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February Big Goal Progress

March 2nd, 2019 at 06:23 am

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
_$25.00 Swagbucks
__$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 Interest Earned

March 2nd, 2019 at 05:56 am

February was the first full month that our 3.25% CD was in effect. The interest earned is reflected in the total.

FNBO $51.06
NFCU $113.87
Total $164.93

To compare, in January we earned $147.20. Higher interest rates do make a difference!

All interest earned is added to our Big Goal.

January Interest Earned and Savings

February 1st, 2019 at 07:33 am

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!

Figured Out 2019 Net Paycheck

January 4th, 2019 at 07:28 am

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!

Big Goal Savings: April

May 1st, 2018 at 05:26 pm

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.

Interest $101.24
Snowflakes $209.20
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! Smile

April Interest

May 1st, 2018 at 04:43 pm

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. Smile

Taxes Filed & More

February 8th, 2018 at 02:15 pm

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.

November Interest Earned

December 1st, 2017 at 08:48 am

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.

Christmas Spending & A Raise

November 21st, 2017 at 11:13 am

I'm not nearly done Christmas shopping, although I have made a pretty good dent so far. Our budget for gifts is $600. I haven't even made the final savings deposit of $50 yet. That last one will cover the check we are likely to mail my mother in law so she can get what she wants. It's hard to buy for someone that is 82!

Spending so far is $225.68. This has primarily been gifts for my daughters and nieces. That means I have just $374.32. I do plan to stay at or under budget. I will say Swagbucks has come to my rescue this year to earn Amazon gift cards to get all the books my daughter's asked for. Retail on those would be $220. So far, I think I have spent just $40 for eight books, but I do have three more to buy.

I hope to share actual costs and what I bought after my shopping is complete. Any extra left over is going to the Big Goal!

I think the President still needs to sign the Defense Authorization Act for this next fiscal year, but it looks like my husband is getting a raise. The best one in awhile. A 2.4% increase of his basic pay. That will amount to $200 per month. I probably should save this towards the Big Goal, too. Smile

$56 Extra Income & More

November 16th, 2017 at 06:36 am

I mentioned a few days ago that my neighbor asked me to make 6 more key fobs. A few days later, she asked to add one more on. I was quick to get the work done and yesterday she paid me $56 for the work. This goes towards the Big Goal.

In my planning November planning for Christmas, I'm making a point to stock up on things around the home. When we were at the commissary, I bought dish soap, laundry detergent, parchment paper, ziplock bags, vitamins, toothpaste and bar soap. I want to be stocked up through the end of the year, so that the only shopping I need to do in December is for food. The more I can stay out of the stores in December the easier it is to keep to the Christmas budget. I did notice I need coffee filters and toilet bowl cleaner, so I will pick those up this week.

Yesterday was pay day. All credit cards were paid off in full. I put $42 in the birthday category of our budget, $50 in Christmas, $940 in college and tuition (normal amount is about $410), and $272 for insurances and auto tags. There was money added to our car maintenance fund. It was negative after a having some recent maintenance done. Now it's back to zero. There was about $200 left, and I just dropped it into the emergency fund category for now. May need it elsewhere later in the month, but we will try without.

I have three items on eBay that I'd like to see sell soon. May need to drop the prices a bit, but a little extra cash would be nice.

Just Under $20K to Go

November 4th, 2017 at 07:50 am

Wow! The stock market is on fire. Our retirement accounts totaled just over $480K yesterday. We are getting closer to $500K...just under $20K to go. Of course, I know there could be a correction at some point, but I'd love it if the accounts could rise to $500K by the end of the year. Another 4% or so. We started the year with balances totaling $392K...so there has been very nice progress!

I tallied up our interest earned in October. We earned $95.28. Can't complain about more money!