Author Topic: Saving to $10K  (Read 313732 times)

cazio

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Re: Saving to $10K
« Reply #1400 on: January 26, 2020, 03:02:56 PM »
10/2/18 - $(2742.60)
10/29/18 - $(1899.81)
11/25/18 - $(1660.04)
12/31/18 - $245
3/14/19 - $(5,212)
3/31/19 - $(882.10)
4/25/19 - $(16,545.33)
5/29/19 - $(14,275.68)
6/28/19 - $(13,578)
7/26/19 - $(12,692)
8/23/19 - $(11,219)
10/4/19 - $(12,227.77)
11/30/19 - $(15,648)
12/27/19 - $(12,288)
1/27/20 - $(17,036)

Stomped lol. Got hit with that dental bill, unemployed for January, but starting a new 5-week gig next week with a $800/mo raise. Made less than anticipated last year, but hopefully that means a significant tax refund to bump me back to where I need to be. Hoping like hell this is the tough part of the year. :/

Moonwaves

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Re: Saving to $10K
« Reply #1401 on: January 30, 2020, 12:48:27 AM »
You can look into no-load, low ER index mutual funds that might allow smaller increments than €1,000, and automatic transfers from your paycheck.  That would take a step out of your investment process.
Yes, that's the savings plan I use at the moment, as it allows just €50 per month. To make a one-off purchase, even of the same ETF fund, a lot of them have seem to have a minimum of x amount. The bank I currently use does special offers a couple of times a year though, where you can buy with no-fee, and that usually has a €1,000 or €2,500 minimum. Since it would take me a while to save that much anyway, I'm going to use my savings account to accumulate that much and then when the special offers come up, I can take advantage.

In other news, I had forgotten that we were due a pay raise (3.2% of salary or min. €90/month, whichever is higher) from this month. So, I will have €53 extra per month to play with. For the first time ever, even before I have received that extra money for the first time, I have diverted it to investments. I set up a second ETF savings plan, but this time for bonds, rather than stocks. And I saw that my bank has started offering a rounding service and I activated that, too. For every card purchase, the amount rounding up to the nearest euro will be transferred to savings.

It feels a bit weird to have had an entire year without any major money emergencies or dramas or unexpectedness.

Dicey

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Re: Saving to $10K
« Reply #1402 on: January 30, 2020, 04:47:34 AM »
You can look into no-load, low ER index mutual funds that might allow smaller increments than €1,000, and automatic transfers from your paycheck.  That would take a step out of your investment process.
Yes, that's the savings plan I use at the moment, as it allows just €50 per month. To make a one-off purchase, even of the same ETF fund, a lot of them have seem to have a minimum of x amount. The bank I currently use does special offers a couple of times a year though, where you can buy with no-fee, and that usually has a €1,000 or €2,500 minimum. Since it would take me a while to save that much anyway, I'm going to use my savings account to accumulate that much and then when the special offers come up, I can take advantage.

In other news, I had forgotten that we were due a pay raise (3.2% of salary or min. €90/month, whichever is higher) from this month. So, I will have €53 extra per month to play with. For the first time ever, even before I have received that extra money for the first time, I have diverted it to investments. I set up a second ETF savings plan, but this time for bonds, rather than stocks. And I saw that my bank has started offering a rounding service and I activated that, too. For every card purchase, the amount rounding up to the nearest euro will be transferred to savings.

It feels a bit weird to have had an entire year without any major money emergencies or dramas or unexpectedness.
Congratulations on your progress! Just popping in from the other side of the FIRE journey. One thing I regret in hindsight is being too conservative in the early accumulation years. Since your horizon is presumably long, you have lots of time for your investments to recover in case of a severe market downturn. I would seriously consider avoiding bonds just yet. Based on my own experience, I'd continue stuffing the ETF, because growth is what gets you there fastest.

When I was just starting out, I was afraid of losing a penny. Now, I understand that when the market dips, it's like my favorite store is having a sale. It's a chance to get more shares at a discounted price. Dips in the market are opportunities, not something to be feared. I wish I'd understood that then and been less fearful.

In 2008, I decided to really put the pedal to the metal and ratchet my savings up so I could GTFO. I saved until it hurt. I put everything into equities, even though the market wasn't doing so hot. As the stock market recovered, I was amazed at how much my 'stache ballooned! I still consider it my best financial move ever.

Just sharing things I wish someone had told me way back when. Best of luck to you In your journey to financial freedom!

Moonwaves

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Re: Saving to $10K
« Reply #1403 on: January 30, 2020, 06:30:19 AM »
You can look into no-load, low ER index mutual funds that might allow smaller increments than €1,000, and automatic transfers from your paycheck.  That would take a step out of your investment process.
Yes, that's the savings plan I use at the moment, as it allows just €50 per month. To make a one-off purchase, even of the same ETF fund, a lot of them have seem to have a minimum of x amount. The bank I currently use does special offers a couple of times a year though, where you can buy with no-fee, and that usually has a €1,000 or €2,500 minimum. Since it would take me a while to save that much anyway, I'm going to use my savings account to accumulate that much and then when the special offers come up, I can take advantage.

