2023 at Sandi's

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SandiSAHM
Posts: 2263
Joined: Fri Aug 28, 2015 11:46 am
Location: Oklahoma

2023 at Sandi's

Post by SandiSAHM »

It was voted that the savings goal would be lower that I would have set it if left to my own devices. Given the family vacation slotted for this year, the conference we have decided to attend again this spring (this is also a side hustle for DS, who does videography and photography that's used in the organization's promotional mailing and on their website - so he'll profit a bit, but the rest of us will just have fun at our own expense ;)).

Total savings goal: $15,000.00 - Ten thousand to general savings / investments, and five thousand to the state-run college savings account where DH's college $ earns a bit, tax-free, and the state gives us a little bit of a break for having made the investment (the fed, sadly, does not).

This is beyond the usual retirement contributions, which are handled "automatically" through employer payroll functions. This will be 'manual,' I guess is the correct term, with the thought that it'll have to average out to $1250 per month or $577 per each of the 26 pay periods we have per year. It'll have to average out, as the two "extra" (there are 2 months where we are paid thrice instead of twice) pay periods over the year are being slated to contribute more heavily than the others.

The two major things we acknowledge could scuttle the plan: job loss for either of us, and/or my mother's best friend passing away, because that would trigger the start of her relocation to OK, requiring travel and hands-on involvement on our part(s) - she's in her 80s, a foreign national whose English is "iffy" just in day to day conversation, and she's never sold a house; the one she's in is the only one my parents ever owned. The process is a mystery to her. In the last 33 years I've bought 7 and sold 6, we're super familiar with the process.

One potential thing that could bump the savings higher - when DD becomes certified in her field (it's not enough to graduate, you have to pass a test and then forever remain certified by occasionally re-testing and also remaining in perpetual learning made available by the certifying body), she'll find a 'real' job with benefits, etc., and is learning the stuff involved with that - how 401(k)s work, how best to shop for certain services (phone plans, car and rental insurance, life insurance if she wants it beyond her employer's coverage, continued education hopefully paid for by her employer, car maintenance (filters, oil, actual dealer-provided maintenance will be paid for by her, parental subsidies will narrow down to using our driveway and her and her father's labor to do easy stuff - oil changes, brakes, etc.)). She'll be charged rent (some will stay with us to cover food/utilities, the bulk will go into a savings account meant for down payment on a house for her when the time comes). She'll 'cost us' less, and the savings will go to where the rest of the $10k savings goes.

So, there's a plan, and plans to handle changes that affect the plan.
floridacatlover
Posts: 8056
Joined: Fri Aug 28, 2015 7:21 am

Re: 2023 at Sandi's

Post by floridacatlover »

SandiSAHM wrote: Sun Jan 01, 2023 2:55 pm It was voted that the savings goal would be lower that I would have set it if left to my own devices. Given the family vacation slotted for this year, the conference we have decided to attend again this spring (this is also a side hustle for DS, who does videography and photography that's used in the organization's promotional mailing and on their website - so he'll profit a bit, but the rest of us will just have fun at our own expense ;)).

Total savings goal: $15,000.00 - Ten thousand to general savings / investments, and five thousand to the state-run college savings account where DH's college $ earns a bit, tax-free, and the state gives us a little bit of a break for having made the investment (the fed, sadly, does not).

This is beyond the usual retirement contributions, which are handled "automatically" through employer payroll functions. This will be 'manual,' I guess is the correct term, with the thought that it'll have to average out to $1250 per month or $577 per each of the 26 pay periods we have per year. It'll have to average out, as the two "extra" (there are 2 months where we are paid thrice instead of twice) pay periods over the year are being slated to contribute more heavily than the others.

The two major things we acknowledge could scuttle the plan: job loss for either of us, and/or my mother's best friend passing away, because that would trigger the start of her relocation to OK, requiring travel and hands-on involvement on our part(s) - she's in her 80s, a foreign national whose English is "iffy" just in day to day conversation, and she's never sold a house; the one she's in is the only one my parents ever owned. The process is a mystery to her. In the last 33 years I've bought 7 and sold 6, we're super familiar with the process.

One potential thing that could bump the savings higher - when DD becomes certified in her field (it's not enough to graduate, you have to pass a test and then forever remain certified by occasionally re-testing and also remaining in perpetual learning made available by the certifying body), she'll find a 'real' job with benefits, etc., and is learning the stuff involved with that - how 401(k)s work, how best to shop for certain services (phone plans, car and rental insurance, life insurance if she wants it beyond her employer's coverage, continued education hopefully paid for by her employer, car maintenance (filters, oil, actual dealer-provided maintenance will be paid for by her, parental subsidies will narrow down to using our driveway and her and her father's labor to do easy stuff - oil changes, brakes, etc.)). She'll be charged rent (some will stay with us to cover food/utilities, the bulk will go into a savings account meant for down payment on a house for her when the time comes). She'll 'cost us' less, and the savings will go to where the rest of the $10k savings goes.

So, there's a plan, and plans to handle changes that affect the plan.
You are doing great, Sandi!

