Author Topic: Are you on track to meet your Savings Goals for 2015?  (Read 5191 times)

RichMoose

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Are you on track to meet your Savings Goals for 2015?
« on: June 26, 2015, 01:18:43 PM »
I'm very excited about our savings rate so far this year and just had to share with this supportive community! We don't tell our friends about our savings because it easily comes off as gauche in our society. Even though my wife and I are happier than most couples we know, we do make sacrifices for the sake of saving more money. This of course is equally difficult to explain to friends and family.

Nearing the end of June, I looked up some statements today to see where the wife and I are at as far as our savings goes. Our goal this year is to save $50,000 which works out to ~$4,200 per month on average. I don't include pension contributions in our savings goals as I feel we do not have any control over this form of saving. Both my wife and I are in DB pension plans.

As of now, we have invested $42,000 in my TFSA and RRSP accounts (kind of equal to Roth IRA and 401(k)). About $12,000 of savings was from our 2014 tax return so adjusting for that we have invested $30,000. This is a savings rate of $5,000 per month so far. I'm very happy with this and should be on track to save $5,000 more than we planned. I will not be making a contribution for the month of July due to paying my annual property taxes, buying new shingles/materials for our house roof (performing the labour ourselves), and paying for our summer vacation. This puts me on track to have my TFSA account maxed out by sometime September and gives me 3 months to start catching up on my wife's TFSA before the end of 2015.

How are you doing regarding your savings goals for 2015?

EarlyRetirementGuy

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Re: Are you on track to meet your Savings Goals for 2015?
« Reply #1 on: June 26, 2015, 01:22:35 PM »
I only started tracking my savings rate and networth in July last year so we are almost at the 1 year mark. It was difficult to make a goal without having any previous records to go by!
I done a quick calculation of the 11 months since then and should hopefully be on course for a £20,000 net worth increase in the past year which will form the benchmark for the next year.
« Last Edit: June 26, 2015, 02:02:10 PM by EarlyRetirementGuy »

Mr. Green

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Re: Are you on track to meet your Savings Goals for 2015?
« Reply #2 on: June 26, 2015, 01:27:57 PM »
Awesome! I bet you feel like a million bucks right now!

We are on track to meet our goals this year and I'm excited about that with FIRE being so close.

oinkette

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Re: Are you on track to meet your Savings Goals for 2015?
« Reply #3 on: June 26, 2015, 01:34:42 PM »
Congratulations! I does help once you start actually tracking things. My life is utterly in transition this year,  so my goals went off track. But my savings have actually gone up since the year began!

PharmaStache

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Re: Are you on track to meet your Savings Goals for 2015?
« Reply #4 on: June 26, 2015, 07:55:45 PM »
Awesome job!  Similar goals over here- on track to save 45k for sure, maybe 50k! 

Bateaux

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Re: Are you on track to meet your Savings Goals for 2015?
« Reply #5 on: June 26, 2015, 09:31:33 PM »
Slightly ahead of goal.

Goals. 
My 401k $18000.  Ahead of goal.  $12000+ June 2015
Wife 401k  $24000  on pace.  $12500 June 2015
My Roth IRA $5500. Set to maximize
Wife Roth IRA $6500  Set to maximize
Taxable account.  Vanguard Strategic Equity. $6200 June 2015.  Will fund further when 401k pays out in Fall.  Goal $10000

Goal set for 2015 is $65,000 in new investment.

Company match and cash balance pension cor 2015.   $5000, $2000 and $17,000

Total new invest for 2015 $90,000+

NorCal

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Re: Are you on track to meet your Savings Goals for 2015?
« Reply #6 on: June 26, 2015, 10:00:41 PM »
Congrats!  Feels good, doesn't it?  It's really good seeing those big numbers go in the bank every month.


We're pretty on-track with our spending plan (I have a plan based on spending since our income is more variable than our expenses), but our income has come in above expectations due to a new job and a large bonus for my wife.

Midwestache

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Re: Are you on track to meet your Savings Goals for 2015?
« Reply #7 on: June 26, 2015, 11:23:44 PM »
Doing well at the half year mark, have been able to increase taxable account additions. Will be at around 68% savings rate! FI in 10 years!

Dicey

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Re: Are you on track to meet your Savings Goals for 2015?
« Reply #8 on: June 27, 2015, 12:20:07 AM »
I'm FIRE'd. I have no savings goals. Therefore, if I do manage to save something, does that represent failure on my part?

ender

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Re: Are you on track to meet your Savings Goals for 2015?
« Reply #9 on: June 27, 2015, 07:35:56 AM »
We're on pace to exceed them. We will max our accounts (3x IRA, 401k/HSA) and still save a few thousand in cash more, not including whatever end of year bonus I get (which is likely to be at least a few thousand minimum).

pachnik

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Re: Are you on track to meet your Savings Goals for 2015?
« Reply #10 on: June 27, 2015, 07:43:37 AM »
Happy to say I am on track with 2015 savings goal and a little a head of the game even. 

