- September 20, 2023
- Posted by: legaleseblogger
- Category: Related News
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Reflecting on the year that has passed, there were several noteworthy aspects that deserve recognition. One particular achievement that stands out is the establishment of a 529 plan for my child’s future education. This decision was a significant milestone for me, as I had neglected to undertake this important financial step in the past. Although I feel a sense of remorse for not having done so earlier, I have taken proactive measures to rectify the situation. In fact, I have already increased my contributions to the plan on two separate occasions this year, demonstrating my commitment to catching up on this crucial aspect of my child’s future.
On the other hand, there are areas that warrant improvement and attention going forward. Specifically, I am determined to better manage my spending habits, particularly when it comes to dining out. A realization has dawned upon me that the frequency of eating out has become excessive, while the costs associated with it do not justify the indulgence. Consequently, I have taken it upon myself to address this issue. As a first step, I have purchased a lunch bag for work, enabling me to prepare and bring my own meals instead of relying on costly restaurant options. I anticipate that this change alone will result in a monthly savings of approximately $150. Moreover, I have made a conscious effort to increase my home-cooked meal preparations during evenings, which promises to yield even more financial benefits in the long run.
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AI Legalese Decoder: Simplifying Complex Legal Language for Everyone
Introduction:
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The Impact on Individuals:
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Conclusion:
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****** just grabbed a
Paid off 1 car early. Working on paying off 2nd car prior to mid-April.
Burned through emergency fund. Need to rebuild ASAP.
I meal planned the hell out of my life to eat out less. I ate lunch out at work maybe a dozen times this past year.
I hope to keep that up.
I installed a programmable thermostat and got new windows so my power bill actually decreased.
For this coming year, I need to check where my 401k contribution is ÔÇö might bump that up by a percent.
I put 19% of my net income into savings. I wish I could manage more, but IÔÇÖll just keep aiming for 20% and try to balance living life with saving for the future.
We also got married this year, spent $21,200 on a 55 person wedding, zero debt incurred, everything paid in full, and got some nice cash back in the credit card by using that then paying it off at the end of the month.
House down payment fund is moving along nicely (every cash wedding gift was put in there) and emergency funds are growing monthly. I also put aside money monthly for car stuff.
I need to cut way back on shopping though. We have more than enough stuff, and I have plenty of fabric to sew all year without buying more, so my goal for 2023 is to sew my stash and only buy stuff I need to complete garments – lining, zippers, buttons, notions in general.
I also hope that I can work some overtime next year (weÔÇÖre allowed to work any overtime we want, but the work has to be available) and sock that away in savings. For the house, for a new car, emergencies, etc. Seeing all those lovely high numbers in the savings account drain away as I paid vendors wasnÔÇÖt fun ƒÿé
[deleted]
We were able to save half of our income this year by drastically cutting back on spending and truly watching what we spent it on. Feels really great
I put most of our savings in a high yield savings account.
My best victory is that despite $12k in unplanned expenses this year and me taking 4 months off of work, my husband and I managed to save $40k this year on a combined salary of $120k.
Biggest victory was being able to save enough from my second job to float all our bills during maternity leave. My husband was able to take 6 weeks off because of it and I took my full 12.
We’ve had to use a lot of our emergency fund this year, I’d like to get back to filling that up. My credit card’s 0% apr ends in September, so getting that paid off before interest kicks in will also be a priority
Honestly, this feels like a year where I just held on. I was steady in my retirement contributions but because of returns, IÔÇÖm in the same place I was last year in terms of net worth. IÔÇÖve been consistent in debt payoff (a car), but the car wonÔÇÖt get paid off until this year. I did weather some significant travel expenses from weddings that I had committed to attending over the past few Covid years. So itÔÇÖs a year without accomplishment, but holding everything steady feels like a win?
If employment stays steady, I should pay off my car (only debt aside from mortgage!) by mid-year. My big goal this year is consolidating finances. I have accounts at too many institutions and some scattered retirement accounts. Getting everything optimized will serve me well moving forward.
