Author Topic: Saving to $10K  (Read 443999 times)

mckaylabaloney

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Re: Saving to $10K
« Reply #1450 on: May 01, 2020, 10:59:52 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)
12/1/2018: $(128,081.25)
1/1/2019: $(80,750.78)
2/1/2019: $(73,422.02)
3/1/2019: $(60,122.64)
4/1/2019: $(54,342.22)
5/1/2019: $(48,858.05)
6/1/2019: $(49,269.97)
7/1/2019: $(29,802.87)
8/1/2019: $(25,751.08)
...
1/1/2020: $(4,873.13)
2/1/2020: $(4,647.56)
3/1/2020: $398.59
4/1/2020: $(9,003.54)
5/1/2020: $8,209.01

Well! That was unexpected. I guess the size of that rebound is a sign of how much of my net worth is in investments, because nothing special happened this month, financially, other than some recovery in the markets. I'm spending less in commuting costs, food costs, entertainment, etc., but spending more on tipping local businesses and service providers, charitable giving, etc., so I'm not really saving more during this time, which is fine with me. I'm fortunate that my income hasn't been affected so far, and am happy to use it to boost others in my community who are struggling.

I guess I might graduate from this thread next month, but I'm holding that loosely since markets are of course all over the place right now.

I hope all of you and your loved ones are healthy and otherwise well.

Imma

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Re: Saving to $10K
« Reply #1451 on: May 01, 2020, 11:32:50 AM »
Look at how far you've come in just 2,5 years @mckaylabaloney ! I also try to not really save extra but instead spend a bit more in local businesses. I'm not buying things I don't need but I have been spending a bit more and donating.

mckaylabaloney

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Re: Saving to $10K
« Reply #1452 on: May 01, 2020, 11:47:51 AM »
@Imma it is almost hard to believe. I haven't had a positive net worth since 2011, when I started law school (and before that I was basically at $0 anyway). It's easy to forget how far I've come because I still have six figures of student debt, but it helps to look back at these numbers!

Trifele

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Re: Saving to $10K
« Reply #1453 on: May 02, 2020, 05:13:36 AM »
You're killing it @mckaylabaloney!  Your future self will thank you over and over again for gutting out this debt repayment so fast and focused.   

mckaylabaloney

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Re: Saving to $10K
« Reply #1454 on: May 02, 2020, 09:47:39 AM »
Thank you @Trifele! Although actually, I've made more progress building up assets than paying down debt! Since 10/1/2017, when I started tracking my numbers, I've increased my assets by $123,920.08 and paid down my debt by $82,253.42. (wow that actually makes me a little teary lol.) This is primarily because I've been maxing out my retirement accounts before paying extra on my debt, which is something I've second guessed at times -- it would be SO nice to be done with the debt; I still have six figures to go! -- but it does feel really really good to know that when the debt is gone I won't be starting from $0. In fact, I'm only a few hundred away from having $100,000 saved in tax-advantaged retirement accounts. So I'm really glad I made that choice!


Trifele

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Re: Saving to $10K
« Reply #1455 on: May 02, 2020, 12:15:40 PM »
Thank you @Trifele! Although actually, I've made more progress building up assets than paying down debt!

Even better!  Sounds like you've given a lot of thought to optimizing the journey, and your approach sounds really good.

Dicey

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Re: Saving to $10K
« Reply #1456 on: May 03, 2020, 11:58:20 PM »
Thank you @Trifele! Although actually, I've made more progress building up assets than paying down debt!

Even better!  Sounds like you've given a lot of thought to optimizing the journey, and your approach sounds really good.
You may be full of baloney, but you're a wise one, mckayla!

TyGuy

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Re: Saving to $10K
« Reply #1457 on: May 04, 2020, 12:44:32 PM »
Student Loans:

01/12/19: $43,762.76
02/01/19: $42,561.06 (-$1,201.70)
03/04/19: $41,418.69 (-$1,139.41)
07/05/19: $37,901.63 (-$3,517.06)
08/10/19: $36,673.79 (-$1,227.84)
09/01/19: $35,289.89 (-$1,383.90)
10/02/19: $33,624.85 (-$1,665.04)
11/04/19: $31,707.48 (-$1,917.37)
12/08/19: $30,043.85 (-$1,663.63)
01/03/20: $28,335.39 (-$1,708.46)
02/05/20: $26,652.37 (-$1,683.02)
03/03/20: $24,941.42 (-$1,710.95)
04/03/20: $23,233.85 (-$1,707.57)
05/04/20: $21,456.11 (-$1,777.74)


Net Worth per Personal Capital:

03/04/19: -$30,065
07/05/19: -$21,711 ($8,294)
08/10/19: -$18,173 ($3,538)
09/01/19: -$12,615 ($5,558)
10/02/19: -$10,089 ($2,526)
11/04/19: -$6,559 ($3,530)
12/08/19: -$1,673 ($4,886)
12/22/19: $237 ($1,910) (First day of having a positive net worth)
01/03/20: $1,447 ($1,210)
02/02/20: $5,209 ($3,762)
03/03/20: $5,821 ($612)
04/03/20: $5,001 (-$820)
05/04/20: $10,739 ($5,738)


Payed off my largest, and highest interest rate loan this past month. The remainder of my loans have no interest until the fall so I will be make only small payments until then and may pay a large lump sum when interest resumes in the fall. Additionally, With the rebound of the market this past month I saw a significant increase in net worth and will be moving onto the next thread, though I may stick around here for another few months as uncertainty with the economy looms. Thank you all for your support, this day has come sooner than anticipated!

