Saving to $10K

[lampstache]

Joining in! Need to start somewhere! Still trying to get out of negative net worth...

Investments      $39,533.00
Equity              $30,100.00
Savings             $7,387.00
CC 0%             $(1,300.00)
CC 0%              $(4,600.00)
Auto Loan          $(7,500.00)
Student Loans   $(80,345.00)
   
Total                 $(-16,725.00)

[LittleWanderer]

Awesome post, Hargrove.  I am not a super high earner, so sometimes it is hard to read those posts, but then I remind myself how far I've come since finding MMM two years ago.  I paid off my student loans, my car, and no longer have any debt.  Now is the beginning of the good stuff!  I get to save and invest with my extra money instead of constantly throwing it at debt.  This will be the first year I get to actually save my tax refund instead of sending it off toward something else.  I can't wait for my stache to grow.  This is the poorest I will ever be.  :)

High five for no credit card debt, DieHard!  Great job!!

[ketojenn]

Pretty happy with the drift of things so far.  Hoping to completely wipe out the credit cards next month.  How is everyone doing?

Jan 2017

IRA - 250.00
Savings - 195.14
Car loan - (9631.85)
Credit cards - (9649.00)

Debt =(19,280.85)
Savings =445.14
Balance = (18,835.11)

Feb 2017

IRA - 750.00
Savings - 423.77
401K - 278.59
Car loan - (9287.61)
Credit cards - (2318.36)

Debt = (11,605.97)
Savings = 1452.36
Balance = (10,153.61)

[DieHard_772]

Feb 2017

IRA - 750.00
Savings - 423.77
401K - 278.59
Car loan - (9287.61)
Credit cards - (2318.36)

Debt = (11,605.97)
Savings = 1452.36
Balance = (10,153.61)

Hey, man, way to go. 

Things are going well for me.  Will post the new numbers soon.

[recklesslysober]

I'm still paying off student loans but here's where I am now:

($115,000) - student loans
($3,500) - credit cards
$13,500 - retirement
$1,000 - cash savings

= ($104,000)

Planning to hit the positive net worth/10K mark in about 3 years, and be debt free in 5 or less. 

[Trifle]

Stopping by to cheer you all on, and say -- you can do this.  Once that snowball starts rolling, it's the best feeling in the world.  :) 

[Zikzin]

Joining here as well!

Goal: Roth: 5500
Savings: $5000


Dec 2016 - Opened Roth IRA - current balance $1458
                   savings account - $100

As of Jan2017
Roth IRA - $1939
Savings - $300

As of Feb2017
Roth IRA - $2470
Savings - $500

[LittleWanderer]

Checking in for the end of February.

Emergency fund: $2862
401k: $0
TOTAL: $2862

HR went on vacation, now I'm going on vacation...my poor 401K.  I'm tracking down the HR woman as soon as I get back to get things set up. 

[jed2009]

Hey all,

Wanted to chime in - I am new to the site (from Bogleheads).  I am on the journey as well and pretty fresh into it.  I am over the 10k mark but not until very recently.  About 3 years ago I was laid off and started to work my way back up.  Went from unemployment, to around $25k, to around $33k, to $40k to now $59k a year income.  Currently sitting at:

Cash Savings: $5k emergency fund
Vanguard Roth IRA: $8,800
401k: $9,000
Student Loan Debt: $13,000
All in all net worth (including belongings, not including mortgage) is around +$30k. 3 years ago I was at $(-16,000). 

The poster above that said once you get into the mindset and start saving, it's incredible how quickly it moves.  I am currently focused on getting my student loans blasted out by the end of the year.

Stay motivated and stay focused!!!  This is a great thread to keep people inspired.

[mathstache]

I'm getting close - but I'm about to have a major unexpected car expense (I should just have a job close enough to bike...). Have been wanting this one for a while.

$3000 checking/savings
$4500 roth ira

Total $7500 2/02/17

Damn that car! $2000 checking/savings $4500 roth ira. Total $6500 3/02/17
Hate to post it going down, but I'm trying to keep myself accountable

[Trifle]

Way to hang in there Mathstache!  You can do this!

