:47:28 PM »
Got some new backpacking gear

Oh, that's exciting!  What did you get?  I'm lusting after a $600 20oz tent and keep facepunching myself for wanting it.  (Don't worry, everyone!  I'm not going to buy it unless I find myself planning for a thru hike.  And if I'm planning a thru hike, it means my life has been turned upside down.)

I got a new Osprey backpack, 36L. The one I had already was 65L and just way to big since Mr Pug carries the tent I just don't need that much space. Thankfully he can use my backpack and was in desperate need of a new one. I was able to use my REI gift card that I got for opening a new REI credit card. That paid for most of it. Then I also got a sleeping bag liner, and a ton of ProBars (they are soooo good) I do plan on doing a bunch of backpacking this year (and beyond) Someday I would love to Thru Hike at least the Long trail maybe the AT at some point.

We are looking into a new tent as well (maybe with our dividends next year). What's this 20 oz tent you speak of?

bcbaseballman

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Re: Saving to $10K
« Reply #838 on: June 01, 2018, 07:11:35 AM »
Hello all,

I figured this is a good place for me to start. I am 28 years old and thought I was doing good overall and then I calculated my net worth and was disappointed. Here is my current simple breakdown:

Assets (Savings account, IRA, Home Equity): $51,406.27
Liabilities (Student Loans, Car): $53,998.34

Total Net Worth: ($2,592.07)

Have a good day!

Ok so I decided to go back into my budget and get my net worth from the beginning of this year so I could see how I have been doing.

2018
1/31 : (5949.05)
2/28 : (5288.30)
3/31 : (4273.93)
4/30 : (2592.07)
5/31 : (629.70)

This month was a really good month. Paid off just over $1,000 of debt principle and my retirement accounts grew by $950.

Currently trying to find some more places to trim a little bit extra money to throw at my debt. Should be in the positive by the end of June!!

mckaylabaloney

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Re: Saving to $10K
« Reply #839 on: June 01, 2018, 02:03:38 PM »
Okay, I've been silently lurking in this thread for more than a year because my student loan amount has been in flux (for reasons I can't explain here), but it seems to be firmly set now -- so here I am, out of hiding.

As of today, 6/1/2018, my net worth is: ($149,175.48).

Here's the breakdown:
Student loans: ($202,140.63)
401k: $24,555.97
Roth: $16,560.99
HSA: $6,334.14
Emergency fund: $5,514.05


The student loan situation is obviously very terrible, but the good news is that my income is fairly high, so I am able to put a decent amount toward my loans each month while still contributing to my tax-advantaged accounts. So far this year: I've paid down more than $11K of loans, I've maxed out my HSA, and I am paying into my 401k monthly (maxing it out by the end of the year). I have not yet contributed to my Roth -- because I need to do it backdoor, and I'd prefer to do that in one fell swoop rather than lots of little conversions -- but plan to max it out all at once when I get my year-end bonus (or before that, I guess, if I suddenly acquire an extra $5500 somewhere). So I'm feeling good about all of that, even though the loans are...well, on fire.

In addition to chipping away at my loans, I'd like to get my e-fund to at least $10K, though I don't feel a ton of urgency to get there.

Manchester

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Re: Saving to $10K
« Reply #840 on: June 04, 2018, 03:38:10 AM »
Sorry to hear you didn't get the job @Imma.  It's a big step even applying for new jobs.  I'm certain there will be more opportunities in the near future.

@mckaylabaloney You're clearly quite clued up.  My situation is completely different than yours, but I've found the support on this thread really motivating.  I'm not saying you'll need any extra motivation, but I'm sure recording you N/W and writing short summaries of your month will help - it certainly continues to do so with me.

Good progress @bcbaseballman You're nearing your first major milestone.  I'll be looking out for your update next month!

@zeli2033 and @haypug16 You're both still going in the right direction and your increases are much higher than the average on here, so don't be disheartened. You're both going to be at $0 N/W in no time!

@MSquared   ....Unlucky, you've had some big bills this month.  Kinda good that you have a big emergency fund, right? ;)

Spruit

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Re: Saving to $10K
« Reply #841 on: June 04, 2018, 11:04:44 AM »
Wowzers, that are a lot of zeros in the negative. It boggles my mind (but then again, I am a European). You have already earned my respect for facing this down, and taking the bull by the horns. Keep at it and you'll surely get there!
Yay, out of debt... now, GROW!
My current journal

Dicey

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Re: Saving to $10K
« Reply #842 on: June 04, 2018, 12:34:55 PM »
Okay, I've been silently lurking in this thread for more than a year because my student loan amount has been in flux (for reasons I can't explain here), but it seems to be firmly set now -- so here I am, out of hiding.

As of today, 6/1/2018, my net worth is: ($149,175.48).

