Author Topic: Saving to $10K  (Read 156347 times)

Manchester

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Re: Saving to $10K
« Reply #1050 on: October 22, 2018, 10:11:14 AM »
Thanks guys.  I think my progress over the summer/autumn has been down to 2 things - My girlfriend returned to work, which means I'm no longer covering extra bills etc.  The second is my matched betting side hustle really helping.  I think the more my matched  betting bank grows the more I'll make.  Everything I make from my side hustle is with FIRE in mind!

carozy

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Re: Saving to $10K
« Reply #1051 on: October 24, 2018, 12:12:17 PM »
I'd like to join.  I have two things I'm watching right now - my car loan and my emergency fund.  I'd like to pay off the car loan and get the emergency fund up to $10,000.

$4246.67 car loan, $1246.67 saved, $3000 left to pay off

$800 emergency fund, $9200 left to fully fund my emergency fund

Manchester

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Re: Saving to $10K
« Reply #1052 on: October 25, 2018, 02:18:02 AM »
I'd like to join.  I have two things I'm watching right now - my car loan and my emergency fund.  I'd like to pay off the car loan and get the emergency fund up to $10,000.

$4246.67 car loan, $1246.67 saved, $3000 left to pay off

$800 emergency fund, $9200 left to fully fund my emergency fund

Welcome to the thread!  Can I ask why you want a $10k E/F?  Do you have a higher NET worth already or is this your FIRE starting point?

carozy

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Re: Saving to $10K
« Reply #1053 on: October 25, 2018, 03:12:12 AM »
I'd like to join.  I have two things I'm watching right now - my car loan and my emergency fund.  I'd like to pay off the car loan and get the emergency fund up to $10,000.

$4246.67 car loan, $1246.67 saved, $3000 left to pay off

$800 emergency fund, $9200 left to fully fund my emergency fund

Welcome to the thread!  Can I ask why you want a $10k E/F?  Do you have a higher NET worth already or is this your FIRE starting point?

Thanks for the welcome.  Yes, I have a couple reasons for the high emergency fund.  To answer your question, it's more my FIRE starting point.

1. Right now most of my net worth is in a IRA.  I'm in the income acquiring stage of FIRE.  I don't even have a Roth IRA to pull from in case of job loss.

2. $10,000 makes me feel secure functioning as a job loss fund.  My rent feels high to me ($1400).  Right now if I lost my job I would have only a month or two -- I'd be forced to find another job very quickly instead of taking my time and finding the best job for me.  I am locked into a lease until April so I couldn't easily move somewhere cheaper (also, I like where I live for now).

3. $10,000 feels like f-u money if my job ever becomes miserable.

4. I have an older Prius and want to have money ready to go for a battery replacement, if I need that at some point.

5. I would put $5,500 of it into a Roth IRA so it could earn interest.  Then, if I never touch it, I'll still come out ahead.

6. $10,000 opens options if I decide to later build a tiny home.  I could put aside some of it as a starter savings for the tiny home and live with a smaller emergency fund.

I have a case study where I posted numbers.  It's called Case Study -- where to put my surplus? if you're interested.

https://forum.mrmoneymustache.com/case-studies/case-study-where-to-put-my-surplus/

Edit: Added another reason.
« Last Edit: October 25, 2018, 03:26:58 AM by carozy »

Imma

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Re: Saving to $10K
« Reply #1054 on: October 25, 2018, 03:51:31 AM »
Welcome! :) Looking at your case study, I think 10k is a very reasonable goal. My EF goal is only 5k, but I'm not single and we don't live in a HCOL area. Plus I have investments in a post-tax account that I can always sell if I have to.

If you make 6 figures, a very high EF doesn't make sense, but I firmly believe a solid EF is a life saver for people on a (relatively) lower income, because you can't cashflow unexpected bills like people with a high income can.

carozy

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Re: Saving to $10K
« Reply #1055 on: October 25, 2018, 04:46:36 AM »
Welcome! :) Looking at your case study, I think 10k is a very reasonable goal. My EF goal is only 5k, but I'm not single and we don't live in a HCOL area. Plus I have investments in a post-tax account that I can always sell if I have to.

If you make 6 figures, a very high EF doesn't make sense, but I firmly believe a solid EF is a life saver for people on a (relatively) lower income, because you can't cashflow unexpected bills like people with a high income can.

Thanks for the welcome.  Yes, that's true.  Perhaps once I start investing I might be comfortable with a lower emergency fund but for now I just want the security.

Manchester

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Re: Saving to $10K
« Reply #1056 on: October 25, 2018, 08:26:55 AM »
I'd like to join.  I have two things I'm watching right now - my car loan and my emergency fund.  I'd like to pay off the car loan and get the emergency fund up to $10,000.

