2015 goals/ new year's resolutions

[G-dog]

It is almost that time of year again.

I came to MMM this year and have implemented some new habits, including tracking my expenses. One goal for next year is to cut eating out costs by 50% versus this year.

What resolutions (financial or otherwise) are you making?

[G-dog]

I also need to read some of the classics - like "millionaire next door" and "rich dad, poor dad" etc.

[DSKla]

I've never been a fan of new year's resolutions, because if something is worth doing, why wait til January 1st? That said, i discovered and began implementing the stuff from this blog in December, so my 2015 goal is to get it all dialed in and get out of debt. Lucky timing might let me pass it off as a resolution.

[G-dog]

I've never been a fan of new year's resolutions, because if something is worth doing, why wait til January 1st? That said, i discovered and began implementing the stuff from this blog in December, so my 2015 goal is to get it all dialed in and get out of debt. Lucky timing might let me pass it off as a resolution.

I understand not waiting till NYE. It's just a common time for reflection on the past and planning for the future.

[mbk]

My targets for 2015 are to reduce weight by atleast 20 pounds and have more active lifestyle. Already started working on it by getting back on bike and lifting weights at home.

Another target is to take the savings rate past 50%. Currently its stubbornly hovering at around 40% due to unexpected travel and some stupid expenses.

[Exhale]

To be continued into 2015:
- Research semi-retirement (I think it'll be a better fit than full-on retirement)
- Maintain my 69.6% FIRE savings rate
- Achieve healthy weight/fitness level (14 pounds lost, 30 more to go)
- Learn West Coast Swing (looks fun, but classes/clubs can be expensive)

[getgoing]

My goals for 2015, most of which I've already started working on:

+ Land a job before the school year starts (I'm graduating from a teaching program this June)
      - Sub goal: Be super prepared for the job fair in April
      - Find work for over the summer
      -  Become highly qualified to teach middle school math

+ Learn enough Spanish to have basic conversations.

+ Maintain the habit of daily walks with my sweetie, and daily workouts

+ Maintain or lower our housing costs by judicious use of roommates.

+ Once I have a job, put 50% of income into paying off loans/investments.
       - Sub goal: Maintain a food budget of $350 or less, while still eating healthfully.


I'll probably think of more, but now I'm off for that daily walk.

[AK]

Goals

Lose 20 pounds and keep it off. Still down 10 net for this year. Will do this by exercising and eating better.

Ask for a raise.

Eat out less. Spent 2,000 just going out this year alone. Instead of going out with friends, I'll have them over more often at home. Plan to reduce this to 500 instead for the year.

Increase passive income by writing on the blog more, purchasing a rental, and possibly creating some software products.

[KidneyMD]

Too many to list, as 2015 will be a time of lots of changes for me.

1. Eliminate remaining $3000 of CC debt.
2. Earn at least $2000 on top of my residency salary by working as a teaching assistant for the medical school's physical diagnosis course.
3. Eat out at restaurants 1/week maximum. Use Budget Bytes and similar websites for more budget-friendly cooking.
4. Max out Roth IRA contribution for 2014 (was late this start setting aside money for it this past year) and for 2015.
5. Lose 30 lbs. before my wedding in June.
6. Set aside around $3000-$5000 (might be overestimating) by August for anticipated travel to interview at fellowship programs and for moving expenses this year (current landlord wants to sell our apartment, but has been saying that every year we've lived here, we'll see).
7. Try to find some more frugal hobbies to enjoy, or maybe lucrative ones that could give me side income, despite my busy schedule (ideas?).

Amount of medical school loan debt to pay off will depend on several of the above. I'm hopeful that I could pay down at least $10k.

[gaja]

I like using this time if year to reflect on the old year and dream about the new. But there are some very large uncertainties yet that makes it difficult to plan for 2015. The main one is that we are not sure  when or whether the old house will sell. So I'm making a plan A, B and C:

Best case scenario: The house sells for $650 000 or more; enough to pay down all mortgage debt.
Most likely scenario: The house sells for $500 000; we get a mortgage of $100 000, that we pay down in 5 years or less.
Worst case scenario: The house doesn't sell; we rent it out for enough to cover the interest on the mortgage, taxes and have $1000/month to pay down the mortgage balance. We are debt free in 12 years.

