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Not many places that I can share accomplishments like this, so this is my goto place.
Steps I have completed:
1. Pay off all non mortgage debt
2. Reduce expenses so I live off my salary alone (single income)
a. I save all of my pension
b. I save all of my bonuses
Next step is to reduce expenses further so I could save the 2 extra paychecks I get each year. I will be able to start doing that in the second half of 2016. Kindof a happy/sad situation because the expense reduction is because we will be empty nesters and that reduces a lot of daily expenses like food, gas, dining out, etc...
I know I will have significant annual expenses for the youngest going to college (tuition, room, board, books) and even more for the stuff not included in that (laptop, sheets, fan, microwave, travel back and forth for holidays/summer vacation). But I have budgeted that into the college savings plan. I am planning on tuition, room, board, books + $4,000 / year for known unknowns. Would like to know if that is the right amount. My current college savings rate has me exceeding the required amount (including the extra $4k/year) by quite a lot. If you think that is sufficient, then maybe I can stop the college savings earlier.
Thanks for reading and all the help.
Tom
Steps I have completed:
1. Pay off all non mortgage debt
2. Reduce expenses so I live off my salary alone (single income)
a. I save all of my pension
b. I save all of my bonuses
Next step is to reduce expenses further so I could save the 2 extra paychecks I get each year. I will be able to start doing that in the second half of 2016. Kindof a happy/sad situation because the expense reduction is because we will be empty nesters and that reduces a lot of daily expenses like food, gas, dining out, etc...
I know I will have significant annual expenses for the youngest going to college (tuition, room, board, books) and even more for the stuff not included in that (laptop, sheets, fan, microwave, travel back and forth for holidays/summer vacation). But I have budgeted that into the college savings plan. I am planning on tuition, room, board, books + $4,000 / year for known unknowns. Would like to know if that is the right amount. My current college savings rate has me exceeding the required amount (including the extra $4k/year) by quite a lot. If you think that is sufficient, then maybe I can stop the college savings earlier.
Thanks for reading and all the help.
Tom