MM Wins / Losses

[raangoli]

I have a new one so I thought I'd start a thread because saving money is exciting to me

I just switched our garbage service and will save $30 a quarter. The price is locked in for 2 years, so I am very happy about that.

On the other hand, I am pretty sure that my tire on my brand new car (4 months old) has a leak, so there goes $30 to fix it. Or at least I hope it's as cheap as $30 just to patch it. 

Any other wins/losses out there?

[Susie]

I feel like my whole year is a giant MM win/loss experiment.  I am in my first calendar & tax year as an equity partner, and trying to do quarterly estimated taxes is surprisingly difficult.  My comp includes guaranteed payments (known number), quarterly bonuses based on receipts (two degree of unpredictability - what I bill and then when clients pay), and quarterly profit distributions (very hard to predict).  Trying to estimate my tax liability for the year, and trying to make it come out even remotely evenly quarter to quarter, is like herding kittens.  I'm setting aside 40% of everything I take home, but I'm finding it's not enough to meet what my accountant predicted.  Maybe I'll wind up with a refund, but it's stressing me the eff out.

[raangoli]

Susie That sound super stressful to me as well. I hope that you end up with a refund (and not a large one) rather than having to owe a large amount. Maybe as time goes on, you will get a better idea on how to handle it, but it does sound tricky with all the variables.

[galaxy8227]

Our cost of daycare goes down about $500 a month next month when DS starts Kindergarten--very excited about that!

[minionkevin]

Susie , what about safe harbor, where you only have to pay 100% or maybe slightly more of your tax liability the prior year? Does that not apply in this case?
Then you'd have an entire year done before you have to start paying 2018's quarterlies.


ETA: From IRS Pub 17 www.irs.gov/publications/p17/ch04.html

Estimated tax safe harbor for higher income taxpayers. If your 2016 adjusted gross income was more than $150,000 ($75,000 if you are married filing a separate return), you must pay the smaller of 90% of your expected tax for 2017 or 110% of the tax shown on your 2016 return to avoid an estimated tax penalty.

[IrishBelle]

I had posted in early June about needing a new well unexpectedly. The total cost came to $17k. My parents very generously offered us a no interest loan with no strings attached. We accepted and will be making monthly payments to them.

In other MM news, we continue to bleed money. Just before we found out about the well, we had to replace our washer and dryer. Then our fridge started leaking. It did the same thing a few years ago and we were able to fix it then. This time we aren't so lucky so we had to get a new fridge. Due to the opening we have, we had a limited selection so we had to order one and we're waiting for it to come in. Our microwave also died. All of our appliances are 15+ years old so not surprising but horrible timing.

[raangoli]

IrishBelle the "like" was for the interest free loan. Am sorry to hear that everything else is also failing.

[Pom]

No wins lately, only losses. Par for the course.

Oh wait, I got a $100 check for Khody v. Symantec settlement. Wheee!

[Susie]

Aug 2, 2017 13:09:20 GMT -5 minionkevin said:

Susie , what about safe harbor, where you only have to pay 100% or maybe slightly more of your tax liability the prior year? Does that not apply in this case?
Then you'd have an entire year done before you have to start paying 2018's quarterlies.


ETA: From IRS Pub 17 www.irs.gov/publications/p17/ch04.html

Estimated tax safe harbor for higher income taxpayers. If your 2016 adjusted gross income was more than $150,000 ($75,000 if you are married filing a separate return), you must pay the smaller of 90% of your expected tax for 2017 or 110% of the tax shown on your 2016 return to avoid an estimated tax penalty.

Part of my problem is that quarterly bonuses and profit distributions at my firm don't exactly align with the quarters for estimated taxes.  They occur in early April, early July, early October, and the last few days of Dec.  So the year is back-loaded in terms of income, with two Q4 bonuses and none paid in Q1.  Then there's the fact I've felt the pinch of Q2 as a 2 month "quarter" and not gotten the benefit of Q4 as a 4 month "quarter."  I think that is a big part of why my tax account feels stretched so thin right now.  Over years that sort of smooths out, but the first year is rough.

