25 in 2025: Save $20,250

[diapasoun]

@diapasoun

My goal is to save $20,250 for both of us income earners, so $40,500. We’ll be paying daycare this year, and also we’re in the first year of a 6.5% mortgage, so it’ll be a challenge in a way that it hasn’t been previously.

ETA: oh and my out of network PT. HAHA this is gonna be hard.

Hahahahha yeah so I am totally not going to save $40,500 for us, unless things change a bunch. I will hopefully meet $20,250.

[LadyDuck]

Yeah I think our deliberate savings is currently net $0.

[BiblioFeroz]

I haven’t rememberedto update monthly but here is a Q1 update! All these are paycheck savings plus the principal on our mortgage, and it includes my husband’s employer match but not mine because his is a 401(k) and mine is a pension.

Minor variations are just based on fluctuations in our work hours.

January: 1964 (3 paycheck month for me)
February: 1893
March: 1855
Total: 5703

So we are on track so far! I have a decent cash cushion right now so hopefully we won’t need to tap savings for any expenses coming up.

[BiblioFeroz]

Boring April update! We saved the usual amount of dollars and are now at $7514 for the year, so still on track so far.

I am going to drain our savings to pay for solar panels. I am NOT going to deduct that from the goal to save $20,250. That is the goal in NEW MONEY savings.

[rural]

@rural

We’re in. Just the $20,250 rather than doubling it to start with, but just maxing two Roth IRAs plus catch up and one family HSA plus catch up is over that amount, so we’re pretty well guaranteed to make it. Might go for doubling it for two people if his business takes back off. It’s been pretty quiet in November and December.

Well, I haven’t been posting here. We did the IRAs for 2024 and are doing the HSA maxing. I’m contributing minimally to my Roth 457b ($50 a month) just to say I’m contributing something.

His business has taken off quite a bit, but we have also bought a (used) truck and (new) mini-excavator for the business, so waiting to see how the summer goes. If it goes very well, we may look into a Roth SEP IRA for him rather than upping my contributions - that will take some figuring out, though. We do plan to max out our regular Roth IRAs for 2025 in early 2026, so the question will be if there’s more money we need to invest at that point.

So, numbers.

• 2024 Roth IRA plus ‘you’re old’ catchup for two in Feb. 2025: $7,000 each plus $1,000 catch-up times two = $16,000
• Family HSA max plus $1,000 'you’re old" catchup for 4/10 paychecks for the year (I don’t get paid in June and July): $955 times 4 = $3,820
• Roth 457b at $50 a month times four months = $200
• Pension contributions probably should count but complicated - $425.08 for three months and $411.58 for one month = $1,686.82
• TOTAL TO DATE: $21,706.82

I guess we did it. Feels like cheating since we are front-loaded by my habit of making the prior year IRA contributions when I do the taxes, but especially now with his income irregular, that feels like the best thing to do. I guess it really doesn’t matter since we can take out Roth IRA contributions any time, but my emotions don’t like that.

If we don’t count the pension contribution, which is not optional, we’re not quite there at $20,020 for the year.

TBD if we’ll go for $20,250 per person.

[anomalily]

@rural

I guess we did it. Feels like cheating since we are front-loaded by my habit of making the prior year IRA contributions when I do the taxes, but especially now with his income irregular, that feels like the best thing to do. I guess it really doesn’t matter since we can take out Roth IRA contributions any time, but my emotions don’t like that.

YOU DID A GREAT JOB DON’T UNDERCUT!!!

I will try to make the badge ASAP

[diapasoun]

Currently at 10,364.30.

Pretty good, considering daycare and lower pay on leave.

[rural]

Doesn’t matter to me when you make the badge. I know you’re overwhelmed, so do it when you feel like it.

[Candygirl]

@Candygirl

Check in:

TFSA- 6,770/7000
RRSP- 18,200/18,739
Company match- 2103.00
EQ Notice Account- 946
Margin - 900.00

Total: 34,550/29,170 grumble grumble exchange

True target: 34,550/50,000

Numbers update above. So challenge completed, but still working on the stretch target. No consideration for package included in this. I also need to stop my RRSP deposits shortly; will do 2 more so I exceed it a little bit which won’t cause a penalty.

[BiblioFeroz]

Belated update for May: We are at $9313 saved for the year although May was a lower earnings month with just $1799 saved. Our earnings fluctuate a little depending on opportunities for more work hours.

So we are on track (except that I am going to blow a bunch on solar panels but that doesn’t count for this purpose).

I realized that now that I no longer have the ability to fund my HSA, the Boy is supposed to be putting the whole family amount into HIS HSA… but he isn’t, and I can’t do it for him, and he says he is going to do it but just hasn’t gotten around to it.

I have also applied for a FT job which would wildly impact our financial breakdown and who does what if I were to get it (we currently work 50 hours a week between us, and we probably still would or even a bit more, but instead of 20/30 me/him it would be more like 40/10, if his job would let him stay on in a limited role).