Newbies and others: what are your goals?

[Scanner]

I'm going to solve the healthcare crisis and make Bill Gates' fortune look like chump change.

[billchrz]

My goals for the year and the progress on them are:

1. Raise 401k contributions to 5% - complete

2. Pay off 11k worth of CC debt - 5500 remaining, will be paid off by April 1

3. Purchase new refrigerator with cash - will be completed by April 1

4. Pay off wife's car by July 1 (10k remaining)

5. Fully Fund EF by end of year

6. Invest 10k by end of Q1 '09 in Roth IRA for myself and wife

Ongoing

1. Maintain full finded EF (6 mo)

2. Contribute 10k/yr to Roth IRAs for myself and wife

3. Pay cash for everything!

4. Raise 401k contributions 2% every pay raise until max is reached

[maat55]

My 2008 goal.

Allready debt free.
Finish EF, need 3000 of 10000
Max out wifes 401 and fully fund both roths
reach 3000 in car fund.

[Snave]

Goals for 2008:

1) Pay for the patio we are putting in. It is partially paid for and I was thinking about pulling money out of some investments I have, but obviously they are down quite a bit and I would like to give them the chance to come back. We have a HELOC that we have decided to use instead. With prime rates going down (another 3/4 most likely with Tuesday's interest rate cut), our rate would be down to 5% (less since we write it off for taxes). So, we are going to use that to fund the patio and pay it back off this year. We did without the patio last year when we moved in and would like it so that we can enjoy the yard this summer with our little boy.

2) 401K is maxed for the year - at least it will be based on my contribution levels by year end.

3) We have to fund the Roth's as well. My 401K is a Roth 401K already, so this is just an added bonus to have. We'll probably divide our monthly "surplus" to 1/2 patio HELOC payment and 1/2 Roth.

4) $5000 already put in for the year for 529.

5) Not looking forward to looking for a new (used) car at the end of 2008 for my wife. Her car is 9 years old and we are do to "upgrade" before we start putting much more money in the current car.

[disneysteve]

My goal is to have $1 mil in savings/investments by the time I turn 40.

I'd also like to have $1 million by age 40. Now if only I wasn't already 43.

There is a difference between a "goal" and a "plan" I think a goal is something you are hoping to achieve while a plan is how you are going to get there.

I want to max my Roth is a goal.
I'm having $416.66/month automatically transferred to my Vanguard account is a plan.

I want to pay off my credit card by December is a goal.
I'm adding an extra $200/month to my payment is a plan.

For all of your goals, be sure and have a plan. Without a plan, your odds of achieving your goals are much lower.

My PLANS for 2008:
Increase savings by $150/month beginning in June after DD's braces are paid for.
Apply $1,200 tax refund and $1,500 stimulus payment to our Roths for the year.
Once Roths are maxed, redirect that money toward our HEL in order to have it paid off by the end of 2009.
Have our daughter's Bat Mitzvah celebraton in September without going bankrupt.

[FrugalTexan75]

My Plans for 2008:

Fully Fund 6 mo. EF (should happen by April)

Fund Car Replacement Fund to $4,000

Begin House Downpayment Fund (I have decided to put my Susie Orman Ameritrade money towards this, so by December I'll already have around $500 +interest towards this. If all goes well, I should be able to start allocating all savings funds to this goal by November at the latest.)

Every month I have a 5th paycheck, the whole amount goes towards whatever savings goal I'm concentrating on. I have a set amount each month that goes to savings - I treat it like a bill. I will be putting all but $50 of my Economic Stimulus money into savings (taking a little out for some kind of a treat.) Any extra money earned via babysitting, selling things, etc. goes towards savings. Also, any money "bonuses" I get for opening accounts, etc. goes towards whatever savings goal I'm concentrating on at the time.

Also, any interest I earn on my ING Orange account goes to savings.

[LivingAlmostLarge]

Everyday move forward to where I want to. Now if only I could figure it out?

But seriously
1. Save money for student loans $8500
2. Pay cash to landscape backy yard $5k
3. Pay cash to finish retaining wall $5k

Right now we're in such flux because we have a lot of reimbursements for DH's job which he applied for and we fronted but never got reimbursed about $5k. And we have a tax refund, which I would love to send to our savings for a loan payment in the future. But it's unlikely. Sigh we have too much on our plate we have to keep holding cash to pay off stuff. I hate having so much cash.

[maat55]

I hate having so much cash.

I have a little room in my walet.

[Spud]

My long term goal is for my husband to retire as soon as financially possible so I can spend more time with him.

My goals for 2008 are:
1) Keep up with Quicken
2) Max husband's 401(k)
3) Max our Roths, or our Nondeductible IRA's if we find out we can't do Roth.
4) Learn more about investing options.

[maat55]

My long term goal is for my husband to retire as soon as financially possible so I can spend more time with him.

I give it a month before you tell him to get another job.

[Spud]

I give it a month before you tell him to get another job.

Noooooo way! I waited 32 long years to marry him, and he was 40 when we were married ... I feel like we missed out on about 5-10 years of life together already. I can't wait to spend that time together (and much more!) on the other end, happy, healthy and financially secure.

[LivingAlmostLarge]

Nope, turns out I need it sooner than expected.

[KellyB]

Goals and Plans. Definitely!

Already acheived - Fully funded 3 month EF
No Credit Card Debt (any new charges paid in full monthly)

2008
Max $15500 into both our 401ks - on track via automatic withdrawals from pay.

Transfer $5000 each into Roth IRAs - completed in March

Save $6800 for vacation fund - completed in March

Save $2600 for Christmas Fund - on track by transferring $200/month into fund, but will probably complete by May 1

Save $2100 for Medical/House/Auto mini EF - completed in March

Save $1150 for 2009 Annual Bills such as Sewer, Tax Prep, Condo fee, etc - on track by transferring $200/month into fund, needed by Jan 2009, will complete by July 1 2008

Pay off HELOC by Dec 31 - started this Jan at $18800, have paid $10300, plan to use all refunds, commissions, etc. and should complete this by 12/1

Its good to have goals and plans

[Caoineag]

Goals and Plans for 2008

Pay off remaining credit cards by September
Using DH's bonus and increased salary to assist my payments

Start saving a downpayment for a cheap house
Using money that used to be used to pay on credit cards

Go on a week vacation
Using money stashed in savings account between now and August

[gekkoplus]

Our financial goal in 2008 is to save $50K (cash, IRA, 401K, ESPP, Investments combined).. Although saving 50% of our earnings is a steep task but we will be helped by our $10K 2007 tax refund and $1200 (?) stimulus on top of that..