May 2019 Update:
Net worth: $315,934, down 3.1% since last month (all from drop in 401k)
Monthly savings rate: 26.3%
Kinda of a crazy month. One a positive note, I took a defensive driving course and changed my cable company, dropping monthly bills about $150. However, this month my tv, dryer and hot water heater broke. Luckily, the hot water heater was under warranty (I didn't even know, the guy who came out asked if his company did it, looked it up and told me I was 9 years into a 10 year warranty, which I much appreciated). On the child support front, I've been a little sidetracked this month, but did get the doctor's records I'll need to get the kids' social security cards.
Pottlekid journal
Re: Pottlekid journal
June 2019 Update:
Net worth: $330,904, up 4.7% since last month
Monthly savings rate: 26.3%
Boring month. Biggest surprise expense was my daughter got lice so I paid $170 for a pro to go thru and pick them out. She got it a few years ago (summer 2012 is known as the "Summer of Lice" in my household) and I failed several times to treat them myself (when it spread to her brothers I just shaved their heads) so I put this in the "money well spent" category.
July looks ominous. Birthdays for two of the kids, my dad and girlfriend. Also, my Gf's kid's high school graduation party, plus I'm taking the kids to DC for a weekend (we stay with a friend of mine and just visit Smithsonians so it's not too bad). I won't go overboard on any of these, but could add up to a depressing amount
Net worth: $330,904, up 4.7% since last month
Monthly savings rate: 26.3%
Boring month. Biggest surprise expense was my daughter got lice so I paid $170 for a pro to go thru and pick them out. She got it a few years ago (summer 2012 is known as the "Summer of Lice" in my household) and I failed several times to treat them myself (when it spread to her brothers I just shaved their heads) so I put this in the "money well spent" category.
July looks ominous. Birthdays for two of the kids, my dad and girlfriend. Also, my Gf's kid's high school graduation party, plus I'm taking the kids to DC for a weekend (we stay with a friend of mine and just visit Smithsonians so it's not too bad). I won't go overboard on any of these, but could add up to a depressing amount
Re: Pottlekid journal
July 2019 Update:
Net worth: $339,050, up 2.5% since last month
Monthly savings rate: 23.9%
It's been a busy and hot summer. Next month will have been 6 months since I started the journal and will do a more comprehensive update. Biggest bad surprise was that #1 kid's university started price increases for certain of the colleges. Due to my stupidity, I thought he was in the business school, but he's actually in the engineering school which means his last couple years will be about $4K more than I planned.
Other news: I submitted the child support forms on 7/3, but the office told me it might be a couple months before the arbitration gets scheduled. I've started having serious talks with my gf about moving in next year after kid #2 goes to college.
Net worth: $339,050, up 2.5% since last month
Monthly savings rate: 23.9%
It's been a busy and hot summer. Next month will have been 6 months since I started the journal and will do a more comprehensive update. Biggest bad surprise was that #1 kid's university started price increases for certain of the colleges. Due to my stupidity, I thought he was in the business school, but he's actually in the engineering school which means his last couple years will be about $4K more than I planned.
Other news: I submitted the child support forms on 7/3, but the office told me it might be a couple months before the arbitration gets scheduled. I've started having serious talks with my gf about moving in next year after kid #2 goes to college.
Re: Pottlekid journal
August 2019 Update (I’m doing my update a day early since I will away from a computer tomorrow):
Net worth: $331,761, down 2.1% since last month
Monthly savings rate: 26.4%
It’s been six months since I started this journal. Here’s my overall update:
Net worth: up 6.0% since 3/1/19
Savings rate: 25.9%
Monthly expense changes:
Mortgage $1,330 to $1,410 – yearly escrow reset
Car/gas $400 to $510 – car insurance: kicked off kid #1, added kid #2
Utilities $700 to $450 – redid cable/phone plans, new a/c is much more efficient
Tuition $2,640 to $2,760 – new school year increases
Food $500 to $500
Fun $200 to $100 – lots of hiking with the gf this summer
Other/loan $1,030 to $1,020 – I’ve averaged $585/mo towards paying the ac/heater loan, rest has been mostly justifiable (dryer, medication, home repairs)
The a/c/heater loan balance is $12.3K. I’ll hopefully pay it off when I learn my bonus amount in February, I don’t want to pay it off and be in a position where I am dependent on the bonus.