[lemonverbena]

Jan 2017:
SEP IRA: $225
Car loan: -$7825

Total: -$7600

Late Jan 2017:
SEP IRA: $225
tIRA: $1590
Car loan: -$7825

Total: -$6010

Mid Feb 2017:
SEP IRA: $226
tIRA: $1604
Car loan: -$5593

Total: -$3763

Mar 2017:
SEP IRA: $227
tIRA: $1630
Car loan: -$5593
Roof loan: -$8864

Total: -$12,600

Numbers going way in the wrong direction, but a roof replacement is so overdue and it feels good to be taking care of it. Should have half of it paid off by the end of the month.

[DieHard_772]

Update:

Savings: $1117
IRAs (Betterment):  $5866
Other savings: $470
HSA: $472
My wife's IRA: $643
Other money for investing (going into the HSA): $250
TOTAL: $8820

[DieHard_772]

Comparison to Last Month:

My IRAs:   $5574 +$292 
Savings account:  1115  +$2
Other savings: $361 +$109
HSA:   $465.44 +$7
+$250 to be added
my wife IRA:$534 $109

TOTAL:  $8040  +$780

Onward and upward!

[Trifle]

DieHard!  You are almost there!  Way to go!

[Salim]

Just found this thread, and I'm in! Thank you for doing this! I want to retire from part-time work by the end of June, but DH and I want to have a $10,000 emergency fund before we quit work. (Our IRAs are in decent shape.)

3/6/17
Emergency fund: $1,000

[DieHard_772]

DieHard!  You are almost there!  Way to go!

THANK YOU!

[recklesslysober]

I'm still paying off student loans but here's where I am now:

($115,000) - student loans
($3,500) - credit cards
$13,500 - retirement
$1,000 - cash savings

= ($104,000)

Planning to hit the positive net worth/10K mark in about 3 years, and be debt free in 5 or less.

($113,500) - student debt
$13,500 - retirement
$3,000 - cash savings

= (97,000)

I made it out of the negative six figures!

[Trifle]

I'm still paying off student loans but here's where I am now:

($115,000) - student loans
($3,500) - credit cards
$13,500 - retirement
$1,000 - cash savings

= ($104,000)

Planning to hit the positive net worth/10K mark in about 3 years, and be debt free in 5 or less.

($113,500) - student debt
$13,500 - retirement
$3,000 - cash savings

= (97,000)

I made it out of the negative six figures!

Hey RecklesslySober -- Congrats on the milestone, and great job killing the credit card debt!
My numbers at around age 30 were very similar to yours.  I started out ~$120k in the hole due to student loans as well.  Way to attack that beast!   

[recklesslysober]

I'm still paying off student loans but here's where I am now:

($115,000) - student loans
($3,500) - credit cards
$13,500 - retirement
$1,000 - cash savings

= ($104,000)

Planning to hit the positive net worth/10K mark in about 3 years, and be debt free in 5 or less.

($113,500) - student debt
$13,500 - retirement
$3,000 - cash savings

= (97,000)

I made it out of the negative six figures!

Hey RecklesslySober -- Congrats on the milestone, and great job killing the credit card debt!
My numbers at around age 30 were very similar to yours.  I started out ~$120k in the hole due to student loans as well.  Way to attack that beast!

Thanks! :) I started at $130,000 of student loans in 2015 and just recently accelerated the payoff. Reading everyone's stories here has really helped!

[DieHard_772]

I'm still paying off student loans but here's where I am now:

($115,000) - student loans
($3,500) - credit cards
$13,500 - retirement
$1,000 - cash savings

= ($104,000)

Planning to hit the positive net worth/10K mark in about 3 years, and be debt free in 5 or less.

($113,500) - student debt
$13,500 - retirement
$3,000 - cash savings

= (97,000)

I made it out of the negative six figures!

I am always impressed when people are able to knock off thousands of dollars in debt so quickly.
Way to go.

[recklesslysober]

I'm still paying off student loans but here's where I am now:

($115,000) - student loans
($3,500) - credit cards
$13,500 - retirement
$1,000 - cash savings

= ($104,000)

Planning to hit the positive net worth/10K mark in about 3 years, and be debt free in 5 or less.

($113,500) - student debt
$13,500 - retirement
$3,000 - cash savings

= (97,000)

I made it out of the negative six figures!

I am always impressed when people are able to knock off thousands of dollars in debt so quickly.
Way to go.