Here's the breakdown:
Student loans: ($202,140.63)
401k: $24,555.97
Roth: $16,560.99
HSA: $6,334.14
Emergency fund: $5,514.05


The student loan situation is obviously very terrible, but the good news is that my income is fairly high, so I am able to put a decent amount toward my loans each month while still contributing to my tax-advantaged accounts. So far this year: I've paid down more than $11K of loans, I've maxed out my HSA, and I am paying into my 401k monthly (maxing it out by the end of the year). I have not yet contributed to my Roth -- because I need to do it backdoor, and I'd prefer to do that in one fell swoop rather than lots of little conversions -- but plan to max it out all at once when I get my year-end bonus (or before that, I guess, if I suddenly acquire an extra $5500 somewhere). So I'm feeling good about all of that, even though the loans are...well, on fire.

In addition to chipping away at my loans, I'd like to get my e-fund to at least $10K, though I don't feel a ton of urgency to get there.
Welcome, @mckaylabaloney! Have you seen @Eric222's journal? I think you'll find it inspirational. I can't remember the name, so I've sent him a bat signal. Check his badass self out, cause he's killing a huge mountain of debt.
I did it! I have a journal!
A Lot Like This
And hell yes, I am still moving confidently in the direction of my dreams...

mckaylabaloney

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Re: Saving to $10K
« Reply #843 on: June 04, 2018, 01:06:42 PM »
@Spruit Haha, it boggles my mind as well. When I decided at the age of 21 to attend law school, I definitely did not even begin to appreciate what that type of debt would feel like. But I just looked back at my numbers for this year so far, and realized that I have increased my net worth by almost $22K since January 1. And I have a lot of room for improvement -- I am still much more spendy than I should be, especially in light of my debt. So I am feeling optimistic about the future!

@Dicey I haven't seen that, thanks! It does look very inspirational :)

TexasRunner

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Re: Saving to $10K
« Reply #844 on: June 04, 2018, 02:24:30 PM »
Allright so I'm in. 
...
Current status (Mid December):
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. 

(End of December)
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).

(End of January)
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.

(End of February)
Current status:
Total Net Worth:  +$41,284.49
Liquid Net Worth:  ($699.85) UNDER 4 DIGITS!  YAY!!!!
Days Bought:  28.18

Its an additional +$2,527.97 to the net worth and an additional +$2,301.92 net worth not tied up in equity. And an additional 1.71 days 'bought'.

(End of March)
Current status:
Total Net Worth:  +$35,545.97
Liquid Net Worth:  ($6913.68) Should still be able to pay it off without additional interest...  We'll see.
Days Bought:  24.27  (Down from 28.18)

Its a loss of ($5,738.52) to the net worth and a loss of ($6,213.83) net worth not tied up in equity. And a loss of 3.91 days 'bought'.
(End of April)
Current status:
45.7% Savings Rate This Month.
Total Net Worth:  +$38,077.08
Liquid Net Worth:  ($4,810.24)
Days Bought:  26.00

Its an additional +$2,531.11 to the net worth and an additional +$2,301.92 net worth not tied up in equity. And an additional 1.73 days 'bought'.

(End of May)
Current status:
87.78% Savings Rate This Month.
Total Net Worth:  +$42,185.01
Liquid Net Worth:  ($3,431.54)
Days Bought:  28.81

Its an additional +$4,107.93 to the net worth and an additional +$1,378.70 net worth not tied up in equity. And an additional 2.81 days 'bought'.


Unfortunately.....  I just spent 11k on a (rather nice) brand new AC system at the house.  That is going to skew the numbers next month pretty bad.  That 87% up above is probably largely due to the mental offset of that big purchase that isn't in the numbers yet combined with some other minor accounting changes, but we still hit above 55% saving rate...  :/  However, I bought quality on the AC and have a 10 years parts and labor warranty to cover it so overall I consider it a wise purchase (and necessary here in Texas), but dang does it seem to hurt the wallet. 

I'm also hoping our overall electric bills will go down as well.  We shall see...  :/

Keep it up guys!
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MSquared

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Re: Saving to $10K
« Reply #845 on: June 04, 2018, 02:26:48 PM »
@haypug16 - http://www.zpacks.com/shelter/duplex.shtml  There's a whole niche of small, ultralight backpacking gear companies.  It's a heck of a rabbit hole to go down!

MSquared

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Re: Saving to $10K
« Reply #846 on: June 04, 2018, 02:28:13 PM »
Welcome, @mckaylabaloney !  Hey, you've got a lot of debt, but you also have more invested than I do!  Silver linings, eh?

mckaylabaloney

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Re: Saving to $10K
« Reply #847 on: June 04, 2018, 02:39:47 PM »
@MSquared Indeed! I feel really grateful that I was in a position to start investing in my (late) 20s, even while dealing with a mountain of debt. I know it will take me longer to pay off my debt because I'm diverting some potential debt payments toward retirement funds instead, but I'm hoping that I'll ultimately wind up in a more secure position as a result.