The big news is next summer after kid #2 leaves for college, my gf & her 15yo daughter will move in. She’s an amazing lady. After her husband bailed 8 years ago, she got her associate & bachelor’s degrees while raising two kids, working retail and without any student loan or credit card debt. She’s now a social worker who works with victims of violent crimes, helping them get restraining orders or state services.
She’s going for her masters now, taking out student loans but an MSW will qualify her for much better positions so it will pay for itself within a couple years. She’s also teaching part-time at the community college to minimize the student loans she’s taking out. Eventually she’d like to teach full time. We’ve had several discussions about $, retirement, spending, etc. and we’re on the same page.
My mid-term to long-term plan: This should come into focus more in a few months once kid #2 knows his college plans and financial aid package, but about 20 months from now, I’ll have the a/c loan paid off & kid #1’s college done. At that point I should be able to save an extra $1000/mo even under a less than ideal scenario (no raises or child support, etc). My plan is to keep my non-kid related expenses at about $3K/month & put the excess into savings.
Net worth: $331,761, down 2.1% since last month
Monthly savings rate: 26.4%
It’s been six months since I started this journal. Here’s my overall update:
Net worth: up 6.0% since 3/1/19
Savings rate: 25.9%
Monthly expense changes:
Mortgage $1,330 to $1,410 – yearly escrow reset
Car/gas $400 to $510 – car insurance: kicked off kid #1, added kid #2
Utilities $700 to $450 – redid cable/phone plans, new a/c is much more efficient
Tuition $2,640 to $2,760 – new school year increases
Food $500 to $500
Fun $200 to $100 – lots of hiking with the gf this summer
Other/loan $1,030 to $1,020 – I’ve averaged $585/mo towards paying the ac/heater loan, rest has been mostly justifiable (dryer, medication, home repairs)
The a/c/heater loan balance is $12.3K. I’ll hopefully pay it off when I learn my bonus amount in February, I don’t want to pay it off and be in a position where I am dependent on the bonus.
The big news is next summer after kid #2 leaves for college, my gf & her 15yo daughter will move in. She’s an amazing lady. After her husband bailed 8 years ago, she got her associate & bachelor’s degrees while raising two kids, working retail and without any student loan or credit card debt. She’s now a social worker who works with victims of violent crimes, helping them get restraining orders or state services.
She’s going for her masters now, taking out student loans but an MSW will qualify her for much better positions so it will pay for itself within a couple years. She’s also teaching part-time at the community college to minimize the student loans she’s taking out. Eventually she’d like to teach full time. We’ve had several discussions about $, retirement, spending, etc. and we’re on the same page.
My mid-term to long-term plan: This should come into focus more in a few months once kid #2 knows his college plans and financial aid package, but about 20 months from now, I’ll have the a/c loan paid off & kid #1’s college done. At that point I should be able to save an extra $1000/mo even under a less than ideal scenario (no raises or child support, etc). My plan is to keep my non-kid related expenses at about $3K/month & put the excess into savings.
Re: Pottlekid journal
Awesome progress! Just read the whole journal:)
Re: Pottlekid journal
Thanks Zanka.
September 2019 update:
Net worth: $342,083, up 3.1% since last month
Monthly savings rate: 26.6%,
I was in the emergency room late last night (gf broke her ankle) so I'll it keep it short. Nothing too crazy this month expense wise, only splurge was an anniversary dinner (plus I gave kid #1 $20 for a haircut when I visited him at college). Child support arbitration date is supposed to be scheduled in mid-October.
September 2019 update:
Net worth: $342,083, up 3.1% since last month
Monthly savings rate: 26.6%,
I was in the emergency room late last night (gf broke her ankle) so I'll it keep it short. Nothing too crazy this month expense wise, only splurge was an anniversary dinner (plus I gave kid #1 $20 for a haircut when I visited him at college). Child support arbitration date is supposed to be scheduled in mid-October.
