Here's the interest we earned on our cash savings last month:
This money is saved towards our Big Goal. I will update that in another post. I think back to when we earned very small amounts of interest each month. I never once used that interest to pay debt, it has always been saved. It's a great habit that I am glad we established!
Are you tracking your interest? Do you save it or spend it?
Viewing the 'Income' Category
Here's the interest we earned on our cash savings last month:
Well, it seems the site may be up, but posts only updated through mid April 2019. I haven't looked around much to see what is missing.
I had about given up! Some of us have been connecting by email and Facebook to figure out a new plan. More work to do to figure out where our rendezvous point is if the site goes down permanently.
I had made a financial blog on Blogger quite a while back, called Our Money Blog. I put some posts up that may have even been duplicates from here. But over time I stopped. Today, I posted a revival post.
I'm just going to send you
Spring break with the girls was wonderful! We had a good balance of relaxing, which they really needed and getting out to explore some things. We did several free things and had dinner out twice, so we easily spent under $150 for those kinds of things. Our grocery bill went up slightly, but that's to be expected.
I found a quarter out back in the alley when I was talking to a neighbor. I love finding cash on the ground!
I'm working on my next $25 Amazon or Paypal redemption with Swagbucks. I really just try to complete the To Do List on the left hand side of the home page. I try the surveys, but I'm not always successful, so as to not waste any more time, I do skip that one. I think Rose asked in another post about how to do it. I would suggest following Swagbucks Swaggernauts on FB for tips and pointers. There is definitely a learning curve. I have found a free malware extension on my computer helps with the junk that can come from using the site.
We received our $10 Visa rebate card in the mail from NAPA for the battery we purchased a couple months back. I plan to use it out shopping. I will then add $10 cash to the Big Goal.
I've redeemed some credit card cash back rewards and will update with a total for March when I report how much progress we made on our Big Goal this month.
We need to already be thinking about airline tickets for May! We will likely go back to the Midwest to help move our daughter's out and help our oldest daughter buy her first car. She is likely going to be staying back there this summer to take a class and get a job or internship. Lots of activity around here and spending.
I have three items I need to sell. Two should be able to go on eBay and the other should go up on a local sales page. I rarely do eBay any more since my main motivation was usually to sell outgrown clothes and toys. I saw a YouTube video the other day though that reminded me of how it is possible to buy items at garage sales and resell them for more. Something I might try and see if it keeps me interested. Clearly more work than finding items in my house!
Please excuse my random thoughts!
In January, I wrote that I would try to update our Big Goal progress each month. I nearly forgot until I went looking for our interest earned in January because I needed it for my previous post. We'll see if I can remember all year long!
$350.00 ($175 from each paycheck, two per month)
_$66.71 American Express CC Rewards
_$48.94 Discover Cash Back
_$51.06 FNBO Interest Earned
$113.87 NFCU Interest Earned
__$0.01 USAA Interest
__$5.00 Class Action Rebate
__$6.00 Pinecone Surveys
$200.00 Fuel Savings*
_$866.59 February Big Goal Total
$1,576.04 2019 YTD
$62,311.59 Previous Big Goal Balance
$63,178.18 New Big Goal Balance
31.59% of $200,000 Goal
*I'm calling this fuel savings as we are not using nearly as much fuel in our vehicles while living on base. In our last place we could easily have spent $200 more per month.
February was the first full month that our 3.25% CD was in effect. The interest earned is reflected in the total.
To compare, in January we earned $147.20. Higher interest rates do make a difference!
All interest earned is added to our Big Goal.
In January we earned a nice amount of interest on our savings. We always save all interest, even when we were paying on debt. Although back then our interest earned was piddly!
$66.07 FNBO Direct
$81.13 Navy Federal CU
$147.20 Total interest earned
In December our total was $118.73. We have increased our monthly interest by $28.47 because we moved a large amount of cash from one bank earning 2.15% to a CD at the other bank earning 3.2%. At about $150/month, we are on schedule to save $1,800 in interest this year.
We did a great job with extra savings this month. We only spent $31 on fuel for our vehicles. I think we both need to fill up soon! We saved toward the Big Goal as planned, but also since we were under budget we have added $545.05 to our emergency fund.
