The Money Mustache Community
General Discussion => Throw Down the Gauntlet => Topic started by: alcon835 on January 01, 2024, 09:18:14 AM
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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!
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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!
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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.
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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
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Total $ 83,300 | $ 0
Progress | % 0
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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.
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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
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| 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!
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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
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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.
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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.
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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
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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.
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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.
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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.
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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
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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.
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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).
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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 |
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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%)
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Total: $27,478 / $203,800 (13.5%)
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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
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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
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Total $ 53,000 | $ 4,454.52
Progress | 8.4%
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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
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| 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!
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January update:
Bucket Current / Goal
401k $ 2,500 / $ 23,000
401k Match $ 667 / $ 8,000
Taxable $ 6,593 / $ 99,000
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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
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January update:
Bucket Current / Goal
401k $ 2,500 / $ 23,000
401k Match $ 667 / $ 8,000
Taxable $ 6,593 / $ 99,000
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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?
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January update:
Bucket Current / Goal
401k $ 2,500 / $ 23,000
401k Match $ 667 / $ 8,000
Taxable $ 6,593 / $ 99,000
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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
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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!
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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!!
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January update:
Bucket Current / Goal
401k $ 2,500 / $ 23,000
401k Match $ 667 / $ 8,000
Taxable $ 6,593 / $ 99,000
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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%)
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Total: $35,591 / $203,800 (17.5%)
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-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.
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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.
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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.
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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.
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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
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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
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-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.
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-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!!!
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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.
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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%
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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
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-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!
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| 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!
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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%)
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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..
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-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!
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| 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.
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| 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.
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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....
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-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.
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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
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Next month the employer match should hit. Fun to fund a bucket so early in the year!
Congrats @ToughMother on your FIRE! That's awesome!
Bucket Goal | Actual
401(k) $ 23,000 | $ 9,662.90
Match $ 3,000 | $ 0
Roth $ 6,000 | $ 4,010.00
Taxable $ 21,000 | $ 1,700.00
-----------------------------------------
Total $ 53,000 | $ 15,372.90
Progress | 29.0%
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| 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 |
| End of March 2024 | $9,424.88 | $2,194.32 | $2,199.98 | $250.02 | $3,062.14 |
Bonus hit this month, plus a three payday month = bigger contributions this month vs last month.
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March update:
Bucket Current / Goal
401k $ 7,500 / $ 23,000
401k Match $ 2,000 / $ 8,000
Taxable $ 25,506 / $ 99,000
------------------------------------
Total $ 35,006 / $130,000
Annual Savings Rate: 83.2%
% to Goal:
January 7.5%
February 18.9%
March 26.9%
An on-pace month for March. I got a small bonus and decent raise that will show up next month - these will make the current goal likely quite easy if I stick around my current job. But that's still an if, so I'll leave the goal as is for now and see where life takes me.
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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.
Congratulations @ToughMother I hope your first year of retirement is a joy!
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Thanks so much for the good wishes, @oneday and @TyGuy !! So far, it has been a fun month of travel and women's college hoops. We live about 1.5 hrs from one of the venues, and went to some amazing games.
Next up, figuring out what "real retirement life" looks like! (And acclimating to no more biweekly paycheck - EGADS!)
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| 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 | $ 4,420 | $ 0 | $ 0 | $ 2,553 | $ 6,973 | % 13.9 |
APR | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | % 0.0 |
YTD | $ 10,358 | $ 1,200 | $ 0 | $ 3,454 | $ 15,012 | % 30.0 |
The first quarter went really well, especially considering I have some additional money that I put away for a new house that is not showing here!
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Taxable progress has slowed as we're planning a substantive bathroom reno. Hopefully will pickup some pace in May with a 3 paycheck month.
401k 1: $9,064 / $23,000 (39.4%)
Match 1: $4,950 / $12,200 (40.6%)
Mega Backdoor 401k: $28,800 / $33,800 (85.2%)
401k 2: $7,005 / $23,000 (30.5%)
Match 2: $1,168 / $4,500 (25.9%)
HSA: $1,277 / $8,300 (23.07%)
2022 IRAs: $14,000 / $14,000 (100.0%)
Mortgage Principal: $3,860 / $15,000 (25.7%)
Taxable Brokerage: $9,158 / $60,000 (15.3%)
529 Fund: $2,500 / $10,000 (25.0%)
====================
Total: $82,421 / $203,800 (40.4%)
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Bonus paid out for me last month which lead to large increases in 401k and the match and at the same time an opportunity came up to buy into an apartment complex investment with some professional colleagues. I decided to take the majority of my bonus and invest in that. Thus, I made some pretty significant changes to the amount I'm planning to put into the brokerage this year. We also have some house related projects coming up I'll need to cashflow (new HVAC, some new windows, etc.).
Invested / Goal
401k 1: $12,042 / $23,000
Match 1: $7,914 / $13,500
401k 2: $6,176 / $23,000
Match 2: $737 / $2,400
HSA: $2,628 / $8,300
IRAs: $14,000 / $14,000
529s: $0 / $10,000
Brokerage: $12,800 / $30,000
Real Estate: $50,000 / $50,000
Real Estate Note: $0 / $2,496
Mortgage: $2,415 / $10,500
====================
Total: $108,712 / $187,196 (58.07%)
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The percentage goal for me to be on track for February is 25.00%.
| Bucket | Goal | Current |
| 401K | $23,000 | $9,082.17 |
| Match | $1,293.32 | $1,674.61 |
| Roth 1 | $7,000 | $7,000.00 |
| Roth 2 | $7,000 | $7,000.00 |
| HSA | $8,300 | $691.66 |
| Dividends | $2,000 | $588.98 |
| Mortgage | $10,700 | $2,696.57 |
| Sabbatical Savings | $26,168.44 | $26,168.44 |
| Total | $85,461.76 | $54,902.43 |
| Percentage | 100% | 64.24% (+39.24% of goal) |
Update:
March was a weird month. I quit my job and started my sabbatical, and here we are three weeks later and I still feel like I'm detoxing from it all. But from a savings perspective, I'm exactly on track. So that's good. I have all the money I need for up to 12 months of savings and quite a bit more than I originally anticipated saving, so we're doing some home projects and considering traveling a bit over of the summer.
Other than that, I expect the next several months to be extremely boring here. 401K contributions stop after this month, so the only thing to tick up for awhile is dividends and my mortgage. But that's a good thing. I want this period of my life to be financially boring. That's the point of it all.
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Your numbers look good, @alcon835 ! I'm a couple of weeks ahead of you, and also feel like I'm still getting the hang of this new setup.
Financially, I don't have my severance yet, and still have a couple of paychecks left, plus my vacation payout, so I'll have a better financial picture in a few weeks/month. Plus, bonus, I'll know where DS18 will be attending college, and there's a huge difference between the three schools he's considering. I feel like full visibility is so close! Of course, then I'll have DS17 right behind him, and the process will begin again.
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April update:
Bucket Current / Goal
401k $ 10,313 / $ 23,000
401k Match $ 2,750 / $ 8,000
Taxable $ 37,225 / $ 99,000
------------------------------------
Total $ 50,288 / $130,000
Annual Savings Rate: 85.0%
% to Goal:
January 7.5%
February 18.9%
March 26.9%
April 38.7%
Raise and small bonus showed up this month, putting me solidly ahead of pace for the year if I keep the status quo going
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| 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 |
| End of March 2024 | $9,424.88 | $2,194.32 | $2,199.98 | $250.02 | $3,062.14 |
| End of April 2024 | $10,276.42 | $2,620.08 | $2,416.64 | $333.36 | $3,897.32 |
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Bucket Goal | Actual
401(k) $ 23,000 | $ 12,416.56
Match $ 3,000 | $ 3,000.00
Roth $ 6,000 | $ 5,710.00
Taxable $ 21,000 | $ 1,700.00
-----------------------------------------
Total $ 53,000 | $ 22,826.56
Progress | 43.1%
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Planning to shift some savings around to fund ESPP. Might be worth the risk.
