Showing posts with label Good News. Show all posts
Showing posts with label Good News. Show all posts
Thursday, May 26, 2016
Tuesday, May 26, 2015
Some Slightly Better News on the Rising Cost of College
Glad to hear that the dramatic rise in college costs is starting to slow down a bit. As I posted previously, we have started a 529 fund for Baby Sam. So far, we have contributed $2100 to the fund.
Friday, May 8, 2015
A Windfall is Coming
As you can tell from the title of this post, clearly I'm a Game of Thrones fan.
So, I received news that I'm getting a bonus this year. This bonus was unexpected for a couple of reasons. First, I was on maternity leave for more than three months. Second, I did not believe I was eligible for this type of bonus.
So money is coming our way and it is a decent size chunk of cash. Of course, after Uncle Sam takes his bite and after the deduction for my 401k, the number shrinks. But, I won't complain one bit.
My tentative plan for the money is as follows (final plan depends a bit on the amount). First, 50% will go to our baby debt (which presently is $5421 at 0%). Second, 25% will go towards our upcoming summer vacation (so, into our travel savings fund). Third, 15% will go towards our 2015 IRA savings account. And, finally, 10% is for me to do what I want with (spa, clothes, dinner out, or some other kind of treat).
How do you spend bonus money?
So, I received news that I'm getting a bonus this year. This bonus was unexpected for a couple of reasons. First, I was on maternity leave for more than three months. Second, I did not believe I was eligible for this type of bonus.
So money is coming our way and it is a decent size chunk of cash. Of course, after Uncle Sam takes his bite and after the deduction for my 401k, the number shrinks. But, I won't complain one bit.
My tentative plan for the money is as follows (final plan depends a bit on the amount). First, 50% will go to our baby debt (which presently is $5421 at 0%). Second, 25% will go towards our upcoming summer vacation (so, into our travel savings fund). Third, 15% will go towards our 2015 IRA savings account. And, finally, 10% is for me to do what I want with (spa, clothes, dinner out, or some other kind of treat).
How do you spend bonus money?
Thursday, March 5, 2015
2014 - Final Savings Numbers
(1) Max out 401k(s) - $22,588 65% (goal is $35,000)
(2) Max out IRA(s) - $11,000 100% (goal is $11,000)
(3) Add to e/r fund - $10,400 104% (goal is $10,000)
(4) Roof project - $5,000 100% (goal is $5,000)
(5) Vehicle replacement - $5,000 100% (goal is $5,000)
(6) House projects - $3,000 100% (goal is $3,000)
Total: $56,988 83% (Goal is $69,000)
So, we saved almost $57,000 in 2014. While a respectable number, we missed our goal by $12,000. Mr. Sam was not eligible for his 401k until midway through the year and that is one of the main reasons that our 401k savings number was reduced in 2014.
We did have some major expenses in 2014 that are not reflected (entirely) in our savings goals. First, a new car for Mr. Sam which was paid in part with cash. Second, a new roof for one of our properties. The roof was a savings goal, but also cost more than what we saved and we could no longer put the project off.
We also incurred some debt in 2014. Mr. Sam's new car was paid in part with cash (about 40%) and the rest is loan. Second, we added to our family in 2014 (which is why I've been away from the blog for so long). We had considerable expenses related to the conception (via IVF) and related to the nursery and birth (most covered by insurance, but a big chunk that was not). We also had a major house project prior to the baby arriving. We are working on paying down the baby debt and it will be part of our 2015 savings/debt killing plan which I am working on creating.
(2) Max out IRA(s) - $11,000 100% (goal is $11,000)
(3) Add to e/r fund - $10,400 104% (goal is $10,000)
(4) Roof project - $5,000 100% (goal is $5,000)
(5) Vehicle replacement - $5,000 100% (goal is $5,000)
(6) House projects - $3,000 100% (goal is $3,000)
Total: $56,988 83% (Goal is $69,000)
So, we saved almost $57,000 in 2014. While a respectable number, we missed our goal by $12,000. Mr. Sam was not eligible for his 401k until midway through the year and that is one of the main reasons that our 401k savings number was reduced in 2014.
We did have some major expenses in 2014 that are not reflected (entirely) in our savings goals. First, a new car for Mr. Sam which was paid in part with cash. Second, a new roof for one of our properties. The roof was a savings goal, but also cost more than what we saved and we could no longer put the project off.
We also incurred some debt in 2014. Mr. Sam's new car was paid in part with cash (about 40%) and the rest is loan. Second, we added to our family in 2014 (which is why I've been away from the blog for so long). We had considerable expenses related to the conception (via IVF) and related to the nursery and birth (most covered by insurance, but a big chunk that was not). We also had a major house project prior to the baby arriving. We are working on paying down the baby debt and it will be part of our 2015 savings/debt killing plan which I am working on creating.
I've been gone so long
I forgot my password.
But, I'm back. More about why I was missing in action later.
But, I'm back. More about why I was missing in action later.
