I’m on board! I recently paid off my student loans 
and decided to keep up the momentum by diverting those funds to savings. I’m set up to put about $10,000 into my 401(a) this year so I’ll aim to add $10,000 to my savings account as well.
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I am in a 2 person household with mostly combined finances, so we are going for 40k.
The Shadowy One’s 2020 TFSA is funded, so that is 6k CAD.
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Let’s go USD so AU$29 425
Based on a typical month last year, it will be a stretch but completely doable. We have some large expenses on the horizon this year so will need to keep checking in on our daily expenses too.
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We refilled the efund with my bonus, and the rest has been moved to a non-registered qt account, which takes us to 35% of the challenge.
The rest of the year will be slower (except for tax refund time) because we need to make the money first instead of having it in wait from 2019 activities.
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Put $6600 into our HSA. Need to decide if it’ll stay there or if we’ll take reimbursements for birth costs.
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I lied. The Shadowy One’s former employer just dumped a bunch of money into our chequing account which I guess is part of the agreement we came to. Who really knows what they are thinking. Probably they have so many people they’re trying to keep track of. We’ll just keep a close eye to make sure in the end it is as much as we agreed.
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Just added £1000 to my ISA, and £262 (my contributions - I’m not counting matching unless I get desperate) to my pension fund. If I average this a month, I’d get £15144, so not quite at my goal - though well within reach with a couple of better savings month/ Christmas bonus/ possible pay rise on the horizon. Technically I also put more money in from this years bonus in this month, but that only made the cut because I was lazy in moving it, so it won’t count 
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62.5% Which is embarrassing/uncomfortable to post.
Is it helpful for anyone to see how easy an easy mode can be if order of operations goes right? Because this seems unfairly something.
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I understand this. There’s a big difference between easy mode and hard mode. I’m at like I think 10% but only because I’m only counting 401k contributions and I’m using “other stuff” for the 20% in 2020.
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As of today:
- 401k chugs along doing its thing, set to max at the end of the year
- Just filled out my updated HSA paperwork, so that should max too
- I have contributed $2230.75/6000 to my Roth IRA for 2020
- This means I am currently 16% of the way to $20k!
January is always a low-spend, high-savings month for me (no big recurring expenses like insurance, and everyone is feeling cheap after the holidays). I will seize this ish with both hands and run with it.
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Have not yet been paid this year, Will report back in a couple of weeks.
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This challenge has prompted me to consider turning our budgeting on its head. Normally I tuck a bit away into a million sinking funds. That works for stuff like annual bills, but isn’t working for us for as-needed spending. Instead, I’m going to dump all that money into our savings bucket and take money out if we actually spend it.
I also use YNAB and budget a month ahead, so for January we’ve saved $980.
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Doing my end of month update early while thinking about money stuff. Numbers are year to date.
- $1,000 Roth IRA
- $2,202 403(b)
- $214.17 mandatory employee contribution
- $621.81 employer contribution
Total YTD: $3,855.98
19.28% to 20k!
It being a 3 paycheck month definitely plumps up the numbers here. Only counting my own retirement accounts, not including Husband’s or cash type savings.
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$26591 grand total needed.
End of January check in for investment savings total ytd
3010.38 Total
1225.50 RRSP
495.81 TFSA
793.26 non registered investment account
495.81 company match (thanks for buying our stock)
I’m currently putting in $1003.89 every 2 weeks automatically. I will be short by $500 at the end of the year, but I’m sure I will get some overtime in to be able to hit this number.
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Cash Savings YTD: $1,617.19
Traditional IRA: $200
YTD Total: $1,817.19/$20,000 (9% Total of goal at 8.4% of the way through the year)
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First check-in of the year!
This month’s savings - (drumroll)
Retirement: $1320
Savings account: $2540
Proud of my progress so far, but this month was easy mode with 3 paychecks. In February I’ll be looking to find more ways to socialize for free.
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$2653 saved so far, all but $279 of it pretax withholding/employer match. 1/10 paychecks of the year accounted for.
We may, likely will, still max at least one TIRA at tax time.
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First of Feb: currently have $2,800 in the kitty. $1,650 contribution this month. We made some big changes last month, this month my goal is to swap car/parking for public transport/ bike/ walking on a few trips each week and see if I have money left in the transport budget at the end of the month to add to savings.
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January savings: $2300
Whoa! That’s more than I was expecting! Hooray!
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As of end of January we are 68.8% of the way towards this goal.
Again, we recognize we are playing on a very easy mode right now.
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