Author Topic: 2017 Financial Goals - Peach Fuzz Edition  (Read 8276 times)

Mr_Forest

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2017 Financial Goals - Peach Fuzz Edition
« on: November 28, 2016, 09:20:16 PM »
Hello all! I am new here to the community. Found MMM a little bit ago. Been reading through various threads and I really enjoyed reading the 2016 version of this thread and was very inspired by all the goals and progress that I saw. Since I am new here I realize I have a lot of poor decisions to reverse in my life. With that out of the way please post your goals for this upcoming year! Financial and non financial.

My goals
1. Stick to a budget (me and my wife are bad about this but we recently had a heart to heart and sat down for the first time and created a budget for the month of December. Budgeting really does bring your closer to your spouse).
2. Cut costs down as much as possible this year. We have lived a very luxurious life when in reality we were just creating a mountain of debt.
3. Pay off $5K worth of credit cards
4. Pay off Private student loan ($4K)
5. Find a new job. I need a job with better hours, I currently work night shift 7p-7a but I only work 3 days a week.
6. Get into graduate school to move up in my career. Once out I would be making double what I am now essentially.
7. This is probably my biggest goal this year and will be the most difficult. STOP EATING OUT AS MUCH.
8. Eat healthier. More particularly cut out red meat.
9. Exercise more
10. Drink more water.
11. Kind of random but obtain my Concealed Carry permit

I look forward to seeing everyone's goals and the progress for this upcoming year.
« Last Edit: November 29, 2016, 01:27:19 AM by Mr_Forest »

Metric Mouse

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Re: 2017 Financial Goals - Peach Fuzz Edition
« Reply #1 on: December 03, 2016, 07:19:10 AM »
Good luck with your goals!

Let us know how the cc permit works out!
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SquashingDebt

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Re: 2017 Financial Goals - Peach Fuzz Edition
« Reply #2 on: December 03, 2016, 09:54:38 AM »
Several-year lurker, first-time poster here.

My 2017 goals are pretty straightforward:

1. Save 50% of take-home pay (401k to match, max HSA, the rest to student loan debt)

As a result of this:

2. Increase net worth by 30K+ (still in the negatives, but should be close to positive by the end of the year!)
3. Decrease student loan debt by 28K

ccj804

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Re: 2017 Financial Goals - Peach Fuzz Edition
« Reply #3 on: December 04, 2016, 11:32:48 AM »
Just started reading about a month ago... 2017 Goals:

1.  Erase all debt (About $15k)
2.  Savings goal of $25k
3. Make our only debt our upcoming mortgage (We inherited 2 acres, so my fiance', daughter,and I are building our own castle)
4. Cut down eating out to once per week (I'm sure this is on everyones goal list!)
5. Start and max out Roth IRA
6. Max out 401k

icegirl

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Re: 2017 Financial Goals - Peach Fuzz Edition
« Reply #4 on: December 05, 2016, 01:39:25 AM »
My/our goals for 2017

1. Putting 40k into our down-payment fund, getting that up to 70k by august (our condo is scheduled to be ready by then)
2. Pay off half of my student loan debt (17k)
3. Start paying into a retirement account
4. Get our emergency fund up to 5k after we move in
5. Get pregnant in 2017 :)
6. Work less in the '17-'18 season (I'm a coach so I sign contracts on a seasonal basis)
7. Finish the paper for my coaching degree by march
8. Only buy second hand furniture for our condo

I think 2017 will be a great year. I hope we accomplish all our goals and are able to keep the lifestyle creep at bay. We really like our jobs, so are not really looking to FIRE in the near future, but would like to work less and travel more. We are new to the making money part (and saving), as we have been serious athletes (in a non-profitable sport) until last year.

We hope to FIRE at about 50 (in 20 years), or at least be financially independent by that time.

Hope you all reach your goals and 2017 is a great year for everyone! :)


MrsFarmer

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Re: 2017 Financial Goals - Peach Fuzz Edition
« Reply #5 on: December 05, 2016, 10:50:14 PM »
2017 goals so far in no particular order

1. Eliminate remaining consumer debt (~20k)
2. Get a decent EF built up
3. Open tfsa and max contributions
4. Motivate myself to learn new things at work to do my job better
5. Finish house renos and continue farm renos
6. Net worth of $100,000
7. Get back in better shape and healthier weight
8. Donate my mom a kidney when healthy enough
9. After all that just maybe a baby lol (still deciding)

I think after years of barely moving the needle, 2017 will be the year of big financial change and huge momentum forward. That's the hope anyways : )

beantown

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Re: 2017 Financial Goals - Peach Fuzz Edition
« Reply #6 on: December 07, 2016, 08:03:25 AM »
Edited as I've thought through these goals some more. I've enjoyed being on the 2016 version and it held me accountable, so I want to continue with it again this year. For 2017, my goals are:

Goal 1: Maintain a 60% savings rate using the definition of (pre-tax savings + matches + post-tax savings + debt repayment)/ (gross income - taxes). This year I had an average of around 45%, but I've received a raise and will get 401k matching next year, so hopefully can bump this up
Goal 2: Reach 75K in net worth by EOY. I'm starting Jan with about a 16K net worth.
Goal 3: Pay back at least 24K to my mother, who helped pay for grad school.
Goal 4: Donate 1% of net income. As someone who has only haphazardly donated in the past, I want to determine what causes I care about and start getting in the habit of donating more regularly.
« Last Edit: December 30, 2016, 08:26:24 AM by beantown »

Mongoose

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Re: 2017 Financial Goals - Peach Fuzz Edition
« Reply #7 on: December 07, 2016, 08:57:57 AM »
I'm in. We met 100% of our 2016 goals by mid-year and then made decent progress on our updated goals. Hoping for a similar result in 2017!