Dicey

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Re: Saving to $10K
« Reply #848 on: June 04, 2018, 03:06:13 PM »
@MSquared Indeed! I feel really grateful that I was in a position to start investing in my (late) 20s, even while dealing with a mountain of debt. I know it will take me longer to pay off my debt because I'm diverting some potential debt payments toward retirement funds instead, but I'm hoping that I'll ultimately wind up in a more secure position as a result.
So freaking smart! Your future self is going to be so happy with you! Compound Interest is nothing short of miraculous. #Winning!
I did it! I have a journal!
A Lot Like This
And hell yes, I am still moving confidently in the direction of my dreams...

Eric222

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Re: Saving to $10K
« Reply #849 on: June 05, 2018, 06:52:51 AM »
Okay, I've been silently lurking in this thread for more than a year because my student loan amount has been in flux (for reasons I can't explain here), but it seems to be firmly set now -- so here I am, out of hiding.

As of today, 6/1/2018, my net worth is: ($149,175.48).

Here's the breakdown:
Student loans: ($202,140.63)
401k: $24,555.97
Roth: $16,560.99
HSA: $6,334.14
Emergency fund: $5,514.05

The student loan situation is obviously very terrible, but the good news is that my income is fairly high, so I am able to put a decent amount toward my loans each month while still contributing to my tax-advantaged accounts. So far this year: I've paid down more than $11K of loans, I've maxed out my HSA, and I am paying into my 401k monthly (maxing it out by the end of the year). I have not yet contributed to my Roth -- because I need to do it backdoor, and I'd prefer to do that in one fell swoop rather than lots of little conversions -- but plan to max it out all at once when I get my year-end bonus (or before that, I guess, if I suddenly acquire an extra $5500 somewhere). So I'm feeling good about all of that, even though the loans are...well, on fire.

In addition to chipping away at my loans, I'd like to get my e-fund to at least $10K, though I don't feel a ton of urgency to get there.
Welcome, @mckaylabaloney! Have you seen @Eric222's journal? I think you'll find it inspirational. I can't remember the name, so I've sent him a bat signal. Check his badass self out, cause he's killing a huge mountain of debt.

My ears are burning...someone must be talking about me. :)

@mckaylabaloney - You've got just a bit over half of the amount of debt I had when I started.  I remember the difficulty of looking directly at that number and then sharing it.  And mine wasn't just student loans...there was (is?) all sorts of ugliness there.  You're much better off than I was! (Am?  My student loans are still at -$150k or so.  But my NW will be zero by the end of the year!)

Good news is that with a high income your NW starts is going to go up quickly (and already is)!  A few suggestions (feel free to ignore and apologies if I'm saying anything obvious - you're experience may vary, and you sound like you know what you are doing for the most part):
1.  Get an Emergency fund first.  All I wanted to do was pay off my debts, really, really badly.  But it really helps to know that you've got a cushion if something happens.  You can't pull money back out from the student loan and personal loans have crappier interest rates - assuming you aren't in a temporary no income situation.
2.  What is the interest rate on your student loan?  If you've got good credit, and a high income, I'd refinance to the lowest rate possible. I used sofi -there is a link somewhere on the blog that gives you the referral bonus.  It forces a fast repayment plan -  5 years gives you the lowest interest rate.  So I'm paying $3k/month.  Which is awesome - I'll kill the student loan in a reasonable amount of time and I'm not getting killed with interest.  It also gives me the ability to not feel like ALL my income needs to go to my loan so I can save/put money towards my other debt (like an EF!).  You can always make extra payments.  Also, if you lose your job they'll let you stop paying (interest still accumulates) for a year.  (Totally ignore the part about refinancing if you already have a good rate.)
3.  It's a marathon, not a sprint.  I've made it about my NW and not about the student loan - it seems less oppressive to me that way.  Also, that way I've set myself up so that when the student loan is gone, I just direct that fire-hose of money to savings.  But at that point, it becomes more about what your goals/values are.
4.  Definitely do the backdoor roth in one fell swoop - so much easier. 
5.  There is lots of good advice and positive reinforcement around here.  Having a journal really helped me as I was trying to change my habits and turn things around (granted, I had lots of other issues...if you've got 4 or 5 hours, you can read all about them!). 

Good luck!
« Last Edit: June 05, 2018, 06:54:42 AM by Eric222 »
“Except when awesome is just awesome, because sometimes it is.” - Scrubby

Journal: Racing towards zero

Where I started...

Long term goals:  Stay fit, NW0 by 39, and FI by 52.  Required SR:  60%.  SR goal for monthly income: 50%.