Author Topic: Saving to $10K  (Read 313199 times)

Dicey

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Re: Saving to $10K
« Reply #1500 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 #1501 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 #1502 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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Re: Saving to $10K
« Reply #1503 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 #1504 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 #1505 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 #1506 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 #1507 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 #1508 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 #1509 on: June 01, 2020, 11:00:10 AM »
See you there @Gingersnaps and @mckaylabaloney !

Trifele

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Re: Saving to $10K
« Reply #1510 on: June 01, 2020, 11:11:39 AM »
Congratulations @Gingersnaps and @mckaylabaloney!   

                                 

paulkots

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Re: Saving to $10K
« Reply #1511 on: June 01, 2020, 12:15:42 PM »
12/17/19: $21,427.67
01/26/20: $17,755.45
05/06/20: $13,179.59
05/08/20: $9,994.39
06/01/20: $8,018.36

Continuing to chip away and making sure I spend less.

Gardo

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Re: Saving to $10K
« Reply #1512 on: June 02, 2020, 01:54:31 PM »
Hi to all savers.  Great job and keep at it! 

NotSoMustachian

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Re: Saving to $10K
« Reply #1513 on: June 02, 2020, 09:23:27 PM »
Monthly update

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
6/1/20 - $7,006.17

DieHard_772

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Re: Saving to $10K
« Reply #1514 on: June 03, 2020, 11:46:42 AM »
Monthly update

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
6/1/20 - $7,006.17

@NotSoMustachian  Nice job!

CollegeRaven

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Re: Saving to $10K
« Reply #1515 on: June 04, 2020, 06:37:57 PM »
06/02/2020- $1650

Dicey

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Re: Saving to $10K
« Reply #1516 on: June 04, 2020, 07:23:37 PM »
1/1/2018: $(170,956.12)
[snip]
5/1/2020: $8,209.01
6/1/2020: $19,606.73
That is amazing! Both your month over month and from where you started. Congratulations @mckaylabaloney!

Peaksandvalleys

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Re: Saving to $10K
« Reply #1517 on: June 04, 2020, 09:07:49 PM »
@mckaylabaloney holy smokes nicely done!

Current standing:
Student loans:
1/2020 (-214579.43)
2/2020 (-211582.61)
3/2020 (-207301.61)
4/2020 (-204914.65)
5/2020 (-202513.14)

Net Worth:
1/2020 (-205328.66)
2/2020 (-199646.97)
3/2020 (-191659.76)
4/2020 (-186896.40)
5/2020 (-181513.10)

Things will speed up eventually! Just pleased that we are able to throw ~50% gross income into wealth building every month

Trifele

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Re: Saving to $10K
« Reply #1518 on: June 05, 2020, 03:11:32 AM »
06/02/2020- $1650

@CollegeRaven, welcome back!  It's been a long time since your last post.  How has it been going?  Are you working?

DieHard_772

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Re: Saving to $10K
« Reply #1519 on: June 05, 2020, 01:02:32 PM »
@mckaylabaloney holy smokes nicely done!

Current standing:
Student loans:
1/2020 (-214579.43)
2/2020 (-211582.61)
3/2020 (-207301.61)
4/2020 (-204914.65)
5/2020 (-202513.14)

Net Worth:
1/2020 (-205328.66)
2/2020 (-199646.97)
3/2020 (-191659.76)
4/2020 (-186896.40)
5/2020 (-181513.10)

Things will speed up eventually! Just pleased that we are able to throw ~50% gross income into wealth building every month

@Peaksandvalleys Wow, 50% savings rate is totally awesome.  Way to go.  Progress is happening fast.

canadianrose

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Re: Saving to $10K
« Reply #1520 on: June 13, 2020, 04:27:02 PM »
I'm commenting to come back later. Current savings accounts have $4500, RRSP has $1000, TFSA has $50, total of $5550. $2000 tuition has been prepaid for school this fall, for required training for my trade. I'll have to pay living expenses and pay for some repairs to make sure my vehicle is reliable.

I have a student loan of $9500 from earlier training, which included living expenses. I have some bad debts in my past.

Thankfully, I am back to work, and not paying rent because I live with my mom, and she won't take a penny as long as I am saving for school, so I help out as I can. It means a longer commute, which costs a lot in fuel and wear and tear on my vehicle, but it is still cheaper than renting, and I don't have to worry about clearing out an apartment before leaving for school, and my cat gets to stay here with care I trust, too.

I currently make about $30k per year, and I'll get to $50k in a few years. I intend to save intently, because tradesfolk are injury prone, and though I want to work for the next 20 years, I don't want to sacrifice my health to that end. As far as I can tell there are no unions for RV Service Technicians, no pensions. I love my work, but it would be great to FI and be able to RE if it no longer thrills me.