Trifele

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Re: Saving to $10K
« Reply #1458 on: May 04, 2020, 05:24:11 PM »
Net Worth per Personal Capital:

. . .
05/04/20: $10,739 ($5,738)

With the rebound of the market this past month I saw a significant increase in net worth and will be moving onto the next thread, though I may stick around here for another few months as uncertainty with the economy looms. Thank you all for your support, this day has come sooner than anticipated!

Your post didn't have enough exclamation points, @TyGuy!  Well done and CONGRATULATIONS!!!!!!!! 

mckaylabaloney

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Re: Saving to $10K
« Reply #1459 on: May 05, 2020, 08:02:03 AM »
Congrats @TyGuy!!!

DieHard_772

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Re: Saving to $10K
« Reply #1460 on: May 05, 2020, 12:08:28 PM »
Student Loans:

01/12/19: $43,762.76
02/01/19: $42,561.06 (-$1,201.70)
03/04/19: $41,418.69 (-$1,139.41)
07/05/19: $37,901.63 (-$3,517.06)
08/10/19: $36,673.79 (-$1,227.84)
09/01/19: $35,289.89 (-$1,383.90)
10/02/19: $33,624.85 (-$1,665.04)
11/04/19: $31,707.48 (-$1,917.37)
12/08/19: $30,043.85 (-$1,663.63)
01/03/20: $28,335.39 (-$1,708.46)
02/05/20: $26,652.37 (-$1,683.02)
03/03/20: $24,941.42 (-$1,710.95)
04/03/20: $23,233.85 (-$1,707.57)
05/04/20: $21,456.11 (-$1,777.74)


Net Worth per Personal Capital:

03/04/19: -$30,065
07/05/19: -$21,711 ($8,294)
08/10/19: -$18,173 ($3,538)
09/01/19: -$12,615 ($5,558)
10/02/19: -$10,089 ($2,526)
11/04/19: -$6,559 ($3,530)
12/08/19: -$1,673 ($4,886)
12/22/19: $237 ($1,910) (First day of having a positive net worth)
01/03/20: $1,447 ($1,210)
02/02/20: $5,209 ($3,762)
03/03/20: $5,821 ($612)
04/03/20: $5,001 (-$820)
05/04/20: $10,739 ($5,738)


Payed off my largest, and highest interest rate loan this past month. The remainder of my loans have no interest until the fall so I will be make only small payments until then and may pay a large lump sum when interest resumes in the fall. Additionally, With the rebound of the market this past month I saw a significant increase in net worth and will be moving onto the next thread, though I may stick around here for another few months as uncertainty with the economy looms. Thank you all for your support, this day has come sooner than anticipated!

That is frigging phenomenal, @TyGuy .  Congrats on your progress.  I'm impressed

DieHard_772

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Re: Saving to $10K
« Reply #1461 on: May 05, 2020, 12:10:04 PM »
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)
12/1/2018: $(128,081.25)
1/1/2019: $(80,750.78)
2/1/2019: $(73,422.02)
3/1/2019: $(60,122.64)
4/1/2019: $(54,342.22)
5/1/2019: $(48,858.05)
6/1/2019: $(49,269.97)
7/1/2019: $(29,802.87)
8/1/2019: $(25,751.08)
...
1/1/2020: $(4,873.13)
2/1/2020: $(4,647.56)
3/1/2020: $398.59
4/1/2020: $(9,003.54)
5/1/2020: $8,209.01

Well! That was unexpected. I guess the size of that rebound is a sign of how much of my net worth is in investments, because nothing special happened this month, financially, other than some recovery in the markets. I'm spending less in commuting costs, food costs, entertainment, etc., but spending more on tipping local businesses and service providers, charitable giving, etc., so I'm not really saving more during this time, which is fine with me. I'm fortunate that my income hasn't been affected so far, and am happy to use it to boost others in my community who are struggling.

I guess I might graduate from this thread next month, but I'm holding that loosely since markets are of course all over the place right now.

I hope all of you and your loved ones are healthy and otherwise well.

$180k progress in only two years is absolutely amazing.  You rock. Congrats @mckaylabaloney

DieHard_772

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Re: Saving to $10K
« Reply #1462 on: May 05, 2020, 12:12:04 PM »

I may actually graduate from this thread this year which is crazy to me.