Category Progress Goal Progress %
HSA $2,962 $8,300 35.69%
401k $21,004 $53,000 39.63%
2 IRAs $14,000 $14,000 100.00%
Taxable $7,250 $3,000 241.67%
ESPP $0 $7,000 0.00%
Total $45,216 $85,300 53.01%
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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.
Not fully back on track for the year yet, but at least the bleeding has stopped, and I’m back to saving what I need to for April, just need a few above average months now to even out the first few weak months.
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Just got my severance numbers, and much more generous than I'd anticipated.
-Max DS16's 529 - $17,000 - $17,000/$17,000 saved (done)
-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 - 120,000/120,000 saved (done)
-Save another $100,000 in after tax investment accounts - 0/100,000 - will be done with my severance.
Total = $190,500/290,500
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| 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 | $ 4,420 | $ 0 | $ 0 | $ 2,553 | $ 6,973 | % 13.9 |
APR | $ 3,281 | $ 0 | $ 0 | $ 6,040 | $ 9,321 | % 18.6 |
MAY | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | % 0.0 |
YTD | $ 13,639 | $ 1,200 | $ 0 | $ 9,494 | $ 24,333 | % 48.7 |
Making some serious progress here! Still on the hunt for a new house so I am staying cash heavy. I also expect my savings rate to slow down once a new home is purchased.
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Was hoping pace would pickup a bit more - but it's been an expensive month and a half (some expected, some unexpected)... below as of 5/17:
401k 1: $11,914 / $23,000 (51.8%)
Match 1: $6,450 / $12,200 (52.9%)
Mega Backdoor 401k: $30,000 / $33,800 (88.8%)
401k 2: $11,616 / $23,000 (50.5%)
Match 2: $1,935 / $4,500 (43.0%)
HSA: $3,192 / $8,300 (38.5%)
2022 IRAs: $14,000 / $14,000 (100.0%)
Mortgage Principal: $6,447 / $15,000 (43.0%)
Taxable Brokerage: $13,443 / $60,000 (22.4%)
529 Fund: $4,417 / $10,000 (44.2%)
====================
Total: $103,414 / $203,800 (50.7%)
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Last paycheck for May has already happened for me, so here are my updated stats for this 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 |
| End of Feb 2024 | $3,306.12 | $1,076.53 | $1,983.32 | $166.68 | $1640.50 |
| End of March 2024 | $9,424.88 | $2,194.32 | $2,199.98 | $250.02 | $3,062.14 |
| End of April 2024 | $10,276.42 | $2,620.08 | $2,416.64 | $333.36 | $4,711.28 |
| End of May 2024 | $11,627.96 | $3,095.84 | $2,633.30 | $416.70 | $5,662.82 |
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End of May is basically here and it looks like I missed the end of April update. We got the new HVAC paid for via cash this month, but didn't save much outside of the 401ks and the HSAs these past 2 months.
Invested / Goal
401k 1: $14,475 / $23,000
Match 1: $9,739 / $13,500
401k 2: $10,388 / $23,000
Match 2: $1,218 / $2,400
HSA: $3,809 / $8,300
IRAs: $14,000 / $14,000
529s: $8,000 / $10,000
Brokerage: $14,700 / $30,000
Real Estate: $50,000 / $50,000
Real Estate Note: $0 / $2,500
Mortgage: $4,125 / $10,500
====================
Total: $130,454 / $187,200 (69.70%)
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Finally have my severance in hand, so here's where we're shaking out:
-Max DS16's 529 - $17,000 - $17,000/$17,000 saved (done)
-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 - 120,000/120,000 saved (done)
-Save another $100,000 in after tax investment accounts - 100,000/100,000 - done
All goals complete, but now I'm not working. Next goal is to end 2024 with our current amount of savings (we have a large property tax payment, DS18 college, etc coming up).
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May update:
Bucket Current / Goal
401k $ 11,813 / $ 23,000
401k Match $ 3,500 / $ 8,000
Taxable $ 46,134 / $ 99,000
------------------------------------
Total $ 61,446 / $130,000
Annual Savings Rate: 84.4%
% to Goal:
January 7.5%
February 18.9%
March 26.9%
April 38.7%
May 47.3%
A pretty standard (though lightly spendy due to annual expenses hitting) month. I'm under contract to buy a house in July, so that will likely affect progress and goals a bit (a mortgage principal bucket is coming!)
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| 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 | $ 4,420 | $ 0 | $ 0 | $ 2,553 | $ 6,973 | % 13.9 |
APR | $ 3,281 | $ 0 | $ 0 | $ 6,040 | $ 9,321 | % 18.6 |
MAY | $ 8,956 | $ 0 | $ 0 | $ 50 | $ 9,006 | % 18.0 |
JUN | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | % 0.0 |
YTD | $ 22,594 | $ 1,200 | $ 0 | $ 9,544 | $ 33,339 | % 66.68 |
Way ahead of schedule, but I am going to need it! I just purchased a new home, and will be spending a large portion of excess cash each month on projects for the next several months. The big jump in 401k came from banked vacation time payout from my previous employer. I have a dispute with my final check that will likely bump the 401k up to 23k (100%) if it is resolved.
Congrats to everyone else on their steady progress, keep it up!
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Bucket Goal | Actual
401(k) $ 23,000 | $ 15,175.81
Match $ 3,000 | $ 3,000.00
Roth $ 7,000 | $ 7,000.00
Taxable $ 21,000 | $ 1,500.00
-----------------------------------------
Total $ 54,000 | $ 26,675.81
Progress | 49.4%
Adjusted Roth goal from $6K to $7K. Adjusted taxable downward because some of that was transferred to the Roth account earlier, but I got confused when reporting.
It is satisfying to have reached 2 of 4 goals already. 401(k) should be maxed out in early August which seems so far away but will be hear before I blink, likely.
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Pace would have picked up, except for the $15k in unexpected expenses (central AC died, substantive car repair)... below as of 6/14:
401k 1: $13,339 / $23,000 (58.0%)
Match 1: $7,200 / $12,200 (59.0%)
Mega Backdoor 401k: $30,600 / $33,800 (90.5%)
401k 2: $14,281 / $23,000 (62.1%)
Match 2: $2,308 / $4,500 (51.3%)
HSA: $3,831 / $8,300 (46.2%)
2022 IRAs: $14,000 / $14,000 (100.0%)
Mortgage Principal: $7,744 / $15,000 (51.6%)
Taxable Brokerage: $20,000 / $60,000 (33.3%)
529 Fund: $5,250 / $10,000 (52.5%)
====================
Total: $118,554 / $203,800 (58.2%)
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Do I have to have goals or make progress? Can I just cheer you guys on?
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Do I have to have goals or make progress? Can I just cheer you guys on?
I am not opposed to this :)
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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.
Q2 update: Still no sign of my state pension, and hoping to see it by the end of Q3. No odd jobs/PT work this quarter. We were able to save a few bucks and my spouse keeps contributing to the TSP.
2024 Savings Goals - Q2 update
Bucket Goal | Actual
TSP $ 27,100 | $ 13,538 (includes match)
457 $ 30,500 | $ 30,500
Pension $ 4,500 | $ 4,531
Cash $ 20,000 | $ 41,500
-----------------------------------------
Total $ 82,100 | $ 90,069
Progress | % 109.7
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Joining in to keep myself in-check and continue to save diligently, even with firehose of cash that makes it so easy to relax consumption!
2024 savings goal 800k/ 900k stretched
YTD 455k (mid-June)
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Halfway through 2024 and currently saved about $63k across all accounts. I have a stretch goal of $120k but I would be okay if we don't reach it. We are FI and all contributions past this point we are adding about 2.5 years worth of expenses every year. See you at the end of the year!
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Joining in to keep myself in-check and continue to save diligently, even with firehose of cash that makes it so easy to relax consumption!
