Wednesday, July 15, 2015

savings now vs. savings goals

Sooo, I believe I may have an elephant in the closet here: SAVINGS. I don't really like the whole 401k, Roth IRA concept because I want access, I need access to that money. In the grand and important scheme of things though, these tools are necessary and actually rather efficient. Mostly, I believe my need to touch all of my money comes from a constant desperation to do what I want when I want which to be completely honest fluctuates minute by minute. This probably frustrates my friends and parents more than I know.

Ahhh but I am completely off subject. Today I want to talk about my current savings vs. what I think my savings should be. So, this is an artistic of the current savings:



As you can see, I am saving, its just not at quite the level I would need to retire in 3, 5, 7, or even 9 years. More than likely based on some spreadsheets I found over at Budgets Are Sexy, I will not be retiring for another 10-15 years which is semi depressing. Alas, there is hope though! Please see the below revised savings plan I proposed to myself earlier this morning.



This drastic increase from the current 16% which has only really been going on for 3-4 months to 30% is something I think I can do. How!? Well, I am glad you asked, you see I did have a truck payment until earlier this year and I also had some other "expenses" that I was paying for. See gym, excessive coffees, lunches, etc.. I have decided that I am going to continue with the truck payment as a savings mechanism and deposit that amount into my brokerage account monthly along with my gym membership fees. My membership to a gym really doesn't make sense when I considered how much and for how long I travel. So BOOM!, there we go, easy financial improvements in 10 minutes. Actually not really because the gym makes you actually come in to cancel which is slightly annoying and inconvenient. But, anyways, I will be updating you monthly with savings rate updates. I am still trying to decide if I actually want to put savings balances or not. What do you think? I do want to mention that I am setting this up as automated savings so that the money never gets into my bank account which has a hole in it for my spending.

Answer the questions kids!
What is your current savings rate? How long did it take for you to get there? Do you also write out budget/savings/financial plans while at work in your notepad?

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