Go to it @Rimu05 !  Good work

paulkots

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Re: Saving to $10K
« Reply #1463 on: May 06, 2020, 05:26:07 AM »
12/17/19: $21,427.67
01/26/20:  $17,755.45
05/06/20: $13,179.59

Moving in the right direction but still have some spending I can and will cut away.

TyGuy

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Re: Saving to $10K
« Reply #1464 on: May 06, 2020, 09:39:25 AM »
@DieHard_772 @mckaylabaloney @Trifele  The support form you all is astounding, thank you!!!!!!!!!!!

DieHard_772

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Re: Saving to $10K
« Reply #1465 on: May 06, 2020, 11:25:49 AM »
@DieHard_772 @mckaylabaloney @Trifele  The support form you all is astounding, thank you!!!!!!!!!!!

You are certainly welcome, @TyGuy .  To me, the greatest benefit of practicing these wealth principles is to share and encourage others.  Being financially sound, having your financial stuff together... well, it definitely supports living a happy life.  Keep it up!

paulkots

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Re: Saving to $10K
« Reply #1466 on: May 08, 2020, 04:42:04 PM »
12/17/19: $21,427.67
01/26/20:  $17,755.45
05/06/20: $13,179.59
05/08/20: $9,994.309

Returned a few purchases and received an extra check for being considered essential.

DieHard_772

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Re: Saving to $10K
« Reply #1467 on: May 10, 2020, 04:56:20 PM »
12/17/19: $21,427.67
01/26/20:  $17,755.45
05/06/20: $13,179.59
05/08/20: $9,994.309

Returned a few purchases and received an extra check for being considered essential.

@paulkots Keep up the progress, you'll be there in no time ;)

Dicey

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Re: Saving to $10K
« Reply #1468 on: May 11, 2020, 11:00:36 AM »
12/17/19: $21,427.67
01/26/20:  $17,755.45
05/06/20: $13,179.59
05/08/20: $9,994.309

Returned a few purchases and received an extra check for being considered essential.
Wow, I thought your 5/6 post reflected amazing progress, but this latest really is! You'll be out of the hole and piling up benjamins in no time!

Moonwaves

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Re: Saving to $10K
« Reply #1469 on: May 14, 2020, 04:22:27 AM »
BoI savings: 100.00
DiBa ETF: 2,051.52 (passed the 2,000 mark!)
CmzBank savings a/c: 5,000.00 (Somewhat arbitrary amount for emergency fund fully funded, woohoo!)
Total:  +7,151.52

Net: +7,1512.52

BoI savings: 50.00
DiBa ETF: 2,088.97 (in January I commented that I had passed the 2,000 mark - since then I have invested 400 more, but am still just past the 2,000 mark. At least I don't seem to often dip below it very often anymore.)
CmzBank savings a/c: 3,200.00
Total:  +5,338.97

I can't quite believe it has been almost five months since I posted a numbers update. March and April were admittedly very skewy in terms of what time felt like. The numbers are going down rather than up but that is life at the moment. I took a big leap of faith and the somewhat unMustachian step of renting a second small studio apartment. This will serve as my office but also as storage to allow me to make my living space less cramped and full of stuff so that, hopefully, the mental health boost will be significant. I've taken money from savings to pay the deposit, etc. As I will be using it as an office, I will be able to set off most of the costs from taxes on my side-income so that is something. I want to get a few plants but otherwise don't plan on spending any money on the new place - I may need to get a WiFi extender of some kind but it is on the same floor as my current apartment so I should be able to get away with that without needing to pay for a second internet connection.

Of course, despite continuing to save monthly into my ETF plans, the market dropping means that it mostly feels like I've been treading water there. But we keep on keeping on, because that's what we do around here.

TyGuy

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Re: Saving to $10K
« Reply #1470 on: May 14, 2020, 01:55:47 PM »
BoI savings: 100.00
DiBa ETF: 2,051.52 (passed the 2,000 mark!)
CmzBank savings a/c: 5,000.00 (Somewhat arbitrary amount for emergency fund fully funded, woohoo!)
Total:  +7,151.52

Net: +7,1512.52

BoI savings: 50.00
DiBa ETF: 2,088.97 (in January I commented that I had passed the 2,000 mark - since then I have invested 400 more, but am still just past the 2,000 mark. At least I don't seem to often dip below it very often anymore.)
CmzBank savings a/c: 3,200.00
Total:  +5,338.97

I can't quite believe it has been almost five months since I posted a numbers update. March and April were admittedly very skewy in terms of what time felt like. The numbers are going down rather than up but that is life at the moment. I took a big leap of faith and the somewhat unMustachian step of renting a second small studio apartment. This will serve as my office but also as storage to allow me to make my living space less cramped and full of stuff so that, hopefully, the mental health boost will be significant. I've taken money from savings to pay the deposit, etc. As I will be using it as an office, I will be able to set off most of the costs from taxes on my side-income so that is something. I want to get a few plants but otherwise don't plan on spending any money on the new place - I may need to get a WiFi extender of some kind but it is on the same floor as my current apartment so I should be able to get away with that without needing to pay for a second internet connection.

