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Big Savings Goal: More to Savings

March 12th, 2017 at 06:23 pm

I mentioned my big goal idea of saving $160,000 towards a home in the next seven years to my husband for the first time yesterday. It didn't go too far in that moment. It's not that he is opposed at all. I honestly put it out there to see what he thought first. To let the idea start percolating so to speak.

He then brought it up out of the blue later in the evening. Asking where the money would come from. I said I honestly didn't know and that it probably won't all come from his income. (And he brought up again today! I think he is really pondering this goal. So excited!)

This morning I told him I was moving $100 a month from his check to our Navy Federal savings account. We already have an allotment of $25 going there. Currently his paycheck, even after raising retirement by 1% is about $100 more a month than last year. We were able to make it work on that income last year, so I don't know why we shouldn't be saving it!

In the process of making the allotment change, I was reminded that our dental insurance (for the girls and I) is changing. And the good news is the premium is lower by $5.81 a month. This doesn't start until May, but I will probably adjust the allotment again at that time to account for the difference. That will mean more to savings!

This process of working on a big savings goal feels a lot like making the effort to pay down debt, which I really liked doing! It feels very exciting even though I don't know exactly how we will get it done. But I'm going to give it as much effort as possible while still enjoying life!

6 Responses to “Big Savings Goal: More to Savings”

  1. PatientSaver Says:

    I don't know your income, but on the face of it, it seems doable as it comes out to $1,904 a month. I know when I was working, I was saving more than that although I have no mortgage payment.

    When I have a specific financial goal, I find that breaking it down to the month and analyzing how I will do it makes it much more likely I will achieve it.

  2. creditcardfree Says:

    Yes, $1904 a month is probably not possible currently. Our rent is probably higher than it needs to be. We save a lot for retirement and college, about 20% of our income. We also have been paying out of pocket for college expenses, those should go down this fall. We will be working to get to the place where we do save at least that or more.

  3. FrugalTexan75 Says:

    That's great you have DH on board.

  4. My English Castle Says:

    I love a goal. What fun that would be.

  5. livingalmostlarge Says:

    Congratulations! Good luck

  6. VS_ozgirl Says:

    Now that hubby is on board it should be all the more exciting! Good luck.

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