Good point!! I need to figure out what that is 
. We have it in a pile of paperwork. Will adjust when I figure that out.
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Oooh I have not been counting my mortgage principal! That counts?
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Yup!
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OK, I finally got around to calculating my savings rate. I re-calced my YTD to include mortgage principal but did not go back.
In March we were showered with money. I got a bonus, it was a three-paycheck month and we got a big tax refund. So our savings rate for March was low- that money went toward getting out of credit card float land and back into the real black, and padding the budget to hold us until the next windfall month.
March
Gross income: $18443
Savings: $2369
March savings rate: 12.8%
YTD gross: $35864
YTD savings: $6920
YTD savings rate: 19.3%
These numbers are probably actually inflated because I just reduced my paycheck deductions and we may pull from the HSA to fund home electrification (I have thousands of dollars in unreimbursed receipts). But it’s a good exercise to track.
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Update – finally figured out the mortgage principal thing.
March numbers updated to 14.55% savings rate and YTD through march updated to 21.18% – so not quite as much catching up to do!
The first Mortgage payment was made through a temporary portal thingy but now everything is settled and the new payment website makes it a lot easier to see at a glance what we’re paying re principal vs. escrow vs. interest and how much of a difference it makes if you pay off a bit extra of the principal each month. Kinda depressing how little goes toward the principal but definitely makes me motivated to pay extra on it!!
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It was definitely exciting when I crossed the line to my payment being more principal than interest!
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April update: Earned $3,333 (yaay tax refunds) and saved $1,803. This was another month where I spent a lot more than I’m showing here, because again I was spending from Sinking Funds I’d made last year (including some new clothes, birthday presents, registration fees for new license plates, and a tattoo!).
Being kind to myself and not counting what was spent on sinking funds, I’m now $6,916 / $10,000, 69% of the way to my goal [niice].
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April update:
Pre-tax income: $5126
Total savings: $1336.76
Savings percentage: 26.08%
YTD percentage is 22.51%
I’d hoped to save a bit more but I didn’t. Not feeling inclined to be hard on myself though, as I feel decent to good about almost all the non essential things I spent money on. There are a couple subscriptions I need to cancel.
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May 1 check-in:
Roth 401(k): $2743
RothIRA: $2000
mortgage principal: $1740
Total: $6,483
gross income to date: $27,335
saved to date: 23.7%
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Belated check-in for April:
Gross income: $8905
Savings to HSAs and retirement: $1562
WITHDRAWN from HSA: -$7285
Net savings: -$5723
YTD:
Gross income: $45,023
Net savings: $1197
Rate: $2.7%
Ouch! But we withdrew for a reason that’s important to us.
Withdrawing from the HSA will probably be a regular thing going forward. Should I still count money going into the HSA as savings, and then just minus what I’m taking out?
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May Update: Earned $3,030 and saved $1815. Once again I excluded anything spent from the sinking funds I’d put money towards last year, especially the money spent for housing applications and the security deposit for my new place.
This puts me at $8,731 / $10,000, 87% of the way towards my goal!
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May update:
Pre-tax income: $4585
Total savings: $934.25
Savings percentage: 20.38
YTD percentage is 22.09%
Whoops! Dog had an unanticipated vet visit, we had rats in the house and had to hire an exterminator, and I decided to support a couple friends financially with things. So this was not a high savings month.
I already haven’t been super thrifty this month but it should be a high income month and I already squirreled a big chunk into my emergency fund from today’s paycheck.
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20% is high savings rate!
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It is! Just not compared to last year when we were saving to buy the house. Since then it’s been a combo of some more expenses and feeling like it’s ok to relax a little in some areas and it’s just a bit tricky to figure out the balance of what’s healthy relaxation and what’s a little too relaxed. I like that I’m doing this challenge as it does help me focus on saving more than I otherwise would given that we don’t have the huge “buy a house” short term goal anymore!
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This is through May. I am still hoping to join the $20,230 group in a few months if I can swing it. Sales have been ok but not great so far this year.
Total earned $17,978
Total saved $8,425
47.9%
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Much belated May numbers- we’ve been on vacation and then had Stuff.
We had fewer HSA withdrawals this month, so our savings rate is more positive.
Gross income: $8576
Total savings minus HSA withdrawals: $1451
Savings rate for May: 16.9%
YTD: $53599
Savings YTD: $2648
YTD savings rate: 4.9%
Last month we were at 2.7% for the year so it’s nice to see the number creeping up again as all that money we pulled from the HSA for the new electrical panel and water heater* starts to average back out.
*Using old receipts from 2020.
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June Update: Earned $3,231.10 (got my deposit back) and saved $1,573. This excludes spending from sinking funds I’d put money towards last year, but includes the money I spent on my work trip to DC-- everything I spent should be reimbursed, but since I get that money in July I will reflect it in added income for that month instead.
This puts me at $10,304.91 / $10,000 which is over my goal!
I will continue to save and push for $20,230 but the next few months will be interesting-- I am now in my new place with my parents, which will affect my budget. I am also traveling a lot in July so I expect my savings to be lower.
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Through June:
Income $21,068
Total saved $9210
43.8%
I think I should be able to join the $20,230 after I get a commission check which should happen in a month or so. Fingers crossed!
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I hope it’s OK if I keep using this thread to track my percent saved even if I am not going to reach the 23% mark!
In June I took another big HSA withdrawal to pay for my new ebike. If this seems extravagant- I still have over $20K in there and I am currently working my way through the 2020 receipts! I’ve almost met my deductible this year, too, so I’m just using my HSA a little more actively than before and for targeted reasons.
Gross income (2 earners): $8101
(Low because the Boy took several days of FMLA leave)
HSA withdrawal: (1217)
Savings and mortgage principal: 1610
Net savings: 393
June savings rate: 4.85%
YTD: 61,700 gross income
YTD savings: 3041
YTD savings rate: 4.93%
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Got my commission check today so I am moving over to the $20,230 group.
YTD earned $36,254
YTD saved $18,960
52.3%
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