My goal was to put about a third of my pay into my RRSP every month - this comes out to about $1,100.  I forgot that I would be getting a tax refund and so put $2,000 (2/3) of it in also.  I kept $1,000 out for our vacation. 

I was looking at my chequing account and my savings account and saw that I had an emergency fund of $9,000.00.  This is about 4 and 1/2 months expenses for me and I feel comfortable enough in my job to take $1,000 out of there and invest it. 


RichMoose

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Re: Are you on track to meet your Savings Goals for 2015?
« Reply #11 on: June 27, 2015, 08:16:41 AM »
Looks like a good bunch of us are on track to meet or exceed our goals! It most definitely is a great feeling, especially making those deposits month after month.

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Re: Are you on track to meet your Savings Goals for 2015?
« Reply #12 on: June 27, 2015, 09:12:20 AM »
I think in my case things are going well, I mean this time last year, from January 1st to June 30th, my net worth had gone up by only 6.5K$....This year, my net worth is already up by 12.2K$ from January 1st to May 30th, that is nearly the double. The difference last year vs this year is that last year, I went on a trip, so that was a bump in my savings and I wasn't applying MMM philosophy meaning I would spend money on anything without really thinking twice about it, but at least I was still smart enough not to go in debt. This year, I decided not to go on any vacation trip and really spend as low as possible (except if it made me happy) and the stats are there to prove it. It also helps that I have YNAB (since November '14) which in my mind motivates me more to cut on unnecessary spendings, it is a wonderfull tool. It maybe anti-mustachian purchasing it, but in my case, it has helped me see where I was wasting my money which wasn't really the case last year when I was using Excel. By far, the best purchase I could of ever made. I can't wait till december 31st when I compare my savings of 2015 compared to the previous years. The only thing that is disappointing me this year is that the stock market hasn't been as great as 2013 and 2014.
« Last Edit: June 27, 2015, 09:23:27 AM by fb132 »

forummm

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Re: Are you on track to meet your Savings Goals for 2015?
« Reply #13 on: June 27, 2015, 09:18:01 AM »
We're still on pace to meet our goals, despite the unfortunate need for a $3600 A/C replacement this month. Ouch!

WerKater

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Re: Are you on track to meet your Savings Goals for 2015?
« Reply #14 on: June 27, 2015, 09:23:10 AM »
I will probably reach my original savings goal (actually: net worth goal) for 2015 already at the end of september. I have already revised the goal and will reach the new goal unlesss something unforeseen happens right at the end of the year.

Cougar

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Re: Are you on track to meet your Savings Goals for 2015?
« Reply #15 on: June 27, 2015, 09:25:46 AM »
I'm FIRE'd. I have no savings goals. Therefore, if I do manage to save something, does that represent failure on my part?

JEALOUS !

but no, imo; even if youre fire; if you're a true mmm'er; you should still seek ways to save.

personally it looks like i could save more without changing the minimalist lifestyle that i'm comfortable with; debating on if i'll do it and get a bigger shovel to put more of my icome into my stash.

tonysemail

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Re: Are you on track to meet your Savings Goals for 2015?
« Reply #16 on: June 27, 2015, 09:28:43 AM »
kick ass!  sounds like you're doing great.

I was just thinking about checking in on my savings rate at the end of june to see if i'm on track for the year.

RWD

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Re: Are you on track to meet your Savings Goals for 2015?
« Reply #17 on: June 27, 2015, 09:56:15 AM »
We've spent 27% less so far this year compared to the same time period last year. I'm included reduced taxes, as we greatly ramped up our retirement contributions which is saving us tons in taxes.

Currently I think we're on track to exceed our savings target for this year by 21%.

sleepyguy

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Re: Are you on track to meet your Savings Goals for 2015?
« Reply #18 on: June 27, 2015, 10:00:52 AM »
Very awesome!

We're always on 'pace' because we always make it automatic and during Dec we ask ourselves if we can increase the limit or decrease (if we felt we were cutting it too thin), usually we do end up increasing.

Overall for the year we're on pace and it look something like this overall.

$20k TSFA ($10k each)
$26k RRSP me
$30k RRSP her
$2.5k RESP kids

Anything on top we put into non-reg, but overall we're pleased with just TSFA+RRSP amounts.  We're still in RRSP 'catchup' phase cause we were silly in our early years... after we're 'caught' up (next few yrs) we'll put any extra into non-reg accounts.



« Last Edit: June 27, 2015, 10:04:00 AM by sleepyguy »

Dicey

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Re: Are you on track to meet your Savings Goals for 2015?
« Reply #19 on: June 27, 2015, 10:19:53 AM »
I'm FIRE'd. I have no savings goals. Therefore, if I do manage to save something, does that represent failure on my part?

JEALOUS !

but no, imo; even if youre fire; if you're a true mmm'er; you should still seek ways to save.
Nah, I'm taking a page out of Pete's book and flipping a house right now. We're doing it mostly for the fun and challenge of it, but as a spillover benefit, we'll make a fat wad of cash. Since we are MM's, we'll just plough it back into our 'stache. Until the next great flip deal comes along, of course. BTW, having mustachian skills certainly helps keep the reno budget on track.

 

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