The Yearly Savings Challenge & How It Has Helped Me Save $

Ok, so I've talked before about how I utilize the Savings Challenge monies I tuck away each year.

I save and save in one year and then, in the following year, if we have any bills/costs not covered by our regular yearly income, we use that previous year's savings to apply toward the following year's costs.  At the end of the following year, anything left in the previous years Savings Challenge gets put into an investment account and becomes "permanent savings".

Basically we use last year's savings as our emergency fund to pay for any current year's costs we can't cover with the current year's regular pay.

I've been doing this since 2009 and it seems to be working out quite well for us.

In 2009 we saved $23,865.36.
In 2010 we spent $13,460.81 of that 2009 money on various expenses(a used car purchase, a new fridge and a couple of vacations).
At the end of 2010 we had $10,404.55 leftover of the 2009 money and it got tucked away to permanent savings.

In 2010 we saved $34,019.88.
In 2011 we spent only $427.81 of that 2010 money toward a quick trip to OC.
At the end 2011 we had $33,592.07 leftover of the 2010 money and it got added to the 2009 "leftovers" for a grand total of $43,996.62 tucked away to permanent savings.

In 2011 we saved $34,461.31.
In 2012 we spent $2,627.16 of that 2011 money toward a used car purchase and 2 mini-vacation trips.
At the end of 2012 we had $31,834.15 leftover of the 2011 money and it got added to the 2009 & 2010 "leftovers" for a grand total of $75,830.77 tucked away to permanent savings.

In 2012 we saved $28,907.08.
In 2013 we spent 23,611.66 of that 2012 money toward a rebuilt car engine, home renovations/repairs and supplies, a road trip to the Midwest and a new/replacement HVAC system for our house(the last item accounted for about half of all that spending).
At the end of 2013 we had $5,295.42 leftover of the 2012 money and it got added to the 2009-2011 "leftovers" for a grand total of $81,126.19 tucked away to permanent savings.

In 2013 we saved $24,033.60.
In 2014 we spent ZERO of that 2013 money.  Up until 2014 any bonuses Hubs received at work were directly dumped into our kid's college funds account.  The 2013 Bonus was when we finished funding the college account, so we could apply the 2014 Bonus toward expenses we couldn't cover with the regular income in 2014.  This meant the 2013 Savings Challenge monies didn't have to be touched as long as the 2014 Bonus could cover any out of the ordinary expenses that year.
At the end of 2014 we had the whole $24,033.60 leftover of the 2013 money and it got added to the 2009-2012 "leftovers" for a grand total of $105,159.79 tucked away to permanent savings.

In 2014 we saved $46, 193.93(a chunk of which was leftover Bonus money we didn't spend in 2014 since we had finished funding the college account).

Hubs got a Bonus this year and after buying a new used car we still have approx. $14K left to cover a bathroom redo in 2015.  If we don't need to touch the 2014 savings in 2015, at the end of 2015 we could have tucked away to permanent savings(when added to the 2009-2013 "leftovers") an incredible $151,353.72.

If we keep trending along this path, by the time Hubs retires in 2+ years(and if he receives a Bonus in the next 2 years similar to what he received in 2015)we could have an additional  $211K saved for retirement in addition to everything we have been putting away all these years into the actual retirement accounts.

If you had asked me when I started this scheme in 2009 if I'd be able to save this kind of cash I would have laughed in your face.

This just proves that by putting small amounts of money away, over time, you can achieve a financial goal.
I know many are not in the position to save tens of thousands of cash a year but you CAN save something no matter how much your income is a year.
The point is to JUST START TODAY!

Put away something every month.
Don't live TO your means, live a bit BELOW your means.
Save what you can and on a regular basis, every month.

Sluggy

Ocean City October 2014 Vacation....Part 3

On Wednesday, our last day in Ocean City, we slept in.  Hubs went out and got us some Fractured Prune donuts to eat in the room.  This is a tradition to get FP donuts once during our OC trips.

Around noon we went out to see a movie called "The Trip to Italy".
Man, what a plodding, slow British "dramedy".  I like Steve Coogan but this one was a dud.
Can I have that 2 hours of my life back please? lolz

Then we drove around a bit shopping(didn't buy anything)and then went fruitcake hunting at Rose's.  Still too early for Christmas fruitcakes to be put on the shelves there that year.