Thanks! But don't be too impressed.. that was all from my tax refund (abnormal year because of tuition credits). :)

[Trifle]

I'm still paying off student loans but here's where I am now:

($115,000) - student loans
($3,500) - credit cards
$13,500 - retirement
$1,000 - cash savings

= ($104,000)

Planning to hit the positive net worth/10K mark in about 3 years, and be debt free in 5 or less.

($113,500) - student debt
$13,500 - retirement
$3,000 - cash savings

= (97,000)

I made it out of the negative six figures!

I am always impressed when people are able to knock off thousands of dollars in debt so quickly.
Way to go.

Thanks! But don't be too impressed.. that was all from my tax refund (abnormal year because of tuition credits). :)

You should still pat yourself on the back Reckless -- After all you took your tax refund and threw it against debt.  Nicely done. 

[Mongoose]

Just stopping by to say that this is the most awesome thread ever.  You guys rock! Saving on a smaller income is a real commitment. Having a buffer is the best thing! It's the best gift you can ever give yourself. We went through a period of unemployment and are happy to be back earning enough to cover our expenses. We just about wiped out our emergency funds and are rebuilding it.

Can I ignore all my numbers and just jump in for my e-fund? We're sitting at $6750 currently.

[DieHard_772]

Just stopping by to say that this is the most awesome thread ever.  You guys rock! Saving on a smaller income is a real commitment. Having a buffer is the best thing! It's the best gift you can ever give yourself. We went through a period of unemployment and are happy to be back earning enough to cover our expenses. We just about wiped out our emergency funds and are rebuilding it.

Can I ignore all my numbers and just jump in for my e-fund? We're sitting at $6750 currently.

Mongoose, I'm glad you like the thread.  So do I ;)

You use this how you want to use it.
Personally, I am currently counting total savings (bank, savings, IRAs, HSA), but some people are doing net worth.  What works for you?
Good luck

[Trifle]

Just stopping by again to check in.   How is everyone doing this week?  I had a pretty good, low-spend week.  Our cars were due for inspection, so that was $60 I had to spend unfortunately. Other than that I did well. Took my lunch to work every day.  And the one day I forgot my lunch, I resisted the temptation to buy lunch and I just waited til dinner.   There were days this week where I reeeaally did not want to go to work, but I did, and I did well on not spending -- so I feel good about that.   

TGIF!  I plan to stay home this weekend, hang out with my family, work in the yard, and unwind.   Relaxation and no money spent.  Yeah!

Hang in there everyone.  You can do it!

[Mongoose]

No spend weekends relaxing at home are awesome. I love that pace of life.We're doing that this weekend too (but snow may hamper the yard work). :-)

[lampstache]

Joining in! Need to start somewhere! Still trying to get out of negative net worth...

Investments      $39,533.00
Equity              $30,100.00
Savings             $7,387.00
CC 0%             $(1,300.00)
CC 0%              $(4,600.00)
Auto Loan          $(7,500.00)
Student Loans   $(80,345.00)
   
Total                 $(-16,725.00)

HSA                    $104.00
Investments       $40,780.00
Equity                $30,800.00
Savings              $765.00
CC 0%              $(1,100.00)
Auto Loan          $(7,215.00)
Student Loans   $(74,746.00)
   
Total                 $(-10,612.00)

Good progress. Tax returns made all the difference this past month.

[RetirementDreaming]

I'm in.  I'm saving $10K in cash.  I save in retirement accounts but for some reason cash is difficult to keep around.

Goal: 10,000
3/10/17: 841

[Epor]

Joining in! Need to start somewhere! Still trying to get out of negative net worth...

Investments      $39,533.00
Equity              $30,100.00
Savings             $7,387.00
CC 0%             $(1,300.00)
CC 0%              $(4,600.00)
Auto Loan          $(7,500.00)
Student Loans   $(80,345.00)
   
Total                 $(-16,725.00)

HSA                    $104.00
Investments       $40,780.00
Equity                $30,800.00
Savings              $765.00
CC 0%              $(1,100.00)
Auto Loan          $(7,215.00)
Student Loans   $(74,746.00)
   
Total                 $(-10,612.00)

Good progress. Tax returns made all the difference this past month.

