Author Topic: SAVING FOR 2020  (Read 5894 times)

Gardo

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SAVING FOR 2020
« on: April 16, 2020, 05:39:31 PM »
This is for targeting a savings BALANCE amount by year-end 2020. 

* The savings can be from any account but hopefully something that is not set-aside for dedicated use like house payment, COLA, or college expense fund.  In short, the goal is to grow the balance year  in and year out.

* Anyone can join.

*  This is different from the "Race" threads in that there is a target goal to hit by year-end that you set yourself.  This is a different flavor than the race to a given target goal by someone else like "Race to $500K"

*  No need to update more than 1x a month.  As long as it is within the month, that is good enough as representative for that month. 

* If negative add, then just put a "-" sign before the $ sign.

* My goal is to create a similar thread each year.  On the next year's thread, we will simply use the actual ending balance as beginning balance.

*  Format is simple.  Feel free to copy paste the below and change the figures and just continue downward.  Here is mine.

Date             Beginning Balance         Added                Ending Balance              Year-End Target
202004         $  106,000                   $   15,000          $  121,000                     $  145,000




« Last Edit: April 16, 2020, 05:44:31 PM by Gardo »

Gardo

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Re: SAVING FOR 2020
« Reply #1 on: May 01, 2020, 07:30:35 AM »
Date             Beginning Balance         Added                Ending Balance              Year-End Target
202004         $  106,000                   $   15,000          $  121,000                     $  145,000
202005         $  121,000                   $     8,000          $  129,000                     $  185,000  (revised target)

DieHard_772

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Re: SAVING FOR 2020
« Reply #2 on: May 05, 2020, 12:38:16 PM »
Thanks for starting this @Gardo

I set a relatively modest savings goal about 7 months ago to reach $67,000 in our total assets
by the end of the year.
We were at a little over $47,000.  Today we are over $63,000, which includes cash for things like
expenses and taxes (we're self-employed).  This is not the only way I track our networth (I also track
the amount in just savings and investing, not including checking), but it is a good tracker of our progress.


So:

10/19 Amount    5/20 Amount    12/31/20 Goal    Remaining Amount
$45.9k  $63.3k  $67k  $3.7k

I deliberately set the goal somewhat modestly.  I am optimistic that we will surpass the goal soon,
maybe I will adjust the year-end goal then.




Gardo

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Re: SAVING FOR 2020
« Reply #3 on: June 01, 2020, 05:27:08 AM »
Date             Beginning Balance         Added                Ending Balance              Year-End Target
202004         $  106,000                   $   15,000          $  121,000                     $  145,000
202005         $  121,000                   $     8,000          $  129,000                     $  185,000  (revised target)
202006         $  129,000                   $   42,000          $  171,000                     $  185,000 

DieHard_772

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Re: SAVING FOR 2020
« Reply #4 on: June 01, 2020, 09:22:18 PM »
Thanks for starting this @Gardo

I set a relatively modest savings goal about 7 months ago to reach $67,000 in our total assets
by the end of the year.
We were at a little over $47,000.  Today we are over $63,000, which includes cash for things like
expenses and taxes (we're self-employed).  This is not the only way I track our networth (I also track
the amount in just savings and investing, not including checking), but it is a good tracker of our progress.


So:

10/19 Amount    5/20 Amount    12/31/20 Goal    Remaining Amount
$45.9k  $63.3k  $67k  $3.7k

I deliberately set the goal somewhat modestly.  I am optimistic that we will surpass the goal soon,
maybe I will adjust the year-end goal then.


Okay an update:


10/19 Amount    6/20 Amount    12/31/20 Goal    Remaining Amount
$45.9k  $71.2k  $67k  -4.2k

Mission accomplished!  I haven't yet created a new goal for the end of the year.  I'll keep you posted when I'm ready to do that.
Progress feels great...Onward!


Gardo

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Re: SAVING FOR 2020
« Reply #5 on: June 02, 2020, 01:46:41 PM »
Congrats and thanks for joining the thread!  Onwards as you said!

DieHard_772

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Re: SAVING FOR 2020
« Reply #6 on: June 02, 2020, 04:32:10 PM »
Congrats and thanks for joining the thread!  Onwards as you said!

