Track your 2024 Savings Goals and Progress!

[alcon835]

Create your savings goals for 2024 and track your progress with us! Lets all race towards financial independence together!

No rules here, really, just set some savings goals and honestly track your progress with us!

[alcon835]

The percentage goal for me to be on track for January is 0.00%.

Bucket	Goal	Current
401K	$23,000	$0.00
Match	$1,293.32	$0.00
Roth 1	$7,000	$0.00
Roth 2	$7,000	$0.00
HSA	$8,300	$0.00
Dividends	$2,000	$0.00
Mortgage	$10,700	$0.00
Sabbatical Savings	$41,451.46	$0.00
Total	$100,744.78	$0.00
Percentage	100%	0.00%  (+0.00% of goal)

Update:
And so begins 2024. This is going to be a very different year for me as far as savings goes. The big difference from normal? I plan to take a sabbatical this year, but not one sanctioned by work. I am going to quit my job and take a break from the rat race, reset my life and all that. I did the math and I've funded almost everything I need for a year without work, I just need a little bit more cash to be fully comfortable - $41,451.46 to be exact. I can probably get away with saving less than half of that, but that's the big number if everything goes right.

Beyond that, I'll be pre-loading my big accounts (Roth IRAs, HSAs, etc.). In fact, I've already done that. So the start of the year should look pretty good as far as goals go. I think I can save the requisite $41k in ~4 months. Maybe sooner if I get lucky on a few bonuses and/or get a raise in February/March. I also am going to try and front load my 401K. That may not really be possible, but I did up my contribution quite a bit, so if I can get to $10k by the time I leave, I think that'll have me in a pretty good spot. Also, I only expect to get a match for about 8-10 paychecks, so it should be significantly less than it was last year. After my sabbatical, the 401k situation could be very, very different.

As my situation changes throughout the year, I expect my goals will change. 

Here is to a very different plan for 2024. Here's to achieving all our goals!

[SotI]

Happy New Year, y'all.

To keep it simple, my saving goals 2024 are

Minimum       35k
Stretch goal  40k

The difference to be influenced by some anticipated travel and by continuous energy price increases and inflation overall.

[ToughMother]

Thanks for the new thread, @alcon835!

Like @alcon835, I too have big changes this year which impact my savings. I'm retiring at the end of February. Our Roth savings that we did in 2023 will be put towards the 2024 earnings year (earnings in 2023 were too high to qualify). I'll have about 5 paychecks of pension savings and 457 savings. When I get my vacation payout, I"ll put that towards maxing out the 457. Anything left, I'll take towards cash (along with any paycheck savings) -- cash is for house projects like solar, exterior paint job, mini-splits. My spouse is continuing to work this year, and that is reflected in TSP savings. We will be living primarily on one income and my small pension, once it arrives. I don't think we'll have enough to save towards a Roth for next year, but if there is extra $, I'll add that during the updates.

Good luck to all in 2024!

2024 Savings Goals

Bucket         Goal  |   Actual
TSP        $ 28,500+ | $      0 (includes match)
457        $ 30,500  | $      0
Pension    $  4,300  | $      0
Cash       $ 20,000  | $      0
-----------------------------------------
Total      $ 83,300  | $      0
Progress             | %  0

[McStache]

Thanks @alcon835 for getting 2024's thread started!

Goal
401k: $23,000
401k match: $8,000
Taxable: $99,000
Total: $130,000

This goal is predicated on maintaining a steady state with my current spending/job, but I'm not sure if that's what I'm going to end up doing in the end. I'm at some sort of FI number net worth wise, though hard to say if it's the number as I just don't have a good handle on the long term spending levels I want. Worst case, it's a fat-coast-FIRE level.

I can't really pinpoint anything with my job that warrants leaving it (great people, well compensated, interesting work), but I just have a niggling feeling that it's not the best use of my life energy. I'm definitely not making any moves for the first few months of the year, so I'll at least start with this goal. Then re-assess as I re-assess plans in general.

[MaybeBabyMustache]

I have no idea what 2024 is going to hold. These goals assume I don't get laid off, which is a real possibility given constant & unrelenting organizational changes.