2024 savings goal 800k/ 900k stretched
YTD 455k (mid-June)
@Redherring - that is a firehose of cash! Is it W2 income from someone in your family, or something else? Tell us more!
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Finally have my severance in hand, so here's where we're shaking out:
-Max DS16's 529 - $17,000 - $17,000/$17,000 saved (done)
-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 - 120,000/120,000 saved (done)
-Save another $100,000 in after tax investment accounts - 100,000/100,000 - done
All goals complete, but now I'm not working. Next goal is to end 2024 with our current amount of savings (we have a large property tax payment, DS18 college, etc coming up).
My goal to maintain our savings from the above to the end of the year is ... in a rocky patch. We bought a car for DS17, and plan to sell another car. But, there's a gap there that will come from savings. The title transfer was expensive. I got a notice from the IRS that there was a screw up on an import of a tax document via Turbo Tax, and I owe $1600 more. YAY. I love bonus & unexpected taxes. ;-) I need to work harder at finding a nice side hustle, so we can keep up our current savings. I'm currently "funemployed", but open to part time or super flexible options.
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Joining in to keep myself in-check and continue to save diligently, even with firehose of cash that makes it so easy to relax consumption!
2024 savings goal 800k/ 900k stretched
YTD 455k (mid-June)
@Redherring - that is a firehose of cash! Is it W2 income from someone in your family, or something else? Tell us more!
Spouse is FIRE‘d, this is my salary, STI, LTI, 401K incl employer contributions. So includes tax deferred savings. Return of investments is on top. It may have an extra zero to most but the approach and thinking is the same - well defined savings goals and monthly tracking. We are not frugal at all and spend 180k, including 3500 usd/mo rent. We could cut to 120k easily (upper end of savings target) but we just like the experiences that extra money buys and we still save 80 pct. We got lazy somewhere on the journey.
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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.
Not fully back on track for the year yet, but at least the bleeding has stopped, and I’m back to saving what I need to for April, just need a few above average months now to even out the first few weak months.
May and June were much better months, if I can keep up with what I saved in June for at least the next 4-5 months before I let the foot off the gas, I’ll be back on track for my fairly aggressive goal, and maybe even ahead a little bit. Going to be a busy summer and fall to pull this off though.
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Bucket Goal | Actual
401(k) $ 23,000 | $ 17,961.01
Match $ 3,000 | $ 3,000.00
Roth $ 7,000 | $ 7,000.00
Taxable $ 21,000 | $ 3,200.00
-----------------------------------------
Total $ 54,000 | $ 31,161.01
Progress | 57.7%
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June update:
Bucket Current / Goal
401k $ 13,313 / $ 23,000
401k Match $ 4,250 / $ 8,000
Taxable $ 56,127 / $ 99,000
------------------------------------
Total $ 73,689 / $130,000
Annual Savings Rate: 85.2%
% to Goal:
January 7.5%
February 18.9%
March 26.9%
April 38.7%
May 47.3%
June 56.7%
I'm buying a house next month (*knocks on wood*) and am contemplating how to account for that here. It will definitely affect my annual goal, as it's more expensive per month (I've been skating by with some very cheap, but a little unstable housing for a few years). I'm more contemplating how to account for the transaction costs in terms of the savings I've already posted. I'm leaning towards subtracting out the closing costs from my taxable bucket, but on the other hand all money is saved to be spent someday, so maybe I should just go on my merry way like nothing happened.
I'm curious how others account for large spending from already saved money. Any advice?
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@Dicey happy to have cheerleaders as far as I'm concerned!
@McStache goodluck with the house purchase!
Below is as of 6/30/24. Been a quiet month in terms of progress as a result of cash flowing a few big expenses, things will pick back up in July/August (fingers crossed we're getting some exciting professional news for my SO):
401k 1: $14,052 / $23,000 (61.1%)
Match 1: $7,575 / $12,200 (62.1%)
Mega Backdoor 401k: $30,900 / $33,800 (91.4%)
401k 2: $15,497 / $23,000 (67.4%)
Match 2: $2,572 / $4,500 (57.2%)
HSA: $4,150 / $8,300 (50.0%)
2022 IRAs: $14,000 / $14,000 (100.0%)
Mortgage Principal: $7,744 / $15,000 (51.6%)
Taxable Brokerage: $20,000 / $60,000 (33.3%)
529 Fund: $6,083 / $10,000 (60.8%)
====================
Total: $122,575 / $203,800 (60.1%)
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| 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 | $ 4,420 | $ 0 | $ 0 | $ 2,553 | $ 6,973 | % 13.9 |
APR | $ 3,281 | $ 0 | $ 0 | $ 6,040 | $ 9,321 | % 18.6 |
MAY | $ 8,956 | $ 0 | $ 0 | $ 50 | $ 9,006 | % 18.0 |
JUN | $ 0 | $ 0 | $ 0 | $ 1,100 | $ 1,100 | % 2.2 |
JUL | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | % 0.0 |
YTD | $ 22,594 | $ 1,200 | $ 0 | $ 10,644 | $ 34,439 | % 68.88 |
Very little savings this month due to purchasing a new home and moving, leading to large one time expenses.
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June update, a little bit late:
| 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 |
| End of March 2024 | $9,424.88 | $2,194.32 | $2,199.98 | $250.02 | $3,062.14 |
| End of April 2024 | $10,276.42 | $2,620.08 | $2,416.64 | $333.36 | $4,711.28 |
| End of May 2024 | $11,627.96 | $3,095.84 | $2,633.30 | $416.70 | $5,662.82 |
| End of June 2024 | $12,479.50 | $3,521.61 | $2,958.29 | $500.04 | $6,514.36 |
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June update:
Bucket Current / Goal
401k $ 13,313 / $ 23,000
401k Match $ 4,250 / $ 8,000
Taxable $ 56,127 / $ 99,000
------------------------------------
Total $ 73,689 / $130,000
Annual Savings Rate: 85.2%
% to Goal:
January 7.5%
February 18.9%
March 26.9%
April 38.7%
May 47.3%
June 56.7%
I'm buying a house next month (*knocks on wood*) and am contemplating how to account for that here. It will definitely affect my annual goal, as it's more expensive per month (I've been skating by with some very cheap, but a little unstable housing for a few years). I'm more contemplating how to account for the transaction costs in terms of the savings I've already posted. I'm leaning towards subtracting out the closing costs from my taxable bucket, but on the other hand all money is saved to be spent someday, so maybe I should just go on my merry way like nothing happened.
I'm curious how others account for large spending from already saved money. Any advice?
IMO, you are buying an asset that will appreciate, no need to consider investing in a piece of real estate as “spending” unless you plan to burn it down with no insurance at some point in the future. Up to you if you want to consider closing costs etc as spending, but as far as the way you decide to track savings, if your plan was to only track retirement savings, then sure you might not label it as spending, but you might not also count it as “saving for retirement”.
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Checking in after 2 month. So RSUs paid last month better than expected. Now logged 770k saved YTD, target was 800/900 stretched for the year. I am upping 2024 target to 900/950 stretched. Been fiddling with a thought of a big purchase, probably what will swing it. Really struggling to not relax the purse strings as ahead of target and above 80pct saving rate..
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Lots of unexpected expenses this year. But making Good progress this year. We should easily reach the goal.
Stache keeps growing faster on its own. My contributions are not as big of a factor as it used to be.