One of the mortgages is short term (just while we are waiting for the house to sell), and is due in July. If the worst case scenario comes true, I would love to just pay that one off, instead of negotiating with the bank for an extension. We have some savings already, but need to get hold of $50K more to cover it all. So that is my goal before summer: earn and save all we can, to get as close as possible to 50K.

The second short time goal is to maximize the probability of a good sale price/rental income, by renovating the old house as cheaply as possible.

[stlbrah]

A lot of goals but nothing specific since they involve adventure, fun, mental/spiritual growth, and new relationship(s) a lot of them are TBD. And also some that are more of maintenance type goals, like not losing my drive for working out and eating healthy.

The only specific goal that I can put in writing is that I want a 200k nw which I plan to accomplish via mutual funds, day job + day to day fugality (not sacrificing anything imo), and a business I have been working on.

[alleykat]

While there are so many things I would like to do in 2015, I am only starting with a few.  Getting fit, drastically reducing the amount of time I watch tv and, above all, paying myself first.  If I get a good handle on these then I will move on to another 1 or 2.  I am looking forward to 2015 and I am hoping it will be a great year.

I have already started to exercise and I have cut cable as of a few days ago so I am on my way.  The trick will be in staying committed to these two.  I also will be increasing my 401K contributions starting in 2015. I should have done this years ago. I may need to reduce the percentage once I see how it feels with less money but I will reevaluate as I go along.

[SingleMomDebt]

Hmmm... payoff $10K loan and finish school :)

edit: for got the "K". would be nice if my loan was $10.

[Badblackgirl]

Payoff mortgage - 160k
Drop 15 lbs
Max 401k - me and mr
Max HSA

[Wanderlusting]

Goals:

- Cut my student loan debt in half (~$20k)
- Learn german, try to take the fluency test
- Earn $2000 on the side, it's a small amount, but gotta start somewhere
- Stay on top of my exercise, I fell off the wagon the last  couple months and it's really affected my mood.
- Learn some sort of programming language.

[Pennsylvanian]

The same every year: Floss more often.

My dentist loves me!

[P1]

Track budget for entire year
Get to 25% savings rate
Lose 50 pounds
Complete a 5k
Get a better job

[infogoon]

I paid off the mortgage this year, so the plan for 2015 is to open some taxable accounts at Vanguard (right now I've just got some retirement accounts) and put the money that I was putting toward the mortgage into index funds instead.

Also, I plan to take a comprehensive snapshot of my assets on New Years Day just so I can calculate my actual savings rate for the year. Should be fun!

[tlsv]

Last year we managed to save approx 54% of our net income so this year my goal is to save 60%

[Le0]

+ Learn enough Spanish to have basic conversations.

https://www.duolingo.com/

[RunHappy]

I don't really have any New Year resolutions, but I have some 2015 goals that were put in place months ago.

• Increase overall savings by 6% what my 2014 savings rate was
• Hike Mt. Washington in New Hampshire

[li]Knock off 2 states on my "run a half marathon in every state goal"
[/li][/list]

I am starting a January financial "detox" by making January "Buy Nothing" month.  It won't be too hard since I am budget minded.  But it is something fun to do and I can blog about it.

[Duchess of Stratosphear]

Get healthy: eat 7-9 fruits/veggies a day and get iron and vitamin D levels up. I've already started on this (because I kind of hate NY resolutions, but I like "life projects"), so Jan. 1 is my day to get really focused, not just start it. This is also how I justified buying the (refurbished) Vitamix I just got (insert embarrassed emoticon here).

In November 2013 I stopped drinking with the goal of doing it for a year, and it was easy and a great choice (saves me money, too!) so I've just kept on being a teetotaller. I think I'd like to continue being a non-drinker or at least a very occasional special occasion drinker only. If only sugar were as easy to give up as booze....