I'll have to revisit this thread after I finish school, and I can get more serious. I'm glad it's here, it seems to be a place for those who are just starting out.

Trifele

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Re: Saving to $10K
« Reply #1521 on: June 14, 2020, 03:38:36 AM »
I currently make about $30k per year, and I'll get to $50k in a few years. I intend to save intently, because tradesfolk are injury prone, and though I want to work for the next 20 years, I don't want to sacrifice my health to that end. As far as I can tell there are no unions for RV Service Technicians, no pensions. I love my work, but it would be great to FI and be able to RE if it no longer thrills me.

Welcome @canadianrose!  Sounds like a wise plan.  Folks who work with their bodies do face more health/career risks than desk workers.  My brother who worked a physical job also got really serious about saving in his mid to late thirties, and ended up FIREing at 45.  It's good to have the option at least, even if you are loving the work.

IrishFI

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Re: Saving to $10K
« Reply #1522 on: June 14, 2020, 04:19:48 AM »
Hi everyone,

My current position is: EF - 2957, ETF: 530, Current Account: 1440 roughly (not sure if you include this) and my pension is just set up so no money in that yet. Currently all savings will go to my pension and taxable ETFs, about 798/month. I'm excited to get involved, great work everyone.

Trifele

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Re: Saving to $10K
« Reply #1523 on: June 14, 2020, 04:50:50 AM »
Hi everyone

Welcome @IrishFI!  I saw your other post regarding the car; so glad you decided to come over here!  It's a great thread.

IrishFI

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Re: Saving to $10K
« Reply #1524 on: June 14, 2020, 07:05:35 AM »
Hi everyone

Welcome @IrishFI!  I saw your other post regarding the car; so glad you decided to come over here!  It's a great thread.

Thank you for the warm welcome. It's great to be able to connect with like minded people. It's easy to feel like an outcast at times on this journey.

Dicey

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Re: Saving to $10K
« Reply #1525 on: June 15, 2020, 10:57:01 AM »
Hi everyone

Welcome @IrishFI!  I saw your other post regarding the car; so glad you decided to come over here!  It's a great thread.

Thank you for the warm welcome. It's great to be able to connect with like minded people. It's easy to feel like an outcast at times on this journey.
Imagine what it was like in the pre-internet days, before such forums existed. Oh, sorry, that was a flashback. Thank goodness you won't have to do this alone.

It's motivating and inspiring to have support from like-minded people. Once you dig in, it's surprising how fast it can happen. Congratulations on beginning your journey!

Rimu05

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Re: Saving to $10K
« Reply #1526 on: June 17, 2020, 09:04:32 AM »
Quote
I accidentally deleted my previous post... Oh well, update

Student loan - ($24,871.7)
Credit card debt - 5500


Savings - $900
Checking - $200
401K - 26,696.66.55
Roth IRA - 810


Total - (1,590)


Ok, time to check in again. I upped my savings due to market fears. My 401k hit 30,000 about a month ago and then the market went to shit and so did my positive net worth. I dropped all the way back to 24,000.
Student loan - ($24,307.7)
Credit card debt - 6100


Savings - $3500
Checking - $200
401K - 24,615
Roth IRA - 910


Total - (1,283)

I decided to get rid of my credit card debt against better judgement but I couldn’t keep looking at it anymore. I do work in a job that is still hiring and we are super understaffed so I remain somewhat confident, I won’t lose it soon. I am back to a positive net worth now. I have upped my 401k contribution which I lowered three months ago to concentrate on debt payment.

Student loan - ($24,307.94)


Savings - $500
Checking - $300
401K - 27,837
Roth IRA - 963


Total -  5,339

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

It seems graduation is upon me. I have magically reached 10K in terms of net worth. I genuinely feel like I don't want to leave this thread but I guess, we all have to some day. I have felt like I haven't made progress money wise but when I first joined this thread I had a car loan, 30K in student debt and about 6k in credit card debt. The car was paid off a year ago, student loan is reduced and the credit card debt is largely gone. Thanks to my 401K, I have just dipped over 10K. Now, if the market tanks, I'll probably be back.


Student loan - ($24,307.94)
Credit card - ($240)


Savings - $2300
Checking - $240
401K - 31,017
Roth IRA - 1,063.71


Total -  10,073

Rimu05

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Re: Saving to $10K
« Reply #1527 on: June 17, 2020, 09:16:52 AM »
Time to join this seriously and post my finances to the direct number. I have all my accounts on Mint so despite not posting here. I pretty much can see what a poor net worth I have on mint.

