Hi there, a slightly drier Mrs. 1500 writing to you today. The rain is predicted to subside for the next 4 days, and temperatures are expected to climb, all of which will aid the mud removal effort in our yard.
Last week, I asked you what your financial goals were. Then it started raining, our gutters had just come off, so I played in the backyard, bailing water out of strategically placed plastic totes. Three trips to Home Depot for parts and finally our submergible pump started doing the work instead of me. So I didn’t respond to comments last week, but I will respond today, unless a dam breaks!
Rory from Welfare to Well Off had a couple of goals. First they wanted to be debt free, a goal they met in August! YAY Rory!!! Their next goal is to save $750K so they can be financially independent enough to not work. They want to have more children, and would like to be able to stay home or have a reduced work schedule with the new kids. Great goal Rory.
I have been able to stay home with the little 1500’s, and it has really been a blessing. The oldest is now in first grade. The youngest has a late birthday, so she won’t start school for two more years. Then when she is in school, Mr. 1500 can take time off and I can work. I have several ideas running around in my brain, waiting for the right time to implement them.
Retired by 40, surprisingly, has a goal to retire by the age of 40! Great goal. He is 22, and a more immediate goal is to be debt free, minus mortgages, within 5 years. He doesn’t really want to retire, he is an accountant and loves his job. So glad there are people like him. I had a job interview once, and the more they described the job, the more it sounded like an accountant position, something that does not play to my strengths. I even told them that it sounded like a large part of the job would be accounting duties, and if this was so, I was not the person for the job. They assured me the accounting portion was minimal, I took the job (which is how I met Mr. 1500 so it wasn’t all bad) and it turned out to be about 90% accounting. I didn’t last long at that job. I swear the accountant that was helping me changed his instructions every time I asked him questions. And it is completely possible to get a balance sheet to balance incorrectly. ARRGH!
Mrs. PoP from Planting our Pennies has the financial independence goal in a little more than 5 years, too. But she says they also have many smaller goals, since that big goal is so far out. This is an excellent point. Financial independence is a great goal, but when you start at the beginning, it can seem a long way off. Smaller goals are great to have, to help keep you on the path. Great point, Mrs. PoP!
Nick from A Young Pro wants to fund their next adoption. I think this is an awesome goal! My sister was adopted, and I cannot imagine life without her. She is the person who will raise the little 1500’s should anything happen to us. After the adoption is funded, he plans to max out the 401(k). Good luck, Nick!
Both E.M. from Journey to Saving and Amanda at Passionately Simple Life have student loans to pay off, then want to start saving furiously. E.M. has a dream of owning rental houses and possibly renovating to flip. This can be as involved or as simple as you want, E.M. So many people lack vision. They cannot see past the hideous paint colors, ugly carpet or bad bathroom tile. Painting a room is the simplest way to update it. Use quality paint, and you can get by with one or two coats. I used a really cheap paint in one house, and it literally took 5 coats to cover the old color. Never again. I now use Behr paint from Home Depot. Also, check out their Oops! paint section. These are mistake colors in all sizes and finishes. Make sure you use interior for interior jobs, and exterior for exterior jobs. Otherwise, their error is your savings. They go for around $5 a gallon. You can only choose from the colors they have there, but if you find several similar colors, or a couple that you want to mix together, they do sell giant 5-gallon buckets and lids for less than $5. You can watch tutorials on Youtube for almost any home repair or update.
So, now that everyone wants to achieve financial independence, we all know that means saving your money. But what about the little money? I am talking about coins. My purse is laden with coins, mostly those practically useless pennies. Do you spend or save your coins? I have vivid memories of both grandfathers having rattling pockets. My mother’s father saved his coins in mayonnaise jars in his dresser drawer. They lived down the road from Dairy Queen, and after dinner every night he would load his pockets with change from the jars and we would walk down and get a cone. (We lived thousands of miles away, so this wasn’t an every night of my life thing.)
I have alternated between saving my coins to turn into the bank for large sums of paper money, and spending it as I get it, so I don’t have to break the larger bills. It is easy to accumulate a jar filled with coins, and the grand total, after running it through the counting machine is rather surprising. But finding that counting machine at a bank is next to impossible. (A call to the customer service line at Chase Bank ended with them telling me they have no idea which branches have counting machines, and I would have to dial each one individually. Thanks for the awesome customer service, Chase!) Coinstar takes 10% off the top, unless you purchase a gift card with the coins. Amazon.com was a choice the last time we did this, so that was fine, because we purchase from Amazon all the time. But if you do not use any of the gift card options, you lose 10%. I call that highway robbery!
So, do you save it or spend it? How do you deal with your coins?
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