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It is currently Sun Nov 23, 2014 3:23 pm




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 Post subject: Re: Holding Fiddlefaddle Accountable!
PostPosted: Thu Mar 14, 2013 4:49 am 

Joined: Fri Jul 29, 2011 8:38 am
Posts: 204
20 months? Wow, Bichon! I agree that so far the money is accumulating faster than I expected. $500k by 2017 no longer feels like a stretch goal (depending on the markets).

Good point about our net worth at any given moment being somewhat out of our control. I think in my mind, I'm assuming that the market will drop and then be back up by 2017, but of course, who knows!?

In other news, the stars aligned and I got a tax refund, work reimbursements, credit card cash back, etc all at once. So:

Emergency fund progress-
Balance: $20,000/$20,000
Percent Complete: 100%

Yippee! Next goal is to pay off the car loan, but first I'm taking a break to take care of some home maintenance that needs to be done. I also need to set aside some money for summer and fall tuition. Hopefully I'll be done with all that by June.

I'm also increasing my Roth contribution and the 529 savings for DD now that we have our emergency fund. It'll be fun to watch those funds start growing faster. :)


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 Post subject: Re: Holding Fiddlefaddle Accountable!
PostPosted: Thu Mar 28, 2013 5:28 am 

Joined: Fri Jul 29, 2011 8:38 am
Posts: 204
Had to put our little dog to sleep this week so I haven't really focused on money or anything else but that. ;(

I forgot about summer camps for DD, so all my extra money this paycheck went for those. Have a few more things to sign up for and then she should be all set for the summer.

I have a list of home maintenance projects that I want/need to do before we focus on paying off DH's car. Also need to save up for tuition. I feel like I'm drifting a little bit without a definite goal and plan. May estimate how much I need for everything and have a mini-goal to work on.

On a bright note, my goals for the year are looking great...just one left to work on!

2013 Financial Goals:
1) Finish e-fund ---- DONE
2) Increase Roth IRA contribution --- DONE ($458/month)
3) Increase 529 college contribution to $200/month --- DONE
4) Put any pay increases into 403b --- DONE
5) Set up Roth IRA for husband using extra $300/month saved by mortgage refinance --- DONE
6) Start pre-paying car loan...get balance below $10k by end of 2013


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 Post subject: Re: Holding Fiddlefaddle Accountable!
PostPosted: Thu Mar 28, 2013 9:12 am 

Joined: Fri Jul 10, 2009 6:57 am
Posts: 382
Sorry to hear about your pup -- that is an incredibly difficult and painful decision. I just went through the same thing ten months ago with my sweet girl. So hard to say goodbye, but you did the right thing. Hugs to you.


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 Post subject: Re: Holding Fiddlefaddle Accountable!
PostPosted: Thu Mar 28, 2013 9:23 am 

Joined: Tue Jun 30, 2009 9:44 pm
Posts: 320
Location: Atlanta, Georgia
I'm so sorry to hear about your little dog. It must be agonizing, but I'm sure you gave him a good life and did the right thing for him. Hugs from me and my two kits.

Also, way to go on your financial goals! We haven't even finished the first quarter and you've already accomplished so much!


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 Post subject: Re: Holding Fiddlefaddle Accountable!
PostPosted: Thu Apr 25, 2013 5:39 am 

Joined: Fri Jul 29, 2011 8:38 am
Posts: 204
I haven't been around much. Working through my list of wants/needs for the house and saving up for tuition. Hopefully I'll be done with all that by around June and can start throwing all my extra money at the car loan!

I'm just dying to buy new clothes this spring. Ugh...I think it's because I didn't really buy many clothes at all the past couple of years. The little devil on my shoulder says that I'm getting more responsibility at work and meeting with people higher up the ladder than me and I need to look professional. There's some truth to that, but I don't want to go overboard. I think I'll allow myself a few new items to satisfy the obsession and then I should be happy with my work wardrobe for spring/summer. Maybe it's better to buy a few things along rather than build up to this point and then want to buy everything I see!?


