that may be true… but i definitely also see myself developing an appreciation for forum badges
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June pre-tax income: $2472
June all saved: $647.11
26.2%, yay!
This quarter I got the stimulus check as well as a commission check at work. I am keeping track of the amount, but not counting those anywhere for now because I am not sure what I will do with them yet. They are currently just hanging out in my savings account, hopefully only short term, so I don’t want to count them as “savings” yet. If I have a bad sales year at work, it may need to just be spent on life stuff, so I would count it as income then. But if I have a decent year, I am hoping to pay off my mortgage in a few months where that money will be used. I guess I can count the money as income and the mortgage principal as savings at that point? I haven’t really known what to do with them, so maybe I am doing it wrong by ignoring it…
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I think both checks count as income. Do you have a 3-6 month emergency fund? You could stash it in there, and consider it short-term savings. If you end up needing to spend it on life stuff, you could deduct it from the savings tally. If not, you could leave it a 3-6 month cushion in there, and pay off mortgage with any extra.
I personally like to count extra mortgage principal payments as savings, though highly illiquid and lacking in flexibility. EDIT: On second thought, maybe it’s closer to debt payoff than savings. If it’s for the home I live in, I don’t expect to be able to access that money for living expenses or retirement. Sorry about the detour!
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Thanks! I think I will count both as income a few months from now, once I decide what to do with them. I have a note to remember to figure it in at some point in 2020 for this challenge. If the money doesn’t go to house payoff, it will probably just stay in savings. I’m really hoping I don’t need the money for general living, but that will depend on my sales for this year. I can live on my base pay, but commission checks are super nice too! Through June I have sold enough at work to pay my base salary so if I can keep it up for the next few months I won’t need the money for living so can pay off the mortgage. I do have a good emergency fund, at least a years worth.
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I dropped $600 in my savings account today because I had to move money around while I was transferring my credit card balance to my regular credit card balance etc etc and I was like “I am just going to do this now while I am feeling anxious about it”. So now I have saved $600! Please clap.
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June update super late!! Trying to remember to check in here and make sure I am hitting my targets.
Net Income
$2368- includes 4% 401k match from employer
$262.60- selling random things on Ebay
Total- $2630.60
Savings:
$154- 401K
$255- E Fund
$850- Debt Repayment
Total- $1259
Savings rate for May- 47% ish. June was tight. I was lucky to sell some things that I didn’t need anymore for some extra cash+debt repayment
2020 annual savings running totals:
$1317 401K
$400 Traditional IRA
$1055 E Fund
$300 Car fund
$4782.84 Debt Repayment
Total: $7854.84 / $12480 (30% of gross income+401k Match)- 63% of the way there!
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Paycheck weirdness from last month sorted, so my second July paycheck is accurate and will be what August’s look like. Starting in September–a raise! Also starting in September–daycare! Unless–COVID!–okay, I’ll stop. I’m teaching online this semester, but even just trying to get my budget numbers updated and send some emails was difficult today with the baby’s nap schedule, so some kind of childcare will be necessary. I’m trying to figure out if I can get it down to part time to cut the weekly bill in half–yes, half.
Also, I hit my OOP max! Bring on all the PT appointments to salvage my shattered pelvic floor! But that was an expensive milestone, so not as much progress this month. I had to pull some money back from savings to pay it off. Thankfully not much left to deal with–some of her early appointments/weight checks/lactation consultant visits I think, but as long as she stays pretty healthy, her well baby visits should be mostly covered. On to the July numbers.
July:
Salary: $4,382
Total Income: $4382
Loan: $150
Reserve: -$400
403b: $219
IRA: $500
Total Savings: $469
July Savings: 11%
2020 Savings: 37%
2020 Total: $13,584
68% of the way to $20,000 at 58% of the year. Still probably not going to make it, unless I do manage to make part time daycare work. Also TBD, start a 529 or not?
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How can it possibly be August? Anyway… here are July numbers.
July pre-tax income: $3090
July all saved: $746
24.2%, yay!
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End of July!
Well, I didn’t do so well on saving cash toward the e-fund this month, despite the fact that it was a 3 paycheck month. 
That said, I did buy some things that I needed to buy. That whole extra paycheck (and then some!!) went toward:
- Cell phone replacement (I replaced my old iPhone SE with the new iphone SE)
- 1-2 year supply of contacts
- Annual climbing gym membership
I really debated on what to do regarding my climbing gym membership. On one hand, it sort of feels like charity because I do not feel very comfortable going to the gym right now. They are limiting people inside and everyone is required to wear masks, but still. I’ve gone a couple of times either super early or super late and basically had the place to myself, but I am by no means going 3 times a week for hours at a time like I used to. But I want to support the gym and have them get through this and I’m still gainfully employed unlike a lot of people, so 
I just did it.
Added this month:
$736 - 401K
$20 - Roth IRA
$0 - Emergency fund
$75 - Car fund
2020 annual savings running totals:
$5,126 - 401K
$140 - Roth IRA
$1,120 - Emergency fund
$600 - Car fund
Total: $6,986 / $11,250 = 62% of the way there.
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July update. NGL this month sucked. I had a week of furlough, did not get unemployment, and had a $750 car repair. Thankfully I have a car fund…but that was to save for a new car, not fix my old crappy one. Anywayyyyy shit happens.
Net Income
$1765- includes 4% 401k match from employer
Total- $1765
Savings:
$115- 401K
$394.00- Debt repayment (medical and CC)
Total- $509
Savings rate for July- 29% ish. I was lucky to hit that…thankfully I pre-paid my rent in June, and was able to take my car repair out of savings. August will be better!
2020 annual savings running totals:
$1432 401K
$400 Traditional IRA
$1055 E Fund
$300 Car fund
$5176.84 Debt Repayment
Total: $8363.84 / $12480 (30% of gross income+401k Match)- 67% of the way there!
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iPhone SE buddies! I didn’t go SE to SE, but I got the new one and was so happy there was a small, cheap model that still had all the familiar iPhone features (home button!). Plus an excessive amount of storage for what is already over 500 baby pictures.
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I did the same thing- so happy with it. My old SE was on its last legs and I liked paying $270 for a Phone instead of $800
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I’m still rocking the original SE but will replace with the new one when it dies.
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The new SE is still bigger than the old one and I’m grumpy about it (preemptively, my battery isn’t great but my phone is still alive). I want a phone my hands can actually hold! And I have pretty big hands!
I’m also grumpy about it, possibly enough to go back to android if I can find a small one, but on the other hand, while my hands are not getting any bigger, my vision is getting worse, so there would be some advantage to size.
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I’m considering a pixel but also I like iPhones and I don’t want to learn new things.
I was grumpy about the size too, and then I used it and I didn’t notice after one day.
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July! - Quite Late
YTD post-tax income including stimulus : $28,744.04
July post-tax income: $3,418.54 (Day Job + Business + Birthday money)
Cash Savings YTD: $14,678.95
Traditional IRA: $1,831.84
YTD Total: $16,509.84 /$20,000 (82.5% Total of goal at 58% of the way through the year)
July Percentage: 57% of post tax income
YTD Percentage With Stimulus: 57.4% of post tax income
YTD Percentage Without Stimulus: 60% of post tax income
??? of pre-tax income; will calculate end of year
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I make more money now and should up my savings, but this is a weird thing to think about since I haven’t been paid since May.
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