Category Progress Goal Progress %
HSA $5,840 $8,300 70.36%
401k $34,727 $53,000 65.52%
2 IRAs $14,000 $14,000 100.00%
Taxable $7,250 $3,000 241.67%
ESPP $2,200 $7,000 31.43%
Total $64,017 $85,300 75.05%
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Updated for End of July
Invested / Goal
401k 1: $17,156 / $23,000
Match 1: $11,863 / $13,500
401k 2: $15,268 / $23,000
Match 2: $1,670 / $2,400
HSA: $4,630 / $8,300
IRAs: $14,000 / $14,000
529s: $10,000 / $10,000
Brokerage: $25,407 / $30,000
Real Estate: $50,000 / $50,000
Real Estate Note: $417 / $2,500
Mortgage: $5,786 / $10,500
====================
Total: $156,800 / $187,200 (83.70%)
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End of July Update:
| 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 |
| End of March 2024 | $9,424.88 | $2,194.32 | $2,199.98 | $250.02 | $3,062.14 |
| End of April 2024 | $10,276.42 | $2,620.08 | $2,416.64 | $333.36 | $4,711.28 |
| End of May 2024 | $11,627.96 | $3,095.84 | $2,633.30 | $416.70 | $5,662.82 |
| End of June 2024 | $12,479.50 | $3,521.61 | $2,958.29 | $500.04 | $6,514.36 |
| End of July 2024 | $13,331.04 | $3,947.37 | $3,066.62 | $583.38 | $7,365.90 |
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Bucket Goal | Actual
401(k) $ 23,000 | $ 20,714.24
Match $ 3,000 | $ 3,000.00
Roth $ 4,250 | $ 4,250.00
Taxable $ 23,750 | $ 7,650.00
-----------------------------------------
Total $ 54,000 | $ 35,614.24
Progress | 66.0%
So, ahhh...it turns out I had put some funds into the money market of the brokerage account last year, and used $2750 of that money to make the first contributions to the Roth IRA. So the chart is adjusted accordingly.
Exciting milestone: my next check will max out the 401(k) and I can pile more into the brokerage for the remainder of the year.
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July update:
Bucket Current / Goal
401k $ 14,813 / $ 23,000
401k Match $ 5,000 / $ 8,000
Taxable $ 61,666 / $ 99,000
------------------------------------
Total $ 81,478 / $130,000
Annual Savings Rate: 81.2%
% to Goal:
January 7.5%
February 18.9%
March 26.9%
April 38.7%
May 47.3%
June 56.7%
July 62.7%
I bought the house! I've decided it's simplest to just lump the transaction costs in with the down payment as coming from past savings. Savings were down this month due to all the other fun of buying a home and I expect next month will be similar. I'm also taking a bit of time off and a then staring a new job with a pay cut (but for fewer hours of work, so probably a raise at the hourly level), so will be revising my goals for the year. I'm going to defer that job til next month when the dust is a little more settled. Likely will be shooting for $110k
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Congrats @McStache on the house purchase!
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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.
Not fully back on track for the year yet, but at least the bleeding has stopped, and I’m back to saving what I need to for April, just need a few above average months now to even out the first few weak months.
May and June were much better months, if I can keep up with what I saved in June for at least the next 4-5 months before I let the foot off the gas, I’ll be back on track for my fairly aggressive goal, and maybe even ahead a little bit. Going to be a busy summer and fall to pull this off though.
Well July was a bit of a spending month, so I saved only half of what I was hoping to.
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| 401K | Roth IRA | Taxable | Savings | Total |
Goal | $ 23,000 | $ 7,000 | $ 7,000 | $13,000 | $ 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 | $ 4,420 | $ 0 | $ 0 | $ 2,553 | $ 6,973 | % 13.9 |
APR | $ 3,281 | $ 0 | $ 0 | $ 6,040 | $ 9,321 | % 18.6 |
MAY | $ 8,956 | $ 0 | $ 0 | $ 50 | $ 9,006 | % 18.0 |
JUN | $ 0 | $ 0 | $ 0 | $ 1,100 | $ 1,100 | % 2.2 |
JUL | $ 406 | $ 0 | $ 0 | $ 1,302 | $ 1,708 | % 3.4 |
AUG | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | % 0.0 |
YTD | $ 23,000 | $ 1,200 | $ 0 | $ 11,946 | $ 36,174 | % 72.29 |
I am planning to get my previous house on the market this month, with hopes of having it under contract by September!
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Finally have my severance in hand, so here's where we're shaking out:
-Max DS16's 529 - $17,000 - $17,000/$17,000 saved (done)
-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 - 120,000/120,000 saved (done)
-Save another $100,000 in after tax investment accounts - 100,000/100,000 - done
All goals complete, but now I'm not working. Next goal is to end 2024 with our current amount of savings (we have a large property tax payment, DS18 college, etc coming up).
My goal to maintain our savings from the above to the end of the year is ... in a rocky patch. We bought a car for DS17, and plan to sell another car. But, there's a gap there that will come from savings. The title transfer was expensive. I got a notice from the IRS that there was a screw up on an import of a tax document via Turbo Tax, and I owe $1600 more. YAY. I love bonus & unexpected taxes. ;-) I need to work harder at finding a nice side hustle, so we can keep up our current savings. I'm currently "funemployed", but open to part time or super flexible options.
I'm going to pivot my goals a bit. I really like to track our savings, but a significant chunk is tied up in (former) employer stock. They've had a highly varied few months, so that's swung my numbers & doesn't show what we're doing to contribute (or not) overall to our savings & is masking our progress, or lack thereof. I'm selling off the stock, but also trying to reduce giant swings in capital gains, given I also received a huge severance in 2024.
Anyway, my current plan is to measure our savings monthly, minus that account.
So, current savings (minus former employer stock) = $759,370
Goal by end of August = $765k.
We're also going to have some major swings in the upcoming months with college tuition due, and hopefully selling two cars.
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Below is as of 8/15/24. Have a few exciting things coming down the pipe, SO got promo'd which comes with a nice raise (very excited for SO - it's well deserved), I've hit the max social security taxable threshold, and we've made a couple monthly expenditure reductions all of which should culminate in some more progress below.
401k 1: $16,189 / $23,000 (70.4%)
Match 1: $8,700 / $12,200 (71.3%)
Mega Backdoor 401k: $31,800 / $33,800 (94.1%)
401k 2: $19,147 / $23,000 (83.2%)
Match 2: $3,148 / $4,500 (70.0%)
HSA: $5,108 / $8,300 (61.5%)
2022 IRAs: $14,000 / $14,000 (100.0%)
Mortgage Principal: $10,349 / $15,000 (69.0%)
Taxable Brokerage: $25,929 / $60,000 (43.2%)
529 Fund: $6,917 / $10,000 (69.2%)
====================
Total: $141,287 / $203,800 (69.3%)
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August update:
Bucket Current / Goal
401k $ 16,313 / $ 23,000
401k Match $ 5,750 / $ 10,750 <-- revised up from $8k
HSA $ 0 / $ 1,000 <-- new
Mrtg. Prin. $ 0 / $ 1,750 <-- new
Taxable $ 61,666 / $ 73,500 <-- revised down from $99k
------------------------------------
Total $ 83,728 / $110,000 <-- revised down from $130k
Annual Savings Rate: 73.3%
% to Goal:
January 7.5%
February 18.9%
March 26.9%
April 38.7%
May 47.3%
June 56.7%
July 62.7% <-- of old goal of $130k
August 76.1%
As promised, I've revised my numbers for the year. Between the new house and time off and pay cut, $110k seems probably doable and not too much of a stretch. Low savings this month between house things and then hoarding some money in my checking account to cash flow next month's expenses. The new job has a higher 401k match and access to an HSA account, so where the money will be saved has shifted around some.
P.S. Thanks @oneday !
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Finally have my severance in hand, so here's where we're shaking out:
-Max DS16's 529 - $17,000 - $17,000/$17,000 saved (done)
-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 - 120,000/120,000 saved (done)
-Save another $100,000 in after tax investment accounts - 100,000/100,000 - done
All goals complete, but now I'm not working. Next goal is to end 2024 with our current amount of savings (we have a large property tax payment, DS18 college, etc coming up).
My goal to maintain our savings from the above to the end of the year is ... in a rocky patch. We bought a car for DS17, and plan to sell another car. But, there's a gap there that will come from savings. The title transfer was expensive. I got a notice from the IRS that there was a screw up on an import of a tax document via Turbo Tax, and I owe $1600 more. YAY. I love bonus & unexpected taxes. ;-) I need to work harder at finding a nice side hustle, so we can keep up our current savings. I'm currently "funemployed", but open to part time or super flexible options.
