(1) Max out 401ks - $33,000
(2) Max out 2009 IRAs - $10,000
(3) House project and furniture - $6,000
(4) Add to baby fund - $5,000
(5) Add to emergency fund - $10,000
Total - $64,000

(1) $20,900 (63%)
(2) $10,000 (100%)
(3) $916 (15%)
(4) $476 (10%) ($5476 in our ING baby account)
(5) $1,770 (18%) ($23,651 in our ING e/r account)
Total - $34,062 (53%)

With a 10% pay cut for me, everyone in my company took the cut - ouch, we have decided to scale back our 2009 savings goal by $9,000. We reduced our house project and furniture to really just furniture of $6,000 and we cut out the lasik surgery for Mr. Sam.

Mr. Sam is no spendthrift except when it comes to Home Depot. With one rental empty he has been spending at HD like crazy in repair and improvement expenses. So in addition to paying the carrying costs this month, we have to figure out a way to absorb these costs too.

Sam, you guys are doing really well. Your goals are ambitious, and it's no shame to retrench a little with pay cuts and a rental vacancy!

I understand the lingering disappointment at not reaching those goals 100% (something tells me you're an overachiever) but keep in mind the bigger picture - you're building strategies, habits and plans; you've learned to discuss a most incendiary topic for most couples with effectiveness and clarity; you have enough flexibility built in that your stress levels are lessened....give yourself some credit!

Sandi

Thanks Sandy-K for the support and advice.

I recognize that we have done so much right, but I just hate going backwards and that is how I feel right now, like my financial life has fallen apart. I know its not just me or us that lots of other people are in the same boat or in a boat with a bigger leak (we've got our emergency fund, our other savings, no debt except the mortgages, and we can dial back our savings for, hopefully, just a couple of months).

And the expenses incurred by Mr. Sam are generally investments as he is making improvements at the rental property. I have not seen the results but plan to go by this weekend and I hope it looks great.

Oh, that is hard. I'm so sorry! Still, it sounds like you are doing really well considering the economy, pay cut, vacancy, and so on. Many people would be totally derailed by even one of those.

Retrenching now is totally ok. What's important is not to get so discouraged that one starts running up credit debt or whatever.

I hope that fabulous new renters who are never late with rent appear soon!

Very happy to report that we rented Rental#1. Whoo-hoo.

Yay! Now get back on that savings horse...



Sandi

Sandi-K

Yes, the plan is to quickly get back on the savings horse, but we have some expenses from repairs and improvements to Rental #1 that we need to clear as well. We need to sit down and regroup and figure out how we want to pay these expenses (bulk is sitting on Home Depot 0% credit card*) and whether we hold savings until the expenses are paid off.


We are a no credit card family, but we do, at times, use credit for business expenses (0% credit card) and our rental properties are a business.

(1) Max out 401ks - $33,000
(2) Max out 2009 IRAs - $10,000
(3) House project and furniture - $6,000
(4) Add to baby fund - $5,000
(5) Add to emergency fund - $10,000
Total - $64,000

(1) $21,433 (63%)
(2) $10,000 (100%)
(3) $966 (15%)
(4) $576 (12%) ($5576 in our ING baby account)
(5) $1,770 (18%) ($23,651 in our ING e/r account)
Total - $34,745 (54%)

Mid-August, hot, quiet, sleepy, lack of progress before back to school season. Financial progress is similarly slow, but with Rental #1 rented as of September 1, 2009 we should be getting back on track soon.

(1) Max out 401ks - $33,000
(2) Max out 2009 IRAs - $10,000
(3) House project and furniture - $6,000
(4) Add to baby fund - $5,000
(5) Add to emergency fund - $10,000
Total - $64,000

(1) $22, 586 (68%)
(2) $10,000 (100%)
(3) $1017 (17%)
(4) $689 (14%) ($5689 in our ING baby account)
(5) $1,008 (17%) ($22,889 in our ING e/r account)
Total - $35,300 (55%)

Slow, slow, slow going but our real estate investment projects are behind us and our rentals are filled and we are collecting rent so we should be back to normal soon.

(1) Max out 401ks - $33,000
(2) Max out 2009 IRAs - $10,000
(3) House project and furniture - $6,000
(4) Add to baby fund - $5,000
(5) Add to emergency fund - $10,000
Total - $64,000

(1) $23,429 (71%)
(2) $10,000 (100%)
(3) $1067 (18%)
(4) $789 (16%) ($5789 in our ING baby account)
(5) $1,008 (17%) ($22,889 in our ING e/r account)
Total - $36,293 (57%)

Small steps are still steps in the right direction. We are slowly getting back on track with savings.

Net worth has recovered to May of 2008 levels. But, will drop once we receive our final property values from the County in November.

I'm two paychecks away from maxing out my 401k for the year. Good news.

That's not good news, that's great news!!
Woohoo!

(1) Max out 401ks - $33,000
(2) Max out 2009 IRAs - $10,000
(3) House project and furniture - $6,000
(4) Add to baby fund - $5,000
(5) Add to emergency fund - $10,000
Total - $64,000

(1) $25,249 (77%)
(2) $10,000 (100%)
(3) $1168 (19%)
(4) $995 (20%) ($5995 in our ING baby account)
(5) $1,746 (17%) ($23,627 in our ING e/r account)
Total - $39,158 (61%)

We've been super busy at work and out of town so I've not had much time to dedicate to our personal finances. Our pace continues along at a very slow turtle pace. Today we upped Mr. Sam's 401k contributions because while I am on pace to max out my 401k before the end of the year he is behind. Otherwise, the rest of our savings goals are slow as well.