Monday, August 25, 2014
$2 MM
According to today's update, our assets have snuck over the $2 million dollar mark. While a number is just a number and I recognize that the value of our assets are mostly variable (except for the cash), I always get positive vibes when I hop over one level to the next.
Thursday, July 31, 2014
Mr. Sam's 401K
After more than a year, Mr. Sam is finally eligible for his 401k. And it even comes with a match. Hooray!
To start, since we are having a year of financial set backs and struggles we have set the contribution amount at a reasonable number. We will, hopefully increase it as we work it into our budget.
To start, since we are having a year of financial set backs and struggles we have set the contribution amount at a reasonable number. We will, hopefully increase it as we work it into our budget.
Thursday, September 12, 2013
2013 Savings Goals - September Update
(1) Max out 401k(s) - $24,233 (69%) (goal is $35,000)
(2) Max out IRA(s) - $9,631 (88%) (goal is $11,000)
(3) Add to e/r fund - $7,200 (72%) (goal is $10,000)
(4) Pay down mortgage - $2,075 (42%) (goal is $5,000)
(5) Trading account fund - $50 (1%) (goal is $5,000)
(6) House projects - $1,800 (60%) (goal is $3,000)
Total: $45,819 (66%)
At present we are @$3,200 behind on our savings goals. I have restarted goal number 4, prepayment of mortgage principal, and if I double up on our payments for a couple of months I can get back on track. I also expect to complete goal number 2 over the next few weeks. We are on target for goal number 3 as well. We will not be able to complete goal number 1, maxing out our 401ks, due to Mr. Sam's layoff. But, I am hopeful that we can add some money to the trading account fund to make up for that shortfall.
Since it is September, and because of Mr. Sam's job situation, I am starting to think about how to close out our savings year such that we can beat last year's savings number ($62,066). We need to save another $16,281 to exceed last year's total. That is going to be a stretch. If we complete goals 1 (by adding to goal 5), 2, 3 and 4 we will reach $17,000.
We shall see.
(2) Max out IRA(s) - $9,631 (88%) (goal is $11,000)
(3) Add to e/r fund - $7,200 (72%) (goal is $10,000)
(4) Pay down mortgage - $2,075 (42%) (goal is $5,000)
(5) Trading account fund - $50 (1%) (goal is $5,000)
(6) House projects - $1,800 (60%) (goal is $3,000)
Total: $45,819 (66%)
At present we are @$3,200 behind on our savings goals. I have restarted goal number 4, prepayment of mortgage principal, and if I double up on our payments for a couple of months I can get back on track. I also expect to complete goal number 2 over the next few weeks. We are on target for goal number 3 as well. We will not be able to complete goal number 1, maxing out our 401ks, due to Mr. Sam's layoff. But, I am hopeful that we can add some money to the trading account fund to make up for that shortfall.
Since it is September, and because of Mr. Sam's job situation, I am starting to think about how to close out our savings year such that we can beat last year's savings number ($62,066). We need to save another $16,281 to exceed last year's total. That is going to be a stretch. If we complete goals 1 (by adding to goal 5), 2, 3 and 4 we will reach $17,000.
We shall see.
Wednesday, September 11, 2013
So, More on the Good News
I wanted to share more about Mr. Sam's new job.
First, the positives. Mr. Sam obtained new employment while he was still receiving severance from his old employer. As such, we never had a real gap in income stream. Mr. Sam also was able to obtain a few weeks of unemployment compensation from the State of Florida and we continue to have health insurance, paid for by his employer, until October.
The new job is with a much smaller company than Mr. Sam is used to working for. But, that will provide him with more autonomy and opportunities for growth. The new position is also an exact fit for his skills and experience. Finally, the new job is located in reasonable proximity to our home (his commute is about the same distance it was before).
Second, the negatives. Mr. Sam is not overly excited about the compensation. While he believes he is being paid within the proper compensation band for his experience, education, etc., he is on the absolute low end with the new employer. Furthermore, the benefits are not nearly as generous as his last job, which provided a 20% match on the 401k along with such awesome health benefits that I opted for their insurance as well. The new company has also had a lot of turn over and flux with leadership, which is not surprising based on their growth and the size of the company. And while the unsettled nature of this company may be a negative as I mentioned above, it is also a positive in that there are some real growth opportunities.
Since this is my blog and not Mr. Sam's blog, I think, overall, that this is a positive step in Mr. Sam's career. While the pay and benefits are a bit reduced, the chance for growth and leadership may mean that he ends up in a higher pay grade within 6 months to a year. And whether or not the pay grade increases, he will be gaining skills and experience (hopefully) that he never seemed to get with his past employers.
First, the positives. Mr. Sam obtained new employment while he was still receiving severance from his old employer. As such, we never had a real gap in income stream. Mr. Sam also was able to obtain a few weeks of unemployment compensation from the State of Florida and we continue to have health insurance, paid for by his employer, until October.
