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A place for Get Rich Slowly readers to ask questions
and exchange ideas
It is currently Sun Aug 31, 2014 3:13 am




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 Post subject: Re: Ready to roll
PostPosted: Mon Dec 24, 2012 6:14 pm 

Joined: Tue Apr 15, 2008 6:48 am
Posts: 526
Location: Arkansas
Bichon Frise wrote:
Perhaps put a few of your husband's ideas into practice for a month or two and see if you actually miss the things you cut. Maybe you do, maybe you don't...


Plus this has the advantage of showing him that you're willing to try his ideas since he is just now really showing an interest in the finances.

Take this for what it's worth coming from a huge spender (currently paying down close to 40k in credit card debt)... early retirement has a huge appeal. Just think... you could be enjoying life while you're still young enough to do a lot more stuff. I can retire with my pension at 53 (13 yrs to go), but my goal is to get enough financial security that I can walk away in 10! Then that last three years (should I decide to stay) will be a breeze, because I know they just have to piss me off and I can quit... no longer HAVE to work a job I hate, but here because I want the extra three years of $$$ to pad the retirement fund.

_________________
I can not dwell over that to which I have no control...


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 Post subject: Re: Ready to roll
PostPosted: Fri Feb 08, 2013 6:00 am 

Joined: Tue Aug 07, 2012 7:47 am
Posts: 30
Okay, it's been too long. I stayed away because I was feeling embarrassed that we hadn't made more progress.

I gave up shopping for hobby supplies in the new year. At first it was rough but I'm feeling better all the time. More content, more relaxed. Enjoying all that I have instead of pining away for what I don't.

Mortgage: $197,400
Savings: $7580


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 Post subject: Re: Ready to roll
PostPosted: Fri Feb 08, 2013 1:22 pm 

Joined: Fri Jul 29, 2011 8:38 am
Posts: 195
I don't think you should be embarrassed at all. Your savings is growing and you're working on some of the mental aspects of not spending. That's great progress!


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 Post subject: Re: Ready to roll
PostPosted: Tue Feb 12, 2013 1:53 pm 

Joined: Tue Aug 07, 2012 7:47 am
Posts: 30
fiddlefaddle wrote:
I don't think you should be embarrassed at all. Your savings is growing and you're working on some of the mental aspects of not spending. That's great progress!


Thank you! It just felt a bit slow in January. We were short a paycheck and I spent a bit much on clothes. Also when I did our taxes, our income shocked me. It was really high and yet it didn't feel that high while we were living it. And I feel like we didn't save enough given how much we were making.

No sense dwelling on it, though. Just have to keep plugging away.

Anyway, my husband just got his contract renewed through the end of June. My back of the envelope calculation suggests we can save $10,000 by then. I want to see if we can!


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 Post subject: Re: Ready to roll
PostPosted: Fri Mar 01, 2013 8:39 am 

Joined: Tue Aug 07, 2012 7:47 am
Posts: 30
Savings: 8,300
Mortgage: 197,000

In general we've had a pretty good month. Life has been low key. I have seriously tamped down my overspending which feels great. We had about $400 worth of medical expenses but were able to cover them without halting our savings too much.


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 Post subject: Re: Ready to roll
PostPosted: Fri Mar 15, 2013 6:39 am 

Joined: Tue Aug 07, 2012 7:47 am
Posts: 30
I've realized that we're going to easily hit 10k in our savings account this month. Probably a bit more. I'm so excited. The most we ever saved in the past was 4k.


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 Post subject: Re: Ready to roll
PostPosted: Wed Mar 27, 2013 11:59 am 

Joined: Tue Jan 22, 2013 6:09 pm
Posts: 35
Congrats! I was reading earlier posts and you mention looking at your taxes and realizing how much money you made versus how much you're spending. I had the same realization this year and it was tough to swallow. Sounds like you've been able to turn that discovery into real savings--good work!


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 Post subject: Re: Ready to roll
PostPosted: Fri Mar 29, 2013 6:01 am 

Joined: Tue Aug 07, 2012 7:47 am
Posts: 30
Thank you! There is definitely room for improvement but we're getting there. We're also spending a bit more on health related things but I think those are important.

I think when I spend according to my values and not to fill an emotional black hole, well, that's a sign I'm doing much better with my finances.

Anyway, we have topped $10k in savings:

Savings: $10,275
Mortgage: 196,700

Crazy thing to note: one year ago we had five figure's worth of consumer debt. Today we have five figure's worth of savings. What a difference a year can make.

I am also doing some financial housekeeping. We have about 30k in various retirement accounts, sort of strewn behind me in my job-hopping wake. Some have been easy to transfer to a new IRA at Vanguard (index funds, baby). Some have been a PITA (Fidelity). Getting there, though.


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 Post subject: Re: Ready to roll
PostPosted: Thu Apr 04, 2013 1:34 pm 

Joined: Tue Aug 07, 2012 7:47 am
Posts: 30
My husband has been offered a job! It's a six month, 1099 contact gig at $70 an hour. He has another job that we think he is a contender for. It would have more of a chance for conversion to W-2 and is at more of a household name kind of tech company. For that one, they are talking in the range of $55 an hour. He is currently a W-2 employee at $43 an hour.