You bet!  It seemed a little lonely, but incidentally is a valuable thing for me to track too.  Thanks for starting.

Gardo

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Re: SAVING FOR 2020
« Reply #7 on: July 11, 2020, 09:37:59 AM »
Date             Beginning Balance         Added                Ending Balance              Year-End Target
202004         $  106,000                   $   15,000          $  121,000                     $  145,000
202005         $  121,000                   $     8,000          $  129,000                     $  185,000  (revised target)
202006         $  129,000                   $   42,000          $  171,000                     $  185,000
202007         $  171,000                   $   11,000          $  182,000                     $  193,000  (revised target)

DieHard_772

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Re: SAVING FOR 2020
« Reply #8 on: July 23, 2020, 04:16:02 PM »
Date             Beginning Balance         Added                Ending Balance              Year-End Target
202004         $  106,000                   $   15,000          $  121,000                     $  145,000
202005         $  121,000                   $     8,000          $  129,000                     $  185,000  (revised target)
202006         $  129,000                   $   42,000          $  171,000                     $  185,000
202007         $  171,000                   $   11,000          $  182,000                     $  193,000  (revised target)

Bravo @Gardo .   That is incredible

DieHard_772

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Re: SAVING FOR 2020
« Reply #9 on: July 23, 2020, 04:21:43 PM »
Thanks for starting this @Gardo

I set a relatively modest savings goal about 7 months ago to reach $67,000 in our total assets
by the end of the year.
We were at a little over $47,000.  Today we are over $63,000, which includes cash for things like
expenses and taxes (we're self-employed).  This is not the only way I track our networth (I also track
the amount in just savings and investing, not including checking), but it is a good tracker of our progress.


So:

10/19 Amount    5/20 Amount    12/31/20 Goal    Remaining Amount
$45.9k  $63.3k  $67k  $3.7k

I deliberately set the goal somewhat modestly.  I am optimistic that we will surpass the goal soon,
maybe I will adjust the year-end goal then.


Okay an update:


10/19 Amount    6/20 Amount    12/31/20 Goal    Remaining Amount
$45.9k  $71.2k  $67k  -4.2k

Mission accomplished!  I haven't yet created a new goal for the end of the year.  I'll keep you posted when I'm ready to do that.
Progress feels great...Onward!

We just yesterday met our investing goal of our investments reaching $43,000... 5 months early, woo hoo!

Category:         Current Numbers:          Original Goal for end of the year:         Date completed:

Overall NW              $73,331                           $67,000                                        5/27/20
Savings                        $20,687                           $19,000                                       4/28/20
Investing                      $43,221                         $43,000                                       7/22/20
Liabilities                      $0                                    $0                                                4/7/20


The next target is $100k.  Official goal is end of next year... obviously I'm hoping for sooner!

Onward


vvelouriaa

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Re: SAVING FOR 2020
« Reply #10 on: July 24, 2020, 06:13:18 PM »
I want to play the game! Thanks for starting this thread.

COVID seriously derailed my side hustle & savings plans, but thankful to be employed with a steady paycheck. My original savings goal for 2020 was 50k (Starting from 33k in January), and I'm planning to stick to that.

Average savings rate for 2020 is $1,250/month, so I need to create extra income (and hope my stocks stay stable) over the next five months.


Date             Beginning Balance         Added                Ending Balance              Year-End Target
202004         $29,060                       $1,621               $33,212                        $  50,000
202005         $33,212                       $2,034               $36,581                        $  50,000
202006         $36,581                       $1,066               $38,328                        $  50,000
202007         $38,328                       $1,670 (est)       $40,895 (est)                $  50,000

Gardo

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Re: SAVING FOR 2020
« Reply #11 on: August 02, 2020, 04:11:23 PM »
Date             Beginning Balance         Added                Ending Balance              Year-End Target
202004         $  106,000                   $   15,000          $  121,000                     $  145,000
202005         $  121,000                   $     8,000          $  129,000                     $  185,000  (revised target)
202006         $  129,000                   $   42,000          $  171,000                     $  185,000
202007         $  171,000                   $   11,000          $  182,000                     $  193,000  (revised target)
202008         $  182,000                   $     5,000          $  187,000                     $  193,000 

Gardo

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Re: SAVING FOR 2020
« Reply #12 on: August 02, 2020, 04:15:15 PM »
DieHard_772/vvelouriaa, thanks for joining in the fun! 