$4246.67 car loan, $1246.67 saved, $3000 left to pay off

$800 emergency fund, $9200 left to fully fund my emergency fund

Great, gonna take a look now! :)

Welcome to the thread!  Can I ask why you want a $10k E/F?  Do you have a higher NET worth already or is this your FIRE starting point?

Thanks for the welcome.  Yes, I have a couple reasons for the high emergency fund.  To answer your question, it's more my FIRE starting point.

1. Right now most of my net worth is in a IRA.  I'm in the income acquiring stage of FIRE.  I don't even have a Roth IRA to pull from in case of job loss.

2. $10,000 makes me feel secure functioning as a job loss fund.  My rent feels high to me ($1400).  Right now if I lost my job I would have only a month or two -- I'd be forced to find another job very quickly instead of taking my time and finding the best job for me.  I am locked into a lease until April so I couldn't easily move somewhere cheaper (also, I like where I live for now).

3. $10,000 feels like f-u money if my job ever becomes miserable.

4. I have an older Prius and want to have money ready to go for a battery replacement, if I need that at some point.

5. I would put $5,500 of it into a Roth IRA so it could earn interest.  Then, if I never touch it, I'll still come out ahead.

6. $10,000 opens options if I decide to later build a tiny home.  I could put aside some of it as a starter savings for the tiny home and live with a smaller emergency fund.

I have a case study where I posted numbers.  It's called Case Study -- where to put my surplus? if you're interested.

https://forum.mrmoneymustache.com/case-studies/case-study-where-to-put-my-surplus/

Edit: Added another reason.

LittleWanderer

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Re: Saving to $10K
« Reply #1057 on: October 25, 2018, 09:43:42 AM »
I firmly believe a solid EF is a life saver for people on a (relatively) lower income, because you can't cashflow unexpected bills like people with a high income can.

This is where I'm at, and why I want to save at least $10K in my EF. 

And welcome carozy! 

comicguy

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Re: Saving to $10K
« Reply #1058 on: October 28, 2018, 11:38:07 AM »
Date           Corvette   Roth - 1   DRIP Stock      Total
 9/18/18   1760.03     1000           3423.11           6183.14   
 9/30/18   2000.03     1000           3473.11           6473.14
10/13/18  2051.48     1200           3473.11           6724.59
10/28/18  2101.48   1300              3473.11       6874.59

Rimu05

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Re: Saving to $10K
« Reply #1059 on: October 28, 2018, 04:39:08 PM »
I'm glad that my investment account only gets updated once a week, so I'll only see the damage this Monday.

I'm getting very close to this year's 5k savings target, but I nerd to buy some expensive items over the next few weeks: new glasses, winter shoes and a winter coat. I've been looking for used for months, but didn't find what I was looking for, then also started looking for new and I still can't find what I want. I need to make a decision soon, wearing my old coat / shoes for one more year is not an option (both are over 10 years old and their replacement is long overdue). I hate having to spend money when I'm so close to my target.



I just bought some replacement glasses from Zenni Optical $16 and $6 was shipping.

Do you like them? Sorry far, I've always regretted going for the cheaper option when it comes to glasses.

I do.  I've been getting a lot of compliments too. These are my second pair from them. I realized I lose and break glasses so easily hence I stopped investing. When I was in high school I lost a pair of $250 frames which my mom replaced and then I ended up losing them on the train because I would take my glasses off to read. $500 flushed down the drain. After that, I decided to find the cheapest pair I could. Weirdly enough, I find my cheaper glasses are strangely more resilient. I don't know why when I care less about a product they last forever, but yet when I baby a product, guaranteed damage.

SheWhoWalksAtLunch

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Re: Saving to $10K
« Reply #1060 on: October 29, 2018, 09:40:12 AM »
progress so far:

10/18 $2,545 - edited from number in original post to reflect total actually in that account on the day I posted.
10/29 $2,901 - the odd dollar amount ($356) comes from transferring everything left over in our joint checking account after paying bills this weekend.  I try to keep $500 in each of the checking accounts at all times which makes deciding what to put into savings a simple matter of subtraction.  When I can maintain it, that even $500.00 in checking provides both comfort cushion and a mental block against frivolous spending.  I hate to go below $500 so much that I'll go out of my way to avoid expenses that come out of those accounts.  The DH gets paid weekly so I am confident there will be additional funds available next week to cover next week's bills.  I get paid bi-monthly and those weeks I will sometimes leave more than the $500 in anticipation of bills I expect to land during lean weeks.

