Wednesday, December 20, 2017

SHIIT(ake mushrooms) - My Savings Rate Increased and I Didn’t Know

My daughter, who is away at college in Pennsylvania, FaceTime’s me just about every day when she’s either driving to or from school, or to or from work.  She’s not holding the phone, nor driving distracted.  She lays the phone over the tachometer area on her dash so I can see her and essentially uses FaceTimes as a speakerphone, only looking at the phone occasionally at stoplights.  Being 2 states away, seeing her makes my day.  She drives like her daddy and often expresses herself to other drivers, but lately she’s been saying shiitake mushrooms instead of some other expletive and it is pleasantly surprising.

Looking at my savings rate, that I haven’t updated since October, I was pleasantly surprised to find out that I inadvertently bumped it from 12.6% to 15.6% at the end of October.  You would think maybe there’s a pay raise to report, but actually, there was a pay cut.  Prior to October, I was paying for (WICKED HIGH PREMIUMS, but cheaper than my plan at work) Health Insurance through the marketplace for my boys (my daughter was supposed to get health insurance with her employer - she ended up going a couple months without it) at $150 each per month.  My company went with a new provider at the end of October, and they were able to get new plans that had an employer plus children option where before the plan was per person.  So instead of paying $300 per month for my boys, and about $42 per month for me, I now pay roughly $350 per month for health insurance for me and all the children.  This $350 reduced my overall take home pay.  Since my savings rate is calculated on my take home pay, and I didn’t adjust my savings line or my TD Ameritrade line in my budget, I gave myself a bump in savings rate.

I like it.

I have some lofty goals for January to bump my savings rate significantly, so stay tuned and watch for my 2018 goals.

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