Of course, despite continuing to save monthly into my ETF plans, the market dropping means that it mostly feels like I've been treading water there. But we keep on keeping on, because that's what we do around here.

Keep up the savings, at some point the "treading water" will end and you will be surfing on waves headed straight towards retirement!

NotSoMustachian

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Re: Saving to $10K
« Reply #1471 on: May 14, 2020, 09:55:42 PM »
Little late to the race just joining at 37 after spending my whole life blowing all my cash in fun ways.

12/17/19 - $0
2/1/20 - $3,282.45
3/1/20 - $4,254.70
4/1/20 - $3,579.25
5/1/20 - $5,386.17

Trifele

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Re: Saving to $10K
« Reply #1472 on: May 15, 2020, 04:47:59 AM »
Little late to the race just joining at 37 after spending my whole life blowing all my cash in fun ways.

12/17/19 - $0
2/1/20 - $3,282.45
3/1/20 - $4,254.70
4/1/20 - $3,579.25
5/1/20 - $5,386.17

Welcome @NotSoMustachian!  Great first post.  Changing your outlook and goals is the biggest step, and you've already done that.  Keep it up!  It won't be long before you have to change your user name because you'll be a kick-ass mustachian with loads of money in the bank.   

DieHard_772

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Re: Saving to $10K
« Reply #1473 on: May 15, 2020, 09:50:55 AM »
Little late to the race just joining at 37 after spending my whole life blowing all my cash in fun ways.

12/17/19 - $0
2/1/20 - $3,282.45
3/1/20 - $4,254.70
4/1/20 - $3,579.25
5/1/20 - $5,386.17
@NotSoMustachian I totally get the feeling, but at least you are here, and you are making excellent
progress... amidst a pandemic, no less.  You should be proud of yourself.

I started in this thread a few years ago dreaming of getting to $10k and now we are on our way to $100k.
Keep on trucking, It all adds up :)

Dicey

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Re: Saving to $10K
« Reply #1474 on: May 15, 2020, 01:03:49 PM »
Little late to the race just joining at 37 after spending my whole life blowing all my cash in fun ways.

12/17/19 - $0
2/1/20 - $3,282.45
3/1/20 - $4,254.70
4/1/20 - $3,579.25
5/1/20 - $5,386.17
@NotSoMustachian I totally get the feeling, but at least you are here, and you are making excellent
progress... amidst a pandemic, no less.  You should be proud of yourself.

I started in this thread a few years ago dreaming of getting to $10k and now we are on our way to $100k.

Keep on trucking, It all adds up :)
I was just wondering today how the OP of this thread was doing. Your post made me do more than wonder. Looks like they've made good progress too. Good for the two of you, and everyone else who has graduated from this thread. It would be really motivating if more of you would check in from time to time and offer encouragement to others just starting on this journey. You are living proof that it can be done! Once you get the ball rolling, it's amazing what happens next. Congratulations!

DieHard_772

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Re: Saving to $10K
« Reply #1475 on: May 17, 2020, 05:51:12 PM »
Little late to the race just joining at 37 after spending my whole life blowing all my cash in fun ways.

12/17/19 - $0
2/1/20 - $3,282.45
3/1/20 - $4,254.70
4/1/20 - $3,579.25
5/1/20 - $5,386.17
@NotSoMustachian I totally get the feeling, but at least you are here, and you are making excellent
progress... amidst a pandemic, no less.  You should be proud of yourself.

I started in this thread a few years ago dreaming of getting to $10k and now we are on our way to $100k.

Keep on trucking, It all adds up :)
I was just wondering today how the OP of this thread was doing. Your post made me do more than wonder. Looks like they've made good progress too. Good for the two of you, and everyone else who has graduated from this thread. It would be really motivating if more of you would check in from time to time and offer encouragement to others just starting on this journey. You are living proof that it can be done! Once you get the ball rolling, it's amazing what happens next. Congratulations!

Hey @Dicey , that's exactly why i checked in on here.  I aim to offer any encouragement I can :)

Dicey

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Re: Saving to $10K
« Reply #1476 on: May 17, 2020, 10:04:25 PM »
Little late to the race just joining at 37 after spending my whole life blowing all my cash in fun ways.

12/17/19 - $0
2/1/20 - $3,282.45
3/1/20 - $4,254.70
4/1/20 - $3,579.25
5/1/20 - $5,386.17
@NotSoMustachian I totally get the feeling, but at least you are here, and you are making excellent
progress... amidst a pandemic, no less.  You should be proud of yourself.

I started in this thread a few years ago dreaming of getting to $10k and now we are on our way to $100k.