-Max DS16's 529 - $17,000
-Max our 401Ks, catch up contributions + back door - $53,500
-Save the remainder of DS17's college expenses - $120,000
-Save another $100,000 in after tax investment accounts

Total = $290,500

[TyGuy]

           
             |     401K   |      Roth IRA    |     Taxable     |    Savings    |     Total     |   

Goal       | $  23,000 |       $  7,000   |     $  14,000  |    $ 6,000   | $  50,000  |    %    0.0    |

JAN        | $      0     |       $     0       |     $      0      |    $    0       | $       0     |    %    0.0    |


YTD        | $      0     |       $     0       |     $      0      |    $    0       | $       0     |    %    0.0    |


I'm setting my goal as 50k again this year! I may need to adjust my goal as the year continues. I will be starting a new job and moving to a new home this spring which may have a sizeable effect on my savings/spending, depending on the costs associated with the move. Good luck to everyone and happy new year!

[oneday]

Will update goal maybe at month end. Salary went up but expenses have gone up as well.


Bucket         Goal | Actual
401(k)     $ 23,000 | $ 0
Match      $  3,000 | $ 0
Roth       $  6,000 | $ 0
Taxable    $ 21,000 | $ 0
-----------------------------------------
Total      $ 53,000 | $ 0
Progress            |   0%

No rules here, really,

Woo, hoo Anarchy! lol

[MaybeBabyMustache]

I have no idea what 2024 is going to hold. These goals assume I don't get laid off, which is a real possibility given constant & unrelenting organizational changes.

-Max DS16's 529 - $17,000
-Max our 401Ks, catch up contributions + back door - $53,500
-Save the remainder of DS17's college expenses - $120,000
-Save another $100,000 in after tax investment accounts

Total = $290,500

We are not off to a great start. I conveniently forgot that our paychecks were significantly smaller in the first few months of the year (we get a bonus in March that allows us to finish maxing out our 401Ks), so that was a big slap in the face. I'd say we made close to backward progress for the first week of the year! I also paid for: lodging for our last family ski week (next year, DS17 will be in college, and unable to attend), a ski trip over winter break, & a college tour. None of which was frugal, all of which was budgeted for our 2024 travel budget. But, a lot of bumpy expenses hitting at once.

[Much Fishing to Do]

It's a big change for me this year as my first full year working part time (around 20 hrs/wk).  My goal is pretty simple, for us to live off my income and max out my 401k and not touch the stache.  The big variable is I've got some remodeling left to finish at the retirement cabin, but the big money is already spent so I think it should be able to make it.  Getting on my employer's health insurance freed up a lot, I was getting killed on private insurance premiums for the family which I've basically been on my whole life.

[AFrugalGuy]

Mortgage payoff (6.2%): $71,644.36 (YTD: $3,692.28)
Husband's TFSA: $7,000 (YTD: $1,300) (maxing out)
My TFSA: $7,000 (maxing out)
Husband's RRSP: $15,600 (maxing out)
Husband's non-registered investments: $11,000
My non-registered investments: $11,000

Total: $123,244.36

I have a DB pension plan and have no RRSP contribution room.

Black = not started
Blue = in progress
Green = complete

[JAYSLOL]

2023 was a bit of a weak year savings-wise, ended up contributing $30k across all our accounts, although we did purchase a vehicle in cash for $10k as well this year, but obviously I still consider that spending and I don’t count cars in my NW.  by comparison, in 2022 I made less but saved a touch over $40k across accounts.  For 2024 I want to get back on track and then some, so I’m going to set my goal at an aggressive $48k to save across everything.  January and February are both lower earning months, but I’m going to try extra hard this year to earn more and spend less. 

[achvfi]

My focus is no longer saving every penny, but find a good balance in savings vs spending. Similarly with work, my focus to have good work life balance for next few years.

We reached our goals I setup 6-7 years ago after reading MMM blog earlier than expected. Now our net worth goals have shifted higher and we are targeting multiples of original goal in next 5-7 years while work is still enjoyable. Hopefully compounding of accumulated assets so far + savings will help us get there.

While my goal for 2024 is $85300. I would be happy with $80000 saved.

HSA	$8300
401K	$60000
2 IRAs	$14000
Taxable Brokerage	$3000

I noticed every year we tend to spend some from savings of HSA and other savings. My hope is that income increases will cover that short fall in the year.

[ca-rn]

2024 year goals will be same/similar to 2023.

Max 401k w/catch up- 23k+7500k=30500
Max RothIRA w/catch up- 8k
Ibond- 10k
Total=48500

Pay extra $500 to principal and $500 to savings/MMF for final payoff in 15 months(!!!)

