Author Topic: 74% savings rate in the last 6 months  (Read 3700 times)

mrshudson

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74% savings rate in the last 6 months
« on: April 02, 2015, 07:25:23 PM »
I have been sort of crawling towards that goal, and it was in the high 60s for a while now, but just crunched the numbers for Q4 2014 and Q1 2015 and hit 74%.

Just by being mindful of random/useless spending, and using high rewards credit cards (Citi Forward Thank You) for the useful spending and cashing in on the rewards strategically for optional/fancy/useless purchases made the difference. I live in a more-or-less rent  controlled apartment. Employer throws lots of fancy lunches, happy hours, so I rarely go out for dinner - fancy/luxury dinner is food at home with red wine. Been in generally good health (except for minor workout related injuries). Netflix for entertainment. Living in Minneapolis-St. Paul metro means lots of free entertainment options. The only sore thumb is my car related expenses - stuck with an unfortunate commute situation but driving a 10+ year old 150,000 miles toyota with 40 MPG mileage to keep costs low (but the occasional repair bill does come up with driving an older car). 

With a few airplane travel trips coming up this summer, I feel like that might drop, but I hope I make up for it by scaling down some other fancy/luxury spending. Perhaps I should post it in throw down the gauntlet area - maintain this savings rate for the rest of the year!

mostlyeels

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Re: 74% savings rate in the last 6 months
« Reply #1 on: April 02, 2015, 10:23:13 PM »
Congrats!  I'm at a similar level.  It's an awesome feeling to be shovelling so much money towards your goals.

Looks like there's a savings rate thread going on at the moment too: http://forum.mrmoneymustache.com/throw-down-the-gauntlet/invest-50-of-my-take-home-pay-in-2015/

JLR

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Re: 74% savings rate in the last 6 months
« Reply #2 on: April 03, 2015, 03:27:46 AM »
This is excellent! You've done so well.

FrontRanger

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Re: 74% savings rate in the last 6 months
« Reply #3 on: April 04, 2015, 02:12:59 PM »
Bad ass! I can't seem to push above 58%!

mrshudson

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Re: 74% savings rate in the last 6 months
« Reply #4 on: April 04, 2015, 06:10:26 PM »
Bad ass! I can't seem to push above 58%!

I know that feeling - I was stuck in the 60s for the longest while. And then I started analyzing my credit card/bank account statements. It's amazing - areas for improvement present themselves right away! Once you start shoveling money away as mostlyeels put it, you feel rather good, and that feeling propels you forward. So, yes, it's definitely possible - just trust yourself to make the right decisions eventually!

Axecleaver

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Re: 74% savings rate in the last 6 months
« Reply #5 on: April 05, 2015, 10:14:28 AM »
Wow, 74%! That's a pretty short window for FIRE, have you set a date?

My daughter starts college this fall and after netting out scholarships, we are paying out of pocket to give her a debt-free post-college experience, so we're down to 43% for 2015. I like reading about inspiring savings rates like yours, though!

mrshudson

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Re: 74% savings rate in the last 6 months
« Reply #6 on: April 05, 2015, 01:16:37 PM »
Sort of aiming for FIRE by 2022 - not a definite, concrete date, though. I'll be in my 30s still by then so a year or two less or more is something I'm fine with.

mbk

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Re: 74% savings rate in the last 6 months
« Reply #7 on: April 06, 2015, 10:11:26 PM »
Very good and congratulations.