So we're working on the negotiation process, the company that made the offer is pressuring him to decide quickly. Meanwhile, I think the second job would be better from him. I have NO IDEA what we're in for with taxes and health insurance, which is stressing me out a bit.


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 Post subject: Re: Ready to roll
PostPosted: Thu Apr 04, 2013 3:49 pm 

Joined: Tue Aug 07, 2012 7:47 am
Posts: 30
Yay! He got two offers! Now to negotiate... but I feel really good about where he'd like to end up.


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 Post subject: Re: Ready to roll
PostPosted: Sat Apr 13, 2013 5:24 am 

Joined: Sat Dec 10, 2011 7:25 am
Posts: 690
Sounds like given the nature of your husbands contract work my advise is save, save then save one more.

Your doing great and I enjoyed reading your successes!


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 Post subject: Re: Ready to roll
PostPosted: Fri Jun 07, 2013 12:28 pm 

Joined: Tue Aug 07, 2012 7:47 am
Posts: 30
The good: my husband's new job is going wonderfully. He's going to be converted to full time! That might mean a bit of a cut in his hourly rate but it'll be worth it.

The bad: I got diagnosed with bipolar 2 and the diagnosis came after I spent $4,000 in one month. I don't view this as an excuse as much as much as an explanation. And boy, I'm really glad we don't have credit cards anymore. It could have been worse.

Anyway, time for the reckoning.

Savings: $5,000
Mortgage: $194,500

I am on new medications and my spending has stopped. What happened was I felt like I had a thousand projects going at once. We had 3-4 packages from Amazon coming every day. I was going to tackle every home improvement project all at once. I furnished rooms, bought spray paint, planned to power wash the house, stayed up till midnight gardening then woke at 5 to garden some more, installed garden beds and foundation plantings, and threw huge parties.

Anyway. Hopefully with medication and therapy I will get a handle on this. We are adjusting to my husband's new income and the fact that he's on my insurance. Our income looks like this these days:

Husband: $3,600
Me: $760 (decrease from $1100 because he is on my insurance, and I increased my 401k contribution)

This comes in every other week, so most months it's $8,720.


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 Post subject: Re: Ready to roll
PostPosted: Fri Mar 28, 2014 4:34 am 

Joined: Tue Aug 07, 2012 7:47 am
Posts: 30
Been a while!

I know this is a wonderful problem to have, but we're moving into a phase (probably temporary since we plan on having kids) where we are making more money than we know what to do with. For lack of a better strategy, I have just been throwing money at retirement accounts and I sure hope we get close to maxing out the IRAs and my 401k this year. I am a little annoyed by the cost of my 401k. My other goal is to consolidate our stranded 401ks from former jobs.

I just got a new job at my current employer, which came with a 10% bump in my income (and more importantly, the chance to build some highly in-demand skills). My husband went on Obamacare, saving us $400 a month, and has been making $60 an hour since last May (we anticipate this will go down at some point). We haven't seen any of those changes yet in our monthly balance sheet.

Some expenses have gone up. I hired a career coach for $1200, which helped me get the job and build some skills that will lead to more lucrative jobs down the road. This is a one time thing, at least. I also have been working so hard on my weight loss (see: want to have kids) and spend $220 a month on personal training. However, I am in the running to win a weight loss contest at the gym that will get me some free sessions. :) I have lost exactly 50lbs in the last 12 months.

Anyway, here is where we stand:

$10,000 - savings account
$4,500 - IRA
$20,000 - 401k
$10,000 - old 401k
$14,000 - old 401k

Debts:
$190,600 - mortgage

It's pretty nice to look back on where we were in 9/12. I wish we made more progress but I'm proud of what we have done and am motivated to do more.


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 Post subject: Re: Ready to roll
PostPosted: Wed Apr 02, 2014 1:36 pm 

Joined: Wed Jan 15, 2014 6:53 am
Posts: 22
You've been making great progress! Wish we had more money than we knew what to do with :p But before you'd started this financial turnaround, just think-you might still feel like you should have more money and wonder where it all goes each month, so I think this is a great sign!

What would you think about paying off your mortgage sooner if you have funds laying around after whatever you're comfortable contributing to retirement? Especially if you're thinking about having kids-one less large monthly expense could make a nice difference if you consider staying home or are learning the costs of diapers and daycare :tmi: It could just be a concrete way to use those extra funds. No matter what though, you're doing awesome!


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 Post subject: Re: Ready to roll
PostPosted: Fri Apr 11, 2014 4:43 am 

Joined: Tue Aug 07, 2012 7:47 am
Posts: 30
That's a really good reminder about our mortgage, thank you!

One thing we could really aim for would be retiring PMI. It's about 180 a month and will go away when we get to 20% equity AND have been in the house 5 years. I guess theoretically we could refinance before the 5 years and get rid of it sooner, but I'd have to run the numbers to account for closing costs.

Anyway, 5 years will be August of 2016, and to get to 20% equity assuming our original appraisal hasn't changed (not sure if that's a safe assumption) would be about 28,000 from where we are now. I think in that time frame, we could make some progress on that with post-retirement savings.


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