In other news, I had forgotten that we were due a pay raise (3.2% of salary or min. €90/month, whichever is higher) from this month. So, I will have €53 extra per month to play with. For the first time ever, even before I have received that extra money for the first time, I have diverted it to investments. I set up a second ETF savings plan, but this time for bonds, rather than stocks. And I saw that my bank has started offering a rounding service and I activated that, too. For every card purchase, the amount rounding up to the nearest euro will be transferred to savings.

It feels a bit weird to have had an entire year without any major money emergencies or dramas or unexpectedness.
Congratulations on your progress! Just popping in from the other side of the FIRE journey. One thing I regret in hindsight is being too conservative in the early accumulation years. Since your horizon is presumably long, you have lots of time for your investments to recover in case of a severe market downturn. I would seriously consider avoiding bonds just yet. Based on my own experience, I'd continue stuffing the ETF, because growth is what gets you there fastest.

When I was just starting out, I was afraid of losing a penny. Now, I understand that when the market dips, it's like my favorite store is having a sale. It's a chance to get more shares at a discounted price. Dips in the market are opportunities, not something to be feared. I wish I'd understood that then and been less fearful.

In 2008, I decided to really put the pedal to the metal and ratchet my savings up so I could GTFO. I saved until it hurt. I put everything into equities, even though the market wasn't doing so hot. As the stock market recovered, I was amazed at how much my 'stache ballooned! I still consider it my best financial move ever.

Just sharing things I wish someone had told me way back when. Best of luck to you In your journey to financial freedom!
Well, I'm forty-five already, doesn't feel like any horizons are long anymore.
It's more of a psychological thing, I'm afraid. I just want to have a little bit of diversity. I'm thinking I'll probably stop the bonds savings plan after I have a bit saved and divert everything to the stocks then. I know it doesn't make sense from a mathematical point of view but that's where I'm at at the moment. Meet you back here in fifteen years so you can say "I told you so?" :-)

Ze Stash

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Re: Saving to $10K
« Reply #1404 on: February 01, 2020, 06:11:31 AM »
Hi all,

I'm a long time reader of the forum and had planned to track my progress in this thread upon starting to work in the summer of 2018 after graduating. I feel like the positivity and encouragement in this thread is really awesome and had anticipated that posting regularly would help me keep myself accountable.

It took a bit to get into the groove of things of working life and some personal stuff happened simultaneously as well, so I never got around to actually posting here and graduated from the thread without actually participating. :/ Before moving on to the race to 100k however, I thought it would still be nice to document my progress in 2019 here, so here goes:

Assets:
01/01/2019:   3.914,63 €
01/02/2019:   4.106,10 € (+   101,47 €)
01/03/2019:   4.359,75 € (+   343,65 €)
01/04/2019:   4.959,75 € (+   599,82 €)
01/05/2019:   6.669,92 € (+1.710,35 €)
01/06/2019:   7.451,88 € (+   781,96 €)
01/07/2019:   8.069,41 € (+   617,26 €)
01/08/2019:   8.949,17 € (+   880,03 €)
01/09/2019: 11.310,21 € (+2.361,04 €)
01/10/2019: 10.795,59 € (-    514,62 €)
01/11/2019: 11.426,98 € (+   631,39 €)
01/12/2019: 12.123,70 € (+   696,72 €)
01/01/2020: 12.979,27 € (+   855,57 €)
01/02/2020: 14.363,54 € (+1.384,27 €)

Debts:
01/01/2019: 4.024,10 €
01/02/2019: 3.746,69 € (-277,41 €)
01/03/2019: 3.469,28 € (-277,41 €)
01/04/2019: 3.191,87 € (-277,41 €)
01/05/2019: 2.914,46 € (-277,41 €)
01/06/2019: 2.637,05 € (-277,41 €)
01/07/2019: 2.109,64 € (-527,41 €)
01/08/2019: 1.832,23 € (-277,41 €)
01/09/2019: 1.454,82 € (-377,41 €)
01/10/2019: 1.077,41 € (-377,41 €)
01/11/2019:    700,00 € (-377,41 €)
01/12/2019:    350,00 € (-350,00 €)
01/01/2020:       0,00 €  (-350,00 €)
01/02/2020:       0,00 €  (+- 0,00 €)

Net worth:
01/01/2019: -    109,47 €
01/02/2019:      269,41 € (+   378,88 €)
01/03/2019:      890,47 € (+   621,06 €)
01/04/2019:   1.767,70 € (+   877,23 €)
01/05/2019:   3.755,46 € (+1.987,76 €)
01/06/2019:   4.814,83 € (+1.059,37 €)
01/07/2019:   5.959,50 € (+1.144,67 €)
01/08/2019:   7.116,94 € (+1.157,44 €)
01/09/2019:   9.855,39 € (+2.738,45 €)
01/10/2019:   9.718,18 € (-    137,21 €)
01/11/2019: 10.726,98 € (+1.008,80 €)
01/12/2019: 11.773,70 € (+1.046,72 €)
01/01/2020: 12.979,27 € (+1.205,57 €)
01/02/2020: 14.363,54 € (+1.384,27 €)

The debts were for a private no-interest loan of 4.500 € from my parents to buy my first car (used 2012 Honda Fit for 6.500 € in total) that still had a balance of 3.750 € in the beginning of 2019 and a consumer loan for a monitor. I normaly wouldn't finance electronics like that, but financing the monitor for 0 % came with a 50 € discount. The spike on the 1st of September was due to a large tax return in August and the lack of progress in September was due to an expected car repair bill of ~ 950 € and my phone dying at the same time.

