Financial Update July 2019

It’s been over a year since our previous financial progress report. My goal was to get these financial updates up on the blog quarterly. I failed miserably. So here’s a quick update on our financial savings progress.

In 2018, we were able to make the maximum contributions to each of our employer sponsored retirement plans for a total of $37,000. We each contributed $5,500, the maximum allowable amount. $5,000 was deposited into our Health Savings Account (HSA) by my employer and we topped it off by contributing $1,900 to reach the 2018 contribution limit. Total contributions for 2018 tax advantage accounts: $54,900

We increased our savings account balance as well as our taxable brokerage accounts. 2018 was a good year for meeting our savings goals! We had minor setbacks that lead us to tap into our emergency fund, including an over $4,000 tax bill this year, $500 in medical expenses that we choose to pay out of pocket rather than withdrawing the funds from the Health Savings Account. But overall it’s been a good year.

Financial Progress

Although the stock market, particularly the S&P 500, was down for 2018 we are still are on track to reach our financial goals in 2026. The overall balance of our accounts has increased by over $100,000 in 14 months. However, this is largely in part to our contributions and stock market performance in the first six months of 2019.

Miller Financial Update

There’s no question that being a dual income family with no kids (DINK) has been a financial advantage to us. We live in a high cost of living area  but keep our expenses low. Our housing expense is a third of the average rent price in Manhattan. Our grocery bill is less than $350 a month and we choose free or low-cost ways to have fun. We enjoy going hiking and occasional trips to Governors Island. Recently we saw Hamilton on Broadway and paid $20 for two tickets after we won the the Hamilton Lottery! It took entering the lottery several times a month for nearly two years.

At the beginning of this financial independence journey I had to shift my mindset about money. I realized that I was living with a scarcity mindset. This was serious paradigm shift for me.

I wrote a post for Clever Girl Finance almost a year ago where I share one of my biggest financial regrets. I have made many mistakes but it’s not where we start from, it’s where we are walking to. Where are you headed?

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