So, how am I doing with my goal? Well, there's a lot to think about, and I've shared my plan with my immediate family members. It's been super helpful to have people to talk to, and they've been a voice of reason as I've raised concerns or fears over this huge change. I also find that it "feels" more real when you are able to talk to other people about such a big life change.
On the financial side, here's where things stand:
Savings Goal by June 8th:
- $45,000 saved for 2015 taxes & tax related expenses (not related to 40 week goal, but obviously something I need to have cash available for. We did revise our withholdings significantly this year to adjust, but I like to be conservative.)
- $15,000 saved for 2016 travel fund, to ensure we can still take a few planned trips, & enjoy our summer together. Particularly because I will have more time & flexibility to travel! :-)
- $100,000 for the actual savings fund. This fund will be used to cover the gap between our expenses and M's income. I hope to find something flexible & freelance, so that I can add to the total savings fund, and not draw from it very often. The current amount would allow us to go for about 2.5 years without any substantial impact to our lifestyle, assuming no extreme expenditures outside of our planned budget.
- Fully fund my 401K for 2016
Total planned savings = $160,000 (not counting the 401K as savings, but required money just the same)
And, our current savings (what's earmarked for the above categories), stands at $101,000, although I'm a little worried about having to pull some out to cover holiday expenses, etc. I'll be very curious to see where things stand at the end of the year. So, we're approximately 63% of the way there.
What other incoming money will I be allocating towards this savings?
- Upcoming stock vests
- My 2015 bonus (paid in January)
- Any raises will be added to the pool
- Any other money I can scrappily find
I'm getting excited! It's starting to feel real!!!!