Typing this all out really motivated me to keep going in 2020, see you all back in the race to 100k.

Gingersnaps

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Re: Saving to $10K
« Reply #1405 on: February 01, 2020, 03:12:58 PM »
Hi, my first post here! Opened our vanguard accounts this week so I'm keen to get to our first 10k invested. I'm not counting pension savings and cash for this.

So as of 1/2/2020 £3000 in vanguard, mainly from moving some cash savings.

Imma

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Re: Saving to $10K
« Reply #1406 on: February 02, 2020, 03:21:11 PM »
You can look into no-load, low ER index mutual funds that might allow smaller increments than €1,000, and automatic transfers from your paycheck.  That would take a step out of your investment process.
Yes, that's the savings plan I use at the moment, as it allows just €50 per month. To make a one-off purchase, even of the same ETF fund, a lot of them have seem to have a minimum of x amount. The bank I currently use does special offers a couple of times a year though, where you can buy with no-fee, and that usually has a €1,000 or €2,500 minimum. Since it would take me a while to save that much anyway, I'm going to use my savings account to accumulate that much and then when the special offers come up, I can take advantage.

In other news, I had forgotten that we were due a pay raise (3.2% of salary or min. €90/month, whichever is higher) from this month. So, I will have €53 extra per month to play with. For the first time ever, even before I have received that extra money for the first time, I have diverted it to investments. I set up a second ETF savings plan, but this time for bonds, rather than stocks. And I saw that my bank has started offering a rounding service and I activated that, too. For every card purchase, the amount rounding up to the nearest euro will be transferred to savings.

It feels a bit weird to have had an entire year without any major money emergencies or dramas or unexpectedness.
Congratulations on your progress! Just popping in from the other side of the FIRE journey. One thing I regret in hindsight is being too conservative in the early accumulation years. Since your horizon is presumably long, you have lots of time for your investments to recover in case of a severe market downturn. I would seriously consider avoiding bonds just yet. Based on my own experience, I'd continue stuffing the ETF, because growth is what gets you there fastest.

When I was just starting out, I was afraid of losing a penny. Now, I understand that when the market dips, it's like my favorite store is having a sale. It's a chance to get more shares at a discounted price. Dips in the market are opportunities, not something to be feared. I wish I'd understood that then and been less fearful.

In 2008, I decided to really put the pedal to the metal and ratchet my savings up so I could GTFO. I saved until it hurt. I put everything into equities, even though the market wasn't doing so hot. As the stock market recovered, I was amazed at how much my 'stache ballooned! I still consider it my best financial move ever.

Just sharing things I wish someone had told me way back when. Best of luck to you In your journey to financial freedom!
Well, I'm forty-five already, doesn't feel like any horizons are long anymore.
It's more of a psychological thing, I'm afraid. I just want to have a little bit of diversity. I'm thinking I'll probably stop the bonds savings plan after I have a bit saved and divert everything to the stocks then. I know it doesn't make sense from a mathematical point of view but that's where I'm at at the moment. Meet you back here in fifteen years so you can say "I told you so?" :-)

I understand what you feel like. From your posts I get the impression that you are either single or in a relationship with separate finances. You're a bit older than me (I'll be 30 this year) but I have a health condition that will likely limit the amount of years I can keep working. I don't make tons of money. I don't have family with money that I can fall back on. I used to feel quite vulnerable for a long time and that is what drove me to save money (I'm a lifelong saver, even before I got to know MMM). I passed the 10k mark a year ago and hope to reach 20k in a year from now. I feel significantly less vulnerable than I did 5k ago. I think in a few years from now you will feel more secure and more able to take risks.I think not wanting to take risks when you still have a relatively low net worth is a sensible thing to do. For me, I have put away a set amount of money into risky investments for years and suddenly it has become quite a lot of money, but I've always put away small amounts of money (€100/month).

What has added to my personal feeling of security is home ownership but that's not something that works for everyone. We were able to buy a small property with a low mortgage payment (way cheaper than renting) and we had experienced terrible landlords. We wanted to know we had an affordable roof over our heads that we could afford in any doom scenario we could think of.

Trifele

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Re: Saving to $10K
« Reply #1407 on: February 03, 2020, 04:22:04 AM »
Hi, my first post here! Opened our vanguard accounts this week so I'm keen to get to our first 10k invested. I'm not counting pension savings and cash for this.

So as of 1/2/2020 £3000 in vanguard, mainly from moving some cash savings.

Welcome aboard @Gingersnaps!  This is one of the best threads on the whole forum.  In your other post I think you said you want to RE in 15 years?  You've probably read this classic post, the Shockingly Simple Math -- https://www.mrmoneymustache.com/2012/01/13/the-shockingly-simple-math-behind-early-retirement/ -- and know that with a ~55% savings rate that goal is within your grasp.  Ready, set, GO!   