Increase savings rate by at least 2% (I know, pretty lame for this forum).

Good luck everyone! New Year's Resolutions are a horrible cliche in one sense, but if we aren't trying to improve our lives, that's a bit sad too.

[kbeth07]

Financial:
Stick to a budget
Get a credit card
Save more than I earn
Work toward future career (networking, internship, etc.)

Health/Fitness:
Run 100+ miles
Work out regularly
Go vegan for (at least) a month

Other:
Read 50+ books
Learn Spanish
Improve French

[LonerMatt]

1. Achieve happiness
2. Kiss that girl. Repeatedly.

[netskyblue]

2015 goals

- Spend less than 20k (I came in just over 22k this year...in 2012 it was 31k, so I AM improving.  My take home this year was $29k, and I was working 3 jobs in 2012 so that accounts for some of it.  I was earning more, and it's soooo easy to burn out and spend money on useless fast food/etc)

- Ride my bike to work at least 50 times  (this is a new goal; I just bought a bike, and have not yet managed to ride it that far)

- 10k EF in place by the end of September

[JLee]

I have ambitious career goals and I am hoping to move forward further in 2015. Any additional income will be able to go directly into retirement/savings/investments.  Might shoot for 100k NW by the end of 2015. First milestone? :)

[PencilThinMust]

1) Pay off Prius
2) Max both 403b's
3) Start Roth IRA
4) Continue to brainwash wife toward the MMM way....
5) Improve overall health
6) Drink a little less

[G-dog]

1. Achieve happiness
2. Kiss that girl. Repeatedly.

Love it!!
Sounds like 2016 goals will be to maintain happiness and to keep kissing that girl!

[G-dog]

I started tracking expenses In April 2014. For 2015 I want to take a look at the numbers and get myself to the point where I can easily estimate some of the metrics others are so good at here (savings rate, networth change, ROI, etc.)

I also want to map out a de-cumulation strategy for upcoming FIRE.

Best wishes to all for a great 2015 and hitting our goals and setting new goals as we go along.  Last year seemed so long at times, and now it is the past. That's my reminder to not put off until tomorrow what I can do today.

[LonerMatt]

1. Achieve happiness
2. Kiss that girl. Repeatedly.

Love it!!
Sounds like 2016 goals will be to maintain happiness and to keep kissing that girl!

Yup - that's basically my life :)

[G-dog]

1. Achieve happiness
2. Kiss that girl. Repeatedly.

Love it!!
Sounds like 2016 goals will be to maintain happiness and to keep kissing that girl!

Yup - that's basically my life :)

Sounds like a great life! But your screen name doesn't seem to fit..

[3Mer]

My 2015 goals are to
Max 401K
Max Roth
$1200 minimum to HSA
3% Company Stocks
Extra on mortgage
Continue debt free (except for mortgage)
I have more but these are firm goals

[Nyarlathotep]

I have always been goal oriented for long term and big ambiguous things like retiring early, getting in better shape, and becoming more educated. I guess with the whole new year and what not now is as good a time as any to create some more short term and obtainable goals.

I guess the easiest ones to define will be my fitness goals.
-Join the 1000lb Club
-Run a triathlon (probably do the "sprint course")
-Run another Half Marathon

Financially
-Eat out less
-Entertain guests at home more vice going out
-Fine tuning our finances with a budget 

My Professional Goals will be
-Completing my resident PME
-Enrolling in College Courses
-Earning my "Green belt" with Six Sigma and possibly work on the black belt.

The other random goals will be
-play a song end to end on the guitar
-Start a Blog
-Get good at cooking on the spot
-Build upon my relationships with my friends and possibly make some new ones
-Meditate daily
-Achieve happiness

[ruthiegirl]

Normal stuff this year:

Max out 401K
Max out both IRAs
$5,000 emergency fund
$10,000 in index funds

That is 40% of our gross income. 

[Shamantha]

- Pay off 33.000 euro of the mortgage
- Renegotiate employment contract and salary
- Last repairs on the house and painting completed before July
- Make a design and cost indication for splitting my house into two units, with the option of renting out one unit as part of future passive income planning.