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 Post subject: Re: Holding Fiddlefaddle Accountable!
PostPosted: Thu May 09, 2013 4:35 am 

Joined: Fri Jul 29, 2011 8:38 am
Posts: 204
I went a little crazy the past couple of weeks. New shoes, new clothes, new bathing suits... :shock: Plus, hotel reservations in Yellowstone for 2014 - I thought Disney World was expensive! But it's all out of my system now and paid for, so I have three more goals before I start paying down the car loan:

--have some work done to our deck and porch
--get the piano tuned
--save for fall tuition

And it sure does feel good to have some shoes for work that aren't falling apart! :)


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 Post subject: Re: Holding Fiddlefaddle Accountable!
PostPosted: Sat May 11, 2013 8:47 am 

Joined: Sat Jul 11, 2009 10:59 am
Posts: 255
Yellowstone is totally on my list of places to visit! That sounds so nice. I never thought it would be more expensive than Disney though.

See my journal for how hard it's been for me to buy new clothes, but isn't it a great feeling to know you have a very important meeting that requires looking your best - and knowing you actually have the perfect outfit in your closet to make the right impression?


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 Post subject: Re: Holding Fiddlefaddle Accountable!
PostPosted: Fri Jun 28, 2013 6:00 pm 

Joined: Fri Jul 29, 2011 8:38 am
Posts: 204
Mid-point 2013 balance sheet

Assets: (previous amount in parenthesis --> followed by current amount)
Cash (checking accounts and sinking funds): $10,615 --> $10,589
Emergency Fund: $13,465 --> $20,049
Daughter Savings: $4,624 --> $4,786
Daugher Stock: $1,532 --> $1,630
Husband 401k: $88,959 --> $104,148
Me 403b: $11,606 --> $16,221
Me IRA's: $33,639 --> $38,261
Daughter 529: $13,038 --> $14,523
Home: $455,000 --> $455,000
Car 1: $30,500 --> $25,555
Car 2: $15,000 --> $13,767

Total Assets: $677,978 --> $706,878

Debts:
Car Loan (boo!): $19,305 --> $17,454
Credit Cards: $826 --> $412
Mortgage: $307,749 --> $304,837

Total Debts: $327,880 --> $322,703

NET WORTH: $350,098 --> $384,175

Current Goal: Pay off car loan

Stretch Goal: $500,000 net worth by age 40 (March 2017)
To reach goal, net worth must increase this much each month (on average): $2,574


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 Post subject: Re: Holding Fiddlefaddle Accountable!
PostPosted: Fri Jun 28, 2013 6:04 pm 

Joined: Fri Jul 29, 2011 8:38 am
Posts: 204
I've not been around in a while. For one thing, I was paying for summer camps and some projects around the house and I haven't been as focused on finances as I like to be. But starting with my paycheck next week, all extra money will go to paying off the car loan. Feels good to have a definite goal to work on again!

I think I may be getting a promotion at work. I was asked to take on a new role but don't know the HR details yet. Should know something in the next month. I won't accept any less than a 10% raise because it will be a lot more pressure.

Updated our balance sheet for the midpoint of the year and things are going well. We could possibly hit $400k net worth by the end of the year, but only if things go very well with us and the markets! :)


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 Post subject: Re: Holding Fiddlefaddle Accountable!
PostPosted: Sat Jun 29, 2013 8:34 am 

Joined: Fri Jul 10, 2009 6:57 am
Posts: 382
fiddlefaddle wrote:
I think I may be getting a promotion at work. I was asked to take on a new role but don't know the HR details yet. Should know something in the next month. I won't accept any less than a 10% raise because it will be a lot more pressure.


Bet that new suit made quite an impression! :) Fingers crossed...

