Set my 401K contributions to max and celebrating a year on my own!

[ETBen]

It turns out that getting separated and soon divorced was very beneficial b/c we made so much combined.  (I bought a home and am HoH with dependents.) It's also a big middle finger to the person who thinks I can't manage money, when it turns out he sucked at it.

Had all kinds of anxiety of upping the contribution % and "committing."  But I started my taxes and discovered that I have a huge refund coming my way, so I can increase my W4 allowances too!

Next up:

Summer child care/camps: partial tax refund set aside
Emergency fund: rest of tax refund set aside
hopefully March bonus coming to fill the Emergency fund.

ongoing Monthly surplus:
- 500 each month to max IRA
- set up 1500 "travel" fund that I refill.  I found I'm more likely to take the time for myself if I have that money already waiting to be used.
- Continue with Emergency fund until I hit 15k (still unsure but with single income and 2 kids, I think 6 mos of mortgage saved is smart).
- 400 per month to save up for ongoing child care (after care in the school year, camp in the summer).
- remainder to investing for retirement!

[Indio]

Congrats on keeping your finances under control. Divorce is never easy.
Depending on how much you earn a Roth 401 k or Roth IRA might be a good way to go because it is tax free when you withdraw it.
As for EF, make sure you are saving enough to cover not only mortgage but also taxes, utilities and health insurance. As a single parent with only one income, you want to make sure you know what your monthly expenses are to ensure you are covering them all in an EF.
I know summer camps are expensive. I found that our town offers an inexpensive summer school that I put my kids into. They didn't need extra study time, but it was the cheaper than child care and they didnt need to do the refresher in Sept.
Best of luck as you work through everything.

[ETBen]

I make over 100k, so my understanding is that I need the 401k to reduce my taxable earnings.  They do offer a Roth 401k also. 

Emergency fund: I'm readily employable as a nurse, so I think 6m mortgage is a good start, then can always add in the other expenses.  Housing is our biggest cost. 

Summer camp: it's the same as the summer daycare programs.  Childcare even for grade schoolers is 250-300+ per week per child in the summer around here.  County, church, etc.  Meanwhile I pay less than 250 per month for after care!  I'm just glad I don't pay for full time day care anymore. 

[CheapScholar]

Congrats!  I finally set my 403b contribution to the max starting this year.  Feels great!

[MsPeacock]

Been there, done that. Congratulations on getting your financial feet under you.

I saved about $1000 in state taxes by contributing $5000 to the state 529 savings plan for my kids. I also have too much income for an IRA. This was another way to set some money aside for important stuff and cut some taxes.

[earthshine]

Remember to take into account company matching - if you front load and hit max too soon could miss out on this later in year. Congrats on getting finances in order

[ETBen]

Remember to take into account company matching - if you front load and hit max too soon could miss out on this later in year. Congrats on getting finances in order

oh yes, I meant setting the % for over the whole year.