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

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

    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?

  • veronak
    replied
    2019 Goals
    1. Pay off last two of 10 credit cards, about $13,000
    2. After paying off CCs, by the third quarter, tackle my student loan debt of about $70K *♀️

    Leave a comment:


  • Fishindude77
    replied
    Originally posted by disneysteve View Post

    Congrats on retirement!

    I'm curious about #7 as that seems like something that really would have needed to happen before you made the decision to retire. I'm assuming you must have had a pretty solid estimate of annual expenses to know that you could afford to retire when you did and you just want to nail it down in more detail.

    The whole mindset change from saving and preparing for retirement to working out how best to generate your income and preserve your principal has to be quite a challenge.

    I did a budget I think is pretty close, but we had a goofy tax situation due to receiving a windfall of $$ from business sale. Also, many items I never tracked closely in the past so just estimated them.
    2019 Will be first full year living solely out of pocket. I know exactly how much $$ is coming in and I will be able to see how much $$ I raid from investments, so will get a true picture of annual spending needs this year. Not concerned about being short, we've accumulated plenty and have some pretty smart investments that generate a nice annual income.

    Leave a comment:


  • disneysteve
    replied
    Originally posted by Fishindude77 View Post
    We're recently retired

    7. Get a better handle on our true annual spending and expenses
    Congrats on retirement!

    I'm curious about #7 as that seems like something that really would have needed to happen before you made the decision to retire. I'm assuming you must have had a pretty solid estimate of annual expenses to know that you could afford to retire when you did and you just want to nail it down in more detail.

    The whole mindset change from saving and preparing for retirement to working out how best to generate your income and preserve your principal has to be quite a challenge.

    Leave a comment:


  • Fishindude77
    replied
    We're recently retired, so a little different perspective than many here. Not really in the saving mode, more so preserving what we have and effective utilization of our cash and assets.

    1. Take idle cash and add to my CD ladder
    2. Take idle cash and add to our mutual funds
    3. Purchase some more shares of one key stock for the dividends and growth
    4. Purchase another piece of investment real estate if the right deal comes along
    5. Start looking into trusts for protection of real estate, etc.
    6. Make some decisions regarding when to start utilizing 401k funds and when to take social security
    7. Get a better handle on our true annual spending and expenses

    Leave a comment:


  • ~bs
    replied
    Originally posted by disneysteve View Post
    Since the thread got bumped up....

    Yeah, I figured 2 months in was a good time to look back and see if you're on track to doing what you say you'll be doing (like anything else, easier said than done)

    Leave a comment:


  • amastewa93
    replied
    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?
    Update on this... We have an emergency savings fund that is about to take a little hit for relocation. We are also getting married before making the move from Charlotte to ATL. But that will only cost us $60. Mom is covering a small dinner with immediate family afterward. We will be living somewhere rent-free in ATL before the end of April. With the savings from that, we are planning to stack up some savings and pay off debt!

    Leave a comment:


  • alliecat79
    replied
    1) Pay off $24000 of unsecured debt.
    2) Save $700 per month
    3) Continue to contribute to 403b account
    4) Save snowflakes for Christmas challenge fund
    5) 52 week savings challenge

    Leave a comment:


  • disneysteve
    replied
    Originally posted by disneysteve View Post
    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.
    Since the thread got bumped up....

    We are on track to pay off the mortgage by the end of the summer most likely.
    We are still putting 1K/month in our Vanguard account.
    We are putting a minimum of 1K/month in our Ally account. We actually put $6,000 in for January thanks to it being a 3 paycheck month.
    I'm still not quite sure what we will do with the $1,700 that will be freed up when the mortgage is gone though I have been spending more time on Zillow looking at houses in Florida. I suspect we will bank the money for a while and eventually use it as a down payment.

    Leave a comment:


  • ~bs
    replied
    welp 2 months into the year, business activity is flat (still making money). I did pick up a part time job so working a lot more as i mentioned. Pretty happy with the situation, work on my own time with relatively low stress, and the extra $4k-ish per month is pretty nice.

