Have you started outlining financial goals for 2019? What are yours?

**corn18** · 12-19-2018, 08:23 AM

1. Save as much as possible: $62k to 401k, $13k to Roth, $600k to taxable (lots of RSU's and bonuses next year)
2. Evaluate my future

**Jluke** · 12-19-2018, 08:24 AM

For 2019
- Max 401k - $19k
- Max Roth IRA - $6k
- TRY to limit extra mortgage payments.
- Help wife contribute more $$ to her 401k (did this for first time in 4Q 2018).
- Add to taxable investment account.
- Open 12M CD in Mar/Apr - $7k
- increase EF

**corn18** · 12-19-2018, 08:33 AM

Originally posted by amastewa93 View Post

Our main goals in 2019 for finances are...

1. Re-establish emergency savings
2. Start seriously snowballing our debt (about $65K between the two of us) - we will have one car paid off completely by March
3. Cut costs by moving somewhere cheaper (we currently pay $1,400 in rent)
4. Once our debt is paid off and savings is stable, we will be saving for a down payment on a home (not likely until later in 2020)

We will also be getting married next year - but we have no plans for a reception or anything very costly where a celebration is concerned.

What are your plans for 2019?

Congrats on the upcoming wedding! Looks like you both are starting off with a solid plan. LBYM and love each other like there's no tomorrow.

**disneysteve** · 12-19-2018, 12:19 PM

Max my 401K at $25,000
Pay off our mortgage
Figure out what to do with the $1,600/month that will be freed up once the mortgage is gone
Continue putting $1,000/month into our Ally account, buying a CD or two with that money along the way
Continue putting $1,000/month into our taxable Vanguard account earmarked for retirement

That's the big stuff that I know the numbers for already.

**vin2018** · 12-20-2018, 03:59 AM

Major goal for 2019 - Save as much as possible.

Ultimate aim is financial independence.

**disneysteve** · 12-20-2018, 05:13 AM

Originally posted by vin2018 View Post

Major goal for 2019 - Save as much as possible.

Welcome to the site.

That's a great goal, but also a very vague one. Your odds of achieving a goal are far greater when the goal is specific and measurable. So if you haven't quantified the "save as much as possible" goal, you really should do so. That might be saving a certain amount per month or from each paycheck or however you want to break it down.

The other piece is that a goal without a plan is just a dream. What is your plan for "saving as much as possible"? Have you set up an automatic transfer from your checking account to a savings account? Have you arranged for your employer to direct deposit part of your paycheck into your savings account? Have you cut back specific expenses to free up money for added savings?

**skives** · 12-20-2018, 06:08 AM

15% to both our Roth 401Ks
$35 a week to each of our Roth IRAs
$125 a week into our EF Fund currently at $15K
Stay at or below each budgeted items in our budget.
$1,000 per month to mortgage

**LivingAlmostLarge** · 12-20-2018, 08:37 AM

save for retirement maximum tax deferred accounts.
save for college $4k we usually do both of these above.

But next year I would like to really finalize college savings and save an extra $18k this year for them so $9k each and I'm hoping that will cover everything. I'm unsure if this makes sense.

**amastewa93** · 12-20-2018, 10:18 AM

Originally posted by corn18 View Post

Congrats on the upcoming wedding! Looks like you both are starting off with a solid plan. LBYM and love each other like there's no tomorrow.

Thank you! <3

**amastewa93** · 12-20-2018, 10:20 AM

Originally posted by vin2018 View Post

Major goal for 2019 - Save as much as possible.

Ultimate aim is financial independence.

Financial independence is a great goal to have and I think most of us here share it. Have you considered how you're going to get there? It is more than just saving money. Do you have any debt you need to pay off? You should focus on that first to free up cash for savings and investments. What about a retirement account? Mortgage? Career goals?

Welcome to the site

hopefully these questions can help you get started thinking about making those goals realities!

**~bs** · 12-20-2018, 01:18 PM

no specific percentages or anything like that, but my plan for next year is to work a lot more and take a lot less vacation. Think I took 1 month worth of vacations this year. lol I did manage to get a really good paying part time job.

The plan is to keep current retirement account funding at the same level and focus on building a sizable cash position. The reason is that this economic recovery is probably going on its 10th or 11th year now, and we are due for a recession. The recent stock market swings probably aren't directly related to an impending recession, but I feel late next year or the year after, we'll get hit. A cash position allows you the opportunity to make investment and other types of purchases that's hard to do without one. I bought a vehicle and a property during the "great recession". Possibly might do the same this time around, all depends on what opportunities come up.

Golden Rule: He Who Has the Gold Makes the Rules

**disneysteve** · 12-20-2018, 01:22 PM

Originally posted by ~bs View Post

I bought a vehicle and a property during the "great recession". Possibly might do the same this time around, all depends on what opportunities come up.

We're in a similar position. I would not be opposed to going house shopping in Florida if the market crashes. Our thought right now is to rent a place but if prices come down significantly we might buy instead. Even if it doesn't end up being our long term place, if we can get it "on sale" and hold it at least until things turn around, I'd be okay with that.

As for vehicles, we'll buy when the need arises. It's not like prices come down all that much though the dealers may be a little hungrier to sell.

**~bs** · 12-20-2018, 01:33 PM

Originally posted by disneysteve View Post

We're in a similar position. I would not be opposed to going house shopping in Florida if the market crashes. Our thought right now is to rent a place but if prices come down significantly we might buy instead. Even if it doesn't end up being our long term place, if we can get it "on sale" and hold it at least until things turn around, I'd be okay with that.

As for vehicles, we'll buy when the need arises. It's not like prices come down all that much though the dealers may be a little hungrier to sell.

I bought it private party, not quite at firesale prices, but it was a 2 year oldish car, and the previous owner, who bought the car brand new, took a 35k hit on selling it to me, and it had 8k miles on it. Probably wont bother buying another car, i dont drive all that much, it's still pretty low mileage.

As far as upgrading property, you brought up the hard part about using a primary residence or investments to upgrade by buying during recession since these assets valuation tend to mirror the value of what you're buying. If the price of a house goes down from 500,000 to 400,000, and your assets go down by similar amounts, its essentially the same thing purchasing now as it is waiting for the recession to purchase.

The alternative option is to hold cash and use that for the purchase, then sell your old property when the market recovers. The risk of this strategy is the opportunity cost on the cash if the economy keeps booming another 5 years or something and the risk of holding your old property, tying additional net worth in home equity until the economy recovers.

**~bs** · 12-20-2018, 01:35 PM

^^

Disney, can you unflag my post as spam. not sure why it was flagged by the system. I'd prefer not having to type the thing out again. lol

thanks

Your PM box is full.

Have you started outlining financial goals for 2019? What are yours?