I'm going to pivot my goals a bit. I really like to track our savings, but a significant chunk is tied up in (former) employer stock. They've had a highly varied few months, so that's swung my numbers & doesn't show what we're doing to contribute (or not) overall to our savings & is masking our progress, or lack thereof. I'm selling off the stock, but also trying to reduce giant swings in capital gains, given I also received a huge severance in 2024.
Anyway, my current plan is to measure our savings monthly, minus that account.
So, current savings (minus former employer stock) = $759,370
Goal by end of August = $765k.
We're also going to have some major swings in the upcoming months with college tuition due, and hopefully selling two cars.
Not great progress in August, as we didn't sell either of our two cars, and we bought a car for my special needs aunt. We will be getting reimbursed, but that's in motion as my husband replaces the brakes & makes it drivable for her. It's all good, and really just a blip in the numbers, but I'm going to be more focused in September, to attempt to drive a bit more accountability.
Goals for September:
-Sell one of our cars
-Get reimbursed for special needs aunt's car
-Finish the month with $765k in savings
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| 401K | Roth IRA | Taxable | Savings | Total |
Goal | $ 23,000 | $ 7,000 | $ 7,000 | $13,000 | $ 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 | $ 4,420 | $ 0 | $ 0 | $ 2,553 | $ 6,973 | % 13.9 |
APR | $ 3,281 | $ 0 | $ 0 | $ 6,040 | $ 9,321 | % 18.6 |
MAY | $ 8,956 | $ 0 | $ 0 | $ 50 | $ 9,006 | % 18.0 |
JUN | $ 0 | $ 0 | $ 0 | $ 1,100 | $ 1,100 | % 2.2 |
JUL | $ 406 | $ 0 | $ 0 | $ 1,302 | $ 1,708 | % 3.4 |
AUG | $ 0 | $ 0 | $ 0 | $ 1,330 | $ 1,330 | % 2.7 |
SEP | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | % 0.0 |
YTD | $ 23,000 | $ 1,200 | $ 0 | $ 13,276 | $ 37,504 | % 75.01 |
I'm currently throwing any extra money into my savings as I wait for my previous house to sell.
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Below is as of 8/31/24. Finally making some more progress on taxable contributions.
401k 1: $16,902 / $23,000 (73.5%)
Match 1: $9,075 / $12,200 (74.4%)
Mega Backdoor 401k: $32,100 / $33,800 (95.0%)
401k 2: $22,815 / $23,000 (99.2%)
Match 2: $3,728 / $4,500 (82.8%)
HSA: $5,427 / $8,300 (65.4%)
2022 IRAs: $14,000 / $14,000 (100.0%)
Mortgage Principal: $10,349 / $15,000 (69.0%)
Taxable Brokerage: $29,429 / $60,000 (49.0%)
529 Fund: $6,917 / $10,000 (69.2%)
====================
Total: $150,740 / $203,800 (74.0%)
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Bucket Goal | Actual
401(k) $ 23,000 | $ 23,000.00
Match $ 3,000 | $ 3,000.00
Roth $ 4,250 | $ 4,250.00
Taxable $ 23,750 | $ 9,350.00
-----------------------------------------
Total $ 54,000 | $ 39,600.00
Progress | 73.3%
401(k) maxed out!
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Updated for End of August (Late)
Invested / Goal
401k 1: $18,068 / $23,000
Match 1: $12,775 / $13,500
401k 2: $18,655 / $23,000
Match 2: $1,970 / $2,400
HSA: $4,745 / $8,300
IRAs: $14,000 / $14,000
529s: $10,000 / $10,000
Brokerage: $37,501 / $30,000
Real Estate: $50,000 / $50,000
Real Estate Note: $833 / $2,500
Mortgage: $6,618 / $10,500
====================
Total: $175,170 / $187,200 (88.90%)
Looking like we are going to come up short in HSA contributions. This is why I like keeping track of stuff like this.
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Missed August
End of Sept Update:
| 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 |
| End of March 2024 | $9,424.88 | $2,194.32 | $2,199.98 | $250.02 | $3,062.14 |
| End of April 2024 | $10,276.42 | $2,620.08 | $2,416.64 | $333.36 | $4,711.28 |
| End of May 2024 | $11,627.96 | $3,095.84 | $2,633.30 | $416.70 | $5,662.82 |
| End of June 2024 | $12,479.50 | $3,521.61 | $2,958.29 | $500.04 | $6,514.36 |
| End of July 2024 | $13,331.04 | $3,947.37 | $3,066.62 | $583.38 | $7,365.90 |
| End of Sept 2024 | $15,959.89 | $5,061.78 | $3,499.94 | $750.06 | $9,544.40 |
I have gone into a bit of coast mode, so the 401k contributions won’t be completely maxed out this year. I’m also planning to cash out a bit of the stock options from previous years later this year for portfolio rebalancing purposes.
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Not great progress in August, as we didn't sell either of our two cars, and we bought a car for my special needs aunt. We will be getting reimbursed, but that's in motion as my husband replaces the brakes & makes it drivable for her. It's all good, and really just a blip in the numbers, but I'm going to be more focused in September, to attempt to drive a bit more accountability.
Goals for September:
-Sell one of our cars
-Get reimbursed for special needs aunt's car
-Finish the month with $765k in savings
Ha, well, here's where we netted out.
-Car is listed, and we have people interested, so I'm guessing it will be sold by EOW.
-We have aligned on a price (including cost of the materials for the repairs DH did), and my parents are bringing a check in a couple of weeks. I've tentatively added that money back in with an asterisk, although we will technically receive it in October.
-$762,515. So, we're a little short. Once we get the car sold, we will be ahead, which I'll factor in for October.
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| 401K | Roth IRA | Taxable | Savings | Total |
Goal | $ 23,000 | $ 7,000 | $ 7,000 | $13,000 | $ 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 | $ 4,420 | $ 0 | $ 0 | $ 2,553 | $ 6,973 | % 13.9 |
APR | $ 3,281 | $ 0 | $ 0 | $ 6,040 | $ 9,321 | % 18.6 |
MAY | $ 8,956 | $ 0 | $ 0 | $ 50 | $ 9,006 | % 18.0 |
JUN | $ 0 | $ 0 | $ 0 | $ 1,100 | $ 1,100 | % 2.2 |
JUL | $ 406 | $ 0 | $ 0 | $ 1,302 | $ 1,708 | % 3.4 |
AUG | $ 0 | $ 0 | $ 0 | $ 1,330 | $ 1,330 | % 2.7 |
SEP | $ 0 | $ 0 | $ 0 | $ 2,008 | $ 2,008 | % 4.0 |
OCT | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | % 0.0 |
YTD | $ 23,000 | $ 1,200 | $ 0 | $ 15,284 | $ 39,512 | % 79.02 |
Continuing to bolster my savings until my previous home sells and I am back to a single mortgage payment!
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Below is as of 9/30/24. Not sure if we're going to hit our taxable goal for the year, in large part due to some unexpected home related expenses. We'll see.
401k 1: $18,327 / $23,000 (79.7%)
Match 1: $9,825 / $12,200 (80.5%)
Mega Backdoor 401k: $32,700 / $33,800 (96.7%)
401k 2: $23,000 / $23,000 (100.0%)
Match 2: $3,820 / $4,500 (84.9%) should get trued up end of year by employer
HSA: $6,225 / $8,300 (75.0%)
2022 IRAs: $14,000 / $14,000 (100.0%)
Mortgage Principal: $11,655 / $15,000 (77.7%)
Taxable Brokerage: $33,822 / $60,000 (56.4%)
529 Fund: $7,750 / $10,000 (77.5%)
====================
Total: $161,123 / $203,800 (79.1%)
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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.