My estimates are >110% of last year's liability, because I made an unusually small amount last year because of a maternity leave.  While 110% of 2016 would avoid penalties, it would leave me with a big tax bill in April 2018.  Yikes.  Since 2016 was such a weird year for me, I know my estimates are based on expected tax liability for this year (which is higher).  I'm projecting that my tax account will be $900 short of that number come 9/15, after being a couple hundred short for the 6/15 payment.  I think I'll just spend down everything I had set aside in my tax account on 9/15, and hope it's enough.  I mean, 40% of my income should be!  It just doesn't feel good, being short of the estimates.  Of course, who the hell knows how accurate they'll end up being with so many variables.  KWIM?

[UnderProtest]

Susie, I feel your pain. This is the first year that we have to file estimated taxes and then add in foreign tax credits and payments back to the company for some of the tax credits and its crazy. Plus, we keep getting adjustments to our previous return (which were professionally prepared) so that is adding to the confusion.

MM wins and losses for us. We are getting a nice settlement from insurance company for the break in, but of course the loss is all my jewelry.

[sadlebred]

MM Win-I cut my satellite package down to save $20/month and got a further $5/month credit for 6 months. It's not much, but it helps. (Cable is not an option for me and by the time I would pay for Netflix, Hulu, Youtube Red, etc. it would cost more than the satellite. My house doesn't get good over-the-air reception, so I stick with satellite and Amazon Prime.)

[mainelyfoolish]

Win: I wrote my very last ever preschool tuition check this month.

Loss: The youngest kid is now old enough for things like swimming lessons and soccer teams and little boy (not toddler) clothes, so I'm not really going to have any more money in my budget. Easy come, easy go!

[Deleted]

So my last apartment complex swears they mailed out a list of charges plus a check a few days later. In CA, you have 21 days to mail out the deposit/list of charges. I have received neither and it has been 52 days. I am asking them for proof of mailing/ tracking number now and they just keep saying "maybe it's lost in the mail". No. If they can't prove mailing within 21 days then I am demanding a full refund of the deposit because the deposit was $1300 and over the phone they said I was getting $837 back. So I'm losing right now but I also might be winning.... lol.

[dellabear]

Wins: cancelled a few subscription services that I didn't really need and probably won't miss. I went to cancel weight watchers and cited financial reasons and they gave me a free month! So we will see after that.

Also pared down the cost of DDs birthday party by choosing a mid afternoon party and found a venue for $50. It's a dance party so we will just do some dancing and games and eat snacks and cake and call it a day.

Fails: I've gone over budget this summer and will likely have to take a bit from my long term savings to get us through until I start getting paid again (going back to work at the beginning of sept).

Also I booked a trip in sept counting on a small lump sum coming through, and now it has been delayed so I'll either have to pay that out of savings too, or pay credit card interest. Ugh.

[just]

Fails: So many! But the big ones ...
- We bought 2 kayaks (with paddles, pfds, car racks, annual park passes) - I've been out every weekend for the 6 weeks but my DH has either been out of town or had a hurt ankle so one has sat sad since the trip from REI
- So much travel - both expected and spontaneous - but so fucking expensive. And 2 college friends will be in NYC on their way to the solar eclipse and we haven't hung out as a threesome in ... gosh - 15 years. So I'll be doing that too

Wins: None but we've had a good couple of months and they can't all be good.

Aside: I LOVE kayaking. I've only done local lakes but theres a ton of those, and they're so beautiful and peaceful. Loving it.

[keweenawlove]

Win: I've booked 3 trips for me and DH in the last month and only paid for one of the six tickets

Maybe win: work screwed up my paycheck this month and overpaid me last month. I'm not sure if I'll have to pay it back when someone figures it.

[audry80]

Win: got a raise and promotion

Loss: adopted a dog and paying $550 a month for doggy daycare

[ellipses84]

Wins: I got a $5.39 refund check in the mail today from a medical overpayment 😂

I've been working a ton of overtime so my paychecks have been bigger.

Daycare goes down a lot when DS1 goes back to school and DS2 moves up a room.

Losses: I'm so busy working or taking care of kids all the time in making poor spending decisions and never can find time to sit down with DH and get our financial house in order.

DH had some car related expenses.

[alleinesein]

Losses- spent way too much $$ on my weekend trip to SFO. I had set aside my pet sitting $ for the trip but an unplanned stop at the Disney Family Museum and kitty play time at KitTea seriously dented my cash. It was so worth it though.