Bonus- any extra funds from rental income/w-2 will be invested into taxable accounts but since I'm working part time BUT this year planning for LESS since I'm trying to be less cheap and loosen purse strings.

[MaybeBabyMustache]

We adjusted our February ski plans to be local, & save a ton of money, so that's helped with some progress.

-Max DS16's 529 - $17,000 - $1300/$17,000
-Max our 401Ks, catch up contributions + back door - $53,500 - on track, will max out in March when we get our bonuses - $9630/$53,500
-Save the remainder of DS17's college expenses - $120,000 - $4800/$120,000
-Save another $100,000 in after tax investment accounts - 0/100,000

Total = $15,730/$290,500

[provin1327]

Happy to see this thread today as I just outlined a goal last night. My goal, in SMART terms:

Specifically, I will invest an additional $1,000 in taxable accounts each month for a total of $24,000 for 2024. I will Measure this goal by reviewing investment purchases at the end of each month. This goal is Attainable because I know I will have side hustle and househack income to put towards investing. This goal is Relevant because any extra saving and investing pushes me closer to FI. The Time limit for my goal is Dec 31 2024.

[alcon835]

The percentage goal for me to be on track for January is 8.33%.

Bucket	Goal	Current
401K	$23,000	$2,365.01
Match	$1,293.32	$475.11
Roth 1	$7,000	$7,000.00
Roth 2	$7,000	$7,000.00
HSA	$8,300	$691.66
Dividends	$2,000	$17.05
Mortgage	$10,700	$896.40
Sabbatical Savings	$32,608.44	$8,714.31
Total	$91,901.76	$27,159.54
Percentage	100%	29.55%  (+21.22% of goal)

Update:
As expected, crushing my goals at the first part of the year. I redid the math for my upcoming sabbatical and turns out I need about $10k less than I thought I would, which is a nice surprise. I didn't originally account for the fact that I budget two months ahead (every dollar I earn in January goes towards March budget and so on), so I need less funds for my sabbatical than I thought I would. In addition to needing a bit less, February has a few EOY bonuses hitting and is a 3-paycheck month, so I fully expect to give my notice at work in March - ideally Friday, March 2nd. So that's got me excited!! Worst case scenario, they won't walk me if I turn in a 2-week or 4-week notice, they'll want me to work that through and the extra paycheck or two will give me what I need to get to my ultimate goal. Either way, I expect April to be my first full month of sabbatical, so that's exciting!!!

I fully funded both Roth accounts for DW and myself, which feels really good. I also significantly increased my 401K contributions for these first few months. Hopefully I can get to about $10k saved in my 401k before the sabbatical starts - it all hinges on if I can get earn a specific bonus before the 31st. Down to one final sale that may push to February and cut out a $5000k bonus. Crazy how a week or two can make such a huge difference. 

January also had a little bit of an HSA hiccup. I didn't realize you can only put money into an HSA for the months you had an HSA. I thought I could simply fund it at the beginning of the year regardless of whether or not I had an HSA for the full year. So I put in the full $8,300 but quickly realized my mistake. Since I'm not sure if I'll have an HSA or not during my sabbatical (I looked them up and HSAs are a lot more expensive per month than standard healthcare plans on the marketplace) I had to do a recategorization of funds. So now I'm putting in $691.66 for each month I know I'll have an HSA on the last day of that month. As an aside, it really surprised me that HSAs are so much more expensive than traditional plans on the marketplace. Aren't they suppose to be cheaper?

In summary, January achieved everything I wanted it too. It put me in a fantastic position to hit my goals for the year. And even though February is usually a nothing month for me (the start of the fiscal year, shorter month, etc.) this year I am very excited for it. Excited for the money I'll be able to save, the extra paycheck, and two bonuses!! (and of course, having enough money to officially turn in my notice and take that HUGE step towards my sabbatical).

[Turtle]

I may need to pull back some of these due to house projects, but for the moment I'm setting similar goals to last year.

Bucket	401k	Employer Match	HSA Regular	HSA Catch Up	ESPP
Goal	$30,500	$6,000	$4,150	$1,000	$10,000
January 2024	$1,653.06	$663.26	$1,766.66	$83.34	$826.54
Progress YTD	$1,653.06	$663.26	$1,766.66	$83.34	$826.54

[Finwiz]

Tentative 2024 goals set... may do a bit of refinement. The > $2k/month childcare bills are killer.