Moonwaves

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Re: Saving to $10K
« Reply #1408 on: February 03, 2020, 07:03:59 AM »
I understand what you feel like. From your posts I get the impression that you are either single or in a relationship with separate finances.
Yep, single unfortunately. Mind you, I am a fairly extremely introverted person and have lived on my own for so long now I think even if I met the man* of my dreams, we'd still have to live in separate houses. LOL

What has added to my personal feeling of security is home ownership but that's not something that works for everyone. We were able to buy a small property with a low mortgage payment (way cheaper than renting) and we had experienced terrible landlords. We wanted to know we had an affordable roof over our heads that we could afford in any doom scenario we could think of.
This is something that I have struggled with for a long time as it was always a huge security thing for me and it seems unlikely now that I'll ever manage to buy.

My parents used to rent out some houses, the plan was to have one for each of the children to either receive upon marriage or inherit. Unfortunately, after my mum died and my dad remarried, that plan seemed to fall by the wayside. I hadn't even realised how much I had internalised the security of having my dad as a "financial blankie" (not that we were very rich, but we were comfortable at a time of recession and lots of redundancies etc.) until after he died when I was in my early 20s. In the end, each of us kids got four thousand pounds each, and my stepmother inherited everything else (we didn't bother contesting the somewhat suspicious will because when all is said and done, it was only money). But I really struggled with that feeling of having no security, no family home to move back into if things ever went pear-shaped, etc. That was 1997, when house prices in Ireland first started going absolutely mad, too, so saving even enough for a deposit seemed totally out of reach. If only I had found (and believed!) MMM then, instead of going into credit card debt, I might have been able to buy a house that would now be worth five times what I paid. Coulda, shoulda, woulda.

I still keep an eye out for opportunities to buy something small but it can be very expensive to buy in Germany, and I work in a typical university only-professors-can-afford-to-actually-buy-here kind of town. And live 10km away because even renting is very expensive. At least renter protections are relatively good here and there are some advantages to having a landlord when it comes to some maintenance stuff, too.




* Or woman or a non-binary option - I'm prettty open really but given my past, the chances of man being most applicable for me are very high. :-)


Edited to fix far too many typos - if there are any more, ye will just have to live with them.
« Last Edit: February 03, 2020, 07:12:12 AM by Moonwaves »

mckaylabaloney

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Re: Saving to $10K
« Reply #1409 on: February 03, 2020, 08:59:25 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)

A relatively stagnant month since I took a break to switch jobs and haven't gotten paid at the new one yet (plus the market's downturn in the last week or two).

cari8285

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Re: Saving to $10K
« Reply #1410 on: February 03, 2020, 09:47:27 AM »
November 2019
Credit card: $521.24
Car loan: $7,868.05
401K: $604.75

Net worth: -7,784.54

December 2019
Credit card: $208.72
Car loan: $7,719.02
401K: $1,072.31

Net worth: -6855.43 (+929.11)

January 2020
Credit card: 0.00
Car loan: $7,567.96
401K: $1,411.37

Net worth: -6,156.59 (+698.84)

February 2020
Credit card: 0.00
Car loan: $6,917.34
401K: $1,564.01
HSA: $240.18

Net worth: -5113.15 (+1043.44)

Imma

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Re: Saving to $10K
« Reply #1411 on: February 03, 2020, 11:22:13 AM »
That's a sad story @Moonwaves :( of course I don't know what happened but I just can't understand people like your father's wife.

Luckily renting is quite secure in Germany so as long as you've got a reliable landlord renting is a good option too. Funny, people from NL often buy homes just across the border with Germany because homes are much cheaper there, but of course we're talking about big family homes in the countryside, not small homes in urban areas. I guess it's the same as in Ireland, there are affordable homes but not in places you want to live :)

We  (I have a partner but we're in a bit of an unvonventional relationship, and we have separate finances) were very lucky to be able to buy through a rejuvenation project from our housing autjority, so we were able  to buy our house at a discount provided we maintain it and sell it back to them if we ever leave. We bought for 80k. We'd never thought we would be homeowners but it happened and it's been good for us.

TyGuy

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Re: Saving to $10K
« Reply #1412 on: February 05, 2020, 10:21:23 AM »
Hi, my first post here! Opened our vanguard accounts this week so I'm keen to get to our first 10k invested. I'm not counting pension savings and cash for this.

So as of 1/2/2020 £3000 in vanguard, mainly from moving some cash savings.

Welcome to the thread, opening your first investment account is a big step in the right direction, happy saving!!

TyGuy

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Re: Saving to $10K
« Reply #1413 on: February 05, 2020, 10:27:24 AM »
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)


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)

Another successful month, my net worth is quickly approaching 10K! I am amazed at how fast my net worth has grown the past year!
« Last Edit: February 10, 2020, 09:48:12 AM by TyGuy »

Trifele

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Re: Saving to $10K
« Reply #1414 on: February 06, 2020, 02:40:30 AM »
Great month @TyGuy !  Remind me what the first numbers are?  Student loans?

