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Welcome to another monthly savings report!
I can’t believe it’s already time to put this report together, but time flies when you’re having fun, and between going out of town twice and Thanksgiving, this month was an absolute blast.
(If you’re not very interested in the details of this past month and just want to see numbers, feel free to keep scrolling!)
My husband has a conference each year in Chattanooga, and I took off work to go join him for two nights. It was a cold and rainy couple of days, but I didn’t care. I was just glad to be off work and out of town for a little bit.
That trip, however, was nothing compared to our trip to Nashville a couple weeks later! I had been looking forward to this trip for quite a while because not only was my friend Amanda from debtfreeinsunnyca.com going to be doing her debt free scream, she was hosting a #debtfreecommunity meetup.
I worked a half day Wednesday before Ron and I left to head to Nashville. On the way there, I was really nervous to finally meet in person some of the internet friends I’ve been talking to for over two years. I hoped that I would live up to any expectations they had of me and was anxious that I would be socially anxious (anyone else get anxious about being anxious?!), but all of the nervousness went away as soon as I walked in and found everyone.
It was a strange mixture of making new friends but catching up with old friends at the same time, and I loved every minute of hanging out with people that I shared so much in common with.
I did, however, have a little too much fun and drank way more than my usual single margarita or beer, so the next morning was a rough one. I was able to drag myself out of bed, put on a little makeup and run a brush in my hair just in time to walk through the doors of Ramsey Solutions right before Amanda and her husband Josh counted down from three and announced their freedom.
We met Dave afterward. He signed our mortgage chart and asked if it was a goal we’re working on or if we have paid off our house, and we told him we paid it off earlier this year. He then exclaimed to the lobby that we paid off our house, people applauded, and it was a pretty awesome moment.
We then met Rachel, and she and Ron discovered that they have a mutual friend. He’s always had a little crush on her, so he was pretty excited to get a picture with her.
Later that night, we went to our first Predators game. My husband’s friend gave us free tickets, and we were excited to see that the seats were excellent. We ate tacos and hot dogs, bammed our inflatable “bam bams,” received coupons for free Chickfila chicken sandwiches and had so much fun.
We left early the next morning to head back home for Thanksgiving with our families.
Between the two trips, we did bust our budget, but only by about $100. It was definitely worth it!
Alright, so speaking of our budget, let’s talk about our goal, how much our budget is based on, and how much we saved this month.
As of September 1, 2018 – exactly two years since we began our mortgage-free journey – we are saving $100,000 to purchase our first investment property with cash. For more details, you can check out the post that announced this goal here.
How are we doing this? By living on less than half of our income and saving the rest. To be more specific, we live on and base our monthly budget on $2400, an amount that is a little less than my husband’s monthly income. We save what he earns in excess of that amount, as well as 100% of my earnings.
In November, we brought home a total of $7,124.65.
I’m a salaried employee, and I earn $888.79 per week. Since November was a magical “extra” paycheck month, I received five paychecks totaling $4,443.95. My checks are set up to be direct deposited into the Ally savings account that we set up right before starting our new goal.
My husband is paid hourly and earned $2,656.71 this month. We normally save every dollar he earns in excess of $2400, but we used the extra $256.71 toward the awesome hotel we booked in Nashville.
This savings account has an interest rate of 2%, and this month we earned $23.99. The interest is deposited into the account around the 25th of each month, and we leave it in this account as a little cherry on top of our savings.
Overall, we saved $4,467.94 this month toward the future purchase of our first rental property, which was 63% of our after-tax income.
So, how much have we saved since starting this goal in September?
$12,484.98! We hit five digits this month!
Three months down and just $87,515.02 to go!
So how did your goals go in November? Let me know in the comments or on Instagram!
Oh, and here are some pictures from the DFC meetup and the next day at Ramsey Solutions!