401k 1: $1,412 / $23,000 (6.1%)
Match 1: $692 / $12,200 (5.7%)
Mega Backdoor 401k: $554 / $33,800 (1.6%)
401k 2: $2,305 / $23,000 (10.0%)
Match 2: $384 / $4,500 (8.5%)
HSA: $638 / $8,300 (7.7%)
2022 IRAs: $14,000 / $14,000 (100.0%)
Mortgage Principal: $1,284 / $15,000 (8.6%)
Taxable Brokerage: $5,375 / $60,000 (9.0%)
529 Fund: $833 / $10,000 (100.0%)
====================
Total: $27,478 / $203,800 (13.5%)

[MaybeBabyMustache]

Oof. While we're on track for now, we just moved up our trip to Turkey to see my in laws. (It's very, very complicated & expensive, and we're super limited on where we can meet, due to passport issues.) Our travel budget will cover this trip, but I wasn't planning on it this early in the year, & the trip got moved up & the flights were more expensive than expected. International flights for four are $$$$!

-Max DS16's 529 - $17,000 - $3300/$17,000
-Max our 401Ks, catch up contributions + back door - $53,500 - on track, will max out in March when we get our bonuses - $14,446/$53,500
-Save the remainder of DS17's college expenses - $120,000 - $7,800/$120,000
-Save another $100,000 in after tax investment accounts - 0/100,000

Total = $25,546/$290,500

[oneday]

Will update goal maybe at month end next month. Salary went up but expenses have gone up as well. However, spreadsheet time is limited right now.


Bucket         Goal | Actual
401(k)     $ 23,000 | $ 2,754.52
Match      $  3,000 | $ 0
Roth       $  6,000 | $ 0
Taxable    $ 21,000 | $ 1,700.00
-----------------------------------------
Total      $ 53,000 | $ 4,454.52
Progress            |   8.4%

[comicguy]

My savings goals for this year are as follows:

2024 Totals   1,500   1,500   0      250   250      131.62   1675           250            55               200       5,812
                   403b            457          Roth      WDW   Tokyo   Acorns   Brokerage   Housework  Land Fund    New Car   
2024 (Goal)   12,500   13,000     2500      2600   2600       1000   10000   3000      1000        2000       50,200

[TyGuy]

           
             |     401K   |     Roth IRA   |    Taxable    |   Savings   |   Total     |  

Goal       | $  23,000 |       $  7,000   |     $  14,000  |    $ 6,000   | $  50,000  |    %    0.0    |

JAN        | $  2,657   |       $  1,200   |     $      0      |    $  750     | $   4,607   |    %    9.2    |

FEB        | $      0     |       $     0       |     $      0      |    $    0       | $       0     |    %    0.0    |


YTD        | $  2,657   |       $  1,200   |     $      0      |    $  750     | $   4,607   |    %    9.2    |


Happy with the January progress! I am expecting a large tax return this year which should help me to continue to stay ahead in the early months!

[McStache]

January update:
Bucket         Current / Goal
401k          $  2,500 / $ 23,000
401k Match    $    667 / $  8,000
Taxable       $  6,593 / $ 99,000
------------------------------------
Total         $  9,760 / $130,000

Annual Savings Rate: 77.4%

% to Goal:
January       7.5%


A slightly slow start to the year, but I should start catching up over the next couple of months

[Finwiz]

January update:
Bucket         Current / Goal
401k          $  2,500 / $ 23,000
401k Match    $    667 / $  8,000
Taxable       $  6,593 / $ 99,000
------------------------------------
Total         $  9,760 / $130,000

Annual Savings Rate: 77.4%

% to Goal:
January       7.5%


A slightly slow start to the year, but I should start catching up over the next couple of months

Just out of curiosity, why not backdoor roth and reduce taxable slightly?

[McStache]

January update:
Bucket         Current / Goal
401k          $  2,500 / $ 23,000
401k Match    $    667 / $  8,000
Taxable       $  6,593 / $ 99,000
------------------------------------
Total         $  9,760 / $130,000

Annual Savings Rate: 77.4%

% to Goal:
January       7.5%


A slightly slow start to the year, but I should start catching up over the next couple of months

Just out of curiosity, why not backdoor roth and reduce taxable slightly?