CecilyC


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 Post subject: Re: Holding Fiddlefaddle Accountable!
PostPosted: Wed Jul 03, 2013 7:23 am 

Joined: Fri Jul 29, 2011 8:38 am
Posts: 204
Thanks Cecily! I'll finish up grad school next May, so now may not be the best time to take on more responsibility at work, but if the right opportunity presents itself, I'll take it.

Finally back to having a concrete goal we're working on - paying off the car loan for DH's car. I still wish I could have convinced him to save up for it first, but oh well.

Here we go! The goal is to get the loan below $10k by the end of the year. The starting amount was $20,220.

Current Balance: $16,695
Percent Paid: 17%


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 Post subject: Re: Holding Fiddlefaddle Accountable!
PostPosted: Thu Jul 18, 2013 5:03 am 

Joined: Fri Jul 29, 2011 8:38 am
Posts: 204
Ok, just when I thought I could pay down the car loan, another bump in the road. DH needs some major dental work... :tmi:

The process will be stretched over at least 4-5 months, so I have some time to save. I'm going to save up for the first part and then figure out how much I need to set aside with each paycheck to have the 2nd amount ready to go around the end of the year.

Anything extra can go to the car loan, but with my 403b, Roth, and 529 increases earlier this year, there won't be as much left over as there used to be. But that's ok...those accounts are growing very nicely!

So now I'm tracking two goals:

Car Current Balance: $16,695
Percent Paid: 17%

Dental Fund: $1,098
Goal: $6,000


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 Post subject: Re: Holding Fiddlefaddle Accountable!
PostPosted: Thu Jul 18, 2013 6:41 pm 

Joined: Mon Aug 08, 2011 9:13 pm
Posts: 182
Location: Brisbane, Australia
Ouch, $6K is a big chunk of change.

Here's hoping you can do it without any major stress.


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 Post subject: Re: Holding Fiddlefaddle Accountable!
PostPosted: Sun Jul 21, 2013 6:13 am 

Joined: Sun Jul 21, 2013 1:08 am
Posts: 1
Landslave wrote:
FidFad:
You are so far ahead of the national average, good for you. There are a few who save, like most of us on these boards, and the rest of the masses up to their nostrils in debt.
I read your thread and was cheering you on. Do a curtsey, you've earned one! You are really getting there.
The car loan of $19K is a problem, though. Even if it is a low interest loan & paid off quickly.
Here is the lesson on cars: they all end up in the same place-the car crusher at the junkyard.
Here is the second lesson on cars: paying cash makes used ones even cheaper. People selling used cars give up when no one has http://www.dbuying.com/ price cash to give them. They then take the used car to a used car dealer and sell it below wholesale, or trade it in on a new one. Often you can buy a used car for wholesale from the owner, when you have cash.
I just looked on Craigslist and I found many good used cars for less than $8000. We are about to buy a Honda with 97,000 miles on it from a private seller for $4,900. Our "new" car is likely to last 40,000 miles (3-4 yrs of driving) and still be Able to sell it for $2,000.....which possibly is less net cost to own than the instant depreciation of a new car the day an owner drives it off the lot. People treat cars like assets, but assets create wealth, cars never make money for the owner and should be treated like the liability (drag on wealth building) that they are. Anyone driving off the new car lot has a smile on his face, but he should be crying, in my opinion.
I have made a game out of car ownership. I try to get the greatest miles driven per dollar paid to own. My best car was a used 1987 Plymouth Horizon I bought for $2,900 and drove it for 112,000 miles before I sold it for $400. Great car!

Thanks! Just this summer, I want to buy a car for my son.


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 Post subject: Re: Holding Fiddlefaddle Accountable!
PostPosted: Fri Aug 02, 2013 2:39 pm 

Joined: Fri Jul 29, 2011 8:38 am
Posts: 204
Car Current Balance: $16,312
Percent Paid: 19%

Dental Fund: $1,653/$6,000
Percent Saved: 28%


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