Hope this turns out to be a life long journey with you guys.

Gardo

« Last Edit: August 02, 2020, 04:58:03 PM by Gardo »

Mrs. Fire Lane

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Re: SAVING FOR 2020
« Reply #13 on: August 14, 2020, 03:08:29 PM »
My goal was to save $14,000 this year. I’ve reached it this week!

My reward is a new pair of sneakers. 🙂 👟 🏃🏻‍♀️

Gardo

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Re: SAVING FOR 2020
« Reply #14 on: August 19, 2020, 02:08:43 PM »
My goal was to save $14,000 this year. I’ve reached it this week!

My reward is a new pair of sneakers. 🙂 👟 🏃🏻‍♀️

Welcome! 

Cool reward! 

Gardo

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Re: SAVING FOR 2020
« Reply #15 on: September 02, 2020, 07:21:19 AM »
Date             Beginning Balance         Added                Ending Balance              Year-End Target
202004         $  106,000                   $   15,000          $  121,000                     $  145,000
202005         $  121,000                   $     8,000          $  129,000                     $  185,000  (revised target)
202006         $  129,000                   $   42,000          $  171,000                     $  185,000
202007         $  171,000                   $   11,000          $  182,000                     $  193,000  (revised target)
202008         $  182,000                   $     5,000          $  187,000                     $  193,000
202009         $  187,000                   $     2,000          $  189,000                     $  193,000

Gardo

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Re: SAVING FOR 2020
« Reply #16 on: October 01, 2020, 09:33:12 AM »
Date             Beginning Balance         Added                Ending Balance              Year-End Target
202004         $  106,000                   $   15,000          $  121,000                     $  145,000
202005         $  121,000                   $     8,000          $  129,000                     $  185,000  (revised target)
202006         $  129,000                   $   42,000          $  171,000                     $  185,000
202007         $  171,000                   $   11,000          $  182,000                     $  193,000  (revised target)
202008         $  182,000                   $     5,000          $  187,000                     $  193,000
202009         $  187,000                   $     2,000          $  189,000                     $  193,000
202010         $  189,000                 - $     5,000          $  184,000                     $  193,000 (terrible prior month)

Gardo

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Re: SAVING FOR 2020
« Reply #17 on: November 09, 2020, 07:21:44 AM »
Date             Beginning Balance         Added                Ending Balance              Year-End Target
202004         $  106,000                   $   15,000          $  121,000                     $  145,000
202005         $  121,000                   $     8,000          $  129,000                     $  185,000  (revised target)
202006         $  129,000                   $   42,000          $  171,000                     $  185,000
202007         $  171,000                   $   11,000          $  182,000                     $  193,000  (revised target)
202008         $  182,000                   $     5,000          $  187,000                     $  193,000
202009         $  187,000                   $     2,000          $  189,000                     $  193,000
202010         $  189,000                 - $     5,000          $  184,000                     $  193,000 (terrible prior month)
202011         $  184,000                   $   12,000          $  196,000                     $  193,000  MET Target

Gardo

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Re: SAVING FOR 2020
« Reply #18 on: December 01, 2020, 09:34:32 PM »
Date             Beginning Balance         Added                Ending Balance              Year-End Target
202004         $  106,000                   $   15,000          $  121,000                     $  145,000
202005         $  121,000                   $     8,000          $  129,000                     $  185,000  (revised target)
202006         $  129,000                   $   42,000          $  171,000                     $  185,000
202007         $  171,000                   $   11,000          $  182,000                     $  193,000  (revised target)
202008         $  182,000                   $     5,000          $  187,000                     $  193,000
202009         $  187,000                   $     2,000          $  189,000                     $  193,000
202010         $  189,000                 - $     5,000          $  184,000                     $  193,000 (terrible prior month)
202011         $  184,000                   $   12,000          $  196,000                     $  193,000  MET Target
202012         $  193,000                   $   74,000          $  267,000                     $  193,000 

Lots of consolidation this year from various accounts into this 1 account for ease of tracking. 

Next year my tentative target is $315K. :)