I have some Traditional IRA money laying around (and no 401k to roll it into) that would make dealing with the pro-rata rules annoying/doing the backdoor Roth not free. Doesn't seem worth the effort/expense to me at this time

[provin1327]

January update to taxable savings:

YTD Actual: $1,823
YTD Planned: $2,000
YYD Difference: 177

I'm happy to say that I've filled the second room in my house with a tenant which not only doubles my passive monthly househacking income but puts me at 70% of my savings goal on the first of each month!

[alcon835]

January update to taxable savings:

Actual: $1,823
Planned: $2,000
Difference: 177

I'm happy to say that I've filled the second room in my house with a tenant which not only doubles my passive monthly househacking income but puts me at 70% of my savings goal on the first of each month!

Congratulations!! That's huge!!

[Finwiz]

January update:
Bucket         Current / Goal
401k          $  2,500 / $ 23,000
401k Match    $    667 / $  8,000
Taxable       $  6,593 / $ 99,000
------------------------------------
Total         $  9,760 / $130,000

Annual Savings Rate: 77.4%

% to Goal:
January       7.5%


A slightly slow start to the year, but I should start catching up over the next couple of months

Just out of curiosity, why not backdoor roth and reduce taxable slightly?

I have some Traditional IRA money laying around (and no 401k to roll it into) that would make dealing with the pro-rata rules annoying/doing the backdoor Roth not free. Doesn't seem worth the effort/expense to me at this time

Ah fair enough!

Update as of 2/16/24 - excited for end of month update as bonus' due to hit.

401k 1: $2,118 / $23,000 (9.2%)
Match 1: $1,038 / $12,200 (8.5%)
Mega Backdoor 401k: $831 / $33,800 (2.5%)
401k 2: $3,458 / $23,000 (15.0%)
Match 2: $576 / $4,500 (12.8%)
HSA: $958 / $8,300 (11.5%)
2022 IRAs: $14,000 / $14,000 (100.0%)
Mortgage Principal: $2,570 / $15,000 (17.1%)
Taxable Brokerage: $8,375 / $60,000 (14.0%)
529 Fund: $1,667 / $10,000 (16.7%)
====================
Total: $35,591 / $203,800 (17.5%)

[MaybeBabyMustache]

-Max DS16's 529 - $17,000 - $7300/$17,000
-Max our 401Ks, catch up contributions + back door - $53,500 - on track, will max out in March when we get our bonuses - $29,000/$53,500 (should max out pre tax in March, due to bonuses. After tax will keep on ticking along)
-Save the remainder of DS17's college expenses - $120,000 - $23,827/$120,000
-Save another $100,000 in after tax investment accounts - 0/100,000

Total = 69,827/290,500

High likelihood I'll get laid off in the next couple of weeks, which will drastically impact our plans. If it happens, it will be a gift in all ways except financially, and we can definitely make things work either way.

[achvfi]

After biggest checks of the year..

Category   Progress   Goal         Progress%
HSA              $1,037    $8,300      12.49%
401k             $7,060    $60,000    11.77%
2 IRAs          $14,000 $14,000    100.00%
Taxable         $6,800    $3,000      226.67%
            
Total            $28,897   $85,300   33.88%

Progress from here will be slower. I will check-in in a quarter.

[alcon835]

The percentage goal for me to be on track for February is 16.67%.

Bucket	Goal	Current
401K	$23,000	$6,307.23
Match	$1,293.32	$1,179.08
Roth 1	$7,000	$7,000.00
Roth 2	$7,000	$7,000.00
HSA	$8,300	$691.66
Dividends	$2,000	$221.36
Mortgage	$10,700	$1,795.32
Sabbatical Savings	$26,168.44	$21,368.87
Total	$85,461.76	$45,563.52
Percentage	100%	53.31%  (+36.64% of goal)

Update:
Still crushing my goals in February as expected. All I am doing is hoarding cash for my upcoming sabbatical. I redid the calculation for my sabbatical because it turns out I didn't need a certain savings fund so that lowered the overall savings goal towards my sabbatical. As of February 29th, I only need $4,799.57 to hit my goal. About $400 will hit my account in interest tomorrow and the rest will hit my bank account on the 15th. I'll probably have some extra too which I can drop into the stock market as its running up. Even if my last day ends up being March 15th, I may have one more bonus coming in April, which would be some nice icing on my savings cake. 

