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About Me:

Savings Queen

2013- TOTAL SAVINGS NEEDED FOR THIS YEAR: $168,050
TO PAY FOR EXPENSES:
Converting Real Estate IRA into Roth (pay .44% tax on $289K in rental house IRA acct) $130,050
Hubby's Jaw Surgery $15,000
(reduced to $7,000 since it's covered)
Emergency Fund $30,000

WHAT WE HAVE NOW:
7/9/13: $166,804 (including rental house account) OUCH! WE WENT DOWN!!
5/22/13: $168,511 (including rental house account)
5/3/13:$163,755.00 (including rental account)
4/17/13: $160,447.67 (including rental account)
4/1/13: $142,719 (including rental account)
3/17/13: $136,131.38 (including rental house account)
2/24/13: $128,516 in savings

WHERE WE ARE ON APRIL 17, 2013: Still need $14,602.33 to meet $170,050 yearly goal by April 15, 2014 ($1,216 per month - 12 months from April 1, 2012 - April 1, 2013)

Savings Goals:
Hubby's paychecks $2,478 X 26 wks = $64,428
My savings $1,500 mo. X 12 = $18,000
By March 1, 2014 hubby and I should meet our savings goal of $175,050 and have $50,097 in extra savings (this will give us an emergency fund of $80,097). Next year we hope to convert the remaining $100K of the real estate IRA into a roth and will need about $45K to do that. We will easily be able to meet that goal during 2014!

WHO ARE WE (money wise)?
I am a wife and mother of two grown sons. I own a business & my husband has a good job and we have done some things right (pd. off mortgage, pretty good 401Ks, more than $100,000 in savings, 9 mostly paid off rental houses (10 units). Previously we used a VISA card but now we are only using our debit card.

Most people would say we are in great shape which we are, however, I also have a tendency to overspend money at times (sometimes I worry I have a spending problem).

I want to learn to appreciate what I have and stop frittering money away. With me it is usually either wild overspending or total frugality. I want to learn to live a more balanced financial life, in the middle.

SPENDING/SAVINGS GOALS:
* Continue to stay off EBAY!!! DONE
* Write down all expenditures DONE
* Continue to use the debit card, not the charge card GOT RID OF CHARGE CARD! DONE
* FIND OUT WHAT WE NEED TO LIVE EACH MONTH! Develop a spending plan. DONE
* Continue to save my DH�s
paychecks and live on mine
DONE
INVESTMENT GOALS:
* Gather all figures for 401K,
IRAs, banks accounts DONE
* Create a Net Worth Statement DONE
* Use real estate (rentals) to produce income of $7,000 a month in income tax free

GOAL: Turn the rental account into a ROTH in 2013 so all rental income will be tax free. This is a BIG savings goal for us! We need $120-$160K to pay the taxes on this 400K account. (we have have to convert 280K of the account this year and 100K next year so we will still have some emergency fund money left)

INVESTMENT GOALS: Get our 401K invested in safe mututal funds
FEB - Created a plan and are dollar cost averaging to get back in over the next six months.

Good News!

January 20th, 2011 at 09:41 pm

Two weeks and three days into financial sanity!!

Found out the bank WILL pay for the $6,300 foundation repair on the rental house! Also, found out that in 2009 the house got a new roof, all new Anderson windows, a new hotwater heater and a new sump pump! The house is not in foreclosure but in early 2010 before it was foreclosed it was on the market for $249K and we are getting it for $153K. We will need to spend a couple of months doing cosmetic fixups, but we are very pleased.

I need to make a fixup budget for the house and then LIVE WITHIN IT! Fixing up houses has always been a trigger for my spending frenzies. This time, ONE DAY AT A TIME, I will do it frugally and reasonably.

I listened to a Debtors Anonymous meeting this morning. For me, this is a great way to start the day as it keeps my spending problem fresh in my mind. Every morning I pray to God to keep me financially sane AND I write down my "numbers."

Posted in Budgeting, Credit Cards, Debt, Investing, Personal Finance, Retirement, Saving Money, Shopping | 2 Comments »

2 Responses to “Good News!”

My English Castle Says:
January 21st, 2011 at 01:05 am 1295571942
1295571942

Good luck! We're all here to support you!
Ima saver Says:
January 21st, 2011 at 07:08 pm 1295636886
1295636886

good news!!

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Savings Queen's Personal Finance Journey

A Spending Queen Learns to Change her Spendthrift Ways...One Day at A Time.

Good News!

2 Responses to “Good News!”

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