Money Matters
csuave
member
Dear Community,
Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
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Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
If you have questions about this, please email help@theknot.com.
Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
March/April Monthly Check in
March
What were your financial goals for the month and were you able to accomplish them?
April
What are your financial goals for the month and how will you accomplish them?
Status of Ongoing Goals
What are your short, middle and/or long term goals, and what are you doing to accomplish them?
GTKY
Do you have any plans to treat your self this month?
What were your financial goals for the month and were you able to accomplish them?
April
What are your financial goals for the month and how will you accomplish them?
Status of Ongoing Goals
What are your short, middle and/or long term goals, and what are you doing to accomplish them?
GTKY
Do you have any plans to treat your self this month?
Re: March/April Monthly Check in
We had a really large credit card bill to pay this month. Just under $300 of that was from Feb mystery shops and that reimbursement came in by the end of the month so that was offset in the monthly totals. We also cashed in a little over $100 in credit card cash back since we knew it was going to be a big bill month.
We kept spending in check which helped with the monthly total and should spill over to April with a lower credit card bill for that month.
At the end of the month we met our goal of adding to savings and while it was lower than the monthly target that was expected and we are still on track for our annual target.
We used a lot of gift cards this month. We went out to two dinners that between gift cards and coupons we only paid about $4 out of pocket for both. Also H got an Omaha Steaks gift card from his work for Christmas. He used it this month and that has helped keep grocery spending down. And the meat is delicious!
April
We will stay the course with trying to add to savings. By continuing to use some gift cards and the food in our freezer I should be able to have a good month with menu planning.
We have been slow on BnB so far this year but in the last couple of days we picked up three reservations. We should easily be able to meet our goals with this extra income.
Ongoing Goals
We are doing well with building savings every month. We made some retirement contributions this month that will help us with our main LT goal of early retirement. My bonus will help with savings/retirement goals and giving us some extra spending money for the year.
GTKY
I am trying to do more little things to treat myself. This month I am going to get a facial from a lady that does them out of her house. She had good reviews on Groupon so I hope she is a winner! My birthday is next month and I am planning to take a half day off of work to get a massage, use a birthday coupon for a free lunch, and shop at the mall---just enjoying some alone time and time to treat yo self--as inspired by an old favorite show, Parks and Rec.
March
What were your financial goals for the month and were you able to accomplish them?
Get 401k changed to hit max this year, change DH's 403b provider, change his contributions to $400/paycheck, keep target bill under $100, taxes finished, hit over $200k for retirement. All done!
April
What are your financial goals for the month and how will you accomplish them?
Change fed allowance from 1 to 0 for both (forms are set for submitting), pay fed taxes (withdrawal should occur on 4/18), get state return (hopefully!), get DH's old 403b transferred (forms are filled out and ready to mail), get bonus from work (% of salary) and find out yearly increase (hopefully Monday). Add $ to my car payment to have it paid off by EOY 2019.
Status of Ongoing Goals
What are your short, middle and/or long term goals, and what are you doing to accomplish them?
short: exterior reno starts this summer (down payment of 10% has been paid, pay 75% with HELOC, final 15% balance with credit card for points), NYC (already paid in full), 3 more day care payments ($3k) left! DH change paychecks back to 22 and start $900/paycheck withdrawal for the 2017-18 school year to hit max. Fund 2017 Roths with CD up in August.
middle: Disney Feb 2018 (with vacation fund), car loans done by EOY 2019, HELOC by mid 2020 (snowball from 2 car payments), mortgage EOY 2021 (snowball from HELOC, 2 car payments), plan other vacations as well (continue to add to vacation fund with bonuses, tax returns, misc money).
Once mortgage is done, start putting that snowball payment into various savings accounts (one for newer vehicles, one for property taxes and insurances, general savings. Our emergency fund is already established). Possibly start a new plan for different career after 20 years of service- one criteria is that max withdrawal of 401k and Roth IRA can continue.
long: 529 plans for the girls (auto withdrawal), retirement (max withdrawal from paychecks and Roth IRA auto withdrawal).
GTKY
Do you have any plans to treat your self this month?
Not really- April is a really busy month for work on top of traveling once a week (get reimbursed and it'll cover over 65% of my car payment).
We were supposed to do life insurance and estate planning and time got away from us. I need to get on that this month instead. However thanks to hubby's overtime we did manage to put away an extra $2300 into savings! Although we also mailed out our tax payment at the end of the month (still waiting for it to be cashed...) which was $3050 but at least it was a nice offset.