I think I should define this by net worth, but my first savings to 10K will be trying to get my savings account and 401K there. I save about $1000 each month, so my monthly expenses tend to be around 1400

Age - 25

Total net worth = -$30,768

Car loan = -$9,331
Student loan = $-28,503
Credit card = -$ 4,313 (about 4,000 is medical debt, but lazy paying this as it is on 0% until next year)

Positives

401K - $7785
Checking - 1287.60 (Haven't paid all my bills yet, will have about $200 left after bills.)
Savings - $2300.11

Short term goal - Get savings account to $5,000. Pay of credit card debt and cancel credit card. I ripped up this card after putting all my medical bills on it. Once, I pay it off. going to cancel it.

On that note, my 401K is the most impressive. I have contributed only about 6% of my income last year and bumped it up to 10% this year and amazed that it somehow managed to reach $7,000. Once, my credit card debt is gone, really going to get on a Roth IRA.


Total networth = -29,399
Car loan = -$9,030
Student loan = -$28,503
Credit card = -$ 4,228  (0%)

Positives

401K - $8,263
Savings - $2800.11

New year hear we go.

Total net worth = -$27,676

Car loan = -$8424
Student loan = $-28,320
Credit card = -$ 4,330 (Still at 0%, not going to pay it until other goals are met)


Positives

401K - $9,162 (This is nuts, i don't have a high income, it's like increased by over $1000 in a month??)
Checking - 158
Savings - $4000


Found one of my first posts. Dear past me, we made it to 10K.

Dicey

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Re: Saving to $10K
« Reply #1528 on: June 17, 2020, 09:45:29 AM »
COngratulations @Rimu05! You will really pick up speed now!

paulkots

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Re: Saving to $10K
« Reply #1529 on: June 29, 2020, 08:53:58 AM »
12/17/19: $21,427.67
01/26/20: $17,755.45
05/06/20: $13,179.59
05/08/20: $9,994.39
06/01/20: $8,018.36
06/29/20: $4,370.98

Unexpected side hustle helped this month.

Trifele

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Re: Saving to $10K
« Reply #1530 on: June 29, 2020, 09:30:39 AM »
12/17/19: $21,427.67
01/26/20: $17,755.45
05/06/20: $13,179.59
05/08/20: $9,994.39
06/01/20: $8,018.36
06/29/20: $4,370.98

Unexpected side hustle helped this month.

Wow what a great month!  Way to keep at it @paulkots!

mactastic

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Re: Saving to $10K
« Reply #1531 on: July 07, 2020, 02:05:57 PM »
Another graduation post!

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

June 2020:
Current Debt: $46,080
Current savings: $60,409
Where it stands: +$14,410
Targeted student loan balance: PAID OFF!

It's pretty cool to see that in just 9 months, our debt and savings numbers have switched almost exactly. My husband's car was stolen and totaled last month, but we ended up with a nice payout, and were able to purchase my parents' old car (already planned) for half what we settled for. I think we'll throw the rest to my husband's student loan while it's still zero percent, giving us a decent amount of wiggle room if needed when baby comes in the fall. It feels weird to have hit every single financial goal I set for 2020 halfway through the year, but is a good confidence-booster of what we can accomplish when we put our minds to it. Have decided to set a "second half" set of goals to keep up the momentum!

Thanks to everyone in this thread for the support, and inspiration. Having a place to check in with like-minded people each month instead of just celebrating our progress alone with my spreadsheet has been tremendous. Best of luck to those of you still on the journey - you can do it!

Imma

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Re: Saving to $10K
« Reply #1532 on: July 07, 2020, 03:05:44 PM »
Yay @mactastic congratulations!! You've done a fantastic job achieving your goals 6 months early. Having a positive net worth when baby arrives in a couple of months will hopefully give you some peace of mind.

LWYRUP

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Re: Saving to $10K
« Reply #1533 on: July 07, 2020, 04:00:19 PM »
@mactastic, yay for crushing debt and yay for babies!

Trifele

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Re: Saving to $10K
« Reply #1534 on: July 07, 2020, 05:47:14 PM »
Congratulations @mactastic!  That's FANtastic!!

Dicey

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Re: Saving to $10K
« Reply #1535 on: July 07, 2020, 07:44:38 PM »
@mactastic - and to think you did it during a pandemic! Great job!!

NotSoMustachian

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Re: Saving to $10K
« Reply #1536 on: July 07, 2020, 09:53:49 PM »
Monthly update

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
6/1/20 - $7,006.17
7/1/20 - $8,731.20

Don't think there will be much add this month with the summer vacation expenses.
« Last Edit: July 07, 2020, 09:56:35 PM by NotSoMustachian »

mckaylabaloney

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Re: Saving to $10K
« Reply #1537 on: July 08, 2020, 06:54:32 AM »
Way to go @mactastic!

Manchester

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Re: Saving to $10K
« Reply #1538 on: July 08, 2020, 07:56:55 AM »
Nice work @mactastic

See you in the race to 100k thread.