What happened to your savings/emergency fund? Did you use it to pay down the student loan/CC #2? Make sure you have a little buffer so when life happens you do not have to charge it to some high interest CC.

Besides that... 6k in one month is AWESOME!

[independence]

Joining in a little late. Currency conversion is messed up right now so I'm just going to aim for £10,000.

Current savings: £2750

[Trifle]

Welcome Independence!  Love your user name.  :)

[Salim]

to be able to join the thread "Race from 10 to 100K".

Who wants to join? :)

Gardo, how's it going? It's been a long time.

[independence]

Welcome Independence!  Love your user name.  :)

Thank you! Getting there slowly but surely :)

[recklesslysober]

($113,500) - student debt
$13,500 - retirement
$3,000 - cash

= (97,000)

I made it out of the negative six figures!

($112,300) - student debt
$14,000 - retirement
$4,800 - cash

= (93,500)

[southern granny]

You  guys rock!  You can do it, because we did it and we never had a large income.  Just remember Ben Franklin's "take care of your pennies and the dollars will take care of themselves. 

[Trifle]

You  guys rock!  You can do it, because we did it and we never had a large income.  Just remember Ben Franklin's "take care of your pennies and the dollars will take care of themselves.

+1.  You can totally do it!  (We started waaayyy in the hole at 30 years old, with small incomes. If we can do it, you can too!)

@RecklesslySober -- you are on fire!  Pun intended.  Way to go!

TGIF everyone!!  Hope you have a restful and low spend weekend!  :)

[recklesslysober]

@Trifele Thanks! :D The needle has really been moving these past few months. I can't wait until compound interest is working in my favour instead!

[Trifle]

TGIF!!  How is everyone doing?   

[DieHard_772]

TGIF!!  How is everyone doing?

Doing well, thanks for asking!
Got more money coming in, will obviously be stashing away as much as possible.  Will update soon.

[Salim]

3/6/17
Emergency fund: $1,000

3/24/17
Emergency fund: $3,000

Saving power is overtaking my spending power! (It's been a long time coming.)

[DieHard_772]

3/6/17
Emergency fund: $1,000

3/24/17
Emergency fund: $3,000

Saving power is overtaking my spending power! (It's been a long time coming.)

That is awesome, way to go

[Salim]

3/6/17
Emergency fund: $1,000

3/24/17
Emergency fund: $3,000

Saving power is overtaking my spending power! (It's been a long time coming.)

That is awesome, way to go

Thanks, DieHard, and same to you. You have made huge strides!

[DieHard_772]

Thanks, DieHard, and same to you. You have made huge strides!

Thank you.  Bit by bit

[dreaming]

I'm in the same boat as retirementdreaming.  While our 401k's have a decent balance we have a hard time increasing our savings.  Some months it's only the $25 I automatically transfer from checking to savings!  I am only including the savings account; the checking account fluctuates too much.

Goal - $10,000

3/24/17 - 2,168
5/31/17 - 2,218 - So far it has only been the $25 that is automatically transferred.  At least it's going in the right direction.

[RetirementDreaming]

Welcome to the club dreaming!

[Zamboni]

Stopping by to tell y'all great job! Keep it going!

[Zikzin]

Joining here as well!

Goal: Roth: 5500
Savings: $5000


Dec 2016 - Opened Roth IRA - current balance $1458
                   savings account - $100

As of Jan2017
Roth IRA - $1939
Savings - $300

As of Feb2017
Roth IRA - $2470
Savings - $500

As of Mar2017
Roth IRA - $2959
Savings - $850

As of Apr2017 - i stopped my ROTH contribution and start piling up cash as of this month. hoping to hit $10k in savings by September
Roth IRA - $3005
Savings - $2101

[Salim]

Joining here as well!

Goal: Roth: 5500
Savings: $5000


Dec 2016 - Opened Roth IRA - current balance $1458
                   savings account - $100

As of Jan2017
Roth IRA - $1939
Savings - $300

As of Feb2017
Roth IRA - $2470
Savings - $500

As of Mar2017
Roth IRA - $2959
Savings - $850

This is great progress!

[BeautifulDay]

P2F.  Love this thread. Wasn't long ago when I was in your position. If I'd had your dedication my progress would have been much faster.

 Good luck to you all.