Wins- I spent 3 nights in a 5 star hotel for free. I had a ton of points that were expiring so I used them for my trip. Bonus- the hotel was 2 blocks away from my friends apartment so it was easy to meet up.

NMMR Win- while searching for a CD last night I found a bunch of cd/dvds that my bestie sent me a few years ago. I thought that they were all mp3s and videos but she sent me a ton of pictures. It included pics that I thought were lost forever. She passed away in February so I was so happy that I had them; she hated having her pic taken so these pics are extra special.

[teatimefor2]

Win: we just sold half of DH's must sell old shares for a good price and and expect more than originally thought.

Losses: The house surprises this year wiped out all our savings and we have zero cushion which means we have used our HCOL to pay our credit card bill because our budgeting was off. DH got paid more in stock than cash bonus which messed up our end of social security increase. It's minor and I hope we will have paid it back by the end of the year as opposed to dipping into stocks or other money earmarked for long term interest. It's a minor issue, but annoying and I'm embarrassed about the budgeting failure.

[daisyn]

Mostly losses:
I spent way too much on a recent vacation in Las Vegas

I recently lost over 30 lbs and had to buy all new clothes and bras and underwear $$$$
I still feel like I have nothing to wear to work as most of what I bought was casual or for my trip

[mmmomof2]

Susie, I would withhold the safe harbor and then be prepared to write a check in April. It sounds like it would be impossible to estimate.

Wins - Our AC kept tripping the breaker and since it was from 1992 we were prepared to spend $$$$ to buy a new unit. We had a guy come out to give us a quote and he recommended we tried replacing the breaker first. $9 later we are enjoying cool air again! We might still replace it next spring, but at least it should make it through this summer.

Losses - Per usual the Nordstrom sale got be big time! I got so much for the girls and myself it's a little embarrassing.

[l504]

My MM win is we are saving $2k on insurance by switching companies, with no change to coverage! Mint kept saying we were overpaying for insurance and once I looked into it and shopped around, we determined we were. Our homeowners went up, as well as daycare, so we will only net a slight surplus, but I'll take it!!

[Roc A Bee]

Losses: I cancelled a hotel but I haven't had the charges reversed. I may be out the money

Wins: cancelled Spotify; just checked my retirement accounts. I have 1.1x my salary saved. I'm about to be 33. I'm counting this as a win, even tho I have no control over the market. I'm currently saving 18%

[panicked]

Two months ago, I started using Qapital to round up my debit card purchases since my bank doesn't have a program like that. I've already saved $175 for Christmas. Sweet!

[Deleted]

Wins - my employer offers pet insurance and a good deal on auto and homeowner's insurance. I signed up for pet insurance, and also transferred our other insurances over to them.

Loss - Nothing major, just really our own inability to stick to our budget.

[grover]

Loss: H has doubled down on finding a new job closer to home since his firm just lost their biggest client this week. He was all excited about a state job opening and had transcripts overnighted to the house this am to complete the section of the application requiring the breakdown of credit hours per subject area. Only, he went to take the computer test, and they took and kept his application before the transcripts came. So we're out $40 total ($15 for the overnight fee). I guess on the plus side he now has two copies of his transcripts if he ever needs them again?

Win: I'm officially maxed out on the salary schedule column wise! Only I won't see the pay increase til January but it will retro-apply to August.

[jentervention]

Wins
Changing health insurance plans will save me ~$1,500/yr. I became an officer in my teacher organization, so my annual membership dues are waived. That's $175/year. And one of my extra duty stipends is going up $800/year.

Losses
Medical bills have started rolling in for H's ambulance ride and ER visit last month. I know there are lots of moving parts involved in an ER visit, but can't I just get it all on one bill?

[explorer2001]

I'm behind on updating paperwork, but as of Q2 we have more than twice my salary in my 401(k), which is a smidge ahead of schedule since I'll be 35 before the year is out. We are officially credit card debt free and paid of DH's business line. That leaves: mortgage, student loans and a few more payments on his truck.

We're almost to break even on the mortgage/house value. Bad luck to buy before the bubble burst.

We're definitely making progress.

[coffeebean]

Win: Not a biggie, but I've been stalking Craigslist for over a year for a large white square serving platter that was retired a few years ago (I already have one that was gifted to me, but have found a second would be helpful). I found the one I've been looking for today at a thrift store in perfect condition for $6 (retailed for over $75).