Re: Pottlekid journal
October 2019 Update:
Net worth: $351,085 up 2.6% since last month
Monthly savings rate: 26.6%
401k keeps doing well, otherwise a pretty slow month. GF was mostly laid up so there was a lot of coffee at her place more than actual activities, which kept expenses down. I did splurge $400 for a new computer, I had my computer expert son buy the parts wholesale and assemble it, so I got a good deal but it is still expense. It does give me the option to work from home though when there's bad weather, illness, etc. so it's nice to have the flexibility. Still no word on the scheduling of the child support hearing, it seems government is moving slow here. My high school senior started to apply to colleges, 1st school had no application fee, but will probably have to spend a couple hundred dollars based on his list.
Net worth: $351,085 up 2.6% since last month
Monthly savings rate: 26.6%
401k keeps doing well, otherwise a pretty slow month. GF was mostly laid up so there was a lot of coffee at her place more than actual activities, which kept expenses down. I did splurge $400 for a new computer, I had my computer expert son buy the parts wholesale and assemble it, so I got a good deal but it is still expense. It does give me the option to work from home though when there's bad weather, illness, etc. so it's nice to have the flexibility. Still no word on the scheduling of the child support hearing, it seems government is moving slow here. My high school senior started to apply to colleges, 1st school had no application fee, but will probably have to spend a couple hundred dollars based on his list.
Re: Pottlekid journal
November 2019 Update:
Net worth: $361,181 up 2.9% since last month
Monthly savings rate: 27.1%
Had an honest-to-goodness spit take moment this month when I realized that since kid #2 turned 17 this year so I’ll only get $500 tax credit instead of the $2000 I got in 2018 for him (plus kid #3 will turn 17 next year). I’ve bumped up my withholding $200/month but will have a ~$1000 tax bill next year.
Also on the bad news front, I got notice my child support case was dismissed because they couldn’t serve the summons (I can reopen if I have additional info). I’m assuming she just didn’t answer the door when they came. The kids haven’t seen/heard from her since early September. Leaning towards to just letting it go and getting her completely out of my life, it’s not like it was going to be a lot. The injustice of it doesn’t sit well with me though.
Took everybody to the dentist and was given a $150 refund from prior work. Kid #4 will need braces. I’d like to build up the HSA account first (always a pipe dream) so I’ll do that over the summer.
Overall though, doing well. Relationship with the gf is going great, kids are healthy and doing well. #2 started a temp job at Target is working a ton of hours. He got accepted to the state university and said it was it was his first choice so he’s not going to apply anywhere else. I’m budgeting based on him paying full price (minus the federal backed student loans) but hoping there will additional aid since I’ll have two kids in college or he might get a partial scholarship.
I had my birthday this month and my overall net worth was up 28.1% since last year’s. Finished up a big chunk of the xmas shopping already (have spent about $600 and mostly done for gf and 3 of 4 kids).
Net worth: $361,181 up 2.9% since last month
Monthly savings rate: 27.1%
Had an honest-to-goodness spit take moment this month when I realized that since kid #2 turned 17 this year so I’ll only get $500 tax credit instead of the $2000 I got in 2018 for him (plus kid #3 will turn 17 next year). I’ve bumped up my withholding $200/month but will have a ~$1000 tax bill next year.
Also on the bad news front, I got notice my child support case was dismissed because they couldn’t serve the summons (I can reopen if I have additional info). I’m assuming she just didn’t answer the door when they came. The kids haven’t seen/heard from her since early September. Leaning towards to just letting it go and getting her completely out of my life, it’s not like it was going to be a lot. The injustice of it doesn’t sit well with me though.
Took everybody to the dentist and was given a $150 refund from prior work. Kid #4 will need braces. I’d like to build up the HSA account first (always a pipe dream) so I’ll do that over the summer.
Overall though, doing well. Relationship with the gf is going great, kids are healthy and doing well. #2 started a temp job at Target is working a ton of hours. He got accepted to the state university and said it was it was his first choice so he’s not going to apply anywhere else. I’m budgeting based on him paying full price (minus the federal backed student loans) but hoping there will additional aid since I’ll have two kids in college or he might get a partial scholarship.
I had my birthday this month and my overall net worth was up 28.1% since last year’s. Finished up a big chunk of the xmas shopping already (have spent about $600 and mostly done for gf and 3 of 4 kids).