One area that will be red next month is my HSA. I am not going to be able to save for that before my sabbatical. Planned that one our before all of this started and I don't plan to use an HSA under the ACA. The HSA plans in my state are just terrible. So, depending on how a conversation goes with Fidelity and where I end up for the year all-in, that will likely go red. I'll probably end up diverting those funds to my brokerage, which isn't triple tax advantaged, but still a good investment.

All-in-all, I am very happy with where I am at financially. I am exactly where I need to be to achieve my goals this year.

[JAYSLOL]

Two months into the year and I’m saving far short of what I’d like to, although Jan and Feb are always my lowest earning months, so it’s not unexpected.  March should pick up a little, and then hopefully April and May get me back on track. 

[McStache]

February update:
Bucket         Current / Goal
401k          $  5,000 / $ 23,000
401k Match    $  1,333 / $  8,000
Taxable       $ 18,223 / $ 99,000
------------------------------------
Total         $ 24,556 / $130,000

Annual Savings Rate: 83.4%

% to Goal:
January       7.5%
February     18.9%


A bigger than usual tax refund gave me a bit of a head start on the savings goals this month

[provin1327]

February Update to taxable savings. Due to how I am reporting my numbers are lagging by one month. With today's brokerage purchase (which wont appear in my numbers until next month) my actual is more like $3,870. Tenant #2 moves in today which should really boost my numbers for March and beyond.

YTD Actual: $3,370
YTD Planned: $4,000
YTD Difference: $630

[MaybeBabyMustache]

-Max DS16's 529 - $17,000 - $7300/$17,000
-Max our 401Ks, catch up contributions + back door - $53,500 - on track, will max out in March when we get our bonuses - $29,000/$53,500 (should max out pre tax in March, due to bonuses. After tax will keep on ticking along)
-Save the remainder of DS17's college expenses - $120,000 - $23,827/$120,000
-Save another $100,000 in after tax investment accounts - 0/100,000

Total = 69,827/290,500

High likelihood I'll get laid off in the next couple of weeks, which will drastically impact our plans. If it happens, it will be a gift in all ways except financially, and we can definitely make things work either way.

Sure enough, I got laid off this week. I'll have a revised update of financial goals for the year soon enough. I got a solid severance, so now just need to figure out how this impacts our plans.

[achvfi]

-Max DS16's 529 - $17,000 - $7300/$17,000
-Max our 401Ks, catch up contributions + back door - $53,500 - on track, will max out in March when we get our bonuses - $29,000/$53,500 (should max out pre tax in March, due to bonuses. After tax will keep on ticking along)
-Save the remainder of DS17's college expenses - $120,000 - $23,827/$120,000
-Save another $100,000 in after tax investment accounts - 0/100,000

Total = 69,827/290,500

High likelihood I'll get laid off in the next couple of weeks, which will drastically impact our plans. If it happens, it will be a gift in all ways except financially, and we can definitely make things work either way.

Sure enough, I got laid this week. I'll have a revised update of financial goals for the year soon enough. I got a solid severance, so now just need to figure out how this impacts our plans.

It reads like it was a gift financially as well. Congratulations!!!

[Finwiz]

Bonus/raise hit, so good little boost to the below totals.

401k 1: $7,639 / $23,000 (33.2%)
Match 1: $4,200 / $12,200 (34.4%)
Mega Backdoor 401k: $28,200 / $33,800 (83.4%)
401k 2: $4,610 / $23,000 (20.0%)
Match 2: $768 / $4,500 (17.1%)
HSA: $1,277 / $8,300 (15.4%)
2022 IRAs: $14,000 / $14,000 (100.0%)
Mortgage Principal: $2,570 / $15,000 (17.1%)
Taxable Brokerage: $8,375 / $60,000 (14.0%)
529 Fund: $2,500 / $10,000 (25.0%)
====================
Total: $74,140 / $203,800 (36.4%)

If only this sort of savings/day (currently at $1,236/day - just calculated in our spreadsheet for fun) was sustainable, we'd be flying along... alas can't get a bonus every month sadly.

[oneday]

Will update goal maybe next month. Salary went up but expenses have gone up as well. However, spreadsheet time is limited right now.

Decided to leave any goal updates for later in the year, after the 401(k) maxes out.