April
This month I want to get back on track with estate planning before the baby comes. I'm also reevaluating our savings strategy. I've been aiming for $40k in liquid savings prior to maternity leave, but the more I look at our expenses and how much we really need to fill the unpaid leave gap I think I'm going a bit overboard. I think I want to switch gears and put our weekly savings going forward into our investment account instead. Any feedback on pros/cons would be appreciated!!
Status of Ongoing Goals
Short is some safety related home repairs - we should have the front stairs replaced in the next couple of weeks we're just waiting on the permit from the city. The railings quote came in a bit higher than we expected but we asked for a custom design we both really love and decided to spend the extra couple hundred bucks since we plan on being in this home for a long time.
Middle - keep saving up to renovate the kitchen next.
Long - retirement and it's just plugging away.
GTKY
Oh I DO intend to treat myself this month! My MIL gave me a spafinder gift certificate for my birthday and I am dying for a prenatal massage. I mostly just miss lying on my stomach and can't wait to get that special table with the hole in it hahahaha.
March
What were your financial goals for the month and were you able to accomplish them?
My financial goals for the month were to get new tenants for both units of our new duplex. Achieved! And even achieved toward the beginning of the month.
April
What are your financial goals for the month and how will you accomplish them?
My financial goals for the month are to pay my credit cards down $6,000. Pretty much just throwing all my extra income at them. Off to a good start, paid down $3,000 today. But then, I get a lot of my rental income on the 1st.
Get my insurance license to possibly start selling part-time.
Status of Ongoing Goals
What are your short, middle and/or long term goals, and what are you doing to accomplish them?
Short term: Trying to get my credit card utilization down to below 25% again. Then I'm getting a cash-out refi for the latest duplex I bought with cash (but didn't want to). I expect to start the cash-out refi process sometime in June.
Middle term: Try my first "fix 'n flip" real estate deal for at least a $20K profit. I'll be in a financial place to tackle this later in the year. But, for now, I'm doing both local and general research.
Middle/long term: Earning $5K/month cash flow from my rental investments. I should hit that this year (if I'm lucky), but probably by the end of 2018.
Long term: New long term goal! I want to buy a vacation home in Lake Tahoe within the next 5-10 years. I've researched prices to set that goal. I need to seriously increase my income to make this comfortable. Which I'll already be doing with more real estate investing...and hopefully...p/t insurance sales will work out.
GTKY
Do you have any plans to treat your self this month?
I'm treating myself this month with taking more time off from work. I have a lot of vacation time anyway and there are good opportunities. Next week, Friday is already a holiday (Good Friday), so I'm taking Thurs. off also to make it a 4-day weekend. I'm also taking Fridays April 28th and May 5th off. Planning for a long weekend trip to Chicago in June.
Definitely failed at keeping up with tracking in YNAB. But we still succeeded in slowing down the spending spree from February so I guess that's an accomplishment in itself. I think that was really the only March specific goal.
April
Make a real effort at tracking our spending again and getting back on a defined budget because we're adults and we know better.
Status of Ongoing Goals
Short - Norway trip is fully funded...but god I wish airfare prices would quit going up...this trip just keeps getting more expensive by the day. I keep hoping they'll drop a little and then I can by but no luck so far.
Middle - About 45% funded on our secondary e-fund.
Long - Retirement is still plugging away.
GTKY
Yep! My college BFF is turning 30 and she's having a big birthday bash. I'm flying out to Chicago for the weekend. It wasn't something we planned for and the ticket will have to come out of the vacation fund, but $150 to fly out there is worth it to see her.
Once things are settled, then toss the remainder into an investment if that's what your goal is with it. But you aren't missing much opportunity cost by letting it set where it's readily accessible for the time being.
TTC since 1/13 DX:PCOS 5/13 (long, anovulatory cycles)
Clomid 50mg 9/13 = BFP! EDD 6/7/14 M/C 5w6d Found 11/4/13
1/14 PCOS / Gluten Free Diet to hopefully regulate my system.
