Author Topic: Save $X post tax per month in 2016 - join me!  (Read 2997 times)

naners

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Save $X post tax per month in 2016 - join me!
« on: January 05, 2016, 03:54:44 PM »
In 2016 I want to save $1k per month in taxable accounts. Not sure if this is realistic but I hope  making it public and tracking success will make me accountable.

Anyone else have a monthly post-tax savings goal and want to join me?

onlykelsey

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Re: Save $X post tax per month in 2016 - join me!
« Reply #1 on: January 05, 2016, 03:58:44 PM »
Fun.  I have set up direct deposits for 2K a month to go in to VTSAX, but I'd like to try to up that once I max out my 401(k), for maybe a total of 36K as a stretch goal. 

lemonverbena

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Re: Save $X post tax per month in 2016 - join me!
« Reply #2 on: January 17, 2016, 12:40:47 PM »
I'll join in. My goal is to set up a direct deposit of $1152/month into a separate checking account (for the sign-on bonus; I'll consider moving it somewhere better a few months down the line). This will be our first ever automatic monthly saving of anything, so it feels big :) $1152 is 30% of two pay checks. My husband gets paid biweekly, but I like to pretend those two extra pay checks a year don't exist. Hopefully, if we behave, we'll be able to throw in a sizable tax return and those two "surprise" pay checks into that account, as well. By the end of the year, if all goes well, we'll have a decent emergency fund and a good start on savings for a garage rental unit conversion. Our first deposit will be mid-February or beginning of March (next paycheck or two are for paying off a small debt). A few possible hiccups I can foresee... Costs of breaking our phone contracts/new phones on a cheaper provider; husband deciding 30% is too aggressive; needing to pay for health insurance (we're currently covered for free for some unknown reason); taking a trip in the summer. But, I like to aim high! Here's to all of us reaching our goals!

syednaeemul

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Re: Save $X post tax per month in 2016 - join me!
« Reply #3 on: January 17, 2016, 05:30:20 PM »
I have a goal of saving $50k this year, so I can join this gauntlet by saving $4,500 a month!

naners

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Re: Save $X post tax per month in 2016 - join me!
« Reply #4 on: February 07, 2016, 08:07:10 AM »
Well, it's time for the first check in for this little gauntlet thread:

Jan 16: $6500

This is considerably more than I had originally challenged myself to - it's mostly from unexpected windfalls (bonus, personal loan repayment). My idea was that it would be $1000 for regular income money, not sure if that's the case or not. But I'm going to count it as a success anyway.

How did everyone else do?

KMMK

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Re: Save $X post tax per month in 2016 - join me!
« Reply #5 on: February 07, 2016, 09:16:36 AM »
My goal is $1500 a month into my high-interest savings account for a potential downpayment at the end of the year. So far I'm on target.

onlykelsey

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Re: Save $X post tax per month in 2016 - join me!
« Reply #6 on: February 07, 2016, 09:31:51 AM »
Fun.  I have set up direct deposits for 2K a month to go in to VTSAX, but I'd like to try to up that once I max out my 401(k), for maybe a total of 36K as a stretch goal.

January update: saved the scheduled 2K and an additional 1K I had lying around, but only because my 401K contributions of 4K didn't go through, so I only had 1K of 401K contributions.  February - June it will be a stretch to have 4K coming out for 401K and also 2K in to my taxable, but we'll see. I should be able to average 3K once my 401K is done in the summer.

coolistdude

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Re: Save $X post tax per month in 2016 - join me!
« Reply #7 on: February 08, 2016, 05:10:53 PM »
I'll join you for $800/month, starting whenever HR processes it (still need to submit the paperwork). My wife approved that amount today, and I'm hoping to bump it up to $1000 by August.

MM_MG

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Re: Save $X post tax per month in 2016 - join me!
« Reply #8 on: February 16, 2016, 12:50:44 PM »
I set up automatic $800/pay period after tax contributions to my 401K that I will roll into my Roth IRA.  Still getting used to the smaller paycheck. 

talltexan

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Re: Save $X post tax per month in 2016 - join me!
« Reply #9 on: February 17, 2016, 07:49:36 AM »
My wife and I poured over the numbers. Looking like we will only make it to $45k savings for the year.


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naners

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Re: Save $X post tax per month in 2016 - join me!
« Reply #10 on: February 29, 2016, 04:39:33 PM »
Here we go again!

Jan: $6500
Feb: $1400

Happy to be on track for another month. How about the other folks?


onlykelsey

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Re: Save $X post tax per month in 2016 - join me!
« Reply #11 on: March 01, 2016, 08:55:51 AM »
January:  $3K in Vanguard, $1K in to long-term savings
February: $2K in Vanguard, $500 in to  long-term savings
= $6500 so far this year. I've taken home ~$14K this year, so that's pretty good.

I am definitely on pace for 36K this year, but also just parted ways with my roommate and her 1K/monthly rent check, so we'll see if I can keep the pace up.  I'd frontloaded my 401K contributions, but am wondering if I should slow them down a bit, to maybe 3K/month rather than 4K.