The new job is with a much smaller company than Mr. Sam is used to working for. But, that will provide him with more autonomy and opportunities for growth. The new position is also an exact fit for his skills and experience. Finally, the new job is located in reasonable proximity to our home (his commute is about the same distance it was before).
Second, the negatives. Mr. Sam is not overly excited about the compensation. While he believes he is being paid within the proper compensation band for his experience, education, etc., he is on the absolute low end with the new employer. Furthermore, the benefits are not nearly as generous as his last job, which provided a 20% match on the 401k along with such awesome health benefits that I opted for their insurance as well. The new company has also had a lot of turn over and flux with leadership, which is not surprising based on their growth and the size of the company. And while the unsettled nature of this company may be a negative as I mentioned above, it is also a positive in that there are some real growth opportunities.
Since this is my blog and not Mr. Sam's blog, I think, overall, that this is a positive step in Mr. Sam's career. While the pay and benefits are a bit reduced, the chance for growth and leadership may mean that he ends up in a higher pay grade within 6 months to a year. And whether or not the pay grade increases, he will be gaining skills and experience (hopefully) that he never seemed to get with his past employers.
Tuesday, September 10, 2013
Hopefully I'm Not Getting Ahead of Ourselves
Working on bill paying today, I sent off a $415 mortgage principal prepayment to my friends at CitiMortgage. While, Mr. Sam is only in the early stages of his new job, I have opted to get back to our 2013 plan in full force.
We need to make two extra payments in addition to our regularly scheduled principal prepayment to end the year on target.
We need to make two extra payments in addition to our regularly scheduled principal prepayment to end the year on target.
Thursday, September 5, 2013
Wednesday, July 31, 2013
Dreaming of Faraway Lands
I've been dreaming about a 10 day or two week trip to a particular country for more than 10 years. While we keep a "travel" savings account that we add to each pay period, I've decided to start a travel savings account for this dream trip.
It may seem odd to be thinking of a dream trip in the middle of dealing with Mr. Sam's layoff, his unemployment, and the uncertainty of our finances and future savings. But, I've been thinking about this trip for a long, long time and I want to start planning for it. Opening a savings account, which if necessary can be used for other expenses, is a way for me to do a little dreaming and planning without incurring any real costs.
It may seem odd to be thinking of a dream trip in the middle of dealing with Mr. Sam's layoff, his unemployment, and the uncertainty of our finances and future savings. But, I've been thinking about this trip for a long, long time and I want to start planning for it. Opening a savings account, which if necessary can be used for other expenses, is a way for me to do a little dreaming and planning without incurring any real costs.
Wednesday, July 17, 2013
Good News
Can there be any good news when it comes to a layoff? I really don't know, but I do choose to see some positives.
First, Mr. Sam gets a decent number of weeks of severance. We have not figured out our "lay off budget" yet but my tentative plan is to try and save the vast majority of that money.
Second, Mr. Sam' health benefits, which are good, generous and cheap, continue well into the fall. I am also covered by his health benefits due to the good, generous and cheap nature of them. We do have to pay the biweekly amount (the amount that was deducted from his pay for his portion) to maintain these benefits but it makes economical sense to do so since my benefits are good but cost 4 times (or more, still figuring this out) as much as his.
Third, we have a decent amount in our emergency fund. This money was bookmarked for other purposes but it is there.
Fourth, Mr. Sam started preparing for this lay off last year by taking some certification courses so he has some additional skills and certifications to add to his resume.
Fifth, I have a good job. Frankly, this is the most important item on this list. I have a good, professional job for which I am fairly compensated. While we have not figured out our "lay off budget", will work on that this weekend, I'm generally confident (since I am well versed in our monthly income and expenses) that my salary can cover our fixed and basic monthly expenses. I also have opportunities for bonus monies and we need to think about whether I should up my output to make sure I am eligible for same (and at what level).
First, Mr. Sam gets a decent number of weeks of severance. We have not figured out our "lay off budget" yet but my tentative plan is to try and save the vast majority of that money.
Second, Mr. Sam' health benefits, which are good, generous and cheap, continue well into the fall. I am also covered by his health benefits due to the good, generous and cheap nature of them. We do have to pay the biweekly amount (the amount that was deducted from his pay for his portion) to maintain these benefits but it makes economical sense to do so since my benefits are good but cost 4 times (or more, still figuring this out) as much as his.
Third, we have a decent amount in our emergency fund. This money was bookmarked for other purposes but it is there.
Fourth, Mr. Sam started preparing for this lay off last year by taking some certification courses so he has some additional skills and certifications to add to his resume.
Fifth, I have a good job. Frankly, this is the most important item on this list. I have a good, professional job for which I am fairly compensated. While we have not figured out our "lay off budget", will work on that this weekend, I'm generally confident (since I am well versed in our monthly income and expenses) that my salary can cover our fixed and basic monthly expenses. I also have opportunities for bonus monies and we need to think about whether I should up my output to make sure I am eligible for same (and at what level).
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