Money Saving Win of the Week – Broken Washer

laundromat

Our 12 year old washer started throwing out an error code recently and wouldn’t complete a wash cycle. I ended up looking up the code online and it pointed to the washer pump not working correctly. I checked all the hoses and the trap for something blocking it, but couldn’t find anything. The pump did seen to be making a weird noise as well.

At this point, I could have called an appliance repair company and paid easily over $100 to have them come out, order a part or two and repair it. Instead I went on Amazon, found a replacement drain pump and bought it for less than $24. A quick search on YouTube uncovered a video on how to replace it. After it arrived, I had it replaced in about 10 minutes and it was working again.

Since then we’ve gotten a different error code at the end of the wash cycle from time to time. Everything still works, but the error code comes up. I contacted the seller and since we couldn’t quite figure out the cause, they refunded me the money for it and didn’t require me to return it. In the meantime, we’ll leave it in since it seems to be working most of the time and if we need another one, I know where to get one for about $25!

FIRE Progress Report – June 2019

fire

The Money Related Numbers

23.26% (previously 24.10%)

This is our invested assets/target number. Our invested assets span across a variety of investment vehicles such as 401k, HSA, IRA, Roth IRA, ESPP (Employee Stock Purchase Program) and standard taxable mutual funds.

110 months (previously 111)

The number of months until my 45th birthday and our finish date.

108.50 months (previously 106.61)

The number of expected months until we reach our target number based on our current expected monthly contributions, assuming a 10% annual return.

The Expense Related Numbers

8.23 times annual spending (previously 8.71)

This is how many multiples of our annual spending we have saved up towards our goal. For example, if this value was 9.1 and we spent $10,000 annually, we would have $91,000 saved up.

32.91% to minimum FIRE (previously 34.88%)

The minimum number to achieve FIRE is 25 times our annual spending. This number shows how close we are to the absolute minimum.

35.37 times annual spending at goal number (previously 36.19)

We have a goal amount that we’d like to reach. Given our current annual spending, this is how many times our annual spending we’ll have saved when we reach our goal number.

Where We Saved This Month

401k – $1882 total (employee and employer)

HSA – $430

Roth IRA – $1000

ESPP – $495

Taxable Investments – $2061

What’s Happened and What’s Happening

This last month saw a slump in the markets which made all of our numbers move in the opposite direction. On the bright side, all fund purchases while the markets are down are purchased on sale!

We also had a windfall in the Taxable Investments category due to the employee stock purchase program coming in this month. I calculated this number by doing some rough calculations to determine how much was gained over what was put in. This last 6 months was great, but the next 6 months might only be average. Since I’ve been putting in the ESPP numbers in the previous updates, it didn’t seem right to put it under Taxable Investments and double count it. Essentially all of the ESPP proceeds were moved into our taxable investments at Vanguard instead of leaving it in company stock, which could be volatile.

We reevaluated our auto and homeowner’s insurance this past month and were able to find a better deal. For years. our homeowner’s insurance has been increasing by quite a bit, but we haven’t been able to find a better deal because our auto insurance was incredibly competitive. This year we finally found a better deal and have combined them under one company again.