TyGuy

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Re: Saving to $10K
« Reply #1415 on: February 10, 2020, 09:49:33 AM »
@Trifele yes, the first set of numbers are my student loan debt, thanks for noticing (I edited the above post)!

jdhansen

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Re: Saving to $10K
« Reply #1416 on: February 14, 2020, 12:17:13 AM »
Progress continues, we hope to be at zero or maybe in the positive when March arrives.  Just depends on when that tax refund hits.  If it takes a little while longer, we should still be starting our positive climb by April, which is still 2 months sooner than we thought we would do it.  Fingers crossed nothing messes up the plan.

11/15/2019   $ -5671.56
12/18/2019   $ -4174.34
01/18/2020   $ -4162.83
02/13/2020   $ -2575.99

mactastic

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Re: Saving to $10K
« Reply #1417 on: February 25, 2020, 11:41:34 AM »
Sept 2019:
Starting Debt: $60,811.05   
Starting savings:  $46,123.39   
Where it stands: (-14,687.66)
Targeted student loan balance: $5463

January 2020:
Total debt: $54,424.86
Total savings: $51,759.52
Where it stands: (-2,665.24)
Targeted student loan balance: $4050


February 2020:
Total debt: $51,755.95
Total savings: $55,711.19
Where it stands: +$3,955.24
Targeted student loan balance: $3,208

WOO HOO! Across the zero line into the positives! We didn't actually payoff 2700 dollars of debt last month, but when I went to check the balances and interest rates, they were lower than expected, so I adjusted my spreadsheet to reflect more accurate numbers. I won't actually do it, but it's comforting to know that if we absolutely had to, we could pay off the entirety of our debt and still have (a little) something.

Sending good vibes to all y'all!

Gingersnaps

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Re: Saving to $10K
« Reply #1418 on: March 02, 2020, 03:50:12 AM »
Monthly update, markets are down but bonus is in. Quite good having my risk tolerance tested so early, I'm very fine with it - I figure alternatively the money I've invested would be deflating as cash or being frittered away on nothing so I'm still in a positive position :)

1/2/20 - £3000
1/3/20 - £4268.37



Welcome aboard @Gingersnaps!  This is one of the best threads on the whole forum.  In your other post I think you said you want to RE in 15 years?  You've probably read this classic post, the Shockingly Simple Math -- https://www.mrmoneymustache.com/2012/01/13/the-shockingly-simple-math-behind-early-retirement/ -- and know that with a ~55% savings rate that goal is within your grasp.  Ready, set, GO!   

Thank you for the welcome! Such a great post, I'm going to do some playing about with calculators on saving rates. We're currently at 45% but that excludes bonuses so I can recalculate when theyre all in next month. We'll also put April payrises straight in which will help. 15 years gives us a good starting goal but let's see how that progresses.


Gingersnaps

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Re: Saving to $10K
« Reply #1419 on: March 02, 2020, 03:57:08 AM »
Gosh do you have to the verification forever, I'm struggling!?

Huge congratulations on getting to positive net worth @mactastic must be a great feeling

Sounds like March could be your month @jdhansen

Thanks for the welcome @TyGuy you have some great numbers!

Dicey

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Re: Saving to $10K
« Reply #1420 on: March 02, 2020, 07:17:36 AM »
@Gingersnaps, the verification is a fairly new thing. As this forum has grown, it's become the target of unwelcome spam bots and trolls, so it's become necessary. This is a great community and totally worth the additional barriers to entry..
___________

I'm glad to see some recent activity on this thread. I've been wondering how you are all coping with the market dips of late. Just remember, the market is on sale! You're buying more shares for a lower price. It's a good thing, particularly when you're in the early stages of accumulation. Hang In there!

mckaylabaloney

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Re: Saving to $10K
« Reply #1421 on: March 02, 2020, 08:24:00 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

Oh my goodness! Helloooooo to a positive net worth for the first time in my adult life!!! I can hardly believe it, especially when I look at the numbers I started with just a few years ago.

The only reason that I moved forward this month, despite the terrible last week in the markets, is that last week I also got a final profit-sharing payment that my prior job still owed me. It was worth almost exactly the amount my investment accounts dipped last week. And I was glad that it was paid out during a week when the markets were plummeting. It's way more fun to watch the numbers go up, obviously, but I know it's great to be in a position to take advantage of market dips and keep investing. If the market recovers to some degree this month, and my tax return hits my account, I may even graduate from this thread on April 1! We'll see!

Dicey

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Re: Saving to $10K
« Reply #1422 on: March 02, 2020, 10:13:59 AM »
Wow, @mckaylabaloney, that is amazing progress! Congratulations!!!

TyGuy

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Re: Saving to $10K
« Reply #1423 on: March 03, 2020, 09:13:42 AM »
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)


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)

Market losses lead to minimal increase in net worth this past month. March looks promising as I will be receiving my tax return and markets begin the month low.

Yasha

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Re: Saving to $10K
« Reply #1424 on: March 04, 2020, 12:21:18 AM »
I can’t recall my last update here, but we have returned from the USA with our savings (relatively) unscathed. So glad to have found MMM and the FIRE community which meant we had cash to pay for the trip instead of taking a loan, and will again pay cash for the next wedding in November (Mr just got asked to be the best man, so we’ll be going for sure). Wish I had known a little more about travel hacking before we took this trip, but have signed up for some bonuses and such to ease the pinch of the second trip.

