Financial Goals 2016: Saving for babby's first SA account

The Something Awful Forums > Discussion > Ask/Tell > Business, Finance, and Careers > Financial Goals 2016: Saving for babby's first SA account

Moneyball: Jul 11, 2005; It's a problem you think we need to explain ourselves.

2016 goal: Be worthless*

*$24,400 combined debt repayment/savings and I will have a net worth of $0.

Last year I think I put a little too much E/N and too many numbers in to my first post. And I changed my focus a few times mid-year. This year, my goals are a little more clear.

Until I lose my 0% APR on my credit cards, I have around $3,000 a month income to play around with, with few expenses.

In order that I believe I can complete them:

1. Max out 2015 Roth IRA. (Mid-April)

2. Pay off my $8,800 @ 7.29 car loan. At that rate, I would get this done first, but have to meet the April 15th deadline for the IRA. I'll still knock it down by a lot before concentrating on the IRA, then resume paying it off. (May)

3. Pay off $4,000 credit card debt before the introductory 0% APR is up. $1,000 in October, rest at the end of 2016. (Technically, mid-January)

4. Max 2016 HSA. ($2,850 due to $500 employer contribution) (By last paycheck of year)

5. Stretch goal: Pay down student loans by $18,750 to only have 3.15% interest loans. (Leftover)

That's $21,150 not including the student loans, or $813 of my $1,400 paycheck. Even if I only start hacking away at my student loans, I'll be quite pleased.

Non-monetary goals:

1. Complete CPA

2. Get new job with CPA qualification.

# ¿ Dec 14, 2015 23:29

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# ¿ May 2, 2024 21:03

Moneyball: Jul 11, 2005; It's a problem you think we need to explain ourselves.

Congrats.

# ¿ Jan 2, 2016 21:18

Moneyball: Jul 11, 2005; It's a problem you think we need to explain ourselves.

January post:

Moneyball posted:

2016 goal: Be worthless*

*$24,400 combined debt repayment/savings and I will have a net worth of $0.

Last year I think I put a little too much E/N and too many numbers in to my first post. And I changed my focus a few times mid-year. This year, my goals are a little more clear.

Until I lose my 0% APR on my credit cards, I have around $3,000 a month income to play around with, with few expenses.

In order that I believe I can complete them:

1. Max out 2015 Roth IRA. (Mid-April)

2. Pay off my $8,800 @ 7.29 car loan. At that rate, I would get this done first, but have to meet the April 15th deadline for the IRA. I'll still knock it down by a lot before concentrating on the IRA, then resume paying it off. (May)

3. Pay off $4,000 credit card debt before the introductory 0% APR is up. $1,000 in October, rest at the end of 2016. (Technically, mid-January)

4. Max 2016 HSA. ($2,850 due to $500 employer contribution) (By last paycheck of year)

5. Stretch goal: Pay down student loans by $18,750 to only have 3.15% interest loans. (Leftover)

That's $21,150 not including the student loans, or $813 of my $1,400 paycheck. Even if I only start hacking away at my student loans, I'll be quite pleased.

Non-monetary goals:

1. Complete CPA

2. Get new job with CPA qualification.

1st quarter:

One more paycheck remaining for March, and I won't be spending much this week, so I'll go ahead and do my quarterly update.

Net worth as of December 14th: ($24,500) or so. Net worth by next paycheck: about ($13,000). +$3,800 a month. Not bad!

1. Actually abandoned this goal for 2015, because reasons. Will have such low debt in 2017 that I can definitely max out 2016

2. PAID, BITCHES. :hellyeah:

3. Balance is now up to $6,200. Obviously going in the wrong direction, but 0% APR until 2017. Will eliminate the balance late 2016.

4. Contributed $285 last paycheck, will do so for the next 9 paychecks. On track

5. Paid down about $4,500. Decided to pay down interest accruing debt instead of contributing to the IRA

So looking forward to be completely debt free in a year and a few months. Thanks, BFC!

Moneyball fucked around with this message at 01:42 on Jul 9, 2016

# ¿ Mar 25, 2016 18:03

Moneyball: Jul 11, 2005; It's a problem you think we need to explain ourselves.

BEHOLD: MY CAPE posted:

Unsolicited advice but IMO it is a mistake on several levels to pay off a 3% loan faster than required if you are not maxing out your 401k contributions.

I wouldn't say it's that drastic. It's certainly a less efficient thing to do with your money, but the security or even relief of not having debt anymore can be huge.

It's like the snowball vs avalanche debt repayment. Sure, a hypothetical $5,000 at 7% is a bigger problem than $500 at %4, but being able to obliterate the entire second debt is a psychological motivator.

overdesigned posted:

I may or may not be losing my job in the next 3-9 months and I'd like to be out from under that debt if it happens. But yeah good point that I hadn't considered fully.