Bucket         Goal | Actual
401(k)     $ 23,000 | $ 5,530.12
Match      $  3,000 | $ 0
Roth       $  6,000 | $ 1,700.00
Taxable    $ 21,000 | $ 1,700.00
-----------------------------------------
Total      $ 53,000 | $ 8,930.12
Progress            |   16.8%

[comicguy]

Totals as of March 2nd

2024Totals   2,500   2,500   0     450           450           230.38   2725           450               74            300          9,679   
                   403b           457          Roth     WDW   Tokyo   Acorns   Brokerage   Housework    Land Fund    New Car      
2024 (Goal)   12,500   13,000   2500   2600    2600           1000          10000   3000               1000            2000      50,200   

[alcon835]

-Max DS16's 529 - $17,000 - $7300/$17,000
-Max our 401Ks, catch up contributions + back door - $53,500 - on track, will max out in March when we get our bonuses - $29,000/$53,500 (should max out pre tax in March, due to bonuses. After tax will keep on ticking along)
-Save the remainder of DS17's college expenses - $120,000 - $23,827/$120,000
-Save another $100,000 in after tax investment accounts - 0/100,000

Total = 69,827/290,500

High likelihood I'll get laid off in the next couple of weeks, which will drastically impact our plans. If it happens, it will be a gift in all ways except financially, and we can definitely make things work either way.

Sure enough, I got laid this week. I'll have a revised update of financial goals for the year soon enough. I got a solid severance, so now just need to figure out how this impacts our plans.

ahh, good luck! Will enjoy seeing how you use this gift!

[TyGuy]

           
             |     401K   |     Roth IRA   |    Taxable    |   Savings   |   Total     |  

Goal       | $  23,000 |       $  7,000   |     $  14,000  |    $ 6,000   | $  50,000  |    %    0.0    |

JAN        | $  2,657   |       $  1,200   |     $      0      |    $  750     | $   4,607   |    %    9.2    |

FEB        | $  3,281   |       $     0       |     $      0      |    $  151     | $  3,432   |    %    6.9    |

MAR       | $      0     |       $     0       |     $      0      |    $    0       | $       0     |    %    0.0    |


YTD       | $  5,938  |      $  1,200   |     $      0      |    $  901     | $  8,039   |   %   16.1   |


I've been saving extra that is not tracked here for a down payment towards a new house, which will eventually be shown here when I sell my current house. I also received nearly 5k back in tax returns this year, which is also not shown here, so overall I am happy with the progress!

[mizzourah2006]

End of February savings update. Goal is around the same as last year, but hoping to have fewer issues come up this year to put a hinder on it.


Invested    / Goal
401k 1: $4,472 / $23,000
Match 1: $2,236 / $13,500
401k 2: $3,774 / $23,000
Match 2: $462 / $2,400
HSA: $1,856 / $8,300
Roth IRAs: $14,000 / $14,000
529s: $0 / $10,000
Brokerage: $9,625 / 60,000
Mortgage: $2,470 / $10,500
====================
Total: $38,900 / $164,700 (23.62%)

[use2betrix]

Dang, a lot of really detailed posts here! I’m likely going to steal someone’s formatting eventually. While we aren’t on “coast FIRE,” I did a major downshift in work last year which was a big cut in pay. I used last year as a trial period to see if it seemed worth it. 100% worth it and my quality of life increase has been truly remarkable. Part of my downshifting will also be less concern with saving (to an extent), and being ok spending money to continue improving our quality of life. We’re also at a point where the different between saving $7k vs $5k/mo is marginal over a 6-8 year timeline, due to the growth on what we have already saved.

So, our goal is to save $60k/yr between general savings, 5% pension, 401k & match. This leaves us with a LOT of monthly fluff. I’m not going to wildly spend money, but I’m also not planning to burden myself with a lot of extra work/projects vs certain things I can hire out for a worthwhile opportunity cost (such as cutting our lawn)

We bought our first home last month, so there’s a lot of costs in regards to landscaping/gardening, decorating, etc. Will organize my plan and update budget, soon..

[MaybeBabyMustache]

-Max DS16's 529 - $17,000 - $7300/$17,000
-Max our 401Ks, catch up contributions + back door - $53,500 - on track, will max out in March when we get our bonuses - $29,000/$53,500 (should max out pre tax in March, due to bonuses. After tax will keep on ticking along)
-Save the remainder of DS17's college expenses - $120,000 - $23,827/$120,000
-Save another $100,000 in after tax investment accounts - 0/100,000

Total = 69,827/290,500

High likelihood I'll get laid off in the next couple of weeks, which will drastically impact our plans. If it happens, it will be a gift in all ways except financially, and we can definitely make things work either way.