overall goal - $10k in savings
quarterly goal - $4k by January 1, 2018

Imma

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Re: Saving to $10K
« Reply #1061 on: October 29, 2018, 10:17:01 AM »
Savings:
July 31:                 2400
August 30:            2000
September 27:       1300
October 30:           1400
November 30:        1600
December 29:        1100
February 1:            1100
February 28:          1300
March 29:              1300
April 30:                  800
May 29:                 2300
June 28:                3500
July 31:                 3250
August 31:             3700
September 30:       2550
October 29:            3500

Pre-tax investments:
October 29:               96.24

Post-tax Investments:
July 31:                 1985.37
August 30:             2095.00
September 27:       2253
October 30:           2461
November 30:        2622.06
December 29:        2661.50 (didn't do the monthly transfer yet)
February 1:            3021,56
February 29:          3101,58
March 29:              3160,54
April 30:                3439.66
May 29:                 3729.27
June 29:                3890.53
July 31:                 4106.20
August 31:             4278.05
September 29:       4285.11 (didn't do the monthly transfer yet)
October 29:           4453.30 (did a double transfer this month, but sadly a lot of my gains have been wiped out)

Total:
July 31:                  4385.37
August 30:              4095.00
September 27:        3553
October 30:             3861
November 30:          4222.06
December 29:          3761,50 (+ 740 unpaid salary = 4501.50 )
February 1:             4121,60
February 29:           4401,58
March 29:               4460,54 
April 30:                 4239.66
May 29:                  6029.27
June:                      7390.53
July 31:                  7356.20 ( + 70 on my credit card, so really 7426.20)
August 31:              7978.05
September 29:        6835.11
October 29:             8049.54

Goals for 31 December 2018:

Savings:            3000 5000
Investments:     4500
Total:                7500    9500

This has been an expensive month! The issue with my former boss was solved, I received what they owed me and the new job is 1000x better. This month I bought a new winter coat, winter boots and spent about 600 on study costs not covered by student loans (a prereq course and reference books) and we also spent a bit more on travel and easy-to-prepare food because we had a wedding, two birthday parties and a relative in the hospital (who's doing quite well now, luckily). I felt quite bad by all this 'wasting' of money because I might not reach my savings goals this year, but the truth is these costs were (almost) unavoidable and I'm still making progress. My coat and my boots were both 10 years old and very worn-out and needed replacing, study costs will pay themselves back 10-fold once I get my degree and it's important to keep up with family and friends.

I opened a retirement account a few months ago and transferred money into it for the first time. In my country, tax-deferred investing for retirement is much more limited than it is in the US, all in all I expect to be allowed to invest 3000 for 2016-2017-2018 (you can defer the contribution up to 7 years) My new job has a very good pension scheme, which means I won't be able to contribute anything from now on. Once I hit my savings goal, I'll throw all my money at the tax-deferred account to max it out asap. This will also give me a nice big tax return in spring 2019 that I can put towards post-tax investments.

cazio

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Re: Saving to $10K
« Reply #1062 on: October 29, 2018, 01:08:01 PM »
10/2/18 - $(2742.60)
10/29/18 - $(1899.81)



 
« Last Edit: November 25, 2018, 08:15:30 PM by cazio »

haypug16

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Re: Saving to $10K
« Reply #1063 on: October 31, 2018, 08:38:39 AM »
October 2018 Update
3/31/2017 (52,848.85)
4/30/2017 (48,076.67)
5/31/2017 (47,110.22)
6/30/2017 (46,540.28)
7/31/2017 (44,354.10)
8/31/2017 (47,236.39)
9/30/2017 (42,436.10)
10/31/2017 (33,346.78)
11/30/2017 $(28,911.53)
12/31/2017 $(24,424.13)
1/31/2018 $(20,454.43)
2/28/2018 $(18,221.63)
3/31/2018 $(14,916.69)
4/30/2018 $(9,800.88)
5/31/2018 $(7,375.85)
6/30/2018 $(5,735.59)
7/31/2018 $(7,109.58)
8/31/2018 $(6,439.93)
9/30/2018 $(2,990.84)
10/31/2018 $(4,180.43) -$1,189.59 Decrease :(

The market just killed me this month. I guess that's what happens when so much of my assets are invested. So the good thing is that my debts have still gone down and my Emergency fund (and other savings accounts) are up. Spending is still low so I feel like I've done all I can and when the market goes back up I'll see the rewards.