This is a good example.

I'm currently paying my 6.8% student loans rather than funding my IRA and 401k and I'm not that concerned about missing out on tax advantaged space. Although I might be a complete hypocrite and start funding those once I'm left with just loans at 3.5%

Moneyball fucked around with this message at 16:41 on Apr 27, 2016

# ¿ Apr 27, 2016 16:38

Moneyball: Jul 11, 2005; It's a problem you think we need to explain ourselves.

January post:

Moneyball posted:

2016 goal: Be worthless*

*$24,400 combined debt repayment/savings and I will have a net worth of $0.

Last year I think I put a little too much E/N and too many numbers in to my first post. And I changed my focus a few times mid-year. This year, my goals are a little more clear.

Until I lose my 0% APR on my credit cards, I have around $3,000 a month income to play around with, with few expenses.

In order that I believe I can complete them:

1. Max out 2015 Roth IRA. (Mid-April)

2. Pay off my $8,800 @ 7.29 car loan. At that rate, I would get this done first, but have to meet the April 15th deadline for the IRA. I'll still knock it down by a lot before concentrating on the IRA, then resume paying it off. (May)

3. Pay off $4,000 credit card debt before the introductory 0% APR is up. $1,000 in October, rest at the end of 2016. (Technically, mid-January)

4. Max 2016 HSA. ($2,850 due to $500 employer contribution) (By last paycheck of year)

5. Stretch goal: Pay down student loans by $18,750 to only have 3.15% interest loans. (Leftover)

That's $21,150 not including the student loans, or $813 of my $1,400 paycheck. Even if I only start hacking away at my student loans, I'll be quite pleased.

Non-monetary goals:

1. Complete CPA

2. Get new job with CPA qualification.

1st quarter:

quote:

One more paycheck remaining for March, and I won't be spending much this week, so I'll go ahead and do my quarterly update.

Net worth as of December 14th: ($24,500) or so. Net worth by next paycheck: about ($13,000). +$3,800 a month. Not bad!

1. Actually abandoned this goal for 2015, because reasons. Will have such low debt in 2017 that I can definitely max out 2016

2. PAID, BITCHES.

3. Balance is now up to $6,200. Obviously going in the wrong direction, but 0% APR until 2017. Will eliminate the balance late 2016.

4. Contributed $285 last paycheck, will do so for the next 9 paychecks. On track

5. Paid down about $4,500. Decided to pay down interest accruing debt instead of contributing to the IRA

So looking forward to be completely debt free in a year and a few months. Thanks, BFC!

Net worth as of July 7th is ($5,750.00), up $7,250. Nice! I'll be paying my car insurance for the upcoming year this month, so that will set me back a bit, but it's good progress.

1. On hold until next year.

2. Done.

3. CC balance up to $7,500. Aggressive repayments looming in a couple months.

4. Contributed $2,280 of $2,850. Two more pay periods and that's done.

5. Paid down just under $10,000 of this. Haven't bothered to determine how much of it was principal. $16,250 left.

Despite rising credit card balances, I'm making great progress. At some point, I will have to start paying that off instead of my loans, but at least I will have chipped away at the subsidized 6.8% loans.

Moneyball fucked around with this message at 01:45 on Jul 9, 2016

# ¿ Jul 9, 2016 01:43

Moneyball: Jul 11, 2005; It's a problem you think we need to explain ourselves.

froglet posted:

Moana, I think you're my BFC hero.

Congrats and good luck with the babby!

2nd career as a financial blogger?

# ¿ Aug 19, 2016 12:52

Moneyball: Jul 11, 2005; It's a problem you think we need to explain ourselves.

Moneyball posted:

2016 goal: Be worthless*

*$24,400 combined debt repayment/savings and I will have a net worth of $0.

Last year I think I put a little too much E/N and too many numbers in to my first post. And I changed my focus a few times mid-year. This year, my goals are a little more clear.

Until I lose my 0% APR on my credit cards, I have around $3,000 a month income to play around with, with few expenses.

In order that I believe I can complete them:

1. Max out 2015 Roth IRA. (Mid-April)

2. Pay off my $8,800 @ 7.29 car loan. At that rate, I would get this done first, but have to meet the April 15th deadline for the IRA. I'll still knock it down by a lot before concentrating on the IRA, then resume paying it off. (May)

3. Pay off $4,000 credit card debt before the introductory 0% APR is up. $1,000 in October, rest at the end of 2016. (Technically, mid-January)

4. Max 2016 HSA. ($2,850 due to $500 employer contribution) (By last paycheck of year)

5. Stretch goal: Pay down student loans by $18,750 to only have 3.15% interest loans. (Leftover)

That's $21,150 not including the student loans, or $813 of my $1,400 paycheck. Even if I only start hacking away at my student loans, I'll be quite pleased.

