Saturday, August 5, 2017

The NO Savings Month Recap-July 2017


Goodbye July, the nonexistent savings month. It is not entirely true because we have nearly 35%of our income go into 401K, pension, and health savings account, plus we continued to pay ourselves a car payment after we paid off a former  car loan. I have to put in again for a rejected medical reimbursement.  I am not stressed though. We had ample funds to pay our bills, enjoy some quality family time, and give to a few charities and extended family and friends going through some pretty crap times. We didn't have to go into the savings account either. So despite the stagnant progress on our financial savings goals for the year, I'm declaring July, if not a success, at least not a financial failure.

Towards the $31,000 remaining savings goal, I'll have a third paycheck in September to throw at it. Plus, I'll hit my 401cap in November, so will see a jump in my take home. those combined, plus the $1100 still to be reimbursed, chips $5,400 away, leaving $25,500, or $5,100 per month. (I'm laughing typing that as our take home is only about $400 more than that on an average DH month). I have my raise showing up on my next paycheck too, in time for that third paycheck. I'll be posting a second time on my thrifty wins and woes for July-just to keep me honest. I love reading other peoples success. This is a sharing community space, not a competition. We all have different resources, needs, wants, and priorities. When each of us can reach our own milestones like hitting a major savings goal, or like me, staying financially focused on the long haul even if I can't reach impossible targets, it calls for celebration, on a budget of course.

July Recap

Annual Savings Goal          $40,417
January Deposits                $ 2,200
February Deposits               $1,283
March Deposit                     $4,901
April Withdrawal (Roth)       $-4,616
April Deposit                        $ 2,700
May Deposit                         $1,500
June Deposit                        $1,000 
July Deposit                         $        0
Perks to Cash                     $     15
Savings Goal Balance        $31,307

Financial Goals Achieved
Fully Fund Roth                  $13,000

Revised Savings Goal
Balance  August 1, 2017 (+ paying back borrowed previous savings)
                                            $31,013

December Fun Money        $     480
January set aside               $       70
February Set Aside             $         0
March Set Aside                 $         0
April Set Aside                    $         5
May set Aside                     $         0
June set aside                     $     -40 (I need to repay this. Twice, DD2 needed cash one and  I had nothing in my purse.)

Savings Goal Balance         $     425

2017 Goals-Recapped
 DH full 401K and Roth        $19,000
*Home Repair/Enhance       $ 5,800
*Travel                                  $ 7,500
College Savings                   $ 8,117
                                            $40,417
*Part of adding to  existing and revolving funds. 

2 comments:

  1. You're doing great, and to your point, not every month can be amazing. Sometimes, the months where we barely squeak by are important as well, because they remind us to check back on our goals, or demonstrate that we're saving enough to cover the big unexpected expenses.

    I used to love those months when my 401K was maxed. I have a slightly different bonus schedule now, so I max out with my first paycheck of the year (bonus), but then don't have the big cash influx later in the year.

    ReplyDelete
    Replies
    1. I'd love the opportunity to do the max right away and have toyed with increasing my % so the whole last quarter can be a savings catchup. I'm not sure if I let spending leaks happen with more income accessible. Strategies vary.

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