Another oldie that hasn't been started. I will be doing this one when I find out what the new paychecks will be. Mine will be a Emergency/Sinking fund as I know a new hot water heater is going to be necessary before long. So for now they are one and the same for me.
I did this last year and managed to save $3700 when I was worried about losing my job. I would love to get my layoff fund up to $8000 by the end of the year. I'm in!
I'm in! Been away doing other things the last few months, doing ok with the $, but I need to get more active on here again to keep myself in check. Will post the totals to various sinking funds at the end of the monht- one more paycheck to go.
I would like to do this too. Last year was expensive with one thing and another, and a couple of unexpected hits in December very, very seriously depleted my savings account. Then just after that, I had to replace a recliner that was aggravating my back pain with a new one - doctor recommendation - and I ended up financing that, interest free, but still -- I haven't had to do that for years. I'm hoping to wipe that out with a tax refund (crossed fingers, since I haven't done my taxes yet).
I am just feeling way behind where I was at this time a year ago, partly my fault, partly not. So my goal is to build savings up again. That's got to trump everything else this year.
I won't see a paycheck until the end of month, so I won't really know the lay of the land until then. I can also do my taxes then, and do some concrete planning.
Thanks for starting this NikoSan - it's very timely for me.
I am in too! Just waiting for someone to post it LOL
Last paycheck I saved $210. This paycheck I put in $290 more.
I also have $70 in a house repair fund, $70 car repair fund and $70.00 in a
money challenge elsewhere on the FV.
I will also be using mine as a EF/Sinking fund until I can
get more saved. We re-fied the mortgage and I hope to be
able to put some more in.
Well we're not a large group but we have a few. Maybe we'll grow. Looks like most of us are using it as a dual role....Efficiency Fund AND Sinking Fund all rolled in one. Hey if it works for us great! I"m looking at it as a savings account and whichever happens first gets it.
I'm hoping the hot water heater holds out for awhile but not looking good. Also probably looking at a REAL plumber coming out and fixing stuff the first plumber screwed up.
Added $100 for the month.
We are a small but mighty group!
I call this my "layoff fund". if I am lucky enough to keep my job for several yes, it will switch over to being my health insurance fund. I would love to be able to retire early, and like most, health insurance would be my biggest expense. So, this fund cannot be used for anything else. I do have an automatic deduction out of my checking every month for home repairs/ appliance replacement. So, that is my "emergency fund".
Added another $100 this pay...up to $200 this month.
Good luck on your saving!
FINALLY - I saw a paycheck today. I was expecting it go down, but hoping it would be about the same. More taxes out, but I'm taking out less for my FSA at work. It went UP almost $50. :scratch: All I can figure is that at the time the payroll taxes went down (when I gained about $40 a month that I expected to lose), I was contributing much less to retirement than I am now and that's tax sheltered. That increase about equals the decrease in FSA. Our other benefit costs remained mostly the same, with health insurance going up only a few dollars.
As I am nearing retirement, I am unwilling to put less in retirement. Right now, I'm keeing take home at the bare bones what I can get by with minimum, so savings will have to build slowly with a $50 a month automatic deposit, plus whatever I have leftover.
I ran my taxes and I'm not getting back as much, but it will be enough to cover what I will owe the state - I'm one of the foolishly honest people who actually pay the sales tax on online purchases - and be able to pay off about 2/3 of the recliner I had to finance. So all in all, it was pretty much a happy dance day. I'm transferring $50 to savings tonight.
We need to work on this area also - mahalo for starting it! I have almost $800 in an EF via automatic savings. Need to add more to it on a regular basis even though I am on unpaid medical leave and will retire in June. Shall return as I figure out what's going on.
I retired 12/31/12 and my planned budget allowed monthly savings of $12.40 beyond budgeted amounts for home repairs, taxes, etc. My monthly budget for medical is $600. In January we spent $1,619.52 and so far this month $1,906.21 with most of the month to go. I've carried $1,050 medical over to be paid in March. I'm seeing my $12.40 isn't going to happen in 2013 if ever. Fortunately, I'm still working a few days here and there continuing to train/assist my replacement so I'll have a few paychecks plus my tax refunds to help cover the medical expenses. My calculations indicate the "extra" income will cover all but $350 of medical by the time we get thru April. I also reduced my grocery spending by $50 in January and hope to reduce by $100 in February and to reduce miscellaneous by at least $50 (hopefully more) in February.
Its the pits to be almost 70 and still (and forever) having to watch every penny. On the other hand, I'm thankful I have the knowledge and experience to do so. I especially appreciate the encouragement this forum gives me.
My goal is to save $12.40 that is budgeted for savings each month plus find a way to increase that amount by cutting cutting cutting.
How are the savers doing? I added a pitiful $50 this paycheck bringing it to $250 this year. It sounds better to say I'm up to $3950 since 1/1/2012! Ah, now I feel better!
Been awhile since I started the thread and posted. Right now to date haven't added anything since the beginning. It's one thing after another but the initial is still there. I know I can add a small amount which is better than nothing. Hot water heater is still in the future so guess that's what we're saving for but somehow will have to find a way long before it's in this particular fund.
How are we getting on? Well, I put in $100 for Feb, but March may be a holding pattern. The $50 auto deposit will go in. This month I've been a spender rather than a saver, laying in all the supplies to revive my old cross stitch hobby. I've bought patterns, more than I needed I'll readily admit, thread for them, some fabric, miscelleous supplies - hoops, needles, that sort of thing, so I will have a larger CC bill to pay off in March than I hoped. But that is all on board now, so I have no further excuse not to save.
Instead of chucking some of the small tax refund in savings, I've earmarked it, as planned, for the recliner payment. After that bill comes and is paid in a few days, I'll only owe a $100 on it, so I will be clearing it well before interest would kick in. That's the priority right now.
As I predicted March will only get the auto transferred $50. It feels like I am not saving at all, but I have to remind myself that a big chunk of my paycheck, about a third of it, is going into retirement every month. So I am. It just doesn't feel like it, and the emergency fund is scarily low. If anything dire came up, it could go on a CC, but I definitely don't want to do that, so here's hoping Murphy keeps his distance for a while until I can turn my attention more to replenishing the EF. The first priority remains wiping out the financed furniture before any interest kicks in.
Last month pretty much wiped out all I had in all
categories. However, fixed several things, bought
wheel barrel for major project this summer, and
added considerably to my clothing selections.
New totals in siggy by category instead of lumping
it all together for a better looking total LOL
I had a work day with dh last weekend.
Got lots of stuff done. This payday I
picked up a new pump for swamp cooler, new
plastic for windows in the fall. I am going to
take it all down, open some of the blinds, wash
inside windows, clean and poly the window sills
and windows and then put new ones up.
Maybe caulk as well, not sure how much is needed.
Since I last posted, it has rained fast and furiously on us - in terms of an undetected water heater slow leak = $5000 for the mold and mildew people. We still have to rebuild walls and replace the water heater. And the about $4000 in dental bills for DH and me. For some reason I thought we would be able to get away to Las Vegas for a few days to give DH a total break - not happening in the near future unless we win a trip.
Still having $240 monthly automatically transferred to EF.
I'm late joining.
But I added $45 today, bringing the total to $4665
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