It is so strange for me to wait this long into the year to really post financial goals. However, this upcoming move has distracted me with other things to think about.
As of today, our goals for 2015 are:
Maximize our Roth IRA contributions.
Save 8% to TSP (may actually increase to 10%).
Save $2000 for each daughter for college.
Continue my 52 week savings (which is $57 per pay period, or $114 per month)
Pay down $5000 in mortgage equity end of June 2015.
Use snowflakes to pay off $1386 in credit card debt on two 0% interest cards.
The retirement and college investments are set up on automatic withdrawal, so those are easy. Right now I'm manually saving the $57 each pay period. I did it automatic last year, so that may work out again this year, too.
The paying off $5000 in mortgage equity will be a combination of things. I'm currently adding $104.94 to our mortgage payment towards principal. It makes for a nice even mortgage payment. This means we pay off more than $585 each month. For six months, that pays down $3510 on our mortgage. That means I'm short of the goal by $1490, or $248.33 per month. Last month, I set aside that amount and will continue to do so through June. By the way the end of June is the deadline, as I'm going to guess that is the month we will close on this house when it sells. I do realize that isn't a sure thing, but one can hope it goes that smoothly!
I've mentioned a couple times we have debt on two credit cards. They are at zero percent and resulted from some bigger purchases. From what I can tell the Wells Fargo balance was $700 at the beginning of this year. It is now at $415.94. The Citi TY card was at $686.27 and is now at $636.27. So I have already found $334 worth of found money/snowflakes to apply to this goal, leaving $1052 to go. I may get impatient with these debts and just pay them off, but for now this is the plan! I will try to get better at tracking them and letting you know the progress, too.
The truck is still in the repair shop this morning getting a sensor replaced and a new battery. We are looking at another $300 spent there. With my tires and alignment the day before, we will have spent $1100 in car maintenance in two days. Happy for savings for these types of things. (And thinking my 52 week savings will simply help the savings account recover from this expense)
Am I the last one to post my goals for 2015? How are you doing with your goals? Has anyone had to revise your goals?
2015 Goals and More
February 7th, 2015 at 04:17 pm
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February 7th, 2015 at 08:31 pm 1423341089
Two silly questions: is the $2000 towards college in addition to the fund that you have to max out by next month for your oldest? Will you stop saving for your oldest when she starts college? Or will that money just come out of cash flow then?
Ok that was three silly questions.
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