DS

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Re: Saving to $10K
« Reply #1064 on: October 31, 2018, 08:44:43 AM »
October 2018 Update
10/31/2018 $(4,180.43) -$1,189.59 Decrease :(

The market just killed me this month. I guess that's what happens when so much of my assets are invested. So the good thing is that my debts have still gone down and my Emergency fund (and other savings accounts) are up. Spending is still low so I feel like I've done all I can and when the market goes back up I'll see the rewards.

One thing that is helpful mentally is to do some Future Value calculations. You can even do some simple compound interest calcs to see where you could be in 10, 20 years if you even did nothing else right now. I like to do this to reframe the situation mentally for decision-making etc. :)

Dicey

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Re: Saving to $10K
« Reply #1065 on: October 31, 2018, 08:45:49 AM »
^^It helps to watch the number of shares you have, not the dollars. The number goes up faster as the market declines, which helps you bounce back faster and higher when the tide comes in again.^^

LittleWanderer

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Re: Saving to $10K
« Reply #1066 on: October 31, 2018, 08:56:41 AM »
October emergency fund: $4988 (-$422)

I got hit with my emergency root canal bill this month.  My e-fund keeps bouncing around $5K.  I mean, it's good that I have it when I need it, but frustrating because I want it to go up!  Well, onward to next month. 
« Last Edit: November 30, 2018, 08:44:01 AM by LittleWanderer »

carozy

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Re: Saving to $10K
« Reply #1067 on: October 31, 2018, 12:55:06 PM »
September emergency fund: $5410

October emergency fund: $4988 (-$422)

I got hit with my emergency root canal bill this month.  My e-fund keeps bouncing around $5K.  I mean, it's good that I have it when I need it, but frustrating because I want it to go up!  Well, onward to next month.

That sucks.  Hope your tooth is OK.  At least you had an emergency fund functioning for you as it should be!

Trifele

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Re: Saving to $10K
« Reply #1068 on: November 01, 2018, 04:43:24 AM »
September emergency fund: $5410

October emergency fund: $4988 (-$422)

I got hit with my emergency root canal bill this month.  My e-fund keeps bouncing around $5K.  I mean, it's good that I have it when I need it, but frustrating because I want it to go up!  Well, onward to next month.

Hope you are feeling better!  Keep on keeping on.  I had a bad three year stretch once where I ended up in the ER three times.   At least I didn't have to worry about money, and that's huge.  The emergency fund helps you sail over the bumps and then it will grow again, no worries.     

bcbaseballman

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Re: Saving to $10K
« Reply #1069 on: November 01, 2018, 07:22:11 AM »

2018
1/31 : (5949.05)
2/28 : (5288.30)
3/31 : (4273.93)
4/30 : (2592.07)
5/31 : (629.70)
6/30 : 1,206.77
7/31 : 2,703.97
8/31: 5,651.70
9/31: 8,039.01


10/31: 7,803.49

Markets didn't help out at all this month as you all know. I invested right around $1,350 but lost ~2,200. My debt principles went down another ~950 and I have to pull 245 out of my EF. All in all I think the month still ended up ok as I only lost what I pulled out of my EF from my net worth. All that can be done now is to keep going. Hoping to still graduate from this thread this year.

haypug16

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Re: Saving to $10K
« Reply #1070 on: November 01, 2018, 07:43:19 AM »
^^It helps to watch the number of shares you have, not the dollars. The number goes up faster as the market declines, which helps you bounce back faster and higher when the tide comes in again.^^

Yes I should track number of shares as well. It'll be good to see that number still going up even when the dollars go down.

mckaylabaloney

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Re: Saving to $10K
« Reply #1071 on: November 01, 2018, 09:20:12 AM »
1/1/2018: $(170,956.12)
2/1/2018: $(166,849.63)
3/1/2018: $(161,395.88)
4/1/2018: $(156,590.44)
5/1/2018: $(152,997.61)
6/1/2018: $(149,175.48)
7/1/2018: $(143,748.22)
8/1/2018: $(138,734.38)
9/1/2018: $(135,043.66)
10/1/2018: $(131,441.14)
11/1/2018: $(133,372.50)

lol yikes yikes yikes. Well, like everyone else, this month I lost all my gains for the year and then some. Hence moving backwards! BUT I also got my EF to $10K (yay!) and of course made my usual retirement contributions and debt payments. So while it's annoying to see the number move in the wrong direction, the things that are under my control are still moving the right way.

haypug16

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Re: Saving to $10K
« Reply #1072 on: November 01, 2018, 09:40:12 AM »

lol yikes yikes yikes. Well, like everyone else, this month I lost all my gains for the year and then some. Hence moving backwards! BUT I also got my EF to $10K (yay!) and of course made my usual retirement contributions and debt payments. So while it's annoying to see the number move in the wrong direction, the things that are under my control are still moving the right way.