Q2 update: Still no sign of my state pension, and hoping to see it by the end of Q3. No odd jobs/PT work this quarter. We were able to save a few bucks and my spouse keeps contributing to the TSP.
Q3 update: Got my pension and the back pay. Just started an 8 hr per week consulting gig so that will contribute to the next quarter. Spouse is contributing to the TSP. We used some of the savings to put in a fence for the two new rescue puppies we adopted, install a walkway to the house, get the house painted, and take two vacations. The expenditures outpaced the savings so our Q3 total is below Q2's total for the Cash category.
2024 Savings Goals - Q3 update
Bucket Goal | Actual
TSP $ 27,100 | $ 21,434 (includes match)
457 $ 30,500 | $ 30,500
Pension $ 4,500 | $ 4,531
Cash $ 20,000 | $ 26,420
-----------------------------------------
Total $ 82,100 | $ 82,885
Progress | % 101.1
-
Bucket Goal | Actual
401(k) $ 23,000 | $ 23,000.00
Match $ 3,000 | $ 3,000.00
Roth $ 4,250 | $ 4,250.00
Taxable $ 23,750 | $ 11,050.00
-----------------------------------------
Total $ 54,000 | $ 41,300.00
Progress | 76.5%
-
| 401K | Roth IRA | Taxable | Savings | Total |
Goal | $ 23,000 | $ 7,000 | $ 7,000 | $13,000 | $ 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 | $ 4,420 | $ 0 | $ 0 | $ 2,553 | $ 6,973 | % 13.9 |
APR | $ 3,281 | $ 0 | $ 0 | $ 6,040 | $ 9,321 | % 18.6 |
MAY | $ 8,956 | $ 0 | $ 0 | $ 50 | $ 9,006 | % 18.0 |
JUN | $ 0 | $ 0 | $ 0 | $ 1,100 | $ 1,100 | % 2.2 |
JUL | $ 406 | $ 0 | $ 0 | $ 1,302 | $ 1,708 | % 3.4 |
AUG | $ 0 | $ 0 | $ 0 | $ 1,330 | $ 1,330 | % 2.7 |
SEP | $ 0 | $ 0 | $ 0 | $ 2,008 | $ 2,008 | % 4.0 |
OCT | $ 0 | $ 0 | $ 0 | $ 1,425 | $ 1,425 | % 2.8 |
NOV | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | % 0.0 |
YTD | $ 23,000 | $ 1,200 | $ 0 | $ 16,709 | $ 40,937 | % 81.87 |
My previous house is under contract! The proceeds of the sale should help me reach my yearly goal nearly 3x over! Fingers crossed the closing process proceeds without any hiccups and that the house will be sold to update here for the end of year!
-
Not great progress in August, as we didn't sell either of our two cars, and we bought a car for my special needs aunt. We will be getting reimbursed, but that's in motion as my husband replaces the brakes & makes it drivable for her. It's all good, and really just a blip in the numbers, but I'm going to be more focused in September, to attempt to drive a bit more accountability.
Goals for September:
-Sell one of our cars
-Get reimbursed for special needs aunt's car
-Finish the month with $765k in savings
Ha, well, here's where we netted out.
-Car is listed, and we have people interested, so I'm guessing it will be sold by EOW.
-We have aligned on a price (including cost of the materials for the repairs DH did), and my parents are bringing a check in a couple of weeks. I've tentatively added that money back in with an asterisk, although we will technically receive it in October.
-$762,515. So, we're a little short. Once we get the car sold, we will be ahead, which I'll factor in for October.
November 1st progress:
-We've been reimbursed for special needs aunt's car
-We have not sold the other car. We showed it to a bunch of folks, but were then gone for a vacation, and are just now getting things going again.
-We're at $767,464 in savings, despite paying for DS17's orthodontia work. Which was, extremely expensive.
-
October update:
Bucket Current / Goal
401k $ 18,646 / $ 23,000
401k Match $ 7,417 / $ 10,750
HSA $ 346 / $ 1,000
Mrtg. Prin. $ 878 / $ 1,750
Taxable $ 68,375 / $ 73,500
------------------------------------
Total $ 95,661 / $110,000
Annual Savings Rate: 74.5%
% to Goal:
January 7.5%
February 18.9%
March 26.9%
April 38.7%
May 47.3%
June 56.7%
July 62.7% <-- of old goal of $130k
August 76.1%
September ¯\_(ツ)_/¯
October 87.0%
New job has started and so far so good. Emergency cash is topped back up, so I'll be back to investing for real next month
-
Bucket Goal | Actual
401(k) $ 23,000 | $ 23,000.00
Match $ 3,000 | $ 3,000.00
Roth $ 4,250 | $ 4,250.00
Taxable $ 23,750 | $ 13,600.00
-----------------------------------------
Total $ 54,000 | $ 43,850.00
Progress | 81.2%
Need to step up deposits to the brokerage account now that everything else is funded.
-
Below is as of 11/1/24. Likely not making our taxable goal for the year, but we'll keep trying.
401k 1: $20,464 / $23,000 (89.0%)
Match 1: $10,950 / $12,200 (89.8%)
Mega Backdoor 401k: $33,600 / $33,800 (99.4%)
401k 2: $23,000 / $23,000 (100.0%)
Match 2: $3,820 / $4,500 (84.9%) should get trued up end of year by employer
HSA: $7,023 / $8,300 (84.6%)
2022 IRAs: $14,000 / $14,000 (100.0%)
Mortgage Principal: $14,276 / $15,000 (95.2%)
Taxable Brokerage: $38,622 / $60,000 (64.4%)
529 Fund: $10,000 / $10,000 (100.0%)
====================
Total: $175,755 / $203,800 (86.2%)
-
Not great progress in August, as we didn't sell either of our two cars, and we bought a car for my special needs aunt. We will be getting reimbursed, but that's in motion as my husband replaces the brakes & makes it drivable for her. It's all good, and really just a blip in the numbers, but I'm going to be more focused in September, to attempt to drive a bit more accountability.
Goals for September:
-Sell one of our cars
-Get reimbursed for special needs aunt's car
-Finish the month with $765k in savings
Ha, well, here's where we netted out.
-Car is listed, and we have people interested, so I'm guessing it will be sold by EOW.
-We have aligned on a price (including cost of the materials for the repairs DH did), and my parents are bringing a check in a couple of weeks. I've tentatively added that money back in with an asterisk, although we will technically receive it in October.
-$762,515. So, we're a little short. Once we get the car sold, we will be ahead, which I'll factor in for October.
November 1st progress:
-We've been reimbursed for special needs aunt's car
-We have not sold the other car. We showed it to a bunch of folks, but were then gone for a vacation, and are just now getting things going again.
-We're at $767,464 in savings, despite paying for DS17's orthodontia work. Which was, extremely expensive.
November 5th progress - adding because it's been a volatile month for us already:
-Sold car for $15k, and cancelled insurance (saving $500 - we have two teen drivers on our policy)
-However, I paid $18k for our property taxes, so that unwinds the savings & then some. But, at least the car sold & helped offset the cost of some of that.
-I am supposed to get a partial reimbursement of the orthodontia from insurance, so *maybe* we will net out evenly after all of this.
-
Forgot to capture the October numbers separately, but here is YTD:
| 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 |
| End of March 2024 | $9,424.88 | $2,194.32 | $2,199.98 | $250.02 | $3,062.14 |
| End of April 2024 | $10,276.42 | $2,620.08 | $2,416.64 | $333.36 | $4,711.28 |
| End of May 2024 | $11,627.96 | $3,095.84 | $2,633.30 | $416.70 | $5,662.82 |
| End of June 2024 | $12,479.50 | $3,521.61 | $2,958.29 | $500.04 | $6,514.36 |
| End of July 2024 | $13,331.04 | $3,947.37 | $3,066.62 | $583.38 | $7,365.90 |
| End of Sept 2024 | $15,959.89 | $5,061.78 | $3,499.94 | $750.06 | $9,544.40 |
| End of Nov 2024 | $17,652.04 | $5,963.30 | $6,423.26 | $916.74 | $11,337.80 |
Dialing back on maxing the Roth 401k contributions this year due to Coast FI already achieved, but am maxing out the HSA while youngest kid is still on my insurance.