    Leave a comment:


  • cypher1
    replied
    Long term savings:
    Continue contributing 10% to 401K (employer match 6%). Max out Roth IRA and then max out HSA.

    So between those three I'm saving about 20% of my gross pay.

    Shorter term would be to continue stashing more cash in the EF. I can see some house repairs/upgrades this summer. Off the top of my head, goal would be to save another 12-15% between EF and taxable investments. But most realistically it will probably be 8-12%.

    However, this thread is further motivation to review all those numbers and goals.

    I forgot to add setting up a will or estate planning option.
    Last edited by cypher1; 01-09-2019, 08:46 PM.

    Leave a comment:


  • amarowsky
    replied
    Originally posted by amastewa93 View Post

    You are doing AWESOME! My fiancee and I are getting married later this year and I'm hoping we will be at about this point in four years (when I am 30). Congrats on your success so far and looking forward to seeing what more you accomplish!
    That's very sweet of you, and thank you for saying that.

    It has been a lot of deferred gratification. But the fruits are ripening, and if our plan continues (assuming at least 2 ~medium setbacks within the next 8 yeras). We the wife and I should be cleared to go to part-time work (that includes insurance). So we will be able to focus on raising our future kids (planning on trying/adopting within the next 3 years) and enjoying our social life, projects, and entertainment.

    The most gratifying thing is we did this on completely "normal" incomes. Between the wife and I, we're only actively earning about $115k. We have some other "passive" income from equities, our 1 rental, and some small side hustle businesses. The only thing unique about our plan was living below our means for the typical stuff. (I.E = we avoided luxury cars, buying a bigger home than we needed/wanted, savings on food cost from our 700 sq/ft garden, doing most of our own housework/updates, and overall shopping for good values instead of based on brand/status reputation.

    I'm not afraid of the future, despite it's daunting uncertainty. It's a feeling of solace, when you feel like you may be lost, but knowing your lost wandering deeply in the right direction.

    Leave a comment:


  • amastewa93
    replied
    Originally posted by amarowsky View Post
    Good timing as we just entered our thirties (31 me, 30 her).
    You are doing AWESOME! My fiancee and I are getting married later this year and I'm hoping we will be at about this point in four years (when I am 30). Congrats on your success so far and looking forward to seeing what more you accomplish!

    Leave a comment:


  • amarowsky
    replied
    Financially, 2018 was exciting. A few months ago I sold about 50k Worth of taxable sp500 index funds (luckily when SP500 was at a plump 2850-2900) and we paid off or home! That opened a door of cash flow to allow to me max my 401k for 2018, the first Time ever!

    ​​​​​​Part of the reason to pay off the mortgage, was to enable retirement savings over drive mode! Good timing as we just entered our thirties (31 me, 30 her).

    2019 Goal:
    1) contribute at least $27,000 to wife and i's 401k's.
    2) Max both Roth IRA's. ($12k)
    3)5k into HSA
    4) aquire and finance another rental property (80k Target price)

    Extra credit:
    1)max 401k contributions at $36,000
    2)max HSA contribution, $6,900? (I think)
    3) use any extra income to pay off debt on my current rental principle (4.6%) or remaining car debt @1.9%

    *Extra credit pending any promotions, opportunities, bonuses, or raises.
    Last edited by amarowsky; 01-07-2019, 10:31 PM.

    Leave a comment:


  • srblanco7
    replied
    2019 Goals
    401k for me at $25k and for Mrs srblanco7 at $10.5k
    Backdoor Roth IRAs for each of us at $7k
    529 contributions at $6k
    Vanguard fund contribution of $2k
    That's the minimum I've budgeted for next year. Still more work to do to ramp up savings for next year.
    Only debt we have is a mortgage, but the interest rate is 2.5% and I can not bring myself to put extra money towards payoff (vs investing those funds).

    Leave a comment:

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