At least we are all in the same boat. It helps me to know that it's nothing I did wrong and just the Market. After a steady increase a dip downward was inevitable.

jojoguy

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Re: Saving to $10K
« Reply #1073 on: November 01, 2018, 07:10:32 PM »
October 7, 2018 = $600
October 18, 2018 = $2500
November 1, 2018 = $5,995

SheWhoWalksAtLunch

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Re: Saving to $10K
« Reply #1074 on: November 05, 2018, 09:22:29 AM »
10/18 $2,545
10/29 $2,901
11/4 $3,355 I wish I could get excited about progressing this quickly these last few weeks, but this account is also where we save up in expectation of property taxes, home & vehicle insurance, and other annual expenses so the first $700 each month really is in anticipation of that.  All annual expenses are paid for this year which is a plus, but theyll be back and I want to be prepared.

I worked so hard to end 2018 with $2,000 surplus in this account and really want to end 2019 with $4,000, but Im bracing for the next unexpected expense so Im reluctant to celebrate.  On the plus side, my company changed providers and reduced the cost of my share of health insurance for 2019 which should help. 

overall goal - $10k surplus in savings/emergency fund
current push- $4k by January 1, 2018

jojoguy

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Re: Saving to $10K
« Reply #1075 on: November 05, 2018, 04:26:37 PM »
10/18 $2,545
10/29 $2,901
11/4 $3,355 I wish I could get excited about progressing this quickly these last few weeks, but this account is also where we save up in expectation of property taxes, home & vehicle insurance, and other annual expenses so the first $700 each month really is in anticipation of that.  All annual expenses are paid for this year which is a plus, but theyll be back and I want to be prepared.

I worked so hard to end 2018 with $2,000 surplus in this account and really want to end 2019 with $4,000, but Im bracing for the next unexpected expense so Im reluctant to celebrate.  On the plus side, my company changed providers and reduced the cost of my share of health insurance for 2019 which should help. 

overall goal - $10k surplus in savings/emergency fund
current push- $4k by January 1, 2018

Perseverance my friend. :)

Manchester

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Re: Saving to $10K
« Reply #1076 on: November 05, 2018, 05:05:09 PM »
Everyone is on a downer because of the market....  Guys, stocks are on sale!  When it recovers you'll be laughing your pants off!  This is the best time in our journey for markets to be crashing and falling - hopefully they fall further.


Everyone seems to be doing really well, just keep going!  It's a marathon not a sprint! :)

Imma

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Re: Saving to $10K
« Reply #1077 on: November 05, 2018, 11:48:05 PM »
I'm not panicking about the market yet. I'm old enough to remember 2008 ;-) my index funds have recovered quite a bit already. I just wish I was able to buy more 2 weeks ago.


Dicey

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Re: Saving to $10K
« Reply #1078 on: November 06, 2018, 07:43:01 AM »
10/18 $2,545
10/29 $2,901
11/4 $3,355 I wish I could get excited about progressing this quickly these last few weeks, but this account is also where we save up in expectation of property taxes, home & vehicle insurance, and other annual expenses so the first $700 each month really is in anticipation of that.  All annual expenses are paid for this year which is a plus, but theyll be back and I want to be prepared.

I worked so hard to end 2018 with $2,000 surplus in this account and really want to end 2019 with $4,000, but Im bracing for the next unexpected expense so Im reluctant to celebrate.  On the plus side, my company changed providers and reduced the cost of my share of health insurance for 2019 which should help. 

overall goal - $10k surplus in savings/emergency fund
current push- $4k by January 1, 2018

Perseverance my friend. :)
+ 1 to perseverance.

Also, maybe there's a better word to use than "surplus". Your green soldiers are not "surplus". They have an important job to do.  Maybe try thinking of them as "Reservists"  or "Disaster Prevention Specialists". It's not just semantics, it really does help prioritize saving. Mental tricks work.

SheWhoWalksAtLunch

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Re: Saving to $10K
« Reply #1079 on: November 06, 2018, 01:30:31 PM »
Thank you Dicey.  You make a valid point.  I wrote surplus, but in reality I think of it as Safety Money.  Although  Disaster Prevention Specialists does paint a vivid picture of their value.

comicguy

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Re: Saving to $10K
« Reply #1080 on: November 10, 2018, 05:45:20 AM »
Date           Corvette   Roth - 1   DRIP Stock      Total
 9/18/18   1760.03     1000           3423.11           6183.14   
 9/30/18   2000.03     1000           3473.11           6473.14
10/13/18  2051.48     1200           3473.11           6724.59
10/28/18  2101.48     1300           3473.11           6874.59
11/10/18  2258.63   1400             3473.11         7131.74

SheWhoWalksAtLunch

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Re: Saving to $10K
« Reply #1081 on: November 12, 2018, 08:09:01 AM »
10/18 $2,545
10/29 $2,901
11/4 $3,355
11/11 $3,355 the next unexpected expense hit.  I threw everything I had in the checking account at it, so there was nothing left to transfer to savings.