I've decided for 2019, continue the Big Goal saving with $350 a month ($175 each paycheck), add in credit card rewards and other snowflake money and interest earned. Any extra we save is going to our emergency fund. I think there are some expense we will incur in 2019 that are hard to anticipate the amount, so any extra cash saved will be helpful. I'd rather money from those come from what we have stashed and marked as EF money, than from our BIg Goal money.
Here's to a great year of saving!
I used the Paycheck City website yesterday to determine my husband's net paycheck. His base pay has increased by $204.43 per month. The housing allowance (BAH) has also increased by $117 per month. I would be really thrilled about this, but because we live on a military installation, the property management company gets the full increase for housing. This isn't a surprise, but a bit of an annoyance. We are committed here for 12 months, and we are open to looking into other options after that.
All the taxes went up accordingly ($29.90/mo), we added a family vision plan ($36.55/mo), and my husband's retirement plan contribution increased ($22.49/mo). This means of the $204.43 increase the remaining $115.49 is ours to keep when the paycheck is deposited. This will end up being split evenly each pay period, about $57.75 twice per month.
For the last two years I have literally saved my husband's pay increases for the Big Goal. In 2017, the amount was $131. I had that money sent directly from his paycheck to our Navy Federal CU account. In 2018, the amount was $216, which I manually set aside in our checking account toward the goal. Amazingly I remembered each pay period. I can't say I really liked how tedious that was.
So I see it as we have two choices. We can have the full amount transferred from his paycheck automatically OR have the full amount (divided by 2) transferred to one of our savings accounts twice per month. I may go with the latter because that would get the money into our account faster earning interest. I really failed to have any of last years raise earning interest, so that alone will be an approvement.
Next steps...I need to stop the current transfer from my husband's paycheck. As of January 15, I need to set up a transfer of half the amount ($231.50) to one of our savings accounts twice per month. This alone will guarantee $5,556 will be saved towards the Big Goal for 2019.
If you received a raise or had other changes to your paycheck for 2019, have you calculated what you expect your net amount to be? Do you use Paycheckcity or some other calculator? Share in the comments!
After writing my two previous posts about interest earned and snowflakes saved in April, I wondered to myself how much we had saved in total to our Big Goal this month.
2017 Raise $131.00
2018 Raise $216.00
April Big Goal Savings $657.44
Not every month is as fruitful for snowflakes, but if we could save this every month, we would save nearly $7,900 per year. That's not chump change!
If we didn't have college expenses, we could definitely save even more, but we are committed to the least amount of student loans as possible. So far we are on track with zero!
We had a CD earning 2% that matured about a week ago. Luckily, we had another CD paying the same amount that we were able to roll the balance and accumulated interest into. That one matures in June. I hope at that time an even better rate is available.
In total our accounts earned $101.24 in the month of April.
All interest is saved towards our Big Goal.
So finally, after many issues last month, I was able to log on to the free version of H&R Block to file our taxes. We are able to file free as military members through the Military One Source website. The filing was free for Federal and State. We owe $91 to the federal government, which is better than the expected $400 I had in mind. And we are exempt from state income tax in our state of legal residence, since they do not tax Active Duty Pay. I have already schedule payment from our checking account to take place on March 1st. I could have waited longer obviously, but I just want to get it done!
I think for now I will keep our withholding allowances at 9. Dido made me aware that there will be a $500 credit per dependent over age 17 beginning in 2018, so that reduces the tax owed by $1000. I may actually increase it later in the year, but I will wait until we know what the actual college expenses we pay are. Right now it could be as much as a $2500 American Opportunity tax credit and maybe $400 Lifetime Learning Credit. As it stands now, we will have $3918 withheld for 2018, and likely actual tax would be $6900. So we are in the right place with withholding.
And I can see that our next paycheck is higher due to the new withholding tables. The amount is $45.70 more per pay period or $91.40 per month. We were already getting an additional $63.15 per pay period due to my husband's raise. So since December we have $217 more in our pockets each month. And more going to retirement because of the raise! Can't complain about that.
In other news, I sold three more items on eBay in the last week. Not big money, but it all adds up. It goes to the Big Goal...as should that extra income above.
I totaled up the amount of interest earned on a money market account, a savings account and three CDs for the month of November. The amount earned was $84.77.
One account earns 1.15%
One CD matures at the end of the year and is earning 3%.
Two others are 2% and mature in April and June 2018.
If you hear of good CD rates at the end of the month, I'd will be interested to hear! Although, I'm just now remembering I may be able to roll that money in the 3% CD into one of the other ones. I will check that.