Help with savings goals

[awalker86]

Hello,

I'm looking for advice and where to save my money.

DH & I started a new job last year and paid off all of our debts (CC, hospital bills,his work truck, etc). The only debt we have is my car which will be paid off in December. We don't own a home, but we do manage a complex of townhomes and therefore we get rent and utilities taken care of along with a salary. (Killer job and allows me to be a WAHM to my 3yo and baby due in November).

Anyway...
After living expenses, we can save about $2300/month.

Here are my goals for this year:

$500/month into our HSA (this amount will pay off our hospital bills for having a baby this year and we'll get the tax deduction from the HSA)
$400/month total into DH's Roth IRA and my 401K
$800/month into our "emergency fund"
$200/month into our vacation fund
$200/month into our misc fund (covers car repairs, insurance etc)
$250/month into kids savings accounts

Does this look ok? Any advice to tweak this?

Thanks!

[bjl584]

The initial plan looks solid. Do you have a game plan once the EF, misc. fund, and the vacation fund are fully funded? I'd shift some of that money into retirement savings once those categories are funded fully.

[Eagle]

Hello,

I'm looking for advice and where to save my money.

DH & I started a new job last year and paid off all of our debts (CC, hospital bills,his work truck, etc). The only debt we have is my car which will be paid off in December. We don't own a home, but we do manage a complex of townhomes and therefore we get rent and utilities taken care of along with a salary. (Killer job and allows me to be a WAHM to my 3yo and baby due in November).

Anyway...
After living expenses, we can save about $2300/month.

Here are my goals for this year:

$500/month into our HSA (this amount will pay off our hospital bills for having a baby this year and we'll get the tax deduction from the HSA)
$400/month total into DH's Roth IRA and my 401K
$800/month into our "emergency fund"
$200/month into our vacation fund
$200/month into our misc fund (covers car repairs, insurance etc)
$250/month into kids savings accounts

Does this look ok? Any advice to tweak this?

Thanks!

First congrats on your little one on the way!

Also congrats on getting all that debt knocked out.

Question: Why not go ahead and pay off the car early instead of investing into all these funds? What is the interest and balance on the car?