When we bought the house we are in now, it came complete with the original 1980s appliances.  Knowing that everything would eventually have to be replaced, and refusing to pay full price for new appliances if we didnt have to, we started searching scratch and dent/bone yards at our local big box stores every few weeks.  This weekend when I ran out of lye while making soap, we took a trip into town and stumbled across the dryer of our dreams tucked in a corner marked half off.  We pulled out the paid off credit card, packed our new dryer in the back of the Prius to get it home and installed it ourselves.  Unfortunately, in our excitement we forgot to pick up lye, so the soap is on hold until our next trip into town.

Im very excited to have the new dryer as hang-it-out-to-dry weather is almost over for this year, but Im also a little disappointed that I wont reach my current push goal as quickly as I hoped.  Its a calculated risk, I could have limped on for another winter with a dryer that only has one functioning setting left, but the new machine is dramatically less frustrating to operate and Im pretty sure were going to see cost savings on our electric bill almost immediately.  The only thing we can find wrong with the new machine is a scratch on the front glass.

overall goal - $10k in savings/emergency fund
current push- $4k by January 1, 2018

Dicey

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Re: Saving to $10K
« Reply #1082 on: November 12, 2018, 08:20:32 AM »
10/18 $2,545
10/29 $2,901
11/4 $3,355
11/11 $3,355 the next unexpected expense hit.  I threw everything I had in the checking account at it, so there was nothing left to transfer to savings.

When we bought the house we are in now, it came complete with the original 1980s appliances.  Knowing that everything would eventually have to be replaced, and refusing to pay full price for new appliances if we didnt have to, we started searching scratch and dent/bone yards at our local big box stores every few weeks.  This weekend when I ran out of lye while making soap, we took a trip into town and stumbled across the dryer of our dreams tucked in a corner marked half off.  We pulled out the paid off credit card, packed our new dryer in the back of the Prius to get it home and installed it ourselves.  Unfortunately, in our excitement we forgot to pick up lye, so the soap is on hold until our next trip into town.

Im very excited to have the new dryer as hang-it-out-to-dry weather is almost over for this year, but Im also a little disappointed that I wont reach my current push goal as quickly as I hoped.  Its a calculated risk, I could have limped on for another winter with a dryer that only has one functioning setting left, but the new machine is dramatically less frustrating to operate and Im pretty sure were going to see cost savings on our electric bill almost immediately.  The only thing we can find wrong with the new machine is a scratch on the front glass.

overall goal - $10k in savings/emergency fund
current push- $4k by January 1, 2018
Wow! Look what those soldiers did for you! That's kind of the point of savings, no? You anticipated a need, shopped until you found a great deal, and pulled the trigger. Hooray for you! It may help to note that I am not someone who considers a dryer optional, particularly in winter.

Imma

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Re: Saving to $10K
« Reply #1083 on: November 13, 2018, 09:03:34 AM »
Just did some calculations and it's absolutely impossible to reach my 2018 updated savings target. As long as I keep paying  the mortgage, that is :-) so I'll be around until probably mid-spring 2019 if nothing unexpected happens.

All in all I'm not unhappy about my progress in 2018 though: I started grad school, a new, better paid job and my own business and those things come with a price tag. I expect a big tax return in spring 2019 and I'm in a good position to make lots of progress over the next couple of years.

Hirondelle

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Re: Saving to $10K
« Reply #1084 on: November 14, 2018, 03:01:54 AM »
Just did some calculations and it's absolutely impossible to reach my 2018 updated savings target. As long as I keep paying  the mortgage, that is :-) so I'll be around until probably mid-spring 2019 if nothing unexpected happens.

All in all I'm not unhappy about my progress in 2018 though: I started grad school, a new, better paid job and my own business and those things come with a price tag. I expect a big tax return in spring 2019 and I'm in a good position to make lots of progress over the next couple of years.

On the other hand; you greatly exceeded your initial goal and are ready to make lots faster progress in coming years!

NevermindScrooge

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Re: Saving to $10K
« Reply #1085 on: November 14, 2018, 12:47:50 PM »
Just did some calculations and it's absolutely impossible to reach my 2018 updated savings target. As long as I keep paying  the mortgage, that is :-) so I'll be around until probably mid-spring 2019 if nothing unexpected happens.