Sure enough, I got laid this week. I'll have a revised update of financial goals for the year soon enough. I got a solid severance, so now just need to figure out how this impacts our plans.

thanks, all. Just realized I left the word "off" out of my laid off post, which has an entirely different spin :-)

I'm waiting to get my severance details, but expecting about ~$125k. Planning to funnel that entirely to the college accounts. Posted separately about how to handle this money, but given we need it soon, will likely do CDs or HYSA vs the college investment funds.

ahh, good luck! Will enjoy seeing how you use this gift!

[Turtle]

Bucket	401k	Employer Match	HSA Regular	HSA Catch Up	ESPP
Goal	$30,500	$6,000	$4,150	$1,000	$10,000
January 2024	$1,653.06	$663.26	$1,766.66	$83.34	$826.54
End of Feb 2024	$3,306.12	$1,076.53	$1,983.32	$166.68	$1640.50

Experimenting with keeping the year's history in the table this year, so the progression is tracked.

[oneday]

Bucket	401k	Employer Match	HSA Regular	HSA Catch Up	ESPP
Goal	$30,500	$6,000	$4,150	$1,000	$10,000
January 2024	$1,653.06	$663.26	$1,766.66	$83.34	$826.54
End of Feb 2024	$3,306.12	$1,076.53	$1,983.32	$166.68	$1640.50

Experimenting with keeping the year's history in the table this year, so the progression is tracked.

Looks good, very readable.

[Much Fishing to Do]

It's a big change for me this year as my first full year working part time (around 20 hrs/wk).  My goal is pretty simple, for us to live off my income and max out my 401k and not touch the stache.  The big variable is I've got some remodeling left to finish at the retirement cabin, but the big money is already spent so I think it should be able to make it.  Getting on my employer's health insurance freed up a lot, I was getting killed on private insurance premiums for the family which I've basically been on my whole life.

A lot of travel/concert plans plus a lot of expenses for the older kids has pushed this so far, I did just get a small discretionary bonus that has keep me in the black for the year but I need to spend less over the next couple months for sure....

[MaybeBabyMustache]

-Max DS16's 529 - $17,000 - $12,000/$17,000 saved
-Max our 401Ks, catch up contributions + back door - $53,500 - done, thanks to our annual bonuses.
-Save the remainder of DS17's college expenses - $120,000 - 50,000/120,000 saved
-Save another $100,000 in after tax investment accounts - 0/100,000 (unlikely to happen in 2024)

Total = $115,500/290,500

We will likely hit all of our goals minus the additional $100k in investment accounts, after I receive my severance. Unlikely we will hit that goal in 2024, but I feel really good about where things stand with college savings.

[ToughMother]

Like @alcon835, I too have big changes this year which impact my savings. I'm retiring at the end of February. Our Roth savings that we did in 2023 will be put towards the 2024 earnings year (earnings in 2023 were too high to qualify). I'll have about 5 paychecks of pension savings and 457 savings. When I get my vacation payout, I"ll put that towards maxing out the 457. Anything left, I'll take towards cash (along with any paycheck savings) -- cash is for house projects like solar, exterior paint job, mini-splits. My spouse is continuing to work this year, and that is reflected in TSP savings. We will be living primarily on one income and my small pension, once it arrives. I don't think we'll have enough to save towards a Roth for next year, but if there is extra $, I'll add that during the updates.

Q1 update: FIRE'd! With the vacation payout, I was able to max out the 457 and put a chunk towards some upcoming expenses noted above. Going forward, I'll be updating the TSP since spouse is still working, and if I pick up some odd jobs/PT work or we have a low expense month, hopefully we'll have a little more to toss into the CASH bucket. 

2024 Savings Goals - Q1 update

Bucket         Goal  |   Actual
TSP        $ 28,500+ | $   6,800 (includes match)
457        $ 30,500  | $  30,500
Pension    $  4,300  | $   4,531
Cash       $ 20,000  | $  37,000
-----------------------------------------
Total      $ 83,300  | $  78,831
Progress             | %  94.6