Wednesday, July 1, 2015

$28K Savings Challenge......June Update

Every year I keep a close eye on our monthly expenses and our monthly income.
Our income is mainly the salary my Hubs draws from his job.  We have money taken off each paycheck from the top to put into savings, before we even get our hands on it.  This money that's taken goes into various pots....life insurance, health insurance premiums, long term care insurance premiums, investments and retirement savings.  It's automatic so we are never tempted to NOT put it into savings or these other categories.

Once the automatic savings amounts, plus taxes and medical/dental/vision premiums are taken out, it leaves what we get to "live on".  From this amount we budget for bills, both monthly and irregular bills(semi-annual, annual etc.) and our variable bills(like food, eating out, clothing  etc.)  Anything left over once our monthly expenses are paid, I put aside into an interest bearing Savings Challenge account. 

For 2015 I am continuing my Yearly Savings Challenge.  I am raising the Goal amount slightly to $28,000 this year, $4K more than my goal for last year.


On to the June report.....
I have posted my May End of Month $28K $AVING$ CHALLENGE Totals.
Check out the Savings Challenge page tab at the top of the blog for the specific numbers HERE.

I have 2 goals each month.....
The 1st is to actually finish each month in the black and not the red.
The 2nd is to hit the targeted savings amount of $2,333.33.

I have to report that we finished up June with a smaller amount of leftover cash.
The extra amount we ended the month of June with?.......$1,369.37

Income

We had $1,143.02 left over from our income after our monthly expenses were deducted.
 
Other monies received in June totaled $226.35.  This included interest made on non-retirement accounts, 2 dividend checks and a per diem from Hub's work.

This brought us to our gain of $1,369.37
Since we have no debt, this goes into savings.

Outgo
As for the expenses this June, here are the good and the bad side of things....

HERE are the GOOD THINGS
 
*  Phone charges, internet and  electricity were approximately the same as last month.
*  Cash withdrawals went down a crazy $936.52 from May's total.  Vacation $ mostly.

 
HERE are the BAD THINGS
.
*  The credit card bill was $2,445.89 higher(May's trip expenses).
*  We had a car repair of $441.61 on College Boy's vehicle.
*  Water bill went up by $7.16
*  Gas card bill went up by $87.27(May's trip).
 
The Food Budget costs for June are in another post, which is located HERE .
 

The 2015 TOTAL.....
With 6 months accounted for, our Savings Challenge Grand Total for 2015 is $18,797.36.
That averages $3,132.89 a month put into savings so far. 
We have left $9,202.64 to put away this year to reach our $28K Goal.

With $18797.36 saved already we only need to put away $1,533.77 each of the next 6 months to reach the $28K goal for the year and that's highly doable for us.  ;-)

THOUGHTS going forward into July----

No irregular bills coming in July, which is good.
The only trip planned this month is a 2 day apartment hunting excursion to VA so a few extra bills(hotel, gas, food out) for that.
There are eye surgery co-pays and prescription co-pays which I will pay for OOP instead of the HSA in July which should amount to about $300+/-.  Hubs also has some eye issues and co-pays this month which I don't have a handle on the amount yet.

We are having a cook-out picnic for July 4th, then the eldest son will be home for a bit later in the month, so there will be extra food/drink spending in July(but I am stocked up on many items for this so I don't anticipate going over my food budget this month).

With 6 months behind us we have $18,797.36 down and $9202.64 left to save in 2015. 
 
So how was your June financially?
  
Did you spend less than the income you had in June?
Did you stay within your budget or not?
What did you do with any money leftover at the end of the month?
Did you pay off any debts or put extra toward your mortgage principle or into savings, in an emergency fund or a retirement account?
Or did you blow it on a want?
 
If you posted your financial progress on your own blog, leave a link in the comments so we can go check out your progress too and celebrate or commiserate with you!

Sluggy

10 comments:

  1. Hi Sluggy: more $ came in than went out and for that I'm happy:) Yes, I've passed the 1 year mark in retirement - woohoo! It was an up and down year but I'm surviving!

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  2. Ugh. We were hit with some pretty high expenses this month: Septic issue, and kid eye infection with a $100 (+) prescription. (Our insurance USED to cost $100/month with a $750 deductible, then all sick care paid 100 percent. Well visits a $60 co pay, not applied to deductible. Now we pay $350/ month for the privilege of paying 20 percent of all costs. Bleah!) Well, my wants are few, needs are none, (debt free), so this month was as any other, really, just IRRITATING. I see college looming, and we are set, but DH is retired (much older) so I tend to be very frugal. (And, please God, let me need to pay college tuition, PLEASE! I have my doubts on a couple of my brood.)
    Btw, in this state, the h.s. offers several ways for kids to get credit at the local 2-year colleges for no to low cost. If a kid chose to do so, he could graduate h.s. armed with an Associate's degree. One of my students did just that, and started at a major University as a junior!