Exciting news in that my “investing” bucket/sinking fund has now hit $500 and I’m ready to make my first trade on selfwealth while everything is on sale. Not bad for being an account with no dedicated input from my regular pay check, purely filled from “rounding up” to the nearest dollar, Airtasker payments and money found/interest payments.

$7500 ($2k efund, 5k saving for down payment, $500 ready to invest).

jdhansen

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Re: Saving to $10K
« Reply #1425 on: March 18, 2020, 08:32:32 PM »
Lots of drama out there glad we were able to pull into the positive side of things.  DW got a bonus and we have really tightened down the budget.

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

It will be interesting to see how all this virus business shakes out, but we are sticking to the plan and we will see everyone on the other side.

Dicey

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Re: Saving to $10K
« Reply #1426 on: March 18, 2020, 11:47:32 PM »
Hi all, I'm betting that a lot of you have never experienced such a crazy market before. I can remember how I used to agonize over my investments, positive that anything I bought would immediately tank. Also, when my accounts were small, the balance decreases were devastating. I felt like the dollars were being ripped out of my wallet.

You've heard all of these before, but I thought I'd reiterate a few points:
1. The market always comes back over time. Always.
2. Market dips are buying opportunities. If you can't increase your contributions, at least try to stay in at your current rate. Don't pull back.
3. Stop looking at your balances. Really. Don't look.
4. Selling is the guaranteed way to make temporary losses permanent.

I wish everyone the best of luck and good health during this difficult period. It will get better.

Trifele

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Re: Saving to $10K
« Reply #1427 on: March 19, 2020, 05:20:59 AM »
+1. Great reminders, @Dicey

I well remember the 2008 crisis, when it felt like the financial world was ending.  I remember getting my work bonus in February of 2009 (when the market was near its bottom).  I agonized -- and then invested the whole thing.  It felt scary, like I might just be throwing it all away.  But the market came back fine.

Keep calm and save on everyone!  :)

ETA:  Congrats @jdhansen for crossing into positive territory!!  That is huge!!
« Last Edit: March 19, 2020, 05:25:35 AM by Trifele »

Dicey

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Re: Saving to $10K
« Reply #1428 on: March 19, 2020, 07:23:35 AM »
In mid-2008, I decided to really push to reach FIRE. As in hair-on-fire emergency saving. Due to a combination of HCOLA, and not huge salary, I was a steady saver, but this was the first time I ever even came close to maxing out my 401k. When the market recovered, it really boosted me toward the finish line. I am so grateful to my 2008 self for bravely pushing forward when the markets were so volatile.

Things may look a lot worse before they get better, but odds are, everyone's gonna be just fine.

Imma

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Re: Saving to $10K
« Reply #1429 on: March 24, 2020, 12:51:10 PM »
Just one lesson I'd like to add from 2008: maintain a healthy E-fund! If you have low income/low savings you're more vulnerable to job loss than others further along the FIRE journey. Resist the temptation to throw all your money in the stock market because stocks are on sale. Just stick to the investment plan and save a bit extra in the EF if your job feels insecure.

Manchester

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Re: Saving to $10K
« Reply #1430 on: March 25, 2020, 07:43:10 AM »
@Trifele & @Dicey

Just wanted to say thanks for your posts.  Whilst I was stuck in this thread, and towards the beginning of my FIRE journey to date, posts like yours were a continuing source of encouragement. 

In 2017, when markets were booming, I was at my lowest point financially.  I was stressed constantly about money.  I've not even travelled too far in the grand scheme of things, and I still have decades ahead of me before FI.  But having built up my EF, started investing and changed my lifestyle to a more modest, minimalist approach, I'm no longer stressed.  I lost 10% of my net worth this month and in all honesty, I've not lost a wink of sleep. 

Had I not found this forum, held myself accountable and been encouraged, god knows what my finances or my mental health would look like.

jdhansen

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Re: Saving to $10K
« Reply #1431 on: March 26, 2020, 08:57:22 PM »
@Trifele & @Dicey

I want to echo Manchester's comments.  I have made it a point to ignore my accounts since this started and my DW and I just keep sticking to the budget plan.  Easier that way, but man it is hard to avoid the constant news about it.

Guessing this is a major opportunity for us if we stay the course, low cost of entry will pay off years from now when we are ready to hang it up.

Trifele

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Re: Saving to $10K
« Reply #1432 on: March 27, 2020, 04:53:07 AM »
@Manchester -- spot on!  As Mustachians we have the tools and the mindset to weather this type of crisis. 

Right on @jdhansen -- even though the market dip is nauseating it really is a great opportunity, just like 2008 was for us older folks.

Hope everyone is doing ok!  If you've lost your job, hang in there.  Like @Manchester pointed out, this is where the emergency fund and the Mustachian lifestyle skills come into play.  If you still have a job, keep saving and investing like @jdhansen.  We'll get through this!   