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Jason
Re: Pottlekid journal
December 2019 Update:
Net worth: $370,965 up 2.7% since last month
Monthly savings rate: 24.9%
Not a bad month, easy to look good when the market does well. I kept xmas <$1000 and kid #3 only wanted some $ to have pizza out with her friends for her 16th birthday. Kid #1 is will be only part-time at school next semester, he’s taking 3 classes instead of the normal 5, so my bill is going down for the spring semester by about $2000. He knows he’ll have to pay for the summer session class or extra semester if goes over four years.
I also got the financial aid package for kid #2’s first year at college in the fall. He didn’t get the need-based aid I was hoping for but got $4000/year in scholarships which will help. He will be $21,000 for his first year (plus the $5500 student loan he is taking), then he’ll move out of the dorm and it will about the $8-9K/year I pay for his brother.
I started taking kid #4 to a therapist, it’s something I’ve thought about for a while and though some things had been getting better for him, he was still having enough troubles I thought he should talk to someone. It’s $80/session, a couple times a month.
2020 Preview: January will be a big month, I’ll find out my raise & bonus in a couple weeks. Then in the spring, I’ll pay kid #2’s school deposit ($1K) and the tax shortfall (~$1k).
In the summer, kid #2 will leave for college, I’ll kick him off the car insurance and add kid #3. Kid #4 will get his braces (unless the bonus falls thru). Late summer my girlfriend and her daughter will move in. She wants to contribute to the household expenses (she’ll be saving $1100/month in rent) but I’m not factoring in anything in my budget (we're still discussing the pros/cons of using it for paying down the ac loan/her student debt/making home improvement).
#1 money goal for 2020 is paying off the heater/ac loan. My current pace (~$600/month) would have it paid off in July ’21, but will try to speed it up once I know the bonus/raise.
Net worth: $370,965 up 2.7% since last month
Monthly savings rate: 24.9%
Not a bad month, easy to look good when the market does well. I kept xmas <$1000 and kid #3 only wanted some $ to have pizza out with her friends for her 16th birthday. Kid #1 is will be only part-time at school next semester, he’s taking 3 classes instead of the normal 5, so my bill is going down for the spring semester by about $2000. He knows he’ll have to pay for the summer session class or extra semester if goes over four years.
I also got the financial aid package for kid #2’s first year at college in the fall. He didn’t get the need-based aid I was hoping for but got $4000/year in scholarships which will help. He will be $21,000 for his first year (plus the $5500 student loan he is taking), then he’ll move out of the dorm and it will about the $8-9K/year I pay for his brother.
I started taking kid #4 to a therapist, it’s something I’ve thought about for a while and though some things had been getting better for him, he was still having enough troubles I thought he should talk to someone. It’s $80/session, a couple times a month.
2020 Preview: January will be a big month, I’ll find out my raise & bonus in a couple weeks. Then in the spring, I’ll pay kid #2’s school deposit ($1K) and the tax shortfall (~$1k).
In the summer, kid #2 will leave for college, I’ll kick him off the car insurance and add kid #3. Kid #4 will get his braces (unless the bonus falls thru). Late summer my girlfriend and her daughter will move in. She wants to contribute to the household expenses (she’ll be saving $1100/month in rent) but I’m not factoring in anything in my budget (we're still discussing the pros/cons of using it for paying down the ac loan/her student debt/making home improvement).
#1 money goal for 2020 is paying off the heater/ac loan. My current pace (~$600/month) would have it paid off in July ’21, but will try to speed it up once I know the bonus/raise.
Re: Pottlekid journal
January 2020 Update:
Net worth: $383,602 up 3.4% since last month
Monthly savings rate: 26.7%
Had an OK month, I received my salary and bonus info, salary was only up 0.8% after a couple years of 3%+ raises, apparently I’ve about topped out my salary at my current level. Bonus was down slightly from last year, but not enough to threaten my 2020 plan.
I didn’t do great with spending this month, ate out a few times ($150), the van needed some work ($100), kid #3 got her license ($40), but there was a little extra income so it didn’t impact my savings rate. Next month has the annual sewer bill ($310). Kid #3 has been applying to jobs but has gotten serious now her friends are driving.
The bonus paid today, it’s nice to be able to stick it in the bank and not immediately have to spend it on the spring semester (which is already paid for). It feels like I’m getting ahead of the college bills after a couple years of barely keeping up. I’ll be using a portion of the bonus to pay down the heater/ac loan this month, but I’ll wait until I get the fall tuition bill this summer to decide if I can pay off all the loan. I’ll be able to pay off all of it in 2020 though.
