Saving to $10K

[Trifle]

Congratulations @Gingersnaps and @mckaylabaloney!   

                                 

[paulkots]

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]

Hi to all savers.  Great job and keep at it! 

[NotSoMustachian]

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]

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!

[NoLongerCollegeRaven]

06/02/2020- $1650

[Dicey]

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]

@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

[Trifle]

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]

@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]

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.

[Trifle]

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]

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.

[Trifle]

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]

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]

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]

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]

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]

COngratulations @Rimu05! You will really pick up speed now!

[paulkots]

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.

[Trifle]

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]

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]

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]

@mactastic, yay for crushing debt and yay for babies!

[Trifle]

Congratulations @mactastic!  That's FANtastic!!

[Dicey]

@mactastic - and to think you did it during a pandemic! Great job!!

[NotSoMustachian]

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.

[mckaylabaloney]

Way to go @mactastic!

[Manchester]

Nice work @mactastic

See you in the race to 100k thread.

[mountain mustache]

I think I started out in this thread and lost track over the past few years as I have been consumed by a pile of medical debt from two surgeries. I have been aggressively paying the bills off, and am looking at the light at the end of the tunnel now, and have less than $600 of medical bills left to pay! I have some consumer debt from being unemployed for 4 months over the winter, but I am paying that off quickly, and hope to be debt free with a net worth of $10k by November. I was really embarrassed to calculate my net worth for a few years there when I had $15-20k in medical debt at times, but now that I am so close to the end it has really been motivating! I'm excited to track my progress to $10k here. I also just got a new job in February, and it's my first time having a 401K with a match (4%!), so it's been exciting to watch that money grow with what feels like very little effort from me.

05/01- $2382.02
05/15- $3627.00
05/29- $4443.54
06/12- $4819.10
06/26- $5000.00
07/10- $5520.67

Debts:
CC Debt @ 0% interest- $2281.00
Medical bills- $562.39
Regular daily use CCs (paid off in full every month) - $993.21

Assets:
Savings- $2346.00
Checking- $258.00
Car Savings- $1316.79
Traditional IRA- $3975.00
401k- $1455.00

[Trifle]

Welcome back @mountain mustache!  Sounds like you've got your feet back under you and are making great progress!

[Gardo]

I'm very happy this thread is alive and kick-assing (pardon my language)  :)

Great job by all.  Keep reducing the CC and other non-mortgage debts one month at a time. 

[NotSoMustachian]

Little late to the July 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
7/1/10 - $8,731.20

[Dicey]

I'm very happy this thread is alive and kick-assing (pardon my language)  :)

Great job by all.  Keep reducing the CC and other non-mortgage debts one month at a time.

One of the things I love about this forum is that no apologizing for language is allowed required necessary.

[darknova306]

This is a great thread! It's awesome to read other people's stories and progress at the beginning of the journey.
I started getting serious about cutting costs and fixing my finances a couple years ago, but I still needed time to fix the real problems: mental health issues and some self-medicating habits. With lots of progress on these issues, I've seen real serious progress on the financial side of things over the last year. I just finished paying off a loan through Best Egg that I used to consolidate some ugly CC debt, and subsequently finally went net worth positive (all in the same month!).

A bit of employment background: I brew beer for a living, and am the only production worker in our brewery. As a beverage manufacturer, my job was considered essential by New York State during the shutdown, so I've been working a fair amount during the pandemic. I just got a 10% raise last month, bringing me to $45K/yr.

Month       Net Worth
06/30/19 - ($15,856)
07/31/19 - ($15,582)
08/31/19 - ($15,289)
09/30/19 - ($14,461)
10/31/19 - ($12,966)
11/30/19 - ($10,829)
12/31/19 - ($10,285)
01/31/20 - ($9,457)
02/29/20 - ($8,865)
03/31/20 - ($9,040)
04/30/20 - ($6,366)
05/31/20 - ($4,051)
06/30/20 - ($1,545)
Today - $988

Here's hoping to break through $10K by the end of the year! It feels great to finally be seeing real progress!!

[Trifle]

Welcome @darknova306, and congrats on crossing The Zero!!  You're making really good progress.  Nice job!

[paulkots]

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.

07/21/2020: $1,499.88

Finished just a bit earlier since my check showed up earlier and also sold a few things I didn't need on eBay. Birthday also helped since a few people didn't want to go shopping so they gave cash.

Saving to $10k will slow down, quarterly taxes are due September so I need fund that account.

