May 2017 plan update

May 2017 Plan Update

Man, 2017 isn’t even half over and it’s been a crazy year. There’s been so much happening. With this in mind, I’ve decided that I will only be doing monthly plan updates on the blog until the beginning of September and then I’ll be back full force. I will, however, be sharing exclusive content in my weekly email newsletter all summer long, so sign up to find out all the happenings!

I’m also working on some stuff related to my totally awesome survey. If you haven’t taken it yet, go do it now! We have over 600 responses now. (Also, I would LOVE to get another 500+ responses from a non-PF-geek population. If you have any great ideas on how to do that, PLEASE SHARE!).

May was a great month for our family. School got out. We started our annual family bike rides (bike-to-work day and bike-to-school day are both very important holidays in our house!). Summer is glorious in Alaska and we’re definitely experiencing days where we are pretty sure we live in the greatest place in the world!

As for the numbers… it was pretty good. Not bad. See what you think:

The Numbers:

Want to know how easy it is for us to write these every month? I literally just log into my Personal Capital and revel in all the numbers being in one place. Do you like checking numbers? Do you like graphics? Do you like playing with calculators like retirement calculators and how much your fees are costing you? Then, you should obviously use my affiliate link to Sign up here to help yours truly speed toward financial independence! (Also feel free to read my more in-depth review of Personal Capital.)

Every few months, I get so frustrated with our mortgage, I just want it to DIE. I realize we’re doing really well. We have made incredible progress. Right now, it sits at $45,450. Being so close to $45,000 is amazing, but it also seems like we’re SO CLOSE! In our current plan, we pay it off at the end of 2018, so we’re on track for that… but if we could kill it sooner, I would be very happy about that!

Our investments continue in an uphill climb. I keep expecting a giant tumble (which is why I ran some calculations this month based on our current savings rates and looking at a smaller savings rate to see how market returns impact totals), but I won’t complain as things go up! We had a minor dip mid-month, but we’re ending on a high again. Our investments currently sit at $154,000 which also means we’ve surpassed $500/month in investment income assuming a 4% withdrawal.

For our savings percentage, we track the percentage of our pre-tax (or gross) income and the extra payments put toward the mortgage are included in the amount saved. Savings percentage for May – 50%. Anytime we break 50%, I’m thrilled! Yay us!

2017 Financial Goal Update:

  • Earn $25,000 – ($11,329/$25,000) – I picked up a one-time freelance research project that helped this month. I’m really enjoying the variety of work I’ve been doing this year (thanks, in part, to the pep talk I got from Revanche)!
  • Mortgage Balance below $30,000 – (Currently at $45,450! $14,450 to go! On track… and ready for this mortgage to be DEAD!)
  • Max out Mr. T’s 401k – This is set up already and if nothing changes, he should automatically max it out this year for the first time! Yay for automatic payments!
  • Put $5500 into My Roth IRA – $0 progress so far.
  • $2500 in other investments – $0 progress so far.
  • $200,000 Investment Balance by the end of the year – This is looking possible. I’m not super committed to this goal because it’s market-based, but with these bonkers markets, maybe we’ll successfully get $50k by the end of the year!

Notable Expenses This Month: The Story Our Money Tells:

These are expenses that tell an interesting story. A peek into our lives through our pocketbook:

  • FREE – Penny had two teeth extracted this month, so I took her for frosties as Wendys after the procedure. They made us wait at the counter for five minutes, so they just gave them to us for free.
  • $135.25 – The dental cost of the extractions.
  • $74 – A new bra at Nordstrom. Ladies, if you haven’t gone in to Nordstrom to be bra fitted, DO IT. I’ve never done this and I can tell you I’ve been wearing the total wrong size my entire life. $74 is a crazy expensive price for a bra, but the entire experience took TEN MINUTES. Worth it. Now I know my size and can shop much faster for other bras in the future.
  • $11.77 – Frozen Yogurt for myself and one of the teenage girls at Church that just broke up with her boyfriend.
  • $164 – CLOTHES! That’s right, after a HARROWING month of searching far and wide for some new clothes I like, I actually found some!
  • $42.21 – Edible Arrangement for Mr.T’s mom who just retired!
  • $48.99 – Date Night! We tried out Hard Rock Cafe downtown, saw a play (tickets purchased previously), and the finished splitting the Reese’s extreme blizzard at DQ (life-changing. That thing is amazing!).
  • $21.93 – Sharpies for an art project Mr. T is working on. (I can be talked into office supplies because that’s my Gazingus Pin. I love Sharpies.)

EXTRA INCOME (anything that doesn’t come from our jobs/my freelance work):

Financial Phrases:

These are things said by actual people that were either talking to me or near me enough that I could hear them:

  • “I took tomorrow off work so I could go up and start building my cabin. I rented a backhoe so I’ll be playing in the mud all weekend. The next four hours of work cannot go fast enough.”
  • From someone about to move to California: “Every time we sell something, I put the money in our Family DisneyLand tickets fund. Sold the couch. That’s one annual pass right there!”


How I Use Evernote to Organize Everything


June 2017 Plan Update


  1. Sounds like a good month and even better savings for May! Nice one! At least you got free frosties after the tooth extractions. 🙂 I haven’t tried the extreme blizzard, but we’ve recently gone to Culver’s for their version called “Concrete Mixers”. They’re pretty tasty. 🙂

    • MaggieBanks

      I just saw those this week in Utah but didn’t try it! Dangit!

  2. Hi Maggie! Looks like an awesome month for you guys, your mortgage balance is almost half now! Great job. I tried to concentrate on the more important things, but this post had me at yogurt, DQ and Sharpies. I hope there is someone in church who will buy me yogurt when I feel down. LOL. And yes to office supplies, I can spend an hour or more inside an office supplies store.

  3. Woots on the new clothes and bra that fits – that’s got to be a whole new world of comfort for you. You’re so close to kicking that mortgage to the curb, I’m so excited for you!

    • MaggieBanks

      You have no idea on the bra front. I actually look proportional now! And am so comfortable. Life changing. And I really, really want to just get the mortgage behind us so we can start focusing on other things!

  4. Wait at the counter for five minutes and get free frosties? Just another reason to visit the great state of Alaska. Thanks for the update, Maggie. It’s always great seeing the progress you and Team NE are making.

  5. I hate shopping SO much but am in a direction need of a new bra. Somehow, magically, fb knows this and is flooding my feed with bra ads. I would totally pay $74 to get out of sports bra exile. 🙂

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