Money planning for 2005

[Tree0164]

We have two big purchases planned for 2005 year.

1) a new mini van. My mini van is now 9 years old. We had to put money into it. We will be buying a van several years old I have been putting some money aside for a downpayment on the car. I need to keep on adding to that each week. I hate to have a car payment but we probably will have to. I don't want anything over $200 a month


2) New windows The house has been needing them the last 2 years.
Windows should be able to pay in cash from our tax return. My father who is a general carpenter and hubby will do that so it will just the product and some home cooked dinners for my Dad.

Ongoing...
Continuing to contribute money into hubby's 401k of atleast 10%. Add my contribution of $3k to a Roth IRA.

.
Other smaller goals is to use what is in the house, declutter a lot. Get rid f the baby stuff either by donating to my twin group, freecycle or a yard sale.

[terry1156]

Re: Money planning for 2005

It sounds like you have the van well thought out and you're making the smart move by purchasing a used one. If the windows are in great need of being replaced, they may pay for themselves with the savings on heat and cooling. I wrote down my New Year resolutions in another thread, but I need to sit down and think through my 2005 goals. Thanks for starting this thread. It has motivated me to do so.

[seaar2000]

Re: Money planning for 2005

I have to get a new roof on my garage and sideing(sp). My brothers are going to do the work, so I will be saving on labor. Asked him how much it will cost and only need $500 more to put in my savings before I reach how much it will cost. When I get my taxes I'm going to put some of the money in my savings for the above project so I can pay it in cash.

[Tree0164]

Re: Money planning for 2005

The windows are as old as the house almost 40 years ago and really getting to point of replacement. I am lucky my Dad will help out with that. He and my husband slided my house 2 years ago. Took several months but my Dad and hubby had a great bonding experience

I honestly wished I had more money for a downpayment on the car. But I can budget $250 a month for a car payment.

One other time is we need to tighten up the reins on our free spending stuff. The $5.00 here and then are adding up a lot of extra.

One other thing is that we need to get our central a/c fixed. I have a quote of $875 and will use money from taxes on that as well.

Since I am self-employeed I save 30% off the top for my taxes. Hubby's pay usually covers the tax bills plus we might back a little extra as well.

[seaar2000]

Re: Money planning for 2005

The only problem I have with my nickel and dime is eating little debbie snacks that are .25 cents each. Also, I do smoke. I know, I know... Made a vow to myself that I am going to cut way down on smoking. I do so great on being very frugal except in this one area. I keep telling myself I could save so much money. I am very determined to keep this resolution. It's great when we have some family members that will help us out when we need work around the house. Unfortunately my dad passed away just before I bought my house. I really need my windows replaced. That will be a 2006 project. Tree at least you have some money to put down on your car. Just thing of the interest you will be saving since you do have some money to put on the car. Renee

[PrincessPerky]

Re: Money planning for 2005

Oh man little debbie cakes are a must around here!! I can't get my husband to go towork without at least one of them! no matter how hard I try to bake. COurseit doesn't help that he doesn't like cake, only little debbie ccakes.

I don't have a 2005 goal, a year is a long time? Well I mean I want the credit card paid off but I am still working on getting it to go consistantly down! (more medical bills and christmas sacrifices we arn't willing to make)

Re: Money planning for 2005

My goal for 2005 is to pay off one credit card (we've got three with balances on them) Plus we will pay off our car in Aug of 2005 and I'm planning on applying those payments to the credit cards. This will get them down quick!

[vendigirl]

Re: Money planning for 2005

My goal for 2005 is to pay off the 16K line of credit. I also want to start saving monthly for the kids' RESPs. And while accomplishing all this we have a number of small rennos to do around the house that I need to budget for. Wish me luck!

[Tree0164]

Re: Money planning for 2005

For the little debbies have you check out any of the bread thrift stores. I think I have seen little debbies at my local one.

Shannon and Cindy Great goals! I know that you will accomplish them.

Re: Money planning for 2005

I too am a smoker, and I really don't realize what it is doing for my health and my purse! My Goals this year is to take care of any collections that may be on my credit report, and rebuild the credit that I already have! By this time next year I want to be well on my way to establishing perfect credit :-)

[terry1156]

Re: Money planning for 2005

My wife was a smoker for many years. Quitting is a very difficult thing to do, but it reaps great rewards monetarily as well as with health (her health insurance dropped by 25% once she stopped). But I would say quitting smoking is more difficult than becomming debt free and we all know how hard that is.

[kashi]

Re: Money planning for 2005

I am planning to pay off most of my credit card this month, pay of the rest in early January, pay off my car insurance in February, and pay off one of three college loans in March. I also want to open a Roth IRA as soon as possible and get serious about my savings account.

oh and I'd like to never use my credit card again but I know that is unrealistic.

[PennyPincher]

Re: Money planning for 2005

I now have 3 big money goals:

1. Put an extra $150 toward my mortgage each month.
2. Put an extra $50 toward my car payment each month.
3. Save money for...and TAKE a real estate class so that I can manage my future real estate purchases. (I'm 29, so I expect to buy a few more houses in my lifetime...)

Thanks for making me think of these! Good luck to everyone...

[DivaJen]

Re: Money planning for 2005

1. Begin contributing again to a 401k plan, finally.
2. Track all medical expenses, including over the counter stuff, to get a more accurate picture of what we spend each year and could be getting reimbursed for through the med reimbursement plan at DH's work.
3. Continue trying to cook more at home, thereby eating out less often and throwing away less spoiled food.

I'm sure there's more, but that is a start.

[akaivyleaf]

Re: Money planning for 2005

Great Question:
1. Start a Roth
2. Fully fund the 401K
3. Get a handle on my eating out/entertainment expenses and those savings will go into the Roth and 401K
4. Pay off my car
5. On the fence about house or condo purchase