[pipercat]

Financially- Pay off the $23,000 balance transfer with the introductory rate of 0% that ends this year.

Work- Continue a couple of programs that I started in September for the remainder of the school year. This would be a big accomplishment.

Family- Provide/encourage more activities for my son to encourage his self-confidence. Follow up with counseling for him if needed. Support my preteen daughter as she deals with anxiety.

Social- Spend more time with my sister, brother, and mom.  Maybe have a once a month dinner/ game night. This would also fall under the family category.

Personal- Prioritize my own health and spiritual growth. Investigate mindfulness a little more, and maybe stoicism as well.

[G-dog]

Financially- Pay off the $23,000 balance transfer with the introductory rate of 0% that ends this year.

Work- Continue a couple of programs that I started in September for the remainder of the school year. This would be a big accomplishment.

Family- Provide/encourage more activities for my son to encourage his self-confidence. Follow up with counseling for him if needed. Support my preteen daughter as she deals with anxiety.

Social- Spend more time with my sister, brother, and mom.  Maybe have a once a month dinner/ game night. This would also fall under the family category.

Personal- Prioritize my own health and spiritual growths. Investigate mindfulness a little more, and maybe stoicism as well.

I love it when you can kill two birds with one stone - like your game night idea with family!

[Kaivalagi]

Enjoying this thread :)) My financial goals for 2015 are:

1. Pay back a loan from my Dad - I have 80% of it saved already.
2. Save six months of expenses as an emergency fund.
3. Save enough for my husband to travel home to see his family on the other side of the world!
4. Continue to put aside money monthly for lump sum payments including council tax, phone line rental, water bills and tv licence (damn you BBC!). Oh and funds for Christmas 2015.

Any additional funds will be used to fund investment accounts through a Stock and Shares ISA. My husband and I should then be in a much better position to invest more in 2016 - I cannot wait!

[RelaxationSpecialist]

LOVE this thread!!!

2015 Goals

-Pay off Student Loan  $18,750. Once gone we are debt free outside of our mortgage! woo!!

-Max contribution to 401k the second the student loan is gone!!

-Fund 2014 Roth IRA by April 15th $5000

-Fund 2015 Roth IRA $5000

-Fully Fund Emergency Fund $20,928

-Form LLC with $15,000 Start Up Funds

-After all the above is done, throw every extra dollar at the mortgage!!

[onecoolcat]

1.   Refinance my student loans to around 4% from 6.8% and make minimum payments.
2.   Max out my IRA contribution.
3.   Max out my 401(k) contribution.
4.   Get a good deal on new suits for work.
5.   Get a raise.
6.   Move back home to be near my wife.
7.   Open a taxable account and throw 10k at it.
8.   Pay my brother back 14k he loaned me.
9.   Cut back on spending on eating out.
10. Go on 1-2 short cruises.
11. Start using Rosetta Stone to refresh and expand my Spanish.
12. Maybe start planning on growing my family if the wife is down for it.

This will be very difficult to do on my salary, but if I can get by on spending 10k on food and clothes for the next year I will be good.

[jpvt128]

My 2015 Goals:

- Purchase a second rental property
- Max 401k
- Max HSA
- Max Roth 401k
- Read at least 3 more financial books
- Consistently keep grocery costs under $300/month for 2
- Maintain a 55% Savings Rate
- Increase my net worth by 20% not including real estate

Non financial:

- rebuild my Trek 520 touring bike
- continue to build out my first website project with my girlfriend
- take a cooking class
- maintain a workout regiment for at least 10 of 12 months
- be the best son, boyfriend, friend, and business partner I can be
- consistently break 90 for 18 holes

Happy New Year and good luck to everyone!

[boy_bye]

- Max out 401K
- Save $40K on top of that
- Sell most of our shit
- Go West
- Do some yoga every day
- Eat more veggies than anything else

[EarlyStart]

I've stopped buying Starbuck's coffee because that's just a great way to nickel and dime myself every day. Otherwise, just save as much as possible just like last year.

