|
2014 was one of those best of times, worst of times years. My emergency fund took a big hit. I pillaged my middle-term savings. But I also wrapped up a divorce and got a better job. So onwards and upwards. 2015 Financial Goals 1. Rebuild cash reserves to include: 18k Emergency Fund (currently $2,832) ; 5k Middle-Term Savings (currently $1,006) this is what I call generic savings for possible house, new car, etc; 1k kept in the worthless savings account tied to my checking account, intent being to not touch my emergency fund again. This is there now, goal is to keep that throughout the year. 2. Max Roth IRA and HSA again. 2014 ended up being the first year I did both. This year, these will be funded by direct deposit each pay period. 3. Increase net worth to 110k (currently 80.1k). This should be the outcome of the above plus finishing divorce debt, by my calculations.
|
# ¿ Dec 14, 2014 22:25 |
|
|
# ¿ May 12, 2024 06:59 |
|
I just finished taxes and I have finances on my mind. It's also now the 2nd quarter of the calendar year, so time for an update. I'm realizing a need to adjust my withholdings. This was my first tax year filing single in a long time, and I ended up with a large refund. Part of this is deducting alimony, but my alimony amount (vs what's classified as debt in the divorce) isn't that much and I will have the deduction next year as well. Last year I claimed 1 allowance on my W4, and I'm going to adjust that to 2 or perhaps 3 which I am researching now. I'm also trying to right-size my budget. In 2014 I spent an average of 4k /month in total, but that does include reimbursable work expenses, divorce debt, and other unique things like putting together a bachelor pad and going on awkward dates. This past month total expenditure was $3400, and I've been trying to whisk excess into my emergency fund savings. sweet_jones posted:2014 was one of those best of times, worst of times years. My emergency fund took a big hit. I pillaged my middle-term savings. But I also wrapped up a divorce and got a better job. So onwards and upwards. Update 1: My online savings account is at $6,124 and I have 1K in the savings account tied to my checking account. E-fund total: $7,124. While I believe 18k is a good goal for me to have this year, with budget on mind now I'm realizing 18k clearly isn't 6 months of expenses. Goal for next year identified. Haven't done anything with the other account. quote:2. Max Roth IRA and HSA again. Update 1: On track. quote:3. Increase net worth to 110k (currently 80.1k). Update 1: Net worth $96,181 - this has gone very well thanks to debt elimination and good returns on retirement accounts.
|
# ¿ Mar 21, 2015 18:42 |
|
This thread has been great to keep me on track, and it’s inspiring to read of everyone else’s successes. quote:1. Rebuild cash reserves to include: Update 2: Emergency fund has been my focus through Spring and early Summer, that total is now just under 13k! On the flip side, summer travel and fun will slow growth on this for a bit. quote:2. Max Roth IRA and HSA again. Update 2: In an interesting plot twist, my company partnered with Wells Fargo to now allow pre-tax payroll deduction for the HSA. To date, my HSA has been with Alliant earning ~0.8% interest, and Wells Fargo will offer investment accounts with the company picking up the $2.50 /month expense fee. I was able to find a (relatively) low fee index fund there. Roth IRA contributions are still on track. quote:3. Increase net worth to 110k (currently 80.1k). Update 2: Net worth $103,112
|
# ¿ Aug 3, 2015 17:08 |
|
sweet_jones posted:
This was sort of a success, I was able to build my e-fund up to $17.7k but I did not save for the second savings account. quote:2. Max Roth IRA and HSA again. Success, maxed both accounts. quote:3. Increase net worth to 110k (currently 80.1k). Success, I ended the year at 114.9k net worth.
|
# ¿ Dec 21, 2015 16:50 |