2015 Midyear Savings Update

We’re almost to mid-July and I have one question: Where has the year gone? Since we’re officially more than halfway done with 2015, it’s time for a check on our progress on our 2015 savings goals. First up, let’s take a look at what we saved in June.

2015 Savings Goals: June
Retirement AccountsSelf Spouse Total
Traditional IRAs$0$0$0
Total Retirement$4,000$2,500$6,500
Other AccountsFamilySonTotal
Mutual Fund
Coverdell ESA$0$0$0
Grand Total for June: $6,535

Back in May we made two adjustments to our retirement accounts. First, we began adding money to our 403b accounts. Second, we set our 403b and 457 contributions to amounts that will reach our maximum contribution limits in December. We actually received over $1,800 from both our May and June paychecks! (We’re in the money…we’re in the money!) Between now and April 15th of 2016, we’ll figure out how to top off our IRA and HSA contributions. We still need to add $11,500 to our IRAs and $6,000 to our HSA. (I’m planning on adding our 2014 tax refund of roughly $5,000 to our HSA.)

Here’s what we have managed to save over the first six months of 2015:

Midyear Update for 2015
Retirement AccountsSelf Spouse Total
Traditional IRAs$300$200$500
Total Retirement$24,300$21,200$45,500
Other AccountsFamilySonTotal
Coverdell ESA$0$2,000$2,000
Mutual Fund$1,000$0$1,000
Grand Total for January to June of 2015: $49,540

Right now it looks like we’re going to make it to our 2015 savings goal of $106,250. I wish we could say that our high savings rate reflected our intellectual and moral superiority, but that would be a lie. The truth is that it’s just good ole hardcore savings…it’s not sexy or glamorous, but it sure is effective.

Are you making progress on your savings goals? If so (or if not), let me hear about it in the comments section below. Good luck and save hard!

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  1. I’m new to your site since you were on the Financial Independence podcast. I have to say that what you and your wife are doing is incredibly impressive. Just curious, with the savings numbers above, what percentage is it compared to your overall income? I would guess it would have to be a decent amount over 50%. Congrats on a great month!

    • Ed Mills

      Greetings Thias, I’m looking over my numbers right now to figure out my savings rate. I’m going to post the figures in a blog post. Thanks for the encouraging words!

    • Ed Mills

      FF, at this point we feel certain that we’re going to hammer this savings goal. We’re just saving hard and enjoying life; it’s an awesome combination. Thanks for reading and hammer on!

    • Ed Mills

      Welcome Tawcan,
      Yes, we’re slowly chipping away at our 2015 savings goals. At the same time, we’re enjoying ourselves this summer. We just downsized to a 2 bedroom / 1.5 bathroom townhouse that has a pool and no lawn care. All for $250 less a month than our previous residence…life is good! I hope you are also making progress on your 2016 goals. Thanks for checking out my blog.

  2. Joe


    You inspired me to look at 457s for myself and my wife after reading the transcript of your interview with the Mad FIentist. 403b’s get all of the publicity, but, at least in my case, the 457 has lower fees. I’m putting all excess after the traditional IRAs into that account. Thanks for the useful info.!

    A teacher from Wisconsin

    • Ed Mills

      Joe, thanks for sharing your good news. It always makes me feel great when someone benefits from a financial nugget. Good luck and happy investing. Ed

  3. Good stuff Ed!
    Great progress on your 2015 savings goals! While I’m not a teacher, reading your blog over the past 2 years has inspired me to maximize our savings- This year we are on track to save $95K in Tax advantaged accounts but since my wife doesn’t work we have fewer options than you guys- I really think that the key to hardcore savings is to reduce and streamline the expenses as much as possible. That is one of the main reasons why my wife isn’t working- if she works it means 3 of our children have to go to full time daycare and at this point it’s not worth the added cost for the hrs involved and stress on our family.
    When are you going to start posting new articles? I’m particularly interested in the travel hacking and Crappy jobs updates? Can you also post an update on the progress toward wiping away mortgage debt with the HELOC?- You must be pretty close now.

    • Ed Mills

      Chef, thanks for posting. I agree, keeping expenses low sure does help you hit your hardcore savings goals. It’s also very comforting to know that we can live an awesome existence on so little money. It sounds like you’ve figured out how to make the best of your situation. Three kids in daycare with a beat-the-clock start to every morning…no thanks!

      As for the lack of articles, sorry! My “crappy” job and travel hacking are keeping me busy. I’ve also done a few podcast recently…they’ll be coming out this August. As for the house, we just put it on the market because we realize that we have way to much house in a town we do not plan on moving back to. In the future, we plan on living small (but not tiny…I’m 6’7″ after all) closer to our families. We also reconsidering if we even want to own a house going forward. The freedom of renting is pretty exhilarating right now.

      Thanks for checking out my blog, and good luck hammering your hardcore savings goals. Ed

    • Ed Mills

      This past summer we moved to a cheaper and better living arrangement that should make saving easier for us. Next, we plan on selling our house to get rid of the last of our debt. Our goals is to have no debt, an inexpensive rental townhouse, and a 90%+ savings rate. This combo should really help us hit our savings goals.

      Thanks for reading and hammer on! Ed

  4. Brittany

    Hi! I’m new to the blog and it sounds like where you and your wife were when you all were starting out. I’m 30, starting out working for a school district, and working to pay off student loan debt. I’m finding it difficult to find extra room in my budget to pay toward debt/savings. Do you discuss that in a blog post in your archives? Thanks!

    • Brittany, I haven’t written much about tackling debt since I have had much debt (other than mortgage and a HELOC) since 1998. I personally hate debt and usually recommend that people avoid it because it diminishes your options and freedom. When we had student loans of $40,000, we paid them off in two years by aggressively attacking them. I don’t know what your situation is, but it’s probably a good idea devise your own attack plan to accelerate the payments.

      In all honesty, I’m not expert in debt reduction, but Tai and Talaat have lots of great stories from people like yourself who have found a way to slay their debt. I hope this helps and thanks for visiting. Ed

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