We had an early dinner at J/R's the Place for Ribs.  It's been here for ages and we've been here before though I am not a fan and don't know what any one sees in the place but Hubs wanted to go.

We got a Combo Dinner for 2(some special they offered for $39.99)of ribs and chicken(I think).  Their ribs are nothing compared to what I had in Memphis on our May trip this year nor are they as good as what I can make myself on the smoker!

After dinner we hit the 45th St. TapHouse......

It is located on the bayside, right on the water a few doors down from the actual brewery and their restaurant.

A bit chilly to sit outside there at night but I wandered out to take in the view anyway at dusk.....

Hubs got a flight of Assawoman Bay Brewing beers they carry on tap at 45th St. Tap House.....

I didn't feel like drinking(crazy, right?)so I just snapped photos of the décor and browsed the gift shop....

Ok, Hubs talked me into this dark brew......

I guess he liked the brews here because he wanted a memorial photo standing in front of the place......

Then it was back to the room to pack up and enjoy more brews on the balcony....

We left OC late Thursday morning and headed back north along the coast to Rehoboth.....

One day we'll stop at one of these beach access areas here along the coast below Rehoboth but not today.

We made another stop at one of the big liquor stores in Rehoboth for some provisions to take home.

Ron Burgundy Scotchy Scotch?.....I don't think so! lolz

By this time it was the lunch hour so we stopped for an early repast before the long journey home since we hadn't had any breakfast......

I had wanted to take Hubs here for a few years and finally did.  The man loves him some Italian food!
I forgot to get a t-shirt that they sell here that says, "I've been touched." lolz

Hubs got a calamari appetizer.....

And I got a shrimp bisque zuppa....

If that wasn't enough I then ate a veal parm sub......

It was half price sandwich day....yes!

I think this one was called the "Da Vinci".....

Touch of Italy isn't cheap so I am glad we got lunch instead of dinner and that the sammiches were half off that day.....a win/win!
Not cheap but it was very authentic and good.

After lunch we got into the car with full bellies and headed north.

Just a sign along the route home before we hit Wilmington area.

And that was the end of our last hurrah of the traveling season in 2014 here at Chez Sluggy.

I hope y'all enjoyed the trip.  ;-)

Sluggy

 

 

Surgery Results & Apt. Hunting

Well the surgery on my ball went well.  The actual slicing and dicing part seemed to take longer than the last one on the other ball.
I was again the baby in the pre-op room.....surrounding by an 87 yr. old woman, and 2 men, one 74 and the other 77.

Thanks again for everyone's well wishes.  Cataract surgery has become so routine now that it hardly ever goes awry.  My doctor was also the best eye surgeon in this area.

I was so hungry Hubs took me directly to the Chinese buffet afterwards.  A quick stop for more rxs and it was home and a nap.
The eye patch is now off and the vision is still fuzzy but should be returning over the next couple of days.
Tomorrow after my post-op follow-up which College Boy is taking me to, we'll make a stop at the Dollar Tree for a couple of pairs of "cheater" glasses, so I can see the computer screen without having to stretch my arms out. lolz

Let me get specific about the Eldest son's new job. Being a native born and raised Virginian myself, anything north of Richmond I consider Northern Virginia.  Eldest won't be teaching in the Northern VA 'DC 'burbs but in Spotsylvania County, outside of Fredericksburg(which is halfway on I-95 between Richmond and DC).  I spent a Summer living/working in F/burg back in the '80s at the theatre at Mary Washington so I have a recollection of the area(which most probably has changed immensely).  Rents/traffic isn't quite as bad that far South along the interstate but it's within striking range of DC. 

