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- Secure some credit (2 cards + HELOC or better) as a safety net for possible job loss - Save first $2k (have been lousy at saving, currently at $400) - Be employed for 10 months of 2016 - Implement a more reliable system for paying all bills on-time (has not been a problem, but is a risk) - Fund a trip somewhere without dipping into credit - Pay off car early ($5,300 remaining) - Home upgrades (sky light, solar) - Increase retirement savings to above the match level (I'm way behind) - Get a bachelor's degree (so I can advance at work) This is the first time I'm doing financial goals, and it's showing me that I have more spending goals than my current budget can support (as evidenced by lack of savings). ...by a lot. The good news is that if I stay employed and continue to reduce bills here and there, some of this will be a slam dunk. The sky light and solar have low out-of-pocket costs, and I'm still able to get credits at community college for 2 terms before I have to shell out real college costs. The trip doesn't have to be crazy (Hawaii in April?). Paying off the car early may have to happen only if I get a bonus at work. It's an idealistic set of goals, but I think a lot of this can be done if I put it in a spreadsheet and save on the front-end of every paycheck.
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Dec 16, 2015 09:38
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pig slut lisa posted:I'm a little worried that your hedge against job loss is acquiring two credit cards (with interest rates of 15% at best, I'd imagine) rather than aggressively saving for an emergency fund that you keep in a low-risk place like a savings account. Very good feedback, thanks. I'm also reconsidering the HELOC at this point as I think it's a better tool for someone with a more stable career. I did get 1 credit card already for the rewards and to serve as a potential last resort, but will focus on savings and investment before taking on further risk.
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Dec 29, 2015 00:09
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Quarterly check-in: - Secure some credit (2 cards + HELOC or better) as a safety net for possible job loss Got my first credit card at age 40. $10k limit is plenty for my needs, but not much cushion if I have to be without work for 3 months. Will get another by summer. Waffling on HELOC but might go for it just so I have that line available in worst case scenario. - Save first $2k (have been lousy at saving, currently at $400) Already have $1k saved. Will aim higher, but wife also wants to squeeze in a vacation. - Be employed for 10 months of 2016 This is on-track but not totally stable. Working to hedge my bets a bit. - Implement a more reliable system for paying all bills on-time (has not been a problem, but is a risk) All bills which can be automated have been setup as such. There are about 3 which cannot be so I've setup reminders and seem to be pretty good at paying first week of the month. I've actually flipped my budget to having cash on hand to pay everything off at once rather than living paycheck to paycheck so it's easier to just sit down 1 night a month and do it. - Fund a trip somewhere without dipping into credit TBD - trying to fund this without dipping into my real savings either. - Pay off car early ($5,300 remaining) I made 1 extra payment but haven't been able to do much more. Will see where we're at after the vacation. - Home upgrades (sky light, solar) Nothing yet. - Increase retirement savings to above the match level (I'm way behind) Forgot about this one. Should be easy to do this weekend. - Get a bachelor's degree (so I can advance at work) I keep missing the registration deadline for each term. Need to create reminders and get at least the last few classes of my associates done.
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Mar 23, 2016 17:13
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