 

Trifele

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Re: Saving to $10K
« Reply #1433 on: March 27, 2020, 05:53:00 AM »
Just one lesson I'd like to add from 2008: maintain a healthy E-fund! If you have low income/low savings you're more vulnerable to job loss than others further along the FIRE journey. Resist the temptation to throw all your money in the stock market because stocks are on sale. Just stick to the investment plan and save a bit extra in the EF if your job feels insecure.

Yes!  The current market situation is Exhibit A on why you need to have a healthy emergency fund first.  :)

Rimu05

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Re: Saving to $10K
« Reply #1434 on: March 31, 2020, 07:07:55 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)


mactastic

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Re: Saving to $10K
« Reply #1435 on: March 31, 2020, 09:16:14 AM »
Sept 2019:
Starting Debt: $60,811.05   
Starting savings:  $46,123.39   
Where it stands: (-14,687.66)
Targeted student loan balance: $5463

March 2020:
Total debt: $50,408.55
Total savings: $55,421.30
Where it stands: +$5,012.75
Targeted student loan balance: $2,632

Slow and steady progress. The combination of being newly pregnant and COVID has led to us concentrating much more on savings for the moment, and I'm constantly doing mental calculations of budget scenarios. My husband's job is pretty rock solid (essential), but I'm bracing for my hours to be reduced, at least temporarily. Appreciating the fact that we have a lengthy runway if sh*t hits the fan and sending lots of love to y'all, whatever your situation may be!

TyGuy

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Re: Saving to $10K
« Reply #1436 on: March 31, 2020, 09:51:20 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)


The market will eventually return and your 401K will be stronger than ever, hang in there! Have you ever considered putting a chunk of you savings towards the CC debt (I know you stated you are trying to increase your savings due to the market downturn, but the freed up CC credit could be used if an emergency arises and in the meantime you would be saving the interest that would be collected by the CC companies). Just some food for thought. Happy saving!

Gingersnaps

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Re: Saving to $10K
« Reply #1437 on: March 31, 2020, 09:54:27 AM »
Investment update:
1/2/20 - £3000
1/3/20 - £4268.37
1/4/20 - £7309.86

More bonus money added this month, if we keep our jobs (crazy to have to say that) and continue as planned we should now hit 50% savings rate for the year. Also bumped up the emergency fund this month and holding a planned mortgage overpayment in cash too just in case.

Nice to see numbers moving in the right direction @mactastic and @Rimu05

Dicey

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Re: Saving to $10K
« Reply #1438 on: March 31, 2020, 10:34:14 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)


The market will eventually return and your 401K will be stronger than ever, hang in there! Have you ever considered putting a chunk of you savings towards the CC debt (I know you stated you are trying to increase your savings due to the market downturn, but the freed up CC credit could be used if an emergency arises and in the meantime you would be saving the interest that would be collected by the CC companies). Just some food for thought. Happy saving!
Normally, I might agree with this suggestion, but not now. A better idea might be to call and see if you can get the interest rates reduced or look for a good balance transfer option. Keeping your cash is the best security right now. And congratulations on your progress and your pregnancy!

TyGuy

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Re: Saving to $10K
« Reply #1439 on: March 31, 2020, 10:42:36 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)


The market will eventually return and your 401K will be stronger than ever, hang in there! Have you ever considered putting a chunk of you savings towards the CC debt (I know you stated you are trying to increase your savings due to the market downturn, but the freed up CC credit could be used if an emergency arises and in the meantime you would be saving the interest that would be collected by the CC companies). Just some food for thought. Happy saving!
Normally, I might agree with this suggestion, but not now. A better idea might be to call and see if you can get the interest rates reduced or look for a good balance transfer option. Keeping your cash is the best security right now. And congratulations on your progress and your pregnancy!

A reduced interest rate of low/no interest balance transfer would definitely be ideal, great suggestion @Dicey
(Also, I am assuming the interest rate on the CC debt currently stands at a high rate?)

mckaylabaloney

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Re: Saving to $10K
« Reply #1440 on: April 01, 2020, 08:35:08 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)

Well, that wasn't actually quite as bad as I expected! Haven't really looked at my investments since everything started going down, so I was steeling myself for worse.

What a month, huh? I am very grateful to have work that I can, in theory, continue to do from home indefinitely. That said, I don't think my job is necessarily recession-proof, especially since I'm the most junior attorney in my practice group (so the first to go if it comes to that) -- so I've decided to stop paying extra on my student loans for now in favor of trying to beef up my emergency fund. The interest rate on my savings account is 1.5% and the rate on my loans is 1.9%, so it's only a minimal difference anyway, especially in the short term.

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

Rimu05

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Re: Saving to $10K
« Reply #1441 on: April 02, 2020, 07:40:12 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)


The market will eventually return and your 401K will be stronger than ever, hang in there! Have you ever considered putting a chunk of you savings towards the CC debt (I know you stated you are trying to increase your savings due to the market downturn, but the freed up CC credit could be used if an emergency arises and in the meantime you would be saving the interest that would be collected by the CC companies). Just some food for thought. Happy saving!

