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2014 Goals

December 24th, 2013 at 06:01 pm

It's that time again; 2014 Goals!

Debt Service:

1. Auto Loan paid off by June 2014. This will actually happen by itself with regular payments, which will be 18 months early on our 48 month loan. Once it gets down below $1,000 I may reevaluate with a lump sum payoff. Right now, it costing us less than $6/ mo. in interest.

2. Mortgage principal only payments. Sending $50/ mo. additional principal only payments for 2014. I have automatic payments set-up from our savings account.

Retirement/ Savings:

1. ROTH IRA (ME), fund $50/ mo. I have automatic contributions set-up from our savings account.

2. ROTH IRA (DW), fund $50/ mo. I have automatic contributions set-up from our savings account.

3. Emergency Fund to $10,000.

Home Improvements:

1. Fence for rear yard. DIY project. $1,500-2,500 depending on materials used.

I made the goals a little more accessible this year. I had hoped to have the auto loan paid off six months ago, but other things came up and DW switched job to a much less stressful one, but at the expense of less wages.

Here's to 2014! Smile

Posted in Budgeting, Debt, Investing, Personal Finance, Retirement, Saving Money, Mortgage, Auto Loan, Home Improvement | 4 Comments »

4 Responses to “2014 Goals”

  1. Rachael777 Says:
    December 24th, 2013 at 07:33 pm 1387913583
    1387913583

    Exciting to read the goals.. go for it.. great job

  2. PatientSaver Says:
    December 24th, 2013 at 11:04 pm 1387926295
    1387926295

    I might suggest that at some point you consider also funding traditional IRAs. You are young and have many years to go, but having both roth iras and traditional IRAs will give you the flexibility to have some options when it comes to spending down the money in retirement. There may be times, depending on what the tax laws are at that time, when it could be advantageous to withdraw first from a traditional IRA, or vice versa. Having both gives you greater flexibility.

    Good going on the mortgage pre-payments.

  3. Xtreme Thunder Says:
    December 25th, 2013 at 12:14 am 1387930475
    1387930475

    PatientSaver: Thanks for the suggestion, we will definitely keep that in mind. Appreciated!

  4. creditcardfree Says:
    December 25th, 2013 at 03:44 pm 1387986297
    1387986297

    We only have traditional IRAs that have come from work rollovers. Only this coming year may be our first to fund them intentionally. We may do that because we expect our tax bracket to increase. No decision has been made yet.

    Great goals and plans to meet them!

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