Keep on trucking, It all adds up :)
I was just wondering today how the OP of this thread was doing. Your post made me do more than wonder. Looks like they've made good progress too. Good for the two of you, and everyone else who has graduated from this thread. It would be really motivating if more of you would check in from time to time and offer encouragement to others just starting on this journey. You are living proof that it can be done! Once you get the ball rolling, it's amazing what happens next. Congratulations!

Hey @Dicey , that's exactly why i checked in on here.  I aim to offer any encouragement I can :)
Ha! That's what I get for not reading carefully before I comment, lol! If threads like this were around when I was starting out, it would have made the FIRE journey easier. Except, come to think of it, the whole damn internet even didn't exist back then.

jdhansen

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Re: Saving to $10K
« Reply #1477 on: May 27, 2020, 02:08:38 PM »
It has been a crazy month since my last report.  I was activated for my County's emergency response to COVID-19 so been working 7 days a week for 12 to 15 hours a day over the last 39 days.  I haven't seen the family much, but all the hours have definitely helped turbocharge our savings.

Here is where we stand
11/15/2019   $ -5671.56
12/18/2019   $ -4174.34
01/18/2020   $ -4162.83
02/13/2020   $ -2575.99
03/18/2020   $ 6748.74
04/17/2020   $ 8657.13
05/27/2020   $ 13,038.89 ($5,530.08 IRA)

With the extra hours and the Stimulus check we were able to charge past our goal of $10,000 this month and DW and I made the call to fund an IRA this year, something we hadn't been able to do in quite a while.  I'm amazed we were able to get here so quickly. Last year when things started to go wrong and the debt increased I didn't think we would turn it around.  But thanks to sticking to the plan and the amazing support of everyone on this forum we made it.  Now to wait patiently for June 15th to roll around so I can post in the next thread up.

Good luck to everyone who is just starting their journey, or who is on the way to meeting their goals.  Just remember, you can do it and I'll see everyone in the next thread.

Trifele

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Re: Saving to $10K
« Reply #1478 on: May 27, 2020, 02:32:24 PM »
Wow @jdhansen that was fast!  Huge congratulations!!!


                                                   

Bettersafe

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Re: Saving to $10K
« Reply #1479 on: May 27, 2020, 02:48:05 PM »
It has been a crazy month since my last report.  I was activated for my County's emergency response to COVID-19 so been working 7 days a week for 12 to 15 hours a day over the last 39 days.  I haven't seen the family much, but all the hours have definitely helped turbocharge our savings.

Here is where we stand
11/15/2019   $ -5671.56
12/18/2019   $ -4174.34
01/18/2020   $ -4162.83
02/13/2020   $ -2575.99
03/18/2020   $ 6748.74
04/17/2020   $ 8657.13
05/27/2020   $ 13,038.89 ($5,530.08 IRA)

With the extra hours and the Stimulus check we were able to charge past our goal of $10,000 this month and DW and I made the call to fund an IRA this year, something we hadn't been able to do in quite a while.  I'm amazed we were able to get here so quickly. Last year when things started to go wrong and the debt increased I didn't think we would turn it around.  But thanks to sticking to the plan and the amazing support of everyone on this forum we made it.  Now to wait patiently for June 15th to roll around so I can post in the next thread up.

Good luck to everyone who is just starting their journey, or who is on the way to meeting their goals.  Just remember, you can do it and I'll see everyone in the next thread.

Very well done sir!

TyGuy

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Re: Saving to $10K
« Reply #1480 on: May 27, 2020, 04:35:41 PM »
It has been a crazy month since my last report.  I was activated for my County's emergency response to COVID-19 so been working 7 days a week for 12 to 15 hours a day over the last 39 days.  I haven't seen the family much, but all the hours have definitely helped turbocharge our savings.

Here is where we stand
11/15/2019   $ -5671.56
12/18/2019   $ -4174.34
01/18/2020   $ -4162.83
02/13/2020   $ -2575.99
03/18/2020   $ 6748.74
04/17/2020   $ 8657.13
05/27/2020   $ 13,038.89 ($5,530.08 IRA)

With the extra hours and the Stimulus check we were able to charge past our goal of $10,000 this month and DW and I made the call to fund an IRA this year, something we hadn't been able to do in quite a while.  I'm amazed we were able to get here so quickly. Last year when things started to go wrong and the debt increased I didn't think we would turn it around.  But thanks to sticking to the plan and the amazing support of everyone on this forum we made it.  Now to wait patiently for June 15th to roll around so I can post in the next thread up.

Good luck to everyone who is just starting their journey, or who is on the way to meeting their goals.  Just remember, you can do it and I'll see everyone in the next thread.

Way to stay committed, I look forward to following your progress on the next thread!

DieHard_772

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Re: Saving to $10K
« Reply #1481 on: May 27, 2020, 07:27:26 PM »
It has been a crazy month since my last report.  I was activated for my County's emergency response to COVID-19 so been working 7 days a week for 12 to 15 hours a day over the last 39 days.  I haven't seen the family much, but all the hours have definitely helped turbocharge our savings.