Non-monetary goals:

1. Complete CPA

2. Get new job with CPA qualification.

1: Abandoned for 2016
2. Paid
3. Down to $2,000 or so. Should be done by November
4. Done
5. Done with 6.8% loans with the next payment. The rest is 3.15%

Still haven't gotten a new job or finished the CPA, but I'm voluntarily leaving my full time job soon to focus on studying.

But best of all is.. I'm no longer worthless! :v:

Though some may consider that debatable.

I am a positive $3,086, up from ($24,400) in December.

# ¿ Oct 4, 2016 12:54

Moneyball: Jul 11, 2005; It's a problem you think we need to explain ourselves.

Down to four figures in total debt for the first time since going back to school in 2011. :v:

Getting my CC utilization down to where it is now will probably boost my credit score in to the 700s for the first time ever. Not that it matters because I'm not buying a house any time soon, but it's nice.

Thanks, BFC!

# ¿ Oct 7, 2016 14:21

Moneyball: Jul 11, 2005; It's a problem you think we need to explain ourselves.

pig slut lisa posted:

1/16 Amex Gold Biz Active Opened under fictitious consulting business name; will cancel at year

No issues with this?

# ¿ Oct 11, 2016 05:44

Moneyball: Jul 11, 2005; It's a problem you think we need to explain ourselves.

Glad it's over and relatively painless. Financially speaking, at least.

# ¿ Nov 13, 2016 03:18

Moneyball: Jul 11, 2005; It's a problem you think we need to explain ourselves.

So who wants to start the 2017 thread? It was December 13th last year.

I need some guidance on 2017 goals. Today is my last day at my full-time job, and I will be working part time while focusing on the CPA. By the end of December, I should have:

$12,500 savings
$3,000 credit card debt at 0% APR until June
$6,800 student loan debt at %3.5, paid ahead until 2022

Technically I could be debt free, with around $1,200 a month coming in from the part time job, but the interest rate is so low, I might leave that until I'm forced to make a payment. I plan to get back to work full time by summer, and go to grad school around that time, so I should be able to pay my first semester in full if I hoard my savings, saving me loan fees and higher interest. Once I start earning full time wages again, I can contribute that to retirement.

Should I just pay it all off and be debt free? Hang on to it to pay tuition with cash?

# ¿ Dec 16, 2016 17:01

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# ¿ May 2, 2024 21:03

Moneyball: Jul 11, 2005; It's a problem you think we need to explain ourselves.

Moneyball posted:

2016 goal: Be worthless*

*$24,400 combined debt repayment/savings and I will have a net worth of $0.

Last year I think I put a little too much E/N and too many numbers in to my first post. And I changed my focus a few times mid-year. This year, my goals are a little more clear.

Until I lose my 0% APR on my credit cards, I have around $3,000 a month income to play around with, with few expenses.

In order that I believe I can complete them:

1. Max out 2015 Roth IRA. (Mid-April)

2. Pay off my $8,800 @ 7.29 car loan. At that rate, I would get this done first, but have to meet the April 15th deadline for the IRA. I'll still knock it down by a lot before concentrating on the IRA, then resume paying it off. (May)

3. Pay off $4,000 credit card debt before the introductory 0% APR is up. $1,000 in October, rest at the end of 2016. (Technically, mid-January)

4. Max 2016 HSA. ($2,850 due to $500 employer contribution) (By last paycheck of year)

5. Stretch goal: Pay down student loans by $18,750 to only have 3.15% interest loans. (Leftover)

That's $21,150 not including the student loans, or $813 of my $1,400 paycheck. Even if I only start hacking away at my student loans, I'll be quite pleased.

Non-monetary goals:

1. Complete CPA

2. Get new job with CPA qualification.

After my last paycheck for December, my net worth is now $15,461. :eyepop:

Almost a $40,000 swing from last year at this point. :eyepop:

Goal 1: Abandoned. Failed? Paid off debt instead.

Goal 2: Paid off my car

Goal 3: Paid off all debt set to accrue interest starting in January, but now I have around $3,000 set to start accruing interest in June

Goal 4: Just about maxed 2016 HSA, so I'm considering this completed.

Goal 5: Paid off all 6.8% debt; completed.

Non-monetary goals: Failed both. :sigh:

Left my full time job (working part time elsewhere) to focus strictly on the CPA. Better get this ish done.

Good year.

# ¿ Jan 5, 2017 19:47

The Something Awful Forums > Discussion > Ask/Tell > Business, Finance, and Careers > Financial Goals 2016: Saving for babby's first SA account