GF has started bringing boxes over for the move this fall! Much excitement. She sure has a lot of snowman decorations.
Net worth: $383,602 up 3.4% since last month
Monthly savings rate: 26.7%
Had an OK month, I received my salary and bonus info, salary was only up 0.8% after a couple years of 3%+ raises, apparently I’ve about topped out my salary at my current level. Bonus was down slightly from last year, but not enough to threaten my 2020 plan.
I didn’t do great with spending this month, ate out a few times ($150), the van needed some work ($100), kid #3 got her license ($40), but there was a little extra income so it didn’t impact my savings rate. Next month has the annual sewer bill ($310). Kid #3 has been applying to jobs but has gotten serious now her friends are driving.
The bonus paid today, it’s nice to be able to stick it in the bank and not immediately have to spend it on the spring semester (which is already paid for). It feels like I’m getting ahead of the college bills after a couple years of barely keeping up. I’ll be using a portion of the bonus to pay down the heater/ac loan this month, but I’ll wait until I get the fall tuition bill this summer to decide if I can pay off all the loan. I’ll be able to pay off all of it in 2020 though.
GF has started bringing boxes over for the move this fall! Much excitement. She sure has a lot of snowman decorations.
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Jason
Re: Pottlekid journal
February 2020 Update:
Net worth: $364,834 down 4.9% since last month
Monthly savings rate: 37.1%
Big decline in the 401k the last couple weeks with the market drop, but between the bonus & paying down debt, I’m still ahead of where I was three months ago so I’m trying to keep things in perspective. Spending was good this month & I sent $2600 toward the heater/ac debt (it’s down to ~$7300 and should be gone in about a year).
The increase in savings rate was from using the cash bonus to pay down debt and the yearly 401k bonus from my employer. (Most of cash bonus was “saved” but I don’t count the money set aside as future tuition payments toward my savings rate.)
Net worth: $364,834 down 4.9% since last month
Monthly savings rate: 37.1%
Big decline in the 401k the last couple weeks with the market drop, but between the bonus & paying down debt, I’m still ahead of where I was three months ago so I’m trying to keep things in perspective. Spending was good this month & I sent $2600 toward the heater/ac debt (it’s down to ~$7300 and should be gone in about a year).
The increase in savings rate was from using the cash bonus to pay down debt and the yearly 401k bonus from my employer. (Most of cash bonus was “saved” but I don’t count the money set aside as future tuition payments toward my savings rate.)
Re: Pottlekid journal
March 2020 Update:
Net worth: $322,865 down 11.5% since last month
Monthly savings rate: 28.0%
I’ve been working from home the last few weeks, so far everyone has been healthy. Kid #1 works in a pharmacy so he’s been able to keep working and remain self-sufficient. I’ve been spending a lot of time reading or getting the house ready for when my girlfriend moves in at the end of summer. Occasionally I get a little down (I am a weirdo that checks his 401K every day), but really have little to complain about compared to others and have been spending more time with the kids.
Spending decreased a little this month, but this hasn’t impacted my lifestyle too much. My kid’s therapist has been cancelled. Probably would have taken my girlfriend on a day trip to a museum or national park.
Net worth: $322,865 down 11.5% since last month
Monthly savings rate: 28.0%
I’ve been working from home the last few weeks, so far everyone has been healthy. Kid #1 works in a pharmacy so he’s been able to keep working and remain self-sufficient. I’ve been spending a lot of time reading or getting the house ready for when my girlfriend moves in at the end of summer. Occasionally I get a little down (I am a weirdo that checks his 401K every day), but really have little to complain about compared to others and have been spending more time with the kids.
Spending decreased a little this month, but this hasn’t impacted my lifestyle too much. My kid’s therapist has been cancelled. Probably would have taken my girlfriend on a day trip to a museum or national park.
Re: Pottlekid journal
April 2020 Update:
Net worth: $353,679 up 9.5% since last month
Monthly savings rate: 35.6%
Not much to report this month. Other than work and making sure kids are doing their schoolwork, I’ve been spending my time reading, walking/running and moving stuff from my girlfriend’s house into my house. The kids and I have mostly adapted, I’ve been trying to keep them busy with chores/games as much as possible. I'm a bit sad for my high school senior since he will miss graduation and the end of year ceremonies.