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    1. the high school here has a earn college credit deal too but the kids are limited to 2 courses each semester their senior year so not enough to earn an Associates before leaving. I feel that our high school is taking part in this cooperative program merely to alleviate the overcrowding in the school, more so than to help the kids advance toward a degree. But I guess it's helpful in that the kids who participate in it get a "taste" of what is required to succeed in college. Our program has associated costs per credit but nowhere near what they pay as fulltime college students.
      So do you have enough to cover full college for all your brood? It's hard to get through those years and I am thankful we are on the last 3 years for the last kid. The costs have risen like crazy since we started paying for higher education in 2009. When we are done it will have been 9 of our most expensive years.

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    2. We have enough set aside for tuition, room and board at a private college...we set our target at what our respective alma maters charge. My family, back in the day, qualified for 80 percent total costs in financial aid, and most of that was in grants given by my school. ( The advantage of choosing a private college.) What gets me is that based on retie income, we would qualify, but assets are taken into consideration too. A good deal of our assets are those accounts designated for college. (Aside from the 529's.) Way to penalize the savers. But, mitt not a case of that being the kid's money...if they need it for coll, it's there. They must keep a decent g.p.a., or return home and commute to a public school. Moreover, if they opt out of college, it's not like we'll write them a check for the $ remaining....it's theirs FOR COLLEGE. That is to say, it's their college's money, or it is Mom and Dad's. Yeah, I can be mean.

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  3. DO you think that you will try to save more next year? Maybe 35k or something.

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    Replies
    1. Last year we topped out at $46K saved due to a big bonus that year. I don't plan on bonuses(since they vary so wildly)but will add any leftover from them at the end of the year. We have $14K left in this year's bonus after Hubs bought his car but we still have a bathroom redo to fund so it's questionable whether we'll have any bonus $ left after that is paid for.

      Optimistically I'd say we "may" top out at $35K but more realistic this year is $30K. It all depends on how much the redo costs and if any emergencies arise between now and Dec. 31st.

      Now if I could talk Hubs into not drinking we could save another $2-$3K easy......but I doubt that THAT scenario is likely to happen. lolz

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  4. Hark! Who goes there? It is just I. (me) Update your blogroll, yo.

    I got a gift of about $6,000 yesterday. To make a long story short, insurance decided my car is "totalled" because it has some dents that cannot be seen from a distance; more like indentations; nothing sharp or prone to rust. We had a hailstorm! Did you hear about it? Some were literally as large as baseballs. The average was 1-2 times as big as a golf ball. Dozens of dents on everyone's car (in the limited swath this hit); windshields - including mine - busted out. Thankfully, in my case, it's just multiple spiderweb cracks - it has not fallen in; some people were not so lucky. But it is undriveable (I would not risk it.)

    On Monday someone comes out to give me a new windshield. We bought the car for $9,000 and still owe $8,000, but insurance is going to give the bank to which I owe the money about $6.5 K, leaving me only $1.5K to pay and the car is mine. Spoiled people might say, "But the car is imperfect now!" I was never planning to re-sell it, and while I'd rather it not have a collection of pits on the roof and one side, I am not driving it so that I can be in a car show.

    So I consider it to be ultimately a win!

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    Replies
    1. So insurance totaled your car and is essentially paying it off for you(leave $1.5K owing on it)and you get to keep the car and it's drivable?
      Sweet!

      Will you have to repay the $1.5K left on the loan asap and can you handle that?

      Didn't here a word about that hail storm here locally. sorry it happened but it's a win for you! lol

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    2. Yes, exactly as you said it! I checked the figures and this includes a bit of rounding for simplicity: Value of car before hail it (they appraised it): About $8,200. Would require more to repair it than some magic figure required by insurance, so they call it "totalled." I think it is 75% of the value; not sure. Apparently hammering out many tiny indentations is labor-intensive. Anyway, I could have let the insurance company tow the car away and taken the $6,500 from them instead of letting them give that to the bank, but I think I'm better off keeping the car since, after the windshield is repaired, the ONLY thing wrong with it is cosmetic dings that don't even damage the paint. They can't even be seen except on close inspection! (Well, maybe from across the parking lot if you have a sharp eye.) In their computations, they came up with $6,500 to pay the bank. (It has to do with how much they think they could get for it at auction. The car is only worth $1,500 or so now - but that doesn't translate into how much it's worth to me! I think it's still an $8,000 car! Really, though, I don't intend to ever sell it; I just want use of it, and it's a 2009 with 49K miles; great shape - er... mostly) Anyway, yes - as far as the car knows, it has simply been parked there a week and got a cracked window via a hailstorm, and I'll continue making payments on the car as usual, except I only have $1,500 left to pay now, not $8,000 ! :o)

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    3. I had it slightly wrong. IF I had let the ins. company tow my car away and keep it as their own, they would have given us enough to pay off the entire car loan. But why would I do that? I'd be starting all over, looking for a new car. I like my car, and I look forward to owning it FREE and CLEAR, so yes, it was a win to keep the car and let them mostly pay off the loan!

      Delete

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