Here is where we stand
11/15/2019   $ -5671.56
12/18/2019   $ -4174.34
01/18/2020   $ -4162.83
02/13/2020   $ -2575.99
03/18/2020   $ 6748.74
04/17/2020   $ 8657.13
05/27/2020   $ 13,038.89 ($5,530.08 IRA)

With the extra hours and the Stimulus check we were able to charge past our goal of $10,000 this month and DW and I made the call to fund an IRA this year, something we hadn't been able to do in quite a while.  I'm amazed we were able to get here so quickly. Last year when things started to go wrong and the debt increased I didn't think we would turn it around.  But thanks to sticking to the plan and the amazing support of everyone on this forum we made it.  Now to wait patiently for June 15th to roll around so I can post in the next thread up.

Good luck to everyone who is just starting their journey, or who is on the way to meeting their goals.  Just remember, you can do it and I'll see everyone in the next thread.

Bam!  way to go @jdhansen 

mckaylabaloney

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Re: Saving to $10K
« Reply #1482 on: May 28, 2020, 11:14:07 AM »
Congrats @jdhansen!!

SwordGuy

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Re: Saving to $10K
« Reply #1483 on: May 28, 2020, 06:19:36 PM »

Congrats @jdhansen!!

Getting to over $10,000 is a big deal!   

mactastic

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Re: Saving to $10K
« Reply #1484 on: May 29, 2020, 11:15:10 AM »
How is the month over already??

Sept 2019:
Starting Debt: $60,811.05   
Starting savings:  $46,123.39   
Where it stands: (-14,687.66)
Targeted student loan balance: $5463

May 2020:
Current Debt: $47,354
Current savings: $57,225
Where it stands: $9,871
Targeted student loan balance: $633


SOOOOO close to having 10k more in savings than the remainder of our debt! Next month for sure. Feeling excited to be crossing this milestone halfway through the year, and paying off the student loan we're targeting the same month - both were my goals for the entire year! The combination of zero percent interest on the student loans and my husband's OT as an essential employee has been stellar. Fully aware of how lucky we are. Hoping to get debt below $40k by the time baby arrives in November. Congrats to all the recent "grads" from this thread, y'all are inspiring - hope to join you soon!!

mckaylabaloney

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Re: Saving to $10K
« Reply #1485 on: May 29, 2020, 12:44:44 PM »
You're killing it @mactastic!

DieHard_772

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Re: Saving to $10K
« Reply #1486 on: May 29, 2020, 12:45:20 PM »
How is the month over already??

Sept 2019:
Starting Debt: $60,811.05   
Starting savings:  $46,123.39   
Where it stands: (-14,687.66)
Targeted student loan balance: $5463

May 2020:
Current Debt: $47,354
Current savings: $57,225
Where it stands: $9,871
Targeted student loan balance: $633


SOOOOO close to having 10k more in savings than the remainder of our debt! Next month for sure. Feeling excited to be crossing this milestone halfway through the year, and paying off the student loan we're targeting the same month - both were my goals for the entire year! The combination of zero percent interest on the student loans and my husband's OT as an essential employee has been stellar. Fully aware of how lucky we are. Hoping to get debt below $40k by the time baby arrives in November. Congrats to all the recent "grads" from this thread, y'all are inspiring - hope to join you soon!!

@mactastic Bravo! Nice work

Dicey

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Re: Saving to $10K
« Reply #1487 on: May 29, 2020, 02:18:51 PM »
For those of you who have student loans, are you taking advantage of the current forbearance by applying that payment amount to your stache right now? Seems like a once-in-a-lifetime opportunity.

Trifele

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Re: Saving to $10K
« Reply #1488 on: May 30, 2020, 03:38:16 AM »
Great job @mactastic!  You're going to be joining @jdhansen over in the next thread very soon!

mckaylabaloney

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Re: Saving to $10K
« Reply #1489 on: May 30, 2020, 03:28:43 PM »
For those of you who have student loans, are you taking advantage of the current forbearance by applying that payment amount to your stache right now? Seems like a once-in-a-lifetime opportunity.

My student loans are refinanced with a private lender and thus not eligible for any of the current direct benefits. BUT I did refinance to a variable interest rate just a couple of months before all this started, and because of plummeting rates generally, my interest rate has fallen to 0.73%, which is (1) insane and (2) below the interest rate even my savings account is earning. So I'm paying only the minimum for now, and will continue to do so for as long as that's the case. I'd love to say I'm investing any extra, but instead I'm trying to beef up my emergency fund (currently have 3 months of expenses saved, would like to bump that up to 6). I'm not too worried about my job security, but who knows what the next few months might bring.

Dicey

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Re: Saving to $10K
« Reply #1490 on: May 30, 2020, 03:43:22 PM »
For those of you who have student loans, are you taking advantage of the current forbearance by applying that payment amount to your stache right now? Seems like a once-in-a-lifetime opportunity.

