Normally, my money wins are modest.
Don’t get me wrong. I really relish the kinds of wins that don’t see the light of day in most blog posts. Because really, if it weren’t for the small wins, would we even have the big ones?
But.
This is a big but.
I’m making an exception today. My money win this week is huge! My salary has been fully reinstated after my maternity leave. What does that mean you say? This year, I’m going to make more money than last year. A LOT more. Even with a new 403(b) contribution, each paycheck is over $100 more than last year. That means I will take home an extra $2000 in net income this year.
And by take home, I mean put toward childcare.
But still. WOOHOO!
Let’s not stop the party there, though. There are three other people that need to be included in this virtual confetti storm. Jill, Veronika, and Mr. Green all have huge wins of their own that I’d like to spotlight today. Cue the confetti.
Jill
(Penny’s note: I love sharing the wins of fellow bloggers–duh!–but when I get notes from people in my inbox who don’t have a platform of their own, it’s a whole different level of celebration!)
What is your money win?
After more than two years with my company, I finally enrolled in our employee share purchase plan. I have been contributing the maximum to my registered pension plan through work, but we are also eligible to contribute a portion of our paycheque to purchase company stocks at a discount. I honestly don’t know why it took me so long to do this, besides being a bit weary of investing in an individual stock. I am a very aggressive investor (90-100% equities in my retirement accounts), but just had a bit of cold feet about taking this particular step. I finally took the plunge and made it happen and I’m so excited!
Why are you pumped? This is a case of “free money” that I was leaving on the table. Shares are purchased 15% off from the lower of the price on the first or last trading day of the year. Even if I cashed out each year, I should still be getting at tidy little profit thanks to the discounted price. However my company’s stock is a strong performer, and pays dividends, so I’ll likely go with a buy and hold strategy for the next few years.
What can others learn from it?
Remember to take advantage of all workplace benefits! I thought I was doing well by contributing to get the maximum match within my company RRSP / pension. It wasn’t until I was talking to another coworker who has been with the company for 6 years and was sharing how well he had done with this stock buying plan that I realized the potential I was missing out on.
Veronika from Debts to Riches
What is your money win?
When I was 27, I had just graduated and owed $130,000 in student loans. Starting my first full time job, I felt like I’d never be able to save for retirement. Still, when my employer offered a retirement match I started contributing about $100 per paycheque. Fast forward three years, and I’ve saved about $30,000 – $10,000 in contributions, $18,000 for the match, and the best part: $2,000 in growth!
Why are you pumped?
It’s been such a relief to watch that account grow while I focus on paying off debt – I’m down to about $68,700 left owing on my student loans. I know that when I’m debt free I’ll already have a solid foundation started and I can continue to build on those habits by investing even more. Plus, at $32,000, I’ve saved enough to cover one year of my expenses. If you follow the 4% guideline for your retirement savings, that’s 1/25 of the way there!
What can others learn from it?
If you’ve been nervous to start investing for retirement, don’t be! Make one manageable step today – find out if your workplace offers retirement matching, set up a small automatic monthly transfer, or read one article. Saving and investing seem overwhelming when we think about the amount we’ll need at retirement, but focus on the small milestones and it’s much more attainable.
(Psst. Veronika is also on Instagram. If you need some daily debt inspo, don’t miss her!)
Mr. Green from My Green Road
What is your money win?
Saving $600 in my piggy bank.
Why are you pumped?
Every time I came home with change in my pocket, I would dump it in a jar. I don’t know if I’m pumped but I’m amazed how much change I accumulated in 1-2 years. Sidenote, Canada has $1 and $2 coins.
What can others learn from it?
What others can learn is that a little bit can add up to a lot.
Final Thoughts on Money Wins
I have never had such piggy bank goals in my life. Can we get that trending, friends? #piggybankgoals Can you imagine feeling like you’ve suddenly found nearly a thousand dollars? Wowzer!
No matter where you are on your money journey, there’s something that you’re doing that’s worth celebrating. Whether it’s figuring out workplace contributions, bumping up your student loan payments, or simply refusing to squander your change, all of it adds up.
If you missed any of the past money wins, check them out here:
Volume 1 – Kate, Revanche, Melody
Volume 2 – Jody, Aitza, Little Miss Fire
Volume 4 – Zero, Kat, Mystery Money Man
Volume 5 – Anna, Debra, Claudia
Volume 6 – Kate, Are We Adults Yet, Money Saved is Money Earned
Volume 7 – Leigh, $76K Project, Josh
If you’d like to join the money win party, drop me a line at shepicksuppennies (at) gmail (dot) com with your answers to the three questions. Whether you are a blogger or a reader or both, you are welcome to party here!
I’m glad to see we’re not the only ones with piggy banks. Well done, Mr. Green. It’s such an easy way of saving and it adds up.
Here’s a secret. During our financial moronity stage, Mr. Groovy couldn’t be bothered with collecting his change from a purchase. He’d leave it on the counter in a store. Now he comes begging me for the loose change in my purse.
Great idea featuring these stories, Penny. I have some catching up to do.
Yay Jill for finding a platform to share your win and for already maxing out your pension contributions! Yay Veronika for building a nice stash while killing your debt! Yay Mr. Green for reminding me of my deceased grandfather, who also saved his daily change (and allowed me to roll it up!)
Congratulations to all 3 of you; welcome to the club ?
Great to see people picking up the rest of that free money buying discounted company stock, it’s a zero risk guaranteed return. But for anyone doing this, make sure you add a to-do to your annual list to rebalance your holdings each year to make sure your company stock stays a reasonably small part of your overall assets so that you don’t risk losing your job *and *your savings (*and*, if you have one, your pension!) if the business starts going sideways.
That’s a great tip, Caroline!