It is wonderful that you are teaching your DD (and I assume your DS, too) about 401ks, insurance, etc. I’m not usually a fan of our Florida Legislature but last year they put in place a requirement for all high school seniors to take a financial education course. But talking with my friend’s son on Christmas Day, I found out that it is a mostly online class (at least at his school) and his teacher DISCOURAGES discussion among the students. He said it is boring! This is the first year of this requirement and hopefully it will get better because I think it is really necessary.
SandiSAHM
Posts: 2263
Joined: Fri Aug 28, 2015 11:46 am
Location: Oklahoma

Re: 2023 at Sandi's

Post by SandiSAHM »

We taught them general stuff - checking and savings, how / what / why, online banking - around the 10th grade - he usually gets taught everything twice, once when his sister does, then it gets reiterated when he gets to that grade. Then they set up checking & savings right afterward (through our credit union with a junior acct that has a parent's name on it, too - his was just converted to him only since he's 18 now).

She has a small 401(k) with the grocery store, but we were talking about rolling it over instead of keeping it with the store when she gets a "real" (full-time w/benefits) job. Which led to the budgeting discussion, because the 1st of the year when things get real seems like a good time to work on her 'now' budget and how it will change for 'then.' She has a CD but should think about longer-term investments with Vanguard or Fidelity, imo, once she's making more and keeping her COL down.

They also get their credit frozen as soon as it's possible - run a credit check to make sure nothing exists for them beyond the cards they're on that are ours (to establish a good credit history), then freeze them so they have to work at it (which makes a person THINK before buying...) when they want their increase their own borrowing options. Which I now need to add to the things to talk about - using credit cards for rewards rather than 1) financing, because it's too expensive & too easy to end up in a lot of debt and 2) how to not get sucked in at the register by people who try to get you to sign up for cards.

They've both already seen cc offers in the mail to them. It's nuts.

Oh! Because of news, today we also talked about NOT gambling. Apparently now colleges can profit by encouraging students to gamble. Crazy! It's like the establishment isn't happy just seeing them come out of school with, in some cases, debt the size of a mortgage - now they want them in gambling debt, too!

And then people have the audacity to wonder why 'this' generation (Z? I lose track) can't get its act together.
floridacatlover
Posts: 8056
Joined: Fri Aug 28, 2015 7:21 am

Re: 2023 at Sandi's

Post by floridacatlover »

A month or two ago there was a big story in the NYT about colleges and gambling. Really shocking to me. Many of the arrangements are hidden through third parties but NYT obtained details on three colleges. I can’t recall but one was in Michigan and one in Colorado. In some cases the colleges benefit every time the student places a bet. They encourage betting and advertise the gambling sites in big promos at football stadiums. Totally disgusting. My uncle was a compulsive gambler so I’ve seen the impact firsthand.
SandiSAHM
Posts: 2263
Joined: Fri Aug 28, 2015 11:46 am
Location: Oklahoma

Re: 2023 at Sandi's

Post by SandiSAHM »

Deja vu: a conversation today about being more mindful regarding food usage.

We went through this a little over six months ago and it halfway failed. Two reasons: 1) DS is still a narrow-range eater. There are things he'll avoid in favor of grabbing a pizza. Curry, for instance - he's not touching it (clearly there's something wrong with him :lol: but he's been consistent on that since he was two years old); 2) when they're both in school/work (and for DD, clinicals) mode, no one is home all at the same time during meals. She can have breakfast at 5:30 a.m. or 8 depending on the day, and is away for lunch (which she takes with her). He can have either breakfast at 5 a.m. (but only on 1 day when she, too, eats early) or just graze between classes around 9 a.m. DH and I have 2 meals a day - brunch and dinner. Some days she eats dinner early, some days not 'til late. Both snack quite a bit, but at least it's on healthy food, mostly carrots, fruit, yogurt, leftovers.

So, I keep her supplied with soup and chili, and him supplied with homemade pizza, and then cook whatever we feel like having except on days DS works, where we have heartier fare because he has dinner with us those nights - he likes spaghetti, stroganoff, Tex-Mex, "beef" and broccoli, certain thick soups with homemade bread - really hearty stuff, after his 10-hr shifts, mostly with meat substitutes for lots of protein.

Here we go again, back into the cycle of trying to work and cook at the same time. I halfway had them all doing the 'finish' work on their own last time - I'll make the crust, but you get to turn it into pizzas. You chop what I tell you, everything will be fine... And DH does 2 of the dishes DS favors pretty well, so if I'm lucky enough that he's not in a conference call or otherwise working, there's help. I just don't like telling them "I know you've been on your feet for 9 or 10 hours, you're still going to have to wait..." or asking them to cook when they've already been standing that long. I'm a pushover.

This was avoided in their early lives by the SAHM thing. The WAHM gig is a whole other juggling act.
SandiSAHM
Posts: 2263
Joined: Fri Aug 28, 2015 11:46 am
Location: Oklahoma

Re: 2023 at Sandi's

Post by SandiSAHM »

I feel like it's 2003 all over again but this time I have both kids and a little more wiggle room.

In 2003 we moved from Tulsa proper (the Union school district - big property taxes) to a town in another county. We weren't going to use the school system, so why pay a premium? House payment was lower, and the garden we (by "we" I mean "he," - DH) put in turned out to be HUGE, and pretty productive. It was the year I left my real job to be a full time WAHM, working for my current boss.

Last night I set up all the things I had set up then - the budget spreadsheet, the cc record (because cc category reporting sucks, their systems have no idea what I *bought* at walmart so it didn't know if it was groceries, household goods, a weed whacker... just "merchandise" :roll:). So now I'm tracking categories by hand again.

And a PRICE LIST. With the Jan 1 potato purchase :lol: and all the "last known" 2022 grocery & household product pricing - before tax; we're taxed on everything here.
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