My student loans are refinanced with a private lender and thus not eligible for any of the current direct benefits. BUT I did refinance to a variable interest rate just a couple of months before all this started, and because of plummeting rates generally, my interest rate has fallen to 0.73%, which is (1) insane and (2) below the interest rate even my savings account is earning. So I'm paying only the minimum for now, and will continue to do so for as long as that's the case. I'd love to say I'm investing any extra, but instead I'm trying to beef up my emergency fund (currently have 3 months of expenses saved, would like to bump that up to 6). I'm not too worried about my job security, but who knows what the next few months might bring.
Wow, that's an awesome rate! You're a smart one, @mckaylabaloney.

mckaylabaloney

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Re: Saving to $10K
« Reply #1491 on: May 30, 2020, 03:46:21 PM »
For those of you who have student loans, are you taking advantage of the current forbearance by applying that payment amount to your stache right now? Seems like a once-in-a-lifetime opportunity.

My student loans are refinanced with a private lender and thus not eligible for any of the current direct benefits. BUT I did refinance to a variable interest rate just a couple of months before all this started, and because of plummeting rates generally, my interest rate has fallen to 0.73%, which is (1) insane and (2) below the interest rate even my savings account is earning. So I'm paying only the minimum for now, and will continue to do so for as long as that's the case. I'd love to say I'm investing any extra, but instead I'm trying to beef up my emergency fund (currently have 3 months of expenses saved, would like to bump that up to 6). I'm not too worried about my job security, but who knows what the next few months might bring.
Wow, that's an awesome rate! You're a smart one, @mckaylabaloney.

Honestly, I got lucky, in that I refinanced to a variable loan at just the right time, and that my high income made me eligible for a low rate to begin with.

Imma

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Re: Saving to $10K
« Reply #1492 on: May 31, 2020, 08:31:44 AM »
For those of you who have student loans, are you taking advantage of the current forbearance by applying that payment amount to your stache right now? Seems like a once-in-a-lifetime opportunity.

My student loans are refinanced with a private lender and thus not eligible for any of the current direct benefits. BUT I did refinance to a variable interest rate just a couple of months before all this started, and because of plummeting rates generally, my interest rate has fallen to 0.73%, which is (1) insane and (2) below the interest rate even my savings account is earning. So I'm paying only the minimum for now, and will continue to do so for as long as that's the case. I'd love to say I'm investing any extra, but instead I'm trying to beef up my emergency fund (currently have 3 months of expenses saved, would like to bump that up to 6). I'm not too worried about my job security, but who knows what the next few months might bring.
Wow, that's an awesome rate! You're a smart one, @mckaylabaloney.

Honestly, I got lucky, in that I refinanced to a variable loan at just the right time, and that my high income made me eligible for a low rate to begin with.

For people who are just starting their way to FI I totally believe a bigger EF is a great idea. 6 months is not a crazy target in an uncertain situation. You're missing out on gains but you trade it in for a safety net so you can sleep at night.

Dicey

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  • Location: NorCal
Re: Saving to $10K
« Reply #1493 on: May 31, 2020, 12:39:46 PM »
For those of you who have student loans, are you taking advantage of the current forbearance by applying that payment amount to your stache right now? Seems like a once-in-a-lifetime opportunity.

My student loans are refinanced with a private lender and thus not eligible for any of the current direct benefits. BUT I did refinance to a variable interest rate just a couple of months before all this started, and because of plummeting rates generally, my interest rate has fallen to 0.73%, which is (1) insane and (2) below the interest rate even my savings account is earning. So I'm paying only the minimum for now, and will continue to do so for as long as that's the case. I'd love to say I'm investing any extra, but instead I'm trying to beef up my emergency fund (currently have 3 months of expenses saved, would like to bump that up to 6). I'm not too worried about my job security, but who knows what the next few months might bring.
Wow, that's an awesome rate! You're a smart one, @mckaylabaloney.

Honestly, I got lucky, in that I refinanced to a variable loan at just the right time, and that my high income made me eligible for a low rate to begin with.

For people who are just starting their way to FI I totally believe a bigger EF is a great idea. 6 months is not a crazy target in an uncertain situation. You're missing out on gains but you trade it in for a safety net so you can sleep at night.
I completely agree with my fellow lefty, but I would add the safety net an EF creates is much more valuable than just a sleep aid. It also helps you keep yourself afloat if the SHTF. If having an EF keeps you from raiding your investments, you're way ahead. I cringe every damn time someone says they can just pull money from their Roth.  Yes, it's penalty free, but once you tap it, you can't put the money back. There is a huge opportunity cost to accessing that money. I know you're not in the US, @Imma, but I'm sure there's a European equivalent [bad] example. Emergency funds for the win!