-
November update:
Bucket Current / Goal
401k $ 20,979 / $ 23,000
401k Match $ 9,083 / $ 10,750
HSA $ 691 / $ 1,000
Mrtg. Prin. $ 1,320 / $ 1,750
Taxable $ 71,823 / $ 73,500
------------------------------------
Total $103,896 / $110,000
Annual Savings Rate: 73.7%
% to Goal:
January 7.5%
February 18.9%
March 26.9%
April 38.7%
May 47.3%
June 56.7%
July 62.7% <-- of old goal of $130k
August 76.1%
September ¯\_(ツ)_/¯
October 87.0%
November 94.5%
Barring any unexpected major expenses, it's looking promising for hitting the (adjusted) goal for the year!
-
Bucket Goal | Actual
401(k) $ 23,000 | $ 23,000.00
Match $ 3,000 | $ 3,000.00
Roth $ 4,250 | $ 4,250.00
Taxable $ 23,750 | $ 15,300.00
-----------------------------------------
Total $ 54,000 | $ 45,550.00
Progress | 84.4%
-
Finally have my severance in hand, so here's where we're shaking out:
-Max DS16's 529 - $17,000 - $17,000/$17,000 saved (done)
-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 - 120,000/120,000 saved (done)
-Save another $100,000 in after tax investment accounts - 100,000/100,000 - done
All goals complete, but now I'm not working. Next goal is to end 2024 with our current amount of savings (we have a large property tax payment, DS18 college, etc coming up).
My goal to maintain our savings from the above to the end of the year is ... in a rocky patch. We bought a car for DS17, and plan to sell another car. But, there's a gap there that will come from savings. The title transfer was expensive. I got a notice from the IRS that there was a screw up on an import of a tax document via Turbo Tax, and I owe $1600 more. YAY. I love bonus & unexpected taxes. ;-) I need to work harder at finding a nice side hustle, so we can keep up our current savings. I'm currently "funemployed", but open to part time or super flexible options.
I made my goal for November of saving $2500, which is great. We haven't spent any of my severance yet, but December is going to be tricky & I expect that we will drop some of our savings. We have: the normal holiday spending + a family ski trip, followed by property taxes. We also have DS18's winter quarter tuition, but we will once again pull from our 529 for that payment. Once we start cash flowing both kids in college.... we're going to see some big swings in our savings value. I'm also job searching again, as I'd like to have more visibility into the cost for DS17 & a bit more cushion.
-
| 401K | Roth IRA | Taxable | Savings | Total |
Goal | $ 23,000 | $ 7,000 | $ 7,000 | $13,000 | $ 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 | $ 4,420 | $ 0 | $ 0 | $ 2,553 | $ 6,973 | % 13.9 |
APR | $ 3,281 | $ 0 | $ 0 | $ 6,040 | $ 9,321 | % 18.6 |
MAY | $ 8,956 | $ 0 | $ 0 | $ 50 | $ 9,006 | % 18.0 |
JUN | $ 0 | $ 0 | $ 0 | $ 1,100 | $ 1,100 | % 2.2 |
JUL | $ 406 | $ 0 | $ 0 | $ 1,302 | $ 1,708 | % 3.4 |
AUG | $ 0 | $ 0 | $ 0 | $ 1,330 | $ 1,330 | % 2.7 |
SEP | $ 0 | $ 0 | $ 0 | $ 2,008 | $ 2,008 | % 4.0 |
OCT | $ 0 | $ 0 | $ 0 | $ 1,425 | $ 1,425 | % 2.8 |
NOV | $ 0 | $ 0 | $ 0 | $ 1,536 | $ 1,536 | % 3.1 |
DEC | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | % 0.0 |
YTD | $ 23,000 | $ 1,200 | $ 0 | $ 18,245 | $ 42,473 | % 84.95 |
I will be maxing out my ROTH IRA this month when the money from my previous home sale is deposited into my account. I am very excited to start contributing towards my taxable account again as well, now that I don't have two mortgage payments to make!
-
Below is as of 12/5/24. Not making our taxable goal for the year, but that's alright.
401k 1: $21,889 / $23,000 (95.2%)
Match 1: $11,700 / $12,200 (95.9%)
Mega Backdoor 401k: $34,200 / $33,800 (101.2%)
401k 2: $23,000 / $23,000 (100.0%)
Match 2: $4,973 / $4,500 (110.5%)
HSA: $7,662 / $8,300 (92.3%)
2022 IRAs: $14,000 / $14,000 (100.0%)
Mortgage Principal: $15,591 / $15,000 (103.9%)
Taxable Brokerage: $42,622 / $60,000 (71.0%)
529 Fund: $10,000 / $10,000 (100.0%)
====================
Total: $185,637 / $203,800 (91.1%)
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| 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 |
| End of March 2024 | $9,424.88 | $2,194.32 | $2,199.98 | $250.02 | $3,062.14 |
| End of April 2024 | $10,276.42 | $2,620.08 | $2,416.64 | $333.36 | $4,711.28 |
| End of May 2024 | $11,627.96 | $3,095.84 | $2,633.30 | $416.70 | $5,662.82 |
| End of June 2024 | $12,479.50 | $3,521.61 | $2,958.29 | $500.04 | $6,514.36 |
| End of July 2024 | $13,331.04 | $3,947.37 | $3,066.62 | $583.38 | $7,365.90 |
| End of Sept 2024 | $15,959.89 | $5,061.78 | $3,499.94 | $750.06 | $9,544.40 |
| End of Nov 2024 | $17,652.04 | $5,963.30 | $6,423.26 | $916.74 | $11,337.80 |
| End of Dec 2024 | $18,163 | $6,389 | $8,300 | $1,000 | $12,189 |
Dialing back on maxing the Roth 401k contributions this year due to Coast FI already achieved. However, I realized I could max out the HSA while youngest kid is still on my insurance and save myself some taxes, which is why that number is above my original goal.
Also missing from the table is $6500 which I put into a Roth IRA earlier in the year. That brings my savings total for this year to $52,541. Less than last year but still a hefty percentage of my gross W-2 income.
-
Done!
Bucket Goal | Actual
401(k) $ 23,000 | $ 23,000.00
Match $ 3,000 | $ 3,000.00
Roth $ 4,250 | $ 4,250.00
Taxable $ 23,750 | $ 23,750.00
-----------------------------------------
Total $ 54,000 | $ 54,0000.00
Progress | 100.0%
-
Joining in to keep myself in-check and continue to save diligently, even with firehose of cash that makes it so easy to relax consumption!
2024 savings goal 800k/ 900k stretched
YTD 455k (mid-June)
We ended at saving 850k. Add to that return of the portfolio and 2024 is a good vintage!
-
December update:
Bucket Current / Goal
401k $ 23,313 / $ 23,000 <-- DONE*
401k Match $ 10,750 / $ 10,750 <-- DONE
HSA $ 1,037 / $ 1,000 <-- DONE
Mrtg. Prin. $ 1,765 / $ 1,750 <-- DONE
Taxable $ 76,432 / $ 73,500 <-- DONE
------------------------------------
Total $113,296 / $110,000 <-- DONE
Annual Savings Rate: 73.5%
% to Goal:
January 7.5%
February 18.9%
March 26.9%
April 38.7%
May 47.3%
June 56.7%
July 62.7% <-- of old goal of $130k
August 76.1%
September ¯\_(ツ)_/¯
October 87.0%
November 94.5%
December 103.0%
* Yes, this is over contributed. My 401k provider was supposed to limit contributions, but didn't, so I'll deal with that in a few days
Made it! Pretty pleased considering I both bought a house and changed jobs with time off between this year. Next year will likely be a little more steady-as-she-goes, but haven't sat down to figure out the precise goal yet. Has anyone started next year's thread yet?
