80% Savings Rate

[golfreak12]

Nov was the first month this year that we had an 80% SR.
Took home around $10K and save ~$8K. This month we will save close to 80% again.
Last year we saved $64K but this year will only be $52K. Took home around the same amount. Too many vacations this year.

[McStache]

Looks like I won't hit 80% this year (unless a minor miracle major accounting error happens).  Between some big medical bills and moving this summer, I'll land at 75% for the year.  Not 80%, but 75% is still exciting!

[RWD]

My crazy stretch goal for 2016 is an 80% savings rate. This would require ridiculous stuff that's not going to happen... UNLESS I MAKE IT HAPPEN.

Did you hit your goal?

We hit a 71% savings rate for 2016. Contrary to my expectations, our expenses were lower in 2016 compared to 2015. Buying a house didn't make as big of an impact as I anticipated. Now I think we're on track for a ~75% 2017.

It's amazing how hard it is to increase a high savings rate by increasing income. To go from a 70% to 80% savings rate you would have to increase your post-tax income by 50%! By comparison, going from a 10% to 20% savings rate only requires a 12.5% increase in post-tax income.

[MonkeyJenga]

I did not hit 80% for the year, RWD. I actually stopped tracking over the summer so I don't know my exact number, but it's somewhere in the 70's.

 In 2017, I'll either hit 80%, FIRE, or donate a ton of money to causes I care about. I'm hoping for a combo of 2 and 3.

Congrats on your SR and good luck increasing it this year! Agreed that increasing income is a slow way to increase SR once you're already killing it. I had to drastically reduce my expenses to bump up my SR.

[Metric Mouse]

My SR for 2016 was 84.34%.  If I can get anywhere close to the same rate this year (which is off to a good start), I'll be done with my day job by the end of the year.

~156 cubicle days left...

Awesome!

[MrThatsDifferent]

As long as nothing extraordinary comes up, I'm able to do 79% and not really possible to beat that unless we move to a place with cheaper rent.

[Lews Therin]

I finished last year with 67%, this year I'm at 76%... I don't think this is sustainable! (I can't even hit 80% while not at home, and most expenses paid for by my work. Oh well, I'll have to wait for incremental SR increase due to salary changes)

I'd get rid of my car payment... but at .9%, I know it's more effective to invest rather than remove that line from my monthly payments.... but man I want it to leave.

[facepalm]

January      93%
February    87%
------------------
Average     90%

Wow!

Glad I found this thread. I have been thinking about savings rates for a while.

I'm currently at a 71% savings rate, but I am not counting my employer's contribution to my pension. For the purpose of calculating my savings rate I'll include it, but I don't include it in my net worth calculation.

I have a few ways to increase my rate:

Switch to a high deductible health plan--savings of $60 per month. Walk to work, save $40 in gas (guessing). I'm a mile or so away from work. Those two items might save me close to $100 per month. I have already switched cell plans (from ATT to Google Fi), and am planning on quitting my health club at the end of the year. That will net me another $65.

I generally have $300 left over each month after I pay for everything--providing I stick to budget. I can sweep that into my brokerage account and put it toward next years ROTH contribution. MY 403(b) and 457(b) contributions are at the max right now.

Off to do some calculations . . .

[RWD]

We hit a 71% savings rate for 2016.

Update for 2017. We hit a 77% savings rate. So close!

[MonkeyJenga]

Whoa, I forgot about this thread! Nice job, RWD.

In 2017, I'll either hit 80%, FIRE, or donate a ton of money to causes I care about. I'm hoping for a combo of 2 and 3.

I think I did all 3... I didn't track my spending, but it was around 15k. I FIRE'd. And I donated a lot of money. Not too bad.

[2Birds1Stone]

I'll be 72% YTD by end of Feb

[Lews Therin]

I'm in the 80+ so far... let's see if it stays.