This location also gives the GF opportunities to look for a position from Richmond to DC/VA 'burbs or even as far as Waldorf MD if she crossed over onto that patch at Dahlgren VA.
The apartment search is being centered in Spotsylvania Co./Fredericksburg/Stafford.  There are a couple places in King George Co. he is considering as well.  It's been hard finding housing under $900 a month anyway.  With not being able to rely on any income from the GF yet they need to keep it as low as possible.  Once she gets her boards passed and finds a position they would be able to upgrade to a nicer/more expensive place so this first place is just to get them into the area and probably won't be a long term living situation.
Depending on where the GF gets a position eventually will affect where they move to next as they want to try to end up in a location that is fairly equidistance for commuting for them both.

Just wish us luck finding something that doesn't break the budget and is in a safe neighborhood.

Sluggy

 

Stuff Going on Here Lately

*  Well the son taking a teaching job plan has changed a bit.

He got another job offer, this one in Northern Virginia.  To start the salary is $9K higher than the offer from the North Carolina school(partly because it's a wealthier district and partly because he has special ed experience).

While the money is better the cost of living is higher in No. VA comparatively to rural NC.  There is MORE housing to choose from but there is also more competition.

This area in VA will provide more opportunities for his GF to get the medical field job she is training for.  Of course, she won't be able to jump right into a medical position until she takes and passes her board certification which can take up to 6 months.

But they have a Plan B where she can get a transfer at her part time gig in Pittsburgh to one of this company's stores in No. VA and work there while studying for the boards.
So money will be tight at first but it's highly doable.  Eldest and I will be going down to VA this weekend to secure an apartment.

The problem is that this school district doesn't start classes until after labor Day(Sept.)whereas the NC school started midway into August.  Eldest will be leaving his job tomorrow so by August there will be no paychecks coming in.

The VA school district pays at the end of the month, so he will have almost a 2 month gap between pays.
Ouch.

Between moving expenses, security deposits, setting up the apartment and monthly rent/food/utilities/gas/clothing that needs to be bought they might not be able to cover that 2 month gap financially.

So this is where "the Bank of Mom & Dad" comes into play.  Eldest is very uncomfortable accepting a loan from us to tide them over and I am glad to hear that at his age!(I would be worried if he wasn't uncomfortable. lolz)  But we are darn lucky to be in a financial position to float  them some cash until things loosen up with the pay.....no, make this HE is darn lucky to have financial responsible parents.
Yah, that's it

When does this having to bail out your grown kids stop anyway? ;-)

Well I am off now to get my other eyeball sliced open this afternoon.
I'll be starved by the time it's over with(no food since dinner last night)so I am sure a run through a fast food drive-thru for a small burger will be a part of this plan too.  lolz

This has been the longest 2 months of my life waiting between surgeries and I can't wait to be able to have matching eyes again and not have to worry about tripping when I walk.

Perhaps by Friday I'll be able to SEE again...in BOTH EYES!  8-)))
Now wouldn't THAT be nice??

Sluggy


 

Tracking Food Spending Ramble

A few days ago I went back through the blog posts and added my yearly food spending for 2009 and 2010 to my Food Tracking Page located HERE.

I don't know why I hadn't put that out there on the page yet.

I first started tracking all the food/toiletries spending in April of 2009 and posting it on the blog, so 2009 only has 3/4 of the year tracked.
Extrapolate the $444.43 monthly average for those 9 months out to a full year and I get an annual food spending of $5333.16 for 2009.

Here are each year's figures--

2009(April-December)9 Months

2009 Yearly Total Spent after Rebates $3999.85

Average spending per month  $444.43

*************************

2010

2010 Yearly Total Spent after Rebates $1539.99
Average spending per month $128.33

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2011

2011 Yearly Total Spent $3,080.59
Average spending per month $256.72

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2012
  
2012 Yearly Total Spent $4196.36

Average spending per month $349.70

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2013
  
2013 Yearly Total Spent $4,560.82

Average spending per month $380.07

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2014

 

2014 Yearly Total Spent  $4,989.49
Average spending per month $415.79

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2015(6 months in)

 

2015 Yearly Total Spent  $2,351.66

Average spending per month  $391.94

 

If you look back at 2009 and 2010, I was heavily into rebating as there were a lot of deals/offers in the stores those years.  Right after the recession hit in 2008 stores were aggressively offering rebates on products to get people to spend as the economy was shrinking.

