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Progress on house savings/big picture

January 1st, 2013 at 06:52 pm

I went to check the UK account because NT's dad said he'd put some money in there for the girls. He'd deposited 100 pounds, so I transferred it to UK savings and allocated 50 (US $80) to each daughter. They each got $25 from my parents, so they're up $105 each in their savings.

I don't have much of a money plan for the girls yet; we have so many other things to focus on first. But my vague goal is to save at least $1000 a year for each of them. Right now, AA has $2,802.11 and SL has $566.00, so they're pretty much on track to have $3000 and $1000 saved by their respective 3rd and 1st birthdays (March 5 and 29).

While I was in the UK checking account, I calculated how much rental income we'd have left after the mortgage payments hit, and transferred the excess into savings. That means US$552 more toward the house/moving fund, taking it to $2958, and taking our January big-picture progress to $763.35.

I'm nervous what our Jan. 15 paychecks will look like. The payroll tax break is not being renewed, and I may have underestimated the impact to our take-home pay. But we'll adjust if we need to.

Posted in Uncategorized | 5 Comments »

5 Responses to “Progress on house savings/big picture”

  1. Petunia 100 Says:
    January 1st, 2013 at 07:21 pm 1357068077
    1357068077

    The income tax brackets are being left as they are, so it's just 2% of gross that you are losing (in net pay).

    Congrats on the progress. Your year is off to a great start! Smile

  2. creditcardfree Says:
    January 1st, 2013 at 07:23 pm 1357068186
    1357068186

    Yes, FICA(social security) rate has gone up from 4.2% to 6.2% of gross income. You should be able to calculate that pretty easily if your checks are stable.

  3. ceejay74 Says:
    January 1st, 2013 at 07:35 pm 1357068948
    1357068948

    Shoot, I think I did underestimate. Somehow I came up with $90 as a guesstimate, but 2% of our combined gross pay is $226. That's kind of a big mistake on my part! I think I got confused because AS wasn't fully employed when the tax cut took effect.

  4. ThriftoRama Says:
    January 1st, 2013 at 09:26 pm 1357075579
    1357075579

    As far as your kids and money, both teaching them financial skills and managing your life post-baby financially, I recommend the book PiggyBanking. It's written by a Wall Street Journal financial writer, and it really is handy!

  5. scfr Says:
    January 1st, 2013 at 10:26 pm 1357079211
    1357079211

    Hello Ceejay - I have been away from SA for awhile and there have been some changes. But clearly one thing has not changed ... You are still the most goal-oriented overachiever here! Smile

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