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Hope BossRighteous doesn't mind me getting this started a little early, but I'm setting up some of my financials tonight and figured I'd go ahead and document my goals by starting a new thread. Current Figures: 1-$12,000 in student debt (paid down from $75,000 starting in 2011), wife's was erased earlier this year via government forgiveness 2-$130,000 owed on $159,000 house (entering year 3 of 15). 3-2011 Honda Civic paid off, Traded down from my 2012 GMC Sierra earlier in the year to a paid off 2004 VW Beetle. Trimmed $21,000 in debt through the downgrade, but immediately had to shell out $3,000 for major repairs. 4-Contribute to match on personal 401k (6%) and wife's SIMPLE IRA (3%). 5-Contribute full $5,500 to personal and wife's ROTH IRA. 6-Give $200/mo to go causes ($50 to each: Wounded Warrior Project, Boys & Girls Club, Local Goodwill comparable, FISH Food Pantry. Goals: 0-Start a goddamned budget. We've done well with stuff in my head, but we're moving to a Ramsey-esque hybrid system. Cash only envelope system, credit cards left open and used only for Netflix. Track EVERYTHING via Everydollar. This will trim the excessive bleeding we've noticed on dining out (our big-time vice, contributes to our being out of shape). Setting this up while watching SNF tonight. Will be discussing freezing our credit per Clark Howard's recommendations. 1-Pay off remainder of $12,000 in student loans. Business is really tough at work, so bonus may not be coming through this year. Was roughly $5k last year. If it does, entirety will be placed towards student loans. Otherwise, should be about August. Monthly savings on student loans will immediately placed towards HSA investment savings. 2-Get PMI knocked off this year. Payments as usual will get pretty close to getting my LTV down to 78% by year's end, so this isn't really an effort goal. 3-Cash flow my MBA. Starting in Jan, first $2200 for tuition and books paid in full. Company will reimburse but require 3 year commitment, so I'll be saving each reimbursement in a safety account to pay them back if I decide to go somewhere else. Should be about $22,000 and 3 years to finish the program part time, so we'll say I'll need $7000 this year. 4-I'll be continuing to contribute 6% to my 401k and 3% to my wife's SIMPLE IRA to account for all matching funds. 5-We'll contribute fully to IRAs one way or another as long as we stay employed. I'm considering changing from ROTH to Traditional to save on taxes (D.I.N.K.s with side incomes e.g. Airbnb that we usually owe tax on). 6-Increase charitable contributions to more than 5% of take home, opening up to another organization or two. Stretch goal is 10%, but I just don't see that happening (yet). 7-Stretch goal-Cash flow a trip to an all-inclusive resort. I'm okay pushing this to 2017, but wife's been asking for a while now... (taken her to Europe twice in last three years). 8-Stretch goal-Start another side hustle. We've ubered, airbnbed, consulted on side, but I'm looking for something more permanent.
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Dec 14, 2015 01:40
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| # ¿ Apr 29, 2024 16:09 |
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Also, don't let finances prevent you from a baby. If you do, you'll never have enough to feel comfortable or that "it's time". That's what I'm told, at least. I think my wife and I may start trying next year, but that remains to be seen [we admittedly had a hard goal of having all student loans paid off prior to trying].
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Dec 18, 2015 03:07
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Dead Pressed posted:Goals: Budget set up in everydollar. Cash put into envelopes, and all credit cards stashed away. Here we go!  Housing includes all utilities and Netflix, ETC. moana posted:welp, look who's getting started early with her new year goals That's awesome. Congrats! Wife and I have decided to start trying on her 28th birthday, the beginning of March! :highfive:
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Jan 2, 2016 21:27
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And thank you...
Dead Pressed fucked around with this message at 01:04 on Jan 3, 2016 |
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Jan 3, 2016 00:47
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C-Euro posted:Oooh that looks fancy, I tried doing some budget stuff a few years back with Mint.com but never really bothered to keep it updated. Do you use the mobile part of this at all? It had an iPhone app but not an Android one Yes. It's very similar to ynab in its mobile functionality. Desktop functionality is a fair bit weaker, but it's also free. Even though I own ynab, we are going with everydollar because it's a little easier to start with, and we needed to gain some traction with regards to record keeping. I know the everydollar team is working on an android version, haven't heard an eta. While I'm not using it now, I do wholly endorse [old] ynab if that type of setup looks to be something you're interested in. There's a thread in this sub forum for more information. I will state that old ynab doesn't connect to bank accounts, but everydollar has premium upgrade that will connect, but I haven't tested it for functionality yet. I think it's $50 a year for that, maybe.