2010 was especially a FABULOUS year for my food spending.  I spent $3453.13 that year on groceries but had $1913.14 in refunds/rebates/a stockpile sale of toiletries and food that I applied toward the food bill, which made my OOP in 2010 an astonishing low $1,539.99 for the entire year.
That came out to an average of $128.33 per month spent on food/toiletries.

Gee, I sure wish I could have another food spending year like that one! 8-)))

By the end of 2010 I had completely transformed the way I shop.  Unfortunately rebating severely dropped off and couponing got worse too(less good coupons on products we used/lower value/less stores pairing deals with in-date coupons)after that year.

I have refined my methods since 2011 and the size of the family I was buying for has fluxuated from 5 to 2 people to "somewhere in between" during the last 4.5 years.

Inflation("Yah, what inflation?", the government says!?)figures taken from a website I found, has driven prices up every single year(the highest was in 2012 at a 4.5% increase, 1.75% increase in 2013, just over 1% increase in 2014 and almost 3.5% increase so far in 2015).

From 2011 to 2014 my monthly food spending has risen a total of $159.07, from $256.72 to $415.79.
So far in 2015 we are on track to bring that monthly average down to $391.94 which is a good trend.

Where am I going with this ramble?

I don't know. 

It just seems that even though my methods have been refined year after year on how I acquire our foodstuffs/toiletries and we are buying smarter and healthier goods overall, the changes the stores and manufacturers have made to "the shopping game" as well as inflation on food product prices(and the shrinkage)has negated and thwarted my efforts.

It's hard work to find the best prices on the items your family needs to live.  The effort and time required to hunt down deals is significant and don't let anyone tell you that feeding your family and keeping to a budget is easy. 
Yes, maybe it you have unlimited dollars to spend but nowadays who has that luxury?

What I think I truly need to lower my food spending significantly is for the US economy to take another nose-dive and the food companies/stores to again offer liberal incentives to get shoppers to buy their products.  Of course this would only work a bit for me anymore as many of those foods I use to stockpile back in 2009-2011 we don't consume anymore.
Please the economy tanking again wouldn't be good for most other people or anyone with a job so I won't really wish this to occur.  ;-)

All I'll say is that keeping an eye on what you spend on food(which is by far the largest variable bill people have and is a true need-everyone has to eat, right?)is very important in order to reach your financial goals in life.
You can succeed with a budget in every other area of your life but being out of control on your food spending can sink your overall plan pretty fast!

A good place to start on figuring out if you spend too little or too much on food per month is the USDA reports on the Cost of Food charts.

Every month the government releases the data for the average cost of food per family/person that is spend in the US.  Their data is broken down into 4 levels of spending on food-Thrifty, Low Cost, Moderate and Liberal.
The report for May 2015 is located HERE. This is the most recent set of figures I could find.

According to the chart, a family of 3(like us)averaged $546.70 spending at the thrifty level, $716.60 at the low cost level, $995.70 at the moderate level and $1,087.80 at the liberal level.
I actually spent $515.77 on food in May 2015 so we were under the Thrifty level average compared to other US families.

Of course, the cost of food in your area(as well as what you buy and how you shop)will also weigh into this equation and affect your actual spending.
But putting your food spending up against the average reported in the whole country is a good way to gauge where you are falling in the spending spectrum.

Personally I'd strive to keep my family food spending somewhere between the thrifty and low-cost levels.
It goes without saying that if you find yourself maxing out your food spending in the liberal range you may want to reign in what you are buying.
Unless of course you can afford to light your stove with $100 bills........

Just imagine if you spent at the liberal levels and you cut your food budget just $300 a month(effectively going from a liberal level to somewhere between the thrifty and low cost levels).

After doing this for a year, this one action would give you an additional $3,600 to apply to other areas of your life.

You could pay off a chunk of debt if you have some.
You could pay off a chunk of your mortgage if you have one.
You could throw a chunk of money into an emergency fund/savings.
You could throw a chunk of money into an account for your retirement years.
You could put this hunk of money into a Car Replacement account and when the time came to replace your vehicle you could NOT be that much more in debt on a car purchase.

Given enough time just changing what you spend on food every single month could change your life!
It has mine.....how about you?


Sluggy