Financial Goals for 2006

[robex]

I am trying to set some goals for the upcoming year. We have our automatic withdrawal for RRSP's, the kids education accounts are in place, we have 3 months of expenses saved, and have no debt other than our mortgage. I've been so fixated the last 3 years on reaching these goals that I don't know what our next step should be. HELP!!!

What are your goals for 2006, and how will you reach them?

[jmjj215]

Some 2006 goals already discussed
My goals haven't changed too much - although I should be more specific in how I'm going to implement them week to week. I wrote an article on New Year's Resolutions that you may find enlightening.

[Snoopy2645]

My first one is to pay off my house hoping by sept was really hoping to do it this year although I got really close I am not quite thier yet. I do believe if we cut back & earn a little more we can do it. Like above poster a week to week plan for this would really help us alot.

I would also like to save for a van my car is about shot & getting too small for all of us well its usually just the kids & I & maybe a dog but even that is too crowded. I have a taurus & 3 kids. So I think working on my goals day to day week to week will help a whole lot. I guess taking things a day at a time will help alot!!! I really feel I am starting to make things happen just would like to be a little closer to being done with these 2 big things.

[BAGAGT1]

Goals for 2006:

* Pay car down by April (Still have a balance of $3800).

* Add another $8000 to saving by end of year.

* Increase my 401k withholding to 15% (should be able to by March).

* Increase wife's 401k withholding to 20%.

* Open a Roth IRA for my wife.

* Finish paying furniture by end of year, I owe about $2200, but at 0% interest until 6/2007, this is not a high priority.

[robex]

Thanks, Jesse, your article was smartly written. I do need to think about breaking my goals down from month to month. I'm just not sure on what I want my goals to be...

[jhd815]

My goals:

1) Save money for emergency house fund (3-6 months expenses)
2) Invest in CD's and use laddering method to gain highest interest and keep liquidity.
3) Follow through on 1 & 2

[lrjohnson]

Clean up credit report
(Paid off $4,000 bill, but $16 dollars shows 4 years later as unpaid, need to deal with bureaucracy, the debt collection place was fired by county for bad records, if I knew I still owed I would have paid, rant rant rant)

Find out where the heck my 6 months emergency fund should be-does it need to be in a low interest savings? Can I put it in CDs or something?

Realistically decide IF I want to buy a house, and if so, when/what steps. See what lending possibilities exist.

Find out how much more if any I should be putting in my little IRA or Deferred Comp at work. Relates to the one above-if I stick more in these it means less for a down payment, until/unless I find out what circumstances I can withdraw.

[Bluezy]

Save, save, and more saving!!! And to stay single so CJ and I can live in peace.

I must catch up on IRA contributions, establish Wee CJ's 529 for his UPromise earnings (totaling over $300 since August 2005), and open a brokerage account.

CJ and I now have health insurance, another 2006 goal met early. We have a plan with United Healthcare HSA (HSA paying 4%) so there will always be money for our medical expenses.

[jmjj215]

lrjohnson - don't put your EF in CDs - it needs to be there for emergencies and you'd get an early withdrawal penalty if you had it sitting there in a CD and actually needed it. We keep MOST of our EF in ING, but some outside just in case we need the money faster than ING can get it to us.

[locolorenzo24]

1) save for a new used car... the 84 volvo wagon is pretty well shot...after all, spent 200 today on a transmission flush.

2) Pay off my 3500 debt to credit cards.

3) Do not open another credit card account

4) Save 1000 emergency fund.

5) Figure out what I need to do to pay for school.

6) make sure I have health insurance by Feb 24th 06, my bday!

[StevenM]

If you're getting your tranny flushed on an older car, make sure they drop the pan 1st to get the debris and sludge out. Otherwise this can flush through the inside of the transmission and cause problems later. You don't want to buy a new tranny. That'll get in the way of any savings.

[Moi?]

1) Add $25,000 to my savings by the end of $2006.
2) Put $1000 into my superannuation to get the Gov't co-contribution.
3) Look around for an investment property - hopefully purchase a Cash flow positive one by Dec!

I am looking forward to the challenge!

[Bluezy]

An addendum to my previous post of my 2006 goals:

I plan on moving my trad IRA fund to Vanguard, leaving behind my long-time relationship with Janus. I will distribute one half of my IRA to the Vanguard Target Retirement 2035 and one half to Target Retirement 2045.

Granted I am in my mid 40's, I have a lot of catching up to do with my retirement, and feel the risk with these two funds is worth taking. I had to use my retirement in 2000 for survival purposes and was thankful to have had it. However, that was then and this is now...Wee CJ and I are on our feet, slowly making our full recovery.

[Ima saver]

I have two large bills I would like to pay on, my land payment and my car. I plan to put any extra funds I have toward the land payment and try and pay it off in 2006!