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| 401K | Roth IRA | Taxable | Savings | Total |
Goal | $ 23,000 | $ 7,000 | $ 7,000 | $13,000 | $ 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 | $ 4,420 | $ 0 | $ 0 | $ 2,553 | $ 6,973 | % 13.9 |
APR | $ 3,281 | $ 0 | $ 0 | $ 6,040 | $ 9,321 | % 18.6 |
MAY | $ 8,956 | $ 0 | $ 0 | $ 50 | $ 9,006 | % 18.0 |
JUN | $ 0 | $ 0 | $ 0 | $ 1,100 | $ 1,100 | % 2.2 |
JUL | $ 406 | $ 0 | $ 0 | $ 1,302 | $ 1,708 | % 3.4 |
AUG | $ 0 | $ 0 | $ 0 | $ 1,330 | $ 1,330 | % 2.7 |
SEP | $ 0 | $ 0 | $ 0 | $ 2,008 | $ 2,008 | % 4.0 |
OCT | $ 0 | $ 0 | $ 0 | $ 1,425 | $ 1,425 | % 2.8 |
NOV | $ 0 | $ 0 | $ 0 | $ 1,536 | $ 1,536 | % 3.1 |
DEC | $ 0 | $ 5,800 | $ 12,200 | $ 364 | $ 18,364 | % 36.7 |
YTD | $ 23,000 | $ 7,000 | $ 12,200 | $ 18,609 | $ 60,837 | % 121.7 |
What a whirlwind of a year it has been! Happy to have not only reach my goal, but to exceed my goal, in part, due to the sale of my previous home. This next year looks to have a lot of spending on projects for my new home, but I am making it a goal to maintain my 50k annual savings, likely increasing this goal in future years. My investment accounts are now nearing the point in which they will be growing faster than I can contribute in a good year, so I am giving myself permission to improve my living space which will directly improve my daily life (though this will be expensive). Happy new year to everyone here and I look forward to tracking my savings with you all again in 2025.
-
Lots of unexpected expenses this year. But making Good progress this year. We should easily reach the goal.
Stache keeps growing faster on its own. My contributions are not as big of a factor as it used to be.
Category Progress Goal Progress %
HSA $5,840 $8,300 70.36%
401k $34,727 $53,000 65.52%
2 IRAs $14,000 $14,000 100.00%
Taxable $7,250 $3,000 241.67%
ESPP $2,200 $7,000 31.43%
Total $64,017 $85,300 75.05%
We had a very expensive year. Business class international travel, kids in pre school, expensive kids activities, couple of beach vacations, trips to see family, high health expenses. We exceeded our target by 3%. I am hoping next year continues to be prosperous one like this, minus health expenses.
Wish you all the same and happy new year.
-
Done!
Bucket Goal | Actual
401(k) $ 23,000 | $ 23,000.00
Match $ 3,000 | $ 3,000.00
Roth $ 4,250 | $ 4,250.00
Taxable $ 23,750 | $ 23,750.00
-----------------------------------------
Total $ 54,000 | $ 54,0000.00
Progress | 100.0%
Nice!! Congrats!
-
Done!
Bucket Goal | Actual
401(k) $ 23,000 | $ 23,000.00
Match $ 3,000 | $ 3,000.00
Roth $ 4,250 | $ 4,250.00
Taxable $ 23,750 | $ 23,750.00
-----------------------------------------
Total $ 54,000 | $ 54,0000.00
Progress | 100.0%
Nice!! Congrats!
Thanks. Sometimes I think that hitting my goal means the goal was too easy. Nevertheless, I am pleased.
-
Finished off the year a little short of our goal, but that means it was probably a reasonable target. Also realized we over contributed to one of our 401k's... whoops.
401k 1: $23,000 / $23,000 (100.0%)
Match 1: $12,450 / $12,200 (102.0%)
Mega Backdoor 401k: $34,323 / $33,800 (101.5%)
401k 2: $23,000 / $23,000 (100.0%)
Match 2: $4,973 / $4,500 (110.5%)
HSA: $8,300 / $8,300 (100.0%)
2022 IRAs: $14,000 / $14,000 (100.0%)
Mortgage Principal: $15,591 / $15,000 (103.9%)
Taxable Brokerage: $43,577 / $60,000 (72.6%)
529 Fund: $10,000 / $10,000 (100.0%)
====================
Total: $189,214 / $203,800 (92.8%)
Looking forward to the 2025 thread - currently setting up our targets/goals!
-
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.
Q2 update: Still no sign of my state pension, and hoping to see it by the end of Q3. No odd jobs/PT work this quarter. We were able to save a few bucks and my spouse keeps contributing to the TSP.
Q3 update: Got my pension and the back pay. Just started an 8 hr per week consulting gig so that will contribute to the next quarter. Spouse is contributing to the TSP. We used some of the savings to put in a fence for the two new rescue puppies we adopted, install a walkway to the house, get the house painted, and take two vacations. The expenditures outpaced the savings so our Q3 total is below Q2's total for the Cash category.
Q4 update: Settling into the retirement groove. I'm doing some minimal consulting which primarily covers our expensive puppies with a little extra going to savings. Spouse continue to work. My pension covers our mortgage, property taxes, and my health insurance. We are not pulling from investments at this time. I didn't know I'd have consulting income, thus the poor estimate of savings. I won't have any big payouts next year (e.g., vacation payout, pension backpay) and I don't know if I'll have any consulting income after the end of the fiscal year so once again for 2025, my savings estimate will be an out-my-butt guess.
2024 Savings Goals - Q4 update
Bucket Goal | Actual
TSP $ 27,100 | $ 29,304 (includes match)
457 $ 30,500 | $ 30,500
Pension $ 4,500 | $ 4,531
Cash $ 20,000 | $ 38,718
-----------------------------------------
Total $ 82,100 | $ 103,053
Progress | % 125.5
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Started up the 2025 thread below:
https://forum.mrmoneymustache.com/throw-down-the-gauntlet/track-your-2025-savings-goals-and-progress!/
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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
Ha. I did get laid off, so 2024 was a wild year. Here's where we netted out.
-Max DS16's 529 - $17,000 - done
-Max our 401Ks, catch up contributions + back door - $53,500 - done
-Save the remainder of DS17's college expenses - $120,000 - done
-Save another $100,000 in after tax investment accounts - done
Total = $290,500 - we definitely exceeded this goal, by at least $200k. Mostly thanks to my severance. Now that the fire hose is complete from my former employer, we shall see where things net out for 2025.
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The percentage goal for me to be on track for February is 25.00%.
| Bucket | Goal | Current |
| 401K | $23,000 | $9,082.17 |
| Match | $1,293.32 | $1,674.61 |
| Roth 1 | $7,000 | $7,000.00 |
| Roth 2 | $7,000 | $7,000.00 |
| HSA | $8,300 | $858.32 |
| Dividends | $2,000 | $2,481.87 |
| Mortgage | $10,700 | $10,924.58 |
| Sabbatical Savings | $26,168.44 | $26,168.44 |
| Total | $85,461.76 | $65,189.99 |
| Percentage | 100% | 80.17% (-19.83% of goal) |
Update:
My finances were blown up pretty badly, so we missed by quite a bit. Resetting in 2025 in most ways and expecting to do much, much better this year.
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Halfway through 2024 and currently saved about $63k across all accounts. I have a stretch goal of $120k but I would be okay if we don't reach it. We are FI and all contributions past this point we are adding about 2.5 years worth of expenses every year. See you at the end of the year!
Couple of months late but ended the year a little under 100k in contributions. Couldn't reach the stretch goal of $120k due to purchasing solar and a new roof. Also, my wife went part-time the last 6 months of the year so had less income than usual coming in. All-in-all still happy we were in a position to save this much. Having 2 very good years of returns certainly helped.