Paid off student loans and fully funded a 6 month emergency fund.
Paid off another 10% of my mortgage. They plan is to pay a 30 yr loan in 6 years  4 more to go
After taking a new job in Dec of 2021 which came with a 15% pay cut (one of those take one step back for two steps forward type of situations), I was able to parlay that experience into a new job back in October that came with a 67% salary increase.
We also found out my wife is pregnant with #2 earlier this year (unexpectedly) and so thatÔÇÖs going to eat into ~1/3 – 1/2 of some of that extra income but we should be fine overall. Just not something I was really expecting.
Sold our first real estate investment project. Banked 6 months of payroll from that.
Paid mortgage down to 20,675.00. Hope to wipe that out by this time next year.
Need to be stricter on the food budget. I feel it’s getting out of control.
We finished paying off our last credit card in April that at one point we had $50k in cc debt.
Next year, I’d like to contribute at least $5k to my hsa, increase 401k contributions, save for a new car down payment, catch up on federal taxes, and finally give additional principal payments to remove our PMI.
I hit 150k in investments, which was great- but then let myself ÔÇ£ease off the gasÔÇØ a bit, per Mr. Munger. I spent way too much on stuff and now have a bit of credit card hole to dig out of (thankfully I should be out by February). Lesson learned- getting in the habit of spending money is easy.
One sort of positive thing from the year is that I started looking at my local Dollar Tree before I buy anything. They have tons of useable stuff that is just fine and the price canÔÇÖt be beat.
My main goal is to purchase a house in the new year. Hoping that prices continue to trickle down a bit.
I spent money finding retro video games at good deals and going to fast food/new restaurants without making a major financial impact thanks to new job.
It was pretty sweet not gonna lie.
I made $100K this year and took control of my finances/debts.
Next year, I am working on optimizing my personal finance management skills so that I can be completely debt free before 2023 ends and also put as much as possible into savings and investments. This will mean more discipline with day-to-day and monthly expenses, but I enjoy the challenge and know that I can make this happen.
Biggest victory was getting through IVF with healthy looking embryos and most of our future kid saving fund (will be 529) in fact. Thank God for amazing insurance.
We are working on our budget for 2023 to include our first baby (yey! Also holy crap…) as well as finally getting a new car. We’ve been using one paid off car that is in fine condition for a few years now, but the baby will necessitate a 2nd car finally for our situation. We are excited, and I am trying to view this as not blowing the budget but rather investing in our future. It’s just been so nice to have no car payment for so long!
At age 36, I finally got a higher income job after 10+ years of making sub-$50K.
Paid off my credit card debt, raised my credit score from 620 one year ago to 740, maxed out my ROTH IRA in 2022, and started putting money in an HSA.
Still have student loans and a lower interest personal loan which I took to consolidate my
CC debt, and IÔÇÖm building up my cash savings, but for the first time in my adult life IÔÇÖm at a place where an emergency doesnÔÇÖt wreck me financially.
The past 10 years of sacrifice, of cutthroat budgeting while living paycheck to paycheck, taking lower paying jobs in my field to build up experience and keep the flexibility needed to skill up, all of it finally paid off this past year.
This year IÔÇÖm going to work on building up my savings and paying off my personal loan. Fingers crossed that student loan forgiveness goes through and I can see another $20K of debt come off the books.
Biggest victory: earned 7.5k off my taxes through the electric vehicle credit
Work on next year: pay off student loans and re-enter positive net worth
Great question.
I didn’t have much happen that was unexpected. I have a new job that pays much better, but I negotiated that back in 2021. I just started it in 2022. I guess the biggest win was paying off and selling my car. I was able to get 10k back which I immediately put into the emergency fund. That also cut my expenses. Honorable mentions are 1) that I increased my 403(b) contribution, so that between me and my employer, we do 15% of my salary and 2) that I also successfully did my first backdoor Roth, and I maxed that out.
For this year, I’m hoping to buy my first rental property.