Chemical Pregnancy 03/14
Surprise BFP 6/14, Beta #1: 126 Beta #2: 340 Stick baby, stick! EDD 2/17/15
Riley Elaine born 2/16/15
TTC 2.0 6/15
Chemical Pregnancy 9/15
Chemical Pregnancy 6/16
BFP 9/16 EDD 6/3/17
Beta #1: 145 Beta #2: 376 Beta #3: 2,225 Beta #4: 4,548
www.5yearstonever.blogspot.com
You're right that it's also not the end of the world to just wait until July and move the excess over once we're home. I don't like to jinx things which is part of why I haven't opened the 529 account yet even though I've picked my plan, contribution amount, and investments for it already lol.
DH and I were talking about switching to a higher deductible lower premium if I wasn't pregnant this month for a december baby. Then we got to talking about what if BCBS isn't in the marketplace for 2018 and we have only Cigna as an option. I would have to find a new OB if I got pregnant later this year. Well then I'd owe current OB for 2017 charges and start new charges with 2018 OB. We decided to just keep our currently plan to keep costs down if that is the case. So many undecideds in life and you just prepare for the worst and hope for the best.
April - Stay on budget again. And it looks like H may make enough income to start drawing a salary! Yay!!
Goals - Once H starts making money, we'll first max out his IRA. Then once that's maxed, we'll put everything else toward the mortgage. I'd love to have it paid off in a year or two. Then, we'll start thinking about a second home in Florida and early retirement.
GTKY - Not really applicable. I'm delaying my gratification!
April - Stay on budget again, primarily with spring planting. We are building a couple more raised beds and getting them planted this weekend.
Goals - Short-term: master bath remodel and figure out what's going on fertility wise. Our bath remodel is scheduled for mid-May, and I have an appointment with my doctor this week, so we are making progress toward both. Mid-term: Debt payoff I suppose, but that's been on autopilot for a couple years now, and we have no plans to adjust it. We are about 5 years away. Long-term: I was looking at this the other day, and I think we are on pace to hit a million in combined tax-advantaged accounts by the time we turn 40. So that's our new 10-year plan!
Virginia must use the same schedulers.
April: Nothing to specific, but I keep hoping to limit what we pull out of savings.
We are doing a landscaping project out front that was really needed. Back in Feb. we hired someone to take out our old brick patio (previous owners installed it after ripping out existing flower beds for some unknown horrible reason) and dig out new landscape beds. In the next few weeks we will be picking out the plants and getting them put in. Total project for plants and labor is going to be about $2,000 and that is really dirt cheap for what we are getting.
We had to replace our hot water heater this week, we found a slow leak out of the bottom and it was old enough that it wasn't worth trying to repair it. That cost $600 but fortunately my BIL came over and helped DH install it so that saved us several hundred dollars in labor.
We are also going back to the RE, so we will have some out of pocket medical expenses (Roughly $350 per cycle).
And finally, the big one, our master bath remodel this summer. Still waiting on the final estimate but it will be $13-14,000 and worth every penny. Depending on what our tax refund ends up being we may have to put some of this on our HELOC but I refuse to be stressed out about it. The bathroom is a major reno that is desperately needed (gross tile, gross plumbing, majorly out of date style) so we are taking the time and money to make major changes instead of just swapping out tile and finishes.
I'm also debating getting new carpeting upstairs during this project. We will be putting carpeting down in the closet (currently tile) because it will be cheaper than putting new in-floor heating and tile in that space (huge closet). We will also be ripping out a huge built in tv corner unit that is unusable for anything but collecting dust, and that leaves us with a corner of our bedroom that will also need new carpeting. We have some remnants, but the carpet is cheap, the padding cheaper and I would love to just get a better quality product installed upstairs. I know I could just get carpet in our bedroom and closet, but then I would be bothered that it doesn't match the rest of the rooms.
What were your financial goals for the month and were you able to accomplish them?
We've continued adding to savings, but I have been very bad at staying on budget during my maternity leave. I seem to just sit around thinking of ways to spend money, which is so unlike me. I must do better this last month. We did get our taxes done and came out almost perfectly even ($200 refund) so that's good!
April
What are your financial goals for the month and how will you accomplish them?
Stay on budget, add to savings, pay for a landscaping project we've been wanting to do.
Status of Ongoing Goals
What are your short, middle and/or long term goals, and what are you doing to accomplish them?
Short-Pat for my medical bills, which we are still waiting on and seem to not be settled yet based on my insurance website.
Medium-Pay OOP for some home improvements we need to do
Long-Basement remodel, far in the future.
GTKY
Do you have any plans to treat your self this month?
I have treated myself enough! I may out of necessity need to buy some new jeans.