Posted on January 12, 2017
Ahead of the game?
Note: Our financial goals for 2017 include saving $18300 to buy back my pensionable years for my defined contribution pension as well as save $50000 which will make us mortgage-free at the beginning of 2018
I socked away our first chunk of change this week on our goal to $68300. It’s larger than we usually would save mostly because I received backpay for a salary increase. So I have demonstrated this in an adorable fundraising thermometer.
I should be receiving another lump sum at the end of the month, which means we are starting off the year on track! I also received a “step-up” or cost-of-living increase (in the government it’s not raises, just increases for inflation) which should be reflected in my next paycheck as well. I am using the increase to contribute a bit more money to the children’s education savings as well as to boost up our entertainment budget by a small amount. I noticed we were going over a bit in discretionary spending and wanted to reflect a more reasonable amount in our budget.
Also, my work has decided to extend my term to another year, which means even if they don’t extend me next year, I will walk away with 5 ½ years of pensionable service, which amounts to a small – but consistent – amount at 65. Obviously my goal is to stay on for more years than that but having done the math it makes sense to buy back my pension.
Mr. Tucker also got news today – his workplace has approved two new bonuses: one for his team for meeting their Q3 goals, and a small end-of-year bonus for the entire company. Since Mr. Tucker is off to New York City with his son to celebrate my stepson’s 21st birthday, that money will help defray that cost. Otherwise, all that extra stuff is going into the savings account. It’s nice that we are saving a bit more than planned so early in the game, that gives us a little more breathing room in case anything happens down the road.
Although I plan to report on our savings account every month, I was so excited to see the first payment go in today that I just wanted to share early. We continue to save for retirement, the kid’s education, emergency savings, and we have car savings but they aren’t as fancy and just kind of mosey along in the background (the best kind of savings!). Besides, who doesn’t love a giant thermometer?