Money planning for 2005

[seaar2000]

Re: Money planning for 2005

Goals: Started a 401(b) today that will start in Jan of 2005. Have care paid off in Mr2005, continue putting 100 in EF, putting an extra $50 on house mortgage after pay off car, declutter garage when it gets warm HA!, track all my expenses, and have a good year.

[terry1156]

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.

I was just curious about what the interest rate was on the car loan? If it is the same or higher than the house, it might be better to put the whole $200 toward paying off the car first and once that is paid off, the full $200 toward the mortgage.

[jhd815]

Re: Money planning for 2005

How interesting to see everyone's goals for the new year.

First, I'll share my goal from this year ... pay down credit card debt. I've paid my cc debt down to around $2550 from $12,500 at the start of the year.

I hope to pay off the remaining balance within the first two months of 2005. My goal is not to be debt free but instead to know that I have my cc debt under control and that I'm able to pay off my balances in full each month.

Goals for 2005:

1) Contribute cost-of-living raise and anniversary raise to my retirement savings plan. Two years ago I finally set up a retirment savings with Fidelity Investments through a tax savings plan at work.

2) Establish an "emergency fund" equal to 4-6 months of my monthly salary. The funds would be used ONLY for emergencies, such as replacing a big ticket item for the house.

3) Once I've achieved the above goals, I want to invest in a "ladder" of CD's.

Good luck to everyone and their goals!

[Uncljim]

Re: Money planning for 2005

Is interesting and lighten me up a lot after going through all your plan. I better start doing my own for the next Christmas, as it is the most important events in a year. My weaknesses in traveling will be the first target, so the rest will fall inline naturally. Savings will surely benefit home better, was angry with myself for not having sufficient cash in gifting my children last Christmas. After all sounds of joy and laughter at home do enriches our hearts and worth it, Right folks ? .

[akaivyleaf]

Re: Money planning for 2005

After all sounds of joy and laughter at home do enriches our hearts and worth it, Right folks ? .

I can agree that the sounds of joy and laughter enrich our hearts but I don't think that monetary or worldly possessions alone can create these joyous strains. I can't see blowing the bank for Christmas and budgeting SPECIFICALLY and ONLY for Christmas.

[PennyPincher]

Re: Money planning for 2005

I was just curious about what the interest rate was on the car loan? If it is the same or higher than the house, it might be better to put the whole $200 toward paying off the car first and once that is paid off, the full $200 toward the mortgage.

Actually, the mortgage is at 4.25% for 3 more years, and the car at 4.5%. I should be able to have the car paid off next year, so that will be one debt gone. I will most likely move out of the house before the end of 3 years, as my past record indicates...

Sometimes it feels good to put money toward two debts, but I see your point. Thanks!

[terry1156]

Re: Money planning for 2005

Actually, the mortgage is at 4.25% for 3 more years, and the car at 4.5%. I should be able to have the car paid off next year, so that will be one debt gone. I will most likely move out of the house before the end of 3 years, as my past record indicates...

Sometimes it feels good to put money toward two debts, but I see your point. Thanks!

The most important part of paying off debts is doing it the way that motivates you the most. Trying to do it a different way and stopping because you aren't motivated.

Since the mortgage interest is tax deductible AND you said you're likely to move out of the house soon (which means prepaying the interest on the house is of little use), putting it all toward the car is something to think about.

If nothing else, switch the amounts around so you're paying an extra $150 toward the car and $50 toward the mortgage.

[miclason]

Re: Money planning for 2005

My financial goal HAS to be to bring all my account payments up-to-date, and saving for DD's school entry fee. This, I believe, are reachable.

Re: Money planning for 2005

My biggest goal is to pay off a stubborn student loan that has a whopping 9.25% interest rate. I've paid it down from $9500 to $2400 so far this year.
I figure that can be done by April.

We need a van for my husband's business, that will double as the family car. That means trading in our current car for that.

Refinance our ARM mortgage for one with a fixed rate.

Sell more of my crafts on the side

Enlarge my vegetable garden

Finish our basement off, and finish painting the exterior of our house, when it finally warms up!

[Uncljim]

Re: Money planning for 2005

you are right akaivykeaf. and I didnt mean that it should be limited only for christmas , Infact I suggest people should go for proper planning and budgeting for next year as well, christmas was mentioned as I had that experience and dont want others to have the same and it certainly is the biggest occassion here in the United States. But we do work hard for cash to get material possesions,apart from food, clothes etc. and certainly gave us secure and comfortable life. I do agree yes, one can get happiness by other means as well . And wishing you and your family a most joyous christmas.

[terry1156]

Re: Money planning for 2005

My biggest goal is to pay off a stubborn student loan that has a whopping 9.25% interest rate. I've paid it down from $9500 to $2400 so far this year. I figure that can be done by April!

wow, that's an expensive rate. isn7t there anyway to get it lowered? I don't know much about student loans, but it would seem there must be a way.

[Tree0164]

Re: Money planning for 2005

How did you do for your 2005 goals...

We did buy a 2001 mini-van. Monthly payment $244 for 3 years

We put off on buying new windows to 2006.

Hubby 401k is at 11%, my roth is on target for $3k.

How about you?

[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)

Wow I got rid of the little debbie cakes, and got the CC to go down (in the black) And paid a lot on it (I knew all was to much to ask for) forgot how long ago I started trying to save!

[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.

I paid off my credit cards entirely, switched car insurance to save a ton of money, paid off the one college loan in March, and opened a Roth IRA in February. I did not get serious about my savings account, nor did I stop using my credit cards entirely (but I do pay them off every month).

Is anyone else shocked by how quickly this year went by? I can't believe it has been almost a year since we wrote these goals. I swear it was just yesterday. Wow.