[catpartm3nt]

Most of these are extensions of goals I've already set/put in motion this past year:

Financial:
-Increase savings rate to 60% (LOTS of micro-goals supporting this one)
-Find a higher-paying job, I'd like to see a salary increase of at least $10K
-Better-educate myself on finance & investing basics for smarter money management

Non-financial:
-Spruce up my spoken+written Mandarin, would like to be at an advanced level because...
-Take frugal trip to China (2-3 weeks)
-Maintain 3x a week workout schedule, deadlift and squat 200 lbs (moving to a cheaper gym in Feb)
-Sleep at least 7 hours a night
-Be more disciplined about keeping my place clean and decluttering (this may be most difficult of all...)

[G-dog]

2015 will be a great year for DW and I ;)

Financial

- Pay off DW car note. $7k left. Will be done this coming Friday.
- Pay off her two SL. About $8k left total on both.
- Increase both 401k. I have gone from 5% contribution to 15% in the last month - may increase to 20%. Hers is at 12% right now, may go up to 16%. (May not max out due to next line)
- Start saving for a house downpayment. Trying to buy in the next 2-3 years.
- Continue learning about saving, investing and all this forum has to offer.


Personal

- Learn and apply the Stoic mentality. (Currently reading on it)
- Spend as much time possible with family and friends.
- Get back to writing. I have about 3 stories I need to work on.
- Find somebody interested in shooting a short film I wrote. Anybody???

Re: film, any svpchools in your area that you could tap for talent/expertise/equipment?

[NeonPegasus]

Here are my three formal ones:
1. Go outside for at least 20 min every day. I work from home so it's easy to feel trapped.
2. Buy our first rental property. It's time to establish some income that is unrelated to the family biz.
3. Implement character education "program" for our kids. We're atheist/agnostic so we need to make sure we're filling the church void with regular morality teachings.

Informally, I'm trying to let the house be messier while I play card/board games with the kids. I want to focus on cultivating relationships with friends offline. I want to work on the balance between saving money and spending it on things (travel, events) that make life fun.

[frugalman]

Such an impressive group of people, such lofty goals, congratulations to all. It speaks volumes about MMM and the community he has attracted. Me? I'm simply retiring on November 20. It's a late retirement (65 yo) but I was in debt about $200,000 five years ago, with very little savings. Now I have no debt, a paid for house and $300k in investments. It will have to be enough. But I am very confident, for I have learned to live simply and frugally also. Oh yeah, I have set aside a $50,000 travel fund so we will have a good time spending that down over the next few years.

[BooksAreNerdy]

Sell house
Max 401k
Max both IRAs
Max HSA
Open taxable acct
Finish Olympic distance triathlon

[G-dog]

Such an impressive group of people, such lofty goals, congratulations to all. It speaks volumes about MMM and the community he has attracted. Me? I'm simply retiring on November 20. It's a late retirement (65 yo) but I was in debt about $200,000 five years ago, with very little savings. Now I have no debt, a paid for house and $300k in investments. It will have to be enough. But I am very confident, for I have learned to live simply and frugally also. Oh yeah, I have set aside a $50,000 travel fund so we will have a good time spending that down over the next few years.

Congratulations on your retirement and getting yourself in such a better position to do so. And bon voyage(s) - happy travels.

[pipercat]

Such an impressive group of people, such lofty goals, congratulations to all. It speaks volumes about MMM and the community he has attracted. Me? I'm simply retiring on November 20. It's a late retirement (65 yo) but I was in debt about $200,000 five years ago, with very little savings. Now I have no debt, a paid for house and $300k in investments. It will have to be enough. But I am very confident, for I have learned to live simply and frugally also. Oh yeah, I have set aside a $50,000 travel fund so we will have a good time spending that down over the next few years.

You may not be retiring "early", but you are still quite the badass!  Congratulations on paying off that debt, and good luck in your retirement!  I hope the next 10 months or so go by smoothly and swiftly.