All in all I'm not unhappy about my progress in 2018 though: I started grad school, a new, better paid job and my own business and those things come with a price tag. I expect a big tax return in spring 2019 and I'm in a good position to make lots of progress over the next couple of years.

On the other hand; you greatly exceeded your initial goal and are ready to make lots faster progress in coming years!

And isnt it also very Mustachian to invest in yourself and in becoming happier? Money is only one way of achieving freedom and peace of mind

jojoguy

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Re: Saving to $10K
« Reply #1086 on: November 15, 2018, 02:49:57 AM »
October 7, 2018 = $600
October 18, 2018 = $2500
November 1, 2018 = $5,995
November 15, 2018 = $9,273(That sweet sweet overtime!)

Not much longer! To everybody on this board and MMM I want to say thankyou. Since discovering this website and message board I have saved more money in two months than
I have saved in two years. My wife is even on board now because of the results. The markets started downhill for me since the very start of my deposits, but I have been able to
keep adding to the pile every time I get paid. It all ends up on the up regardless in the sense of being frugal. Again thankyou guys for the motivation and advice.

Imma

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Re: Saving to $10K
« Reply #1087 on: November 15, 2018, 03:27:40 AM »
Great progress @jojoguy !! Great to hear your wife is on board now. Who wouldn't be when you've showed you can save almost 10k in a little over a month??

cazio

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Re: Saving to $10K
« Reply #1088 on: November 15, 2018, 11:30:27 AM »
congrats @jojoguy !! that is awesome and inspiring to see.

i was looking over my finances and I have a good chance of making it to $0 net worth by the end of the year. it will only be shortlived, i'm afraid, unless i pick up a job right away in january. even then, i have car loan debt coming in the near future (maybe? depends on my lease-end situation).

it's hard for me to even imagine being debt-free, and i barely have any debt! always seems like there's another hurdle i have to save for every time i think i can turn my full attention to paying down debt.

10k net worth seems so far away!

haypug16

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Re: Saving to $10K
« Reply #1089 on: November 15, 2018, 12:14:04 PM »
November 15 2018 Update
3/31/2017 (52,848.85)
4/30/2017 (48,076.67)
5/31/2017 (47,110.22)
6/30/2017 (46,540.28)
7/31/2017 (44,354.10)
8/31/2017 (47,236.39)
9/30/2017 (42,436.10)
10/31/2017 (33,346.78)
11/30/2017 $(28,911.53)
12/31/2017 $(24,424.13)
1/31/2018 $(20,454.43)
2/28/2018 $(18,221.63)
3/31/2018 $(14,916.69)
4/30/2018 $(9,800.88)
5/31/2018 $(7,375.85)
6/30/2018 $(5,735.59)
7/31/2018 $(7,109.58)
8/31/2018 $(6,439.93)
9/30/2018 $(2,990.84)
10/31/2018 $(4,180.43)
11/15/2018 $(3,070.80) +1,109.63 increase

Right about back to end of Sept numbers. Hoping to make some more head way this month and finish around -$2K and then hit zero by year end. It feels so far away but then I look at where I started and realize how close I am. It's so hard to believe I was that far negative less than 2 years ago.

SheWhoWalksAtLunch

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Re: Saving to $10K
« Reply #1090 on: November 16, 2018, 07:31:06 AM »
Congratulations to you both Cazio & Haypug16 on your progress toward no debt.  That's a big accomplishment!  Don't get discouraged about the distance from there to your first $10k in positive net worth.  Instead look back over your shoulder and be proud of how far you've come.  It gets easier once you're not throwing money at loan interest and you now have all those money saving muscles you developed on the road so far. 

SheWhoWalksAtLunch

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Re: Saving to $10K
« Reply #1091 on: November 19, 2018, 09:07:00 AM »
10/18 $2,545
10/29 $2,901
11/4 $3,355
11/11 $3,355
11/18 $3,355 I know this looks like Im stalled, and if Im honest I am, but whats happening in the back ground is were chipping away at the cost of the new dryer on the credit card with plans to get the balance back to zero before were hit with an interest payment.  I could have taken the cost of the dryer out of savings and be done with it, but doing it this way I get to keep the current total in the emergency fund for well, an emergency.

overall goal - $10k in savings/emergency fund
current push- $4k by January 1, 2018 - its starting to look like this won't happen, but I will console myself with warm dry laundry

Manchester

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Re: Saving to $10K
« Reply #1092 on: November 22, 2018, 03:07:18 AM »
I made marginal gains in each of my different categories, overall my N/W increased by 1,270.57 to 10,691.37!