Spending has been constant, next month it should go down since I’ll be getting a credit from the car insurance company. I received my government stimulus check today (~$1300). Not sure if I’ll put it toward the heater/ac loan ($5600) or keep it in reserve since I’ll need some work done on the van before I can get it inspected in August.
Net worth: $353,679 up 9.5% since last month
Monthly savings rate: 35.6%
Not much to report this month. Other than work and making sure kids are doing their schoolwork, I’ve been spending my time reading, walking/running and moving stuff from my girlfriend’s house into my house. The kids and I have mostly adapted, I’ve been trying to keep them busy with chores/games as much as possible. I'm a bit sad for my high school senior since he will miss graduation and the end of year ceremonies.
Spending has been constant, next month it should go down since I’ll be getting a credit from the car insurance company. I received my government stimulus check today (~$1300). Not sure if I’ll put it toward the heater/ac loan ($5600) or keep it in reserve since I’ll need some work done on the van before I can get it inspected in August.
Re: Pottlekid journal
May 2020 Update:
Net worth: $365,981 up 3.5% since last month
Monthly savings rate: 43.1%
Had a pretty good month. Spending continued to be low, with some one-time credits being applied (car insurance was the big one) that allowed me to up the savings rate. Warmer weather has allowed me and the kids to be outside more. We’re gotten use to work and school from home, so day to day life is fairly normal now.
Preparations for my girlfriend and her daughter to move in this August have continued. Most of her non-daily use stuff is with me now. Once kid #2 goes to college (hopefully on time), the daughter will get this room and they will be officially moved in. My youngest son's therapist still isn't seeing patients in the office. I'm skeptical of how effective it would be over video chat, but I might start it up soon since I want him in a good place before the move. He's looking forward to it, but it is a big change.
Net worth: $365,981 up 3.5% since last month
Monthly savings rate: 43.1%
Had a pretty good month. Spending continued to be low, with some one-time credits being applied (car insurance was the big one) that allowed me to up the savings rate. Warmer weather has allowed me and the kids to be outside more. We’re gotten use to work and school from home, so day to day life is fairly normal now.
Preparations for my girlfriend and her daughter to move in this August have continued. Most of her non-daily use stuff is with me now. Once kid #2 goes to college (hopefully on time), the daughter will get this room and they will be officially moved in. My youngest son's therapist still isn't seeing patients in the office. I'm skeptical of how effective it would be over video chat, but I might start it up soon since I want him in a good place before the move. He's looking forward to it, but it is a big change.
Re: Pottlekid journal
June 2020 Update:
Net worth: $376,551 up 2.9% since last month (up 1.5% since 12/31/19)
Monthly savings rate: 33.4% (34.9% over the last six months)
Expenses were up slightly this month, mostly items I had put off waiting for things to open up again that were related to my gf moving in (rented a truck to move some furniture I inherited & junked some old mattresses/ruined couches). Looks like the dorms will be open in the fall so I’ll take kid #2 off the car insurance and replace him with kid #3 in a couple months.
The Heater/AC debt is down to $3700, plan is to finally pay it off once I get the fall tuition bill for kid #1 & 2 and confirm no surprises. Next goal is to have enough cash to cover the 401K loan (currently $21200) in case something happens to my job and be able to pay for any major home repair out of pocket. Current roof is from '99, probably has one winter left in it at most.
Net worth: $376,551 up 2.9% since last month (up 1.5% since 12/31/19)
Monthly savings rate: 33.4% (34.9% over the last six months)
Expenses were up slightly this month, mostly items I had put off waiting for things to open up again that were related to my gf moving in (rented a truck to move some furniture I inherited & junked some old mattresses/ruined couches). Looks like the dorms will be open in the fall so I’ll take kid #2 off the car insurance and replace him with kid #3 in a couple months.
The Heater/AC debt is down to $3700, plan is to finally pay it off once I get the fall tuition bill for kid #1 & 2 and confirm no surprises. Next goal is to have enough cash to cover the 401K loan (currently $21200) in case something happens to my job and be able to pay for any major home repair out of pocket. Current roof is from '99, probably has one winter left in it at most.