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Jan 3, 2016 05:02
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slap me silly posted:Ok let's play good idea / bad idea for slap me silly in 2016. I'm thinking about selling my house ($XXX/mo mortgage payment) and moving into a one bedroom apartment ($XXX + 30% in rent). Two points in favor: the apartment would be walking distance from work, whereas the house is a 20-30 minute drive that's getting worse and worse every year. And, I'm tired of being responsible for a house that has way more space than I need and incessant yard work and maintenance demands. Points against: the house is in a cooler area than the apartment would be, and apartments have, you know, shared walls and poo poo. Financially, the apartment may cost a bit more over time but probably not by much - I can certainly afford it. Anybody else has done this poo poo? I've thought about it myself, but my wife and I decided against it due to lifestyle and we get about 60% of our monthly mortgage paid via Airbnb. How much time do you burn maintaining the house? At what rate are you willing to "pay yourself" for more downtime? Would you have more amenities in an apartment like a pool, sports courts, or a gym that might replace a current membership? Is home ownership a long term goal? Do you have equity or will you be paying the 6%+ in fees out of pocket? Will you be able to sell your car? 20-minutes a day can add up in gas. My guess is that's about 30 miles round trip (similar drive for me). At 30 miles/gallon, you're saving roughly 20 gallons of gas a month, which would be about $40 depending on where you are in the country. Then you're saving depreciation on your vehicle even if you don't sell. Are you closer to friends or recreation, especially free recreation like a community park? Are you prone to picking up a bad habit like eating out excessively?
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Jan 4, 2016 01:54
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 I started a website [blog] to track our financial habits throughout the year and to put our decision criteria on paper [web] before we do anything special. A new goal of mine is to average a post a week, including a focus on my eating out habits and how a cash budget positively impacts my weight. Hope that this online journal drives me to stick to my other goals.  Really like to drive it into a financial independence tracker as it develops.
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Jan 8, 2016 20:15
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| # ¿ Apr 29, 2024 16:09 |
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Dead Pressed posted:Goals: quote:1-Pay off remainder of $12,000 in student loans. Business is really tough at work, so bonus may not be coming through this year. Was roughly $5k last year. If it does, entirety will be placed towards student loans. Otherwise, should be about August. Monthly savings on student loans will immediately placed towards HSA investment savings. quote:2-Get PMI knocked off this year. Payments as usual will get pretty close to getting my LTV down to 78% by year's end, so this isn't really an effort goal. quote:3-Cash flow my MBA. Starting in Jan, first $2200 for tuition and books paid in full. Company will reimburse but require 3 year commitment, so I'll be saving each reimbursement in a safety account to pay them back if I decide to go somewhere else. Should be about $22,000 and 3 years to finish the program part time, so we'll say I'll need $7000 this year. quote:4-I'll be continuing to contribute 6% to my 401k and 3% to my wife's SIMPLE IRA to account for all matching funds. quote:5-We'll contribute fully to IRAs one way or as long as we stay employed. I'm considering changing from ROTH to Traditional to save on taxes (D.I.N.K.s with side incomes e.g. Airbnb that we usually owe tax on). quote:6-Increase charitable contributions to more than 5% of take home, opening up to another organization or two. Stretch goal is 10%, but I just don't see that happening (yet). quote:7-Stretch goal-Cash flow a trip to an all-inclusive resort. I'm okay pushing this to 2017, but wife's been asking for a while now... (taken her to Europe twice in last three years). quote:8-Stretch goal-Start another side hustle. We've ubered, airbnbed, consulted on side, but I'm looking for something more permanent. I've also started a blog to track our progress towards financial independence. Not necessarily to get anyone to read it, certainly not to make money. Goal is to write our thoughts down before/after we do something to remain cognizant of how our money is dispersed. A few friends have read a page or two and said they're thinking about things differently, so that's nice. My goal is to write at least 2 pages a week. We'll see how it goes. http://www.firemetn.com if anyone is interested! Dead Pressed fucked around with this message at 17:46 on Jan 23, 2016 |
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Jan 23, 2016 17:43
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