This included a long weekend away for a stag do.  A few birthday presents etc.  I decided against a second trip abroad this month to save a bit extra.

Matched betting has been quiet with the international break + my holiday, most of the gains are from the end of last month.







I started 14 months ago.  around that time I couldn't sleep I was so stressed about my finances.  The thought of having to take a loan out or ask family for money was humilating.  I've made a genuine change over that time and I'd like to thank you guys for keeping me accountable and motivated. 


I'll come back here to check on your progress, but for now I'm in the Race to 100k!

Imma

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Re: Saving to $10K
« Reply #1093 on: November 22, 2018, 06:43:38 AM »
Wow @Manchester, congratulations!! Well done. Can you believe the amount of progress you've made in such a short period of time? Hope to see you soon in the next thread!

jojoguy

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Re: Saving to $10K
« Reply #1094 on: November 22, 2018, 12:27:40 PM »
You guys are so inspirational! Great job Manchester! I hope to be joining you in the race to 100K soon too.

Dicey

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Re: Saving to $10K
« Reply #1095 on: November 24, 2018, 10:48:19 AM »
I love this thread, so I'm giving it a little bump on Black Friday Weekend. Stay strong and don't buy shit you don't need, people! You can do this!

Moonwaves

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Re: Saving to $10K
« Reply #1096 on: November 24, 2018, 12:22:46 PM »
Congratulations Manchester, you made really impressive progress. Good luck in the next thread!

BoI savings a/c: 130.00
DiBa ETF: 985.44
CmzBank savings a/c: 1,600.00
Total:  2,715.44

Big invoices were paid and I've replenished my annual expenses account, which was starting to look very bare, and added a bit more to my holidays/travel account, too. But I was still able to add a nice big chunk to savings. I have a few smaller invoices that will be paid soon and a "13th paycheck" that gets paid out at the end of November. I'll be putting half of all that straight into savings and using the other half as a fund to get a few things around the house done that I've been wanting to do since I moved here two and a half years ago. But I have a definite list and once all of that is done, any money left over will go straight to savings. That fund will be a limit, not a target!

cazio

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Re: Saving to $10K
« Reply #1097 on: November 25, 2018, 08:17:16 PM »
10/2/18 - $(2742.60)
10/29/18 - $(1899.81)
11/25/18 - $(~1535) (+364.81)

November kicked my ass in a big way. Where I was supposed to come out with ~$1400 to put toward my savings/IRA/loans, I somehow managed to blow it all and leave only $400 TOTAL to spare. This was due in part to an unforeseen vet bill, a trip home for thanksgiving that cost more than anticipated, budgeted Christmas gift money, and yes, Black Friday. This isn't a final number, but it's probably close.

A good chunk of it was spent on buying a saddle for my riding lessons (yes, facepunch), and I couldn't pass up the deal. I'd planned to purchase one early next year, but would have probably spent x2 as much. So as much as I'm anxiety-central about how much I spent, it was money I had already allocated in the future. THough it might seem totally silly to buy a saddle when I don't own a horse, I've calculated that I've "spent" (read wasted time during lessons that cost $1/min) at least the price of this saddle due to spending time adjusting stirrups/etc at lessons (despite arriving early to tack up) that I will not longer have to do because I have a saddle that will already be adjusted when I put it on.

Also, next month will be roughly the same usual stash to allocate savings even though I'll have 1 less week of paid work. This is because my rent will be significantly less this month (watching the house while the owners are gone and one week less of rent), and I won't have a few of my monthly expenses.

If something changes with this total, I'll adjust next month.

haypug16

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Re: Saving to $10K
« Reply #1098 on: November 26, 2018, 11:14:40 AM »
Way to go Manchester!!! I hope to see you soon in the race to $100K!

SheWhoWalksAtLunch

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Re: Saving to $10K
« Reply #1099 on: November 26, 2018, 12:40:48 PM »
10/18 $2,545
10/29 $2,901
11/4 $3,355
11/11 $3,355
11/18 $3,355
11/25 $3,355 still no progress, but all Thanksgiving expenses and two Christmas presents came out of what came in this week so Im giving myself a pass.

Im going to switch to monthly tracking for the rest of this year.  Then Ill set a new short term goal in January.   Its too depressing right now having to rationalize (justify?) our lack of progress each week.  Especially with required Christmas holiday expenses on the horizon. I hate to cave to societal expectations, but when it comes to some of our extended families, we pick our battles carefully and consider holiday participation on their terms a tax on smooth relations the rest of the year (plus payback for their year round tolerance of our frugal ways).

overall goal - $10k in savings/emergency fund
current push- $4k byum..February?