I wasn’t planning on paying the chunk in savings to credit card debt yet but I may actually do it this month. IF we do get the government stimulus which is hopefully 1200, then I actually will have no credit card debt left this month after my paychecks. I am lucky to be in a department where we are actually super short staffed and are still hiring. My goal before all the Corona stuff was to have no credit card debt by May and spend the rest of the year socking away every cent to savings. Also, while there are things I don’t like about my apartment complex such as no walking trails. I will probably renew my lease to avoid incurring moving expenses. For the most part, maintenance is great and the apartment is super quiet.

TyGuy

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Re: Saving to $10K
« Reply #1442 on: April 03, 2020, 09:56:51 AM »
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)

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)


My tax return helped soften the blow of the market downturn this past month and I am optimistic moving forward as I will be surpassing the halfway point on my student loan repayment this coming month and my loans are now collecting 0% interest until this pandemic is over (one silver lining in this difficulty time).  Keep fighting the good fight, all!

Peaksandvalleys

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Re: Saving to $10K
« Reply #1443 on: April 03, 2020, 02:25:46 PM »
Just getting started on the journey, 27, recently married and graduated with our doctorates. Now to dig out from our hole... This is going to take awhile, luckily our earning potential will increase greatly with time after residency. Contributing to this thread to hold us accountable and quell the impatience that comes with a massive debt burden.

Student loans:
1/2020 (-214579.43)
2/2020 (-211582.61)
3/2020 (-207301.61)

Net Worth:
1/2020 (-205328.66)
2/2020 (-199646.97)
3/2020 (-191659.76)

Trifele

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  • Location: The garden, 7A
Re: Saving to $10K
« Reply #1444 on: April 04, 2020, 03:50:14 AM »
Welcome @Peaksandvalleys!  Lots of us on these boards started way in the hole, so you are in good company.  I think the biggest danger for professionals in that situation is avoiding lifestyle creep.  I learned to ignore comments from spendy co-workers about our smaller house, or the older cars we were driving.  I thought about my student loans a lot and didn't push them to the back of my mind.  I got great satisfaction from throwing chunks of money at them, and watching them melt away.  After I killed the student loans I kept it fixed in my mind that a high income did not make me rich.  And I kept telling myself I was working and saving for something more important than a fancier house or a car -- freedom.

You've totally got this!

Peaksandvalleys

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Re: Saving to $10K
« Reply #1445 on: April 04, 2020, 10:35:18 AM »
Thanks @Trifele !  Looking at just shy of 4 years to get back to zero net worth with our current savings rate, hoping we can accelerate that timeline. Goal is to come out of training ~3 years from now with no loans (may not be possible) and a positive net worth, already feeling the satisfaction of throwing a few thousand at the debt every month.
I appreciate the kind words of encouragement and caution against lifestyle creep, I am sure the pressure grows over time. Focusing on keeping up with the Mustaches instead of the Joneses

Trifele

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Re: Saving to $10K
« Reply #1446 on: April 04, 2020, 11:09:15 AM »
...
Focusing on keeping up with the Mustaches instead of the Joneses

haha @Peaksandvalleys -- love that!

mckaylabaloney

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Re: Saving to $10K
« Reply #1447 on: April 06, 2020, 08:30:49 AM »
Hi @Peaksandvalleys! As you can see from my last post, I totally understand your situation -- I graduated from law school in 2014 with about $225,000 of debt. For reasons relating to my school's loan repayment assistance program, I basically made no progress on my loans until the end of 2017, but since then I have paid off about $90k and am now in a position to pay the rest off in the next 2-3 years, depending on the COVID situation. Happy to offer any advice or just cheer you on! You'll be back to zero before you know it.

Rimu05

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Re: Saving to $10K
« Reply #1448 on: April 15, 2020, 08:36:05 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)

My savings climbed to 6200 due to mid month paycheck and stimulus. I also surprisingly am getting a tax return this year of $600. I normally get about $200.

I am planning to pay my credit card off this month. I know it’s not advisable in these times, but I just can’t with the credit debt.

cazio

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Re: Saving to $10K
« Reply #1449 on: April 17, 2020, 08:15:03 AM »
10/2/18 - $(2742.60)
10/29/18 - $(1899.81)
11/25/18 - $(1660.04)
12/31/18 - $245
3/14/19 - $(5,212)
3/31/19 - $(882.10)
4/25/19 - $(16,545.33)
5/29/19 - $(14,275.68)
6/28/19 - $(13,578)
7/26/19 - $(12,692)
8/23/19 - $(11,219)
10/4/19 - $(12,227.77)
11/30/19 - $(15,648)
12/27/19 - $(12,288)
1/27/20 - $(17,036)
4/17/20- $(14,394.54)

I'm back! The past fe months were such a financial rollercoaster even before the pandemic, but I finally had time to sit down and hash everything out. I was playing the "ignoring/hiding from my finances will make me feel better" game. COVID has destroyed the film industry for the foreseeable future, so this year may also bring a career change (which I would not oppose - I read an article about how film plans to reopen and they essentially admitted that they'll gladly put profits over crew).

I've been very fortunate that unemployment has been coming through for me, and that my expenses are so low I'll actually be making enough money to save during this time. I hope to come out of this with a novel manuscript and a solid financial foundation to stand on for the economic aftermath.