I've updated the target spending plan to include the added $3,600 in estimated expenses caused with the trip changes and new choir expenses. Added to the original $47,500, our aggressive savings target is now $51,100. We had already planned to use $13,000 from last years savings, so we now need to save $38,100 above our regular living expenses to avoid dipping further into savings or scratching things from the 2018 spending plan.
- Fully fund the Roth $13,000
- Once in a lifetime family vacation $15,000 ($3,000 added)
- College Fund $12,000
- College and Show Choir Road Trips $ 1,500
- All State Camp $ 600
- Home Upgrades $ 9,000 $51,100
Roth $13,000
Taken from Savings -$13,000
Vacation expenses paid $5,076
College/Show Choir trips paid $ 1,282
Cash Savings Increase $ 1,100
Total Savings achieved $ 7,458
Goal Balance $30,642
Subtracting another third pay check month for me and increase check at years end when I've fully funded my 401K, (total approximately ($5,750) our monthly savings target is now $3,112, up from the beginning of April by $518, over seven months, almost exactly what the financial blip amount is. We've been paying some of the vacation expenses along the way and you can see the biggy, the Roth retirement fund was fully funded, so we have now tapped as far into savings as I wish to go, though because of ebb and flow of when some payments will be due, that might be unavoidable, even if temporary.
May will have a few planned, but not regular expenses including taking MIL out for Mother's Day. We have a plethora of grad parties coming up, a few this month already but we'll cash flow all these through regular budget lines like entertainment and gifts. How did you do in April? Comment and link below if you write about your budgeting.
Croissant and Baguette Fund: This is the collection of loose change I wrote about here.
$17.38 including the 11 cents I found.
Nice work - we hit our savings target, but ended up having to pay more for summer camp than I'd planned. I forgot about the first week that school's out. In another year, we'll be able to leave the kids alone, but 40 hours or so at their age feels like too long. So, that was an unexpected chunk of change.
ReplyDeleteFiguring out how to save $3,112 in cash or towards expenses is a huge goal. It really will depend on DH's earnings a mine are static and watching the every day expenses. I remember the cusp years of having to decide when and how long the kids could be in self care. I found splitting up the weeks with activities that broke up their day time home alone was helpful as the days home were spent with chores/tasks, reading, and some down time, but didn't get too routine.
DeleteI have to laugh at your yearly savings goal of $38,000. Our whole family lived on that before taxes all the while the kids were growing up. We all come from such different spectrums when it comes to finances. But we all face the world pretty much the same way, with the same problems and desire and goals. I love it!
ReplyDeleteWhen we were starting out and for several years, our combined income was under $45, but the last dozen years has seen both of our careers flourish (other than the 9 month gap in DH's employmnet when the economy tanked). It was those lean years, paying child care and then taking home so very little, but I carried the health insurance, we learned our best budgeting skills. Now, I'm trying to tap into them for these lofty goals. you are so right, everyone manges and has different resources but we share common themes.
DeleteWow! Good job woman!
ReplyDeleteI'm trying to hone new savings skills form all of you. Dang life can be expesnive though.
DeleteYou've got it all under control, even with the hiccup!!! Our month was pretty yucky having to pay the IRS, but at least we had the cash to do it!!!
ReplyDeleteWe had a $3800 tax bill, but moslty due to untaxed bonus funds DH earns and we set aside 40% for this purpose so it did not come out of our regualr cash flow. While I don't think it is under control-that monthly target just keesp gettin gbigger, the deed is done and we'll either procrastinate another year of home improvments, or decide to tap furhterinot savings, but I don't want to amke either choice.
DeleteYou are doing great. In April we saved $2500 towards college savings. March was a 3 paycheck month so the rollover for April was high. I put my may goals here: https://mcoia.blogspot.com/2018/05/goals-for-may-2018.html
ReplyDeleteGreat savings. We'll have another 3 paycheck day in October but I've already factored that in.
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