[mountain mustache]

05/01- $2382.02
05/15- $3627.00
05/29- $4443.54
06/12- $4819.10
06/26- $5000.00
07/10- $5520.67

Debts:
CC Debt @ 0% interest- $2281.00
Medical bills- $562.39
Regular daily use CCs (paid off in full every month) - $993.21

Assets:
Savings- $2346.00
Checking- $258.00
Car Savings- $1316.79
Traditional IRA- $3975.00
401k- $1455.00

End of June update. Ugh. This last two weeks was really tough. I was furloughed 1 week, so I only got a paycheck for 1 week of work. My 401k contribution was 50% of normal because of that as well.  And then I had a $750 car repair that I had to take out of my car savings.  Sooooo I had a bit of a backwards month. I'm happy to still have paid off $400 of debt.  Looking forward to my next paycheck, and hopefully some positive strides!

05/01- $2382.02
05/15- $3627.00
05/29- $4443.54
06/12- $4819.10
06/26- $5000.00
07/10- $5520.67
07/24- $5232.52

Debts:
CC Debt @ 0% interest- $2046.20
Medical bills- $368.39
Regular daily use CCs (paid off in full every month) - $1215.39

Assets:
Savings- $2346.00
Checking- $202.49
Car Savings- $566.79-
Traditional IRA- $4092.42
401k- $1655.30

[NoLongerCollegeRaven]

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?

Thanks!
Yeah, started working as a research tech last year. It's a bit less than I expected but I guess that's the price to pay for relative job security. Going to probably move to a pharma company once the current crisis is over.

06/02/2020- $1650

07/27/2020 - $3000
 

[mountain mustache]

Last month was SO hard....and then at the end of the month I got a shocking surprise, and one of my best friends sent me a check to pay off the rest of my medical bills and most of my remaining debt. Stuff like this never happens to me, so I was floored. I've never asked anyone for financial help, and feel 100% responsible for my debt, because it was my choice, etc. BUT it was such a huge help, and it just turned everything around after having such a rough July with furlough, no unemployment, and a crazy car repair. I'm so grateful. I think I will be out of this thread sooner than I expected!

05/01- $2382.02
05/15- $3627.00
05/29- $4443.54
06/12- $4819.10
06/26- $5000.00
07/10- $5520.67
07/24- $5232.52
08/07- $7963.03

Debts:
CC Debt @ 0% interest- $645
Regular daily use CCs (paid off in full every month) - $875.50

Assets:
Savings- $2546.00
Checking- $200.00
Car Savings- $667.40
Traditional IRA- $4216.06
401k- $1852.19

[NotSoMustachian]

My Update for the month, I'm expecting this to be the last month in this thread baring something wild happening.  Only counting investment accounts, with cash I'm already there.

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
8/1/20 - $9,325.89

[Trifle]

@mountain mustache -- that's an amazing story!  Life is wonderful like that sometimes.  One of the many great things about being a mustachian is that in the future, if you see an opportunity you'll be able to pay that gift forward to someone else, and make a big difference to them when they need it. 

@NotSoMustachian -- great job!  You're almost there.  :)   

[Moonwaves]

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

BoI savings: 20.00
DiBa ETF: 2,601.00
CmzBank savings a/c: 3,350.00
Total:  +5,971.00

Feeling very broke as my annual expenses and travel accounts are both down to almost nothing. But a lot of my annual expenses have to be paid at the end of July or start of August, and that's when my BahnCard* also has to be paid. Have to remember that that is the reason I have these accounts and is also the reason I don't count them in my total here. Those accounts will build up with their automatic deposits over the next few months until the next annual expenses are due. That's what they're there for!


* This is a card I buy annually, which gives me 50% off standard rail fares and about 25% off special offer prices. It costs €240 per year but between the savings on travel and the points collected, which can be redeemed for, among other things, free train tickets, I come out ahead by a few hundred euro every year. Except probably not this year but even so, on average, I will have saved more than I spend on it.

[mountain mustache]

Just trucking along. I'm hoping 3 more paychecks will graduate me from this thread!

05/01- $2382.02
05/15- $3627.00
05/29- $4443.54
06/12- $4819.10
06/26- $5000.00
07/10- $5520.67
07/24- $5232.52
08/07- $7963.03
08/21- $8856.79

Debts:
CC Debt @ 0% interest- $556.54
Regular daily use CCs (paid off in full every month) - $958.74

Assets:
Savings- $2547.88
Checking- $855
Car Savings- $667.40
Traditional IRA- $4289.42
401k- $2012.87

[darknova306]

End of August update. The past two months have been pretty good for me on the savings front. I finally opened a high-yield savings account to put the bulk of my emergency fund into to start growing. My current financial plan has me paying off my final loan and building a six month emergency fund by August next year. It feels great to finally be seeing results!

