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2011 Financial Goals

December 23rd, 2010 at 03:34 am

I think I mentioned some of our goals in November, but here they are again in a little more detail.

1) Save maximum in Roth IRA's = $10,000
2) Save 9% of basic pay in TSP
3) Save for college = $4,000
4) Pay off van loan, beginning balance = $1,643
5) Save truck downpayment = $12,000
6) Save cash for two vacations
7) Evaluate possible Roth conversion

The contribution to the TSP is up 2% from 2010 because of the reduction in payroll taxes. The college contribution is increased because we expect to save the full year. However, I will need to open 529 accounts for the girls. We are currently in Coverdale Educational Savings accounts and the maximum has been reduced to $500 per year beginning in 2011. That is not enough for us.

The payoff on the van will be easy considering how well we have done so far. I hope to pay it off by mid January!! Then we'll save for about 4 months towards a new to us truck. Then we'll save for vacations to take place in the middle of the year.

It should be fun to see what 2011 brings! Tell me what goals you have for next year.

Posted in Spending, Saving, Family, Vacation | 2 Comments »

2 Responses to “2011 Financial Goals”

  1. Homebody Says:
    December 24th, 2010 at 03:29 am 1293161393
    1293161393

    You have done a great job with your goals. Very inspiring!

  2. terri77 Says:
    December 25th, 2010 at 04:45 am 1293252306
    1293252306

    Sounds like a great plan to me! My goals were posted in a blog entry but to summarize: max out Roth IRA, max out TSP, increase savings to $20,000, pay down credit cards, student loan, and car loan.

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