Imma

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Re: Saving to $10K
« Reply #1494 on: May 31, 2020, 01:17:06 PM »
For those of you who have student loans, are you taking advantage of the current forbearance by applying that payment amount to your stache right now? Seems like a once-in-a-lifetime opportunity.

My student loans are refinanced with a private lender and thus not eligible for any of the current direct benefits. BUT I did refinance to a variable interest rate just a couple of months before all this started, and because of plummeting rates generally, my interest rate has fallen to 0.73%, which is (1) insane and (2) below the interest rate even my savings account is earning. So I'm paying only the minimum for now, and will continue to do so for as long as that's the case. I'd love to say I'm investing any extra, but instead I'm trying to beef up my emergency fund (currently have 3 months of expenses saved, would like to bump that up to 6). I'm not too worried about my job security, but who knows what the next few months might bring.
Wow, that's an awesome rate! You're a smart one, @mckaylabaloney.

Honestly, I got lucky, in that I refinanced to a variable loan at just the right time, and that my high income made me eligible for a low rate to begin with.

For people who are just starting their way to FI I totally believe a bigger EF is a great idea. 6 months is not a crazy target in an uncertain situation. You're missing out on gains but you trade it in for a safety net so you can sleep at night.
I completely agree with my fellow lefty, but I would add the safety net an EF creates is much more valuable than just a sleep aid. It also helps you keep yourself afloat if the SHTF. If having an EF keeps you from raiding your investments, you're way ahead. I cringe every damn time someone says they can just pull money from their Roth.  Yes, it's penalty free, but once you tap it, you can't put the money back. There is a huge opportunity cost to accessing that money. I know you're not in the US, @Imma, but I'm sure there's a European equivalent [bad] example. Emergency funds for the win!

There are plenty of possible doom scenarios but fortunately I've never actually been in a situation where I had to use my EF. We have pretty decent unemployment benefits in my country and our monthly outgoings are low. But of course, the main reason to have one is to be able to use it when you're in an emergency situation.

You did make me wonder what the biggest financial risk is in my situation, and I've been thinking about it, it's probably separation. We have a housing shortage that seems to get worse every year, so prices are very high. We bought when homes were still affordable. If we would separate I wouldn't be able to buy anything on my income, not even if I would put down my share of the equity in our current house and all my liquidated investments. I'd still be 50k short for a studio apartment. And decent landlords have very high income standards so it would either be shared housing or a slum landlord. Or going back to my mother in my 30s and have a 2 hour commute to work. That would seriously be the most attractive solution.

Actually this is very good to be aware of even though I'm in a happy relationship, because this is exactly the kind of emergency that could suddenly happen and that I would have no control over.

Gingersnaps

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Re: Saving to $10K
« Reply #1495 on: June 01, 2020, 05:50:12 AM »
I'm graduating! The market picked right back up which was nice to see. Guess I'll be off to the 100k challenge thread now. Best of luck to everyone here, you're smashing it!

Investment update:
1/2/20 - 3000
1/3/20 - 4268.37
1/4/20 - 7309.86
1/5/20 - 8939.68
1/6/20 - 10,561.55

Dicey

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Re: Saving to $10K
« Reply #1496 on: June 01, 2020, 06:43:26 AM »
I'm graduating! The market picked right back up which was nice to see. Guess I'll be off to the 100k challenge thread now. Best of luck to everyone here, you're smashing it!

Investment update:
1/2/20 - 3000
1/3/20 - 4268.37
1/4/20 - 7309.86
1/5/20 - 8939.68
1/6/20 - 10,561.55
That's some pretty snappy progress! Congratulations.

mckaylabaloney

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Re: Saving to $10K
« Reply #1497 on: June 01, 2020, 07:45:55 AM »
Congrats @Gingersnaps! I'm joining you!

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)
12/1/2018: $(128,081.25)
1/1/2019: $(80,750.78)
2/1/2019: $(73,422.02)
3/1/2019: $(60,122.64)
4/1/2019: $(54,342.22)
5/1/2019: $(48,858.05)
6/1/2019: $(49,269.97)
7/1/2019: $(29,802.87)
8/1/2019: $(25,751.08)
...
1/1/2020: $(4,873.13)
2/1/2020: $(4,647.56)
3/1/2020: $398.59
4/1/2020: $(9,003.54)
5/1/2020: $8,209.01
6/1/2020: $19,606.73

Had a nice little happy cry just now, running those numbers. Holy crap. (Reasons for the big increase this month: 3-paycheck month, continued market rebounds)

Thanks so much to all of you for your amazing support over the last 2+ years. I love this thread and I will definitely be back to cheer on everyone who is still fighting toward the goal of $10k!

Gingersnaps

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Re: Saving to $10K
« Reply #1498 on: June 01, 2020, 07:58:09 AM »
Amazing @mckaylabaloney - your numbers are incredible - see you over there!

Imma

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Re: Saving to $10K
« Reply #1499 on: June 01, 2020, 11:00:10 AM »
See you there @Gingersnaps and @mckaylabaloney !