Month       Net Worth
06/30/19 - ($15,856)
07/31/19 - ($15,582)
08/31/19 - ($15,289)
09/30/19 - ($14,461)
10/31/19 - ($12,966)
11/30/19 - ($10,829)
12/31/19 - ($10,285)
01/31/20 - ($9,457)
02/29/20 - ($8,865)
03/31/20 - ($9,040)
04/30/20 - ($6,366)
05/31/20 - ($4,051)
06/30/20 - ($1,545)
07/31/20 - $1,585
08/29/20 - $3,350

[Trifle]

End of August update. The past two months have been pretty good for me on the savings front. I finally opened a high-yield savings account to put the bulk of my emergency fund into to start growing. My current financial plan has me paying off my final loan and building a six month emergency fund by August next year. It feels great to finally be seeing results!

Month       Net Worth
06/30/19 - ($15,856)
07/31/19 - ($15,582)
08/31/19 - ($15,289)
09/30/19 - ($14,461)
10/31/19 - ($12,966)
11/30/19 - ($10,829)
12/31/19 - ($10,285)
01/31/20 - ($9,457)
02/29/20 - ($8,865)
03/31/20 - ($9,040)
04/30/20 - ($6,366)
05/31/20 - ($4,051)
06/30/20 - ($1,545)
07/31/20 - $1,585
08/29/20 - $3,350

Great progress @darknova306!  Just look at how far you've come!

[Peaksandvalleys]

Been a few months since we posted, making steady progress but still a long way to go!

Student loans:
1/2020 (-214579.43)
2/2020 (-211582.61)
3/2020 (-207301.61)
4/2020 (-204914.65)
5/2020 (-202513.14)
6/2020 (-200181.89)
7/2020 (-197983.46)
8/2020 (-196029.22)

Net Worth:
1/2020 (-205328.66)
2/2020 (-199646.97)
3/2020 (-191659.76)
4/2020 (-186896.40)
5/2020 (-181513.10)
6/2020 (-178484.73)
7/2020 (-172077.14)
8/2020 (-168229.16)

[ForeverPoor]

Bi-weekly update:

3/30/2019:
1. Broker: $2,004.04
2. 401k: $1,813.10 (22% contribution rate).

4/15/2019:
1. Broker 2,043.45 ($2,000 deposited, $43.45 gain)
2. 401k: $2,786.76 ($2,732 contributed, $54.76 gain)

Saved to date: $4,830.21 (48% towards goal).

Hi guys, been a long time since I posted in this thread but I had a kid last October and was extremely busy until recently. Wanted to provide an update and let everyone know that I've broken $40K saved ending Sept. 1st so technically speaking I've already graduated from this thread. Wanted to check in and also wish everyone else luck!

[Dicey]

Bi-weekly update:

3/30/2019:
1. Broker: $2,004.04
2. 401k: $1,813.10 (22% contribution rate).

4/15/2019:
1. Broker 2,043.45 ($2,000 deposited, $43.45 gain)
2. 401k: $2,786.76 ($2,732 contributed, $54.76 gain)

Saved to date: $4,830.21 (48% towards goal).

Hi guys, been a long time since I posted in this thread but I had a kid last October and was extremely busy until recently. Wanted to provide an update and let everyone know that I've broken $40K saved ending Sept. 1st so technically speaking I've already graduated from this thread. Wanted to check in and also wish everyone else luck!

Congratulations on the baby and on turning your screen name into a misnomer!

[Trifle]

Been a few months since we posted, making steady progress but still a long way to go!

Student loans:
1/2020 (-214579.43)
2/2020 (-211582.61)
3/2020 (-207301.61)
4/2020 (-204914.65)
5/2020 (-202513.14)
6/2020 (-200181.89)
7/2020 (-197983.46)
8/2020 (-196029.22)

Net Worth:
1/2020 (-205328.66)
2/2020 (-199646.97)
3/2020 (-191659.76)
4/2020 (-186896.40)
5/2020 (-181513.10)
6/2020 (-178484.73)
7/2020 (-172077.14)
8/2020 (-168229.16)

Nice steady progress @Peaksandvalleys!  Are you paying off student loans?