2017 Financial Goals

1. Stay out of credit card debt (and all non-mortgage debt). (Emerged in 2016...still holding out! A record for us!)
2. Paid out of business (while keeping day jobs).
   Minimum: one person half-time
   Full Goal: one person full-time
3. Special travel savings (to keep being able to visit family easily). Amount: ?
4. Car replacement fund: goal $6000 (for when our ancient cars finally die). We are keeping our ancient cars as long as possible. This may have a limited reasonable time since they both have 300-350k miles on them.
5. Increase personal savings (stretch goal: start a Vanguard FI account).

Stretch goals
1. Paid out of business: two people full-time.
2. Business emergency fund: $30-50k.

neo von retorch

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Re: 2017 Financial Goals - Peach Fuzz Edition
« Reply #8 on: December 07, 2016, 09:13:48 AM »
Last year, I maximized my 401k, bought a house and then paid the mortgage down to eliminate PMI, and moved the rest of my investments from Betterment to Vanguard.

In 2017:
* Increase net worth by $85k (add to investments, dividends/market value gains, debt reduction; do not track "real estate values.")
* 6 month check-in - net worth increased by $45k by June 30

I'll have to think about other goals as we go!

Dsteadma

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Re: 2017 Financial Goals - Peach Fuzz Edition
« Reply #9 on: December 10, 2016, 09:02:54 PM »
This year we paid off 20k in student debt and bought a prius with cash.
2017 we just want to stay afloat. We're going try living off just my husband's income of 29k while I stay home with our upcoming child. Not a lot, but we have faith. We just want to stay current on the bills and not incur any extra debt besides medical.

happyfrugalgirl

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Re: 2017 Financial Goals - Peach Fuzz Edition
« Reply #10 on: December 12, 2016, 11:39:47 AM »
1. Pay off 100k in law school debt. I plan on shoveling $6,500 per month towards my loans and billing enough hours to make my bonus next year (10k to 20k post tax).  There will be be between a 2k and 12k shortfall depending on the bonus so I need to find another way to make money, maybe start a small side business or cut expenses even further.

2. Max out my 401k.

3. Max out my Backdoor Roth.

Exhausted thinking about it. But a year flies by...

daverobev

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Re: 2017 Financial Goals - Peach Fuzz Edition
« Reply #11 on: December 12, 2016, 05:27:44 PM »
My single goal is to track my spending, completely. We tried YNAB but I didn't get anything much out of it; it was too complex due to the number of accounts, incomes, etc. All I really want to know, each month, is how much I spend. Well, that, and whether it is a Need or a Want, I guess. I don't 'care' about income. I'm thinking I'll just ignore any money used to invest. The only thing I'm not sure about is how to account for taxes. I think I will ignore those too, as they are not relevant when it comes to retirement income.

I guess I need to start a journal. Or a spreadsheet. I'm not very good at doing things every day, unfortunately.
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Archistache

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Re: 2017 Financial Goals - Peach Fuzz Edition
« Reply #12 on: December 12, 2016, 06:33:09 PM »
1. Max out Roth IRA
2. Set up 401(k) to front load and max out by September 2017
3. Sell house and invest proceeds
4. Find (relatively) affordable apartment within walking distance to work.
5. Get in better shape.
6. Use new spare time for a side hustle
7. Save and invest additional $35,000 after tax
« Last Edit: December 29, 2016, 09:53:46 AM by Archistache »
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Rimu05

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Re: 2017 Financial Goals - Peach Fuzz Edition
« Reply #13 on: December 12, 2016, 07:37:02 PM »
Since 2016 was a horrible year financially. Here's to starting over

1. At least $5000 in EF
2.) I had surgery this month (appendectomy) so I suspect incoming medical debt that needs to be paid off.
3.) Pay off $1500 cc debt.
4.) Reduce student debt.
5.) Get a side hustle.

LPG

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Re: 2017 Financial Goals - Peach Fuzz Edition
« Reply #14 on: December 14, 2016, 03:37:46 PM »
I'll join in on this one,

2016 was my first year maxing out both my 401k and IRA, despite moving back to the US after a year abroad which meant buying all sorts of luxuries like a "bicycle" and a "bed." Since I managed that, I'm aiming to be a bit more aggressive this year:

Financial goals
1. Max out 401k
2. Max out IRA
3. Pay off remaining car loan ($9k)
4. Buy my own place
5. Get food alone at restaurants 1x/wk. Can exceed if it's a valued social event

Professional goals
1. Bring in 100k worth of projects
2. Present my work at 2 or more conferences
3. Continue to build professional relationships with industry partners, and funders (Ack! Vague goal!)
4. Evaluate whether working independently is a lifestyle I'd like to pursue (Somewhat vague, but a yes/no answer so I'll accept it)

recklesslysober

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Re: 2017 Financial Goals - Peach Fuzz Edition
« Reply #15 on: December 14, 2016, 06:19:22 PM »
I'm only 6 weeks in - love the peach fuzz title!

My goals:
Pay off at least $20,000.00 of my remaining $119,000.00 student loan debt.
Reduce meals out spending by 50% by focusing on making more meals at home.
Reduce clothing/entertainment/shopping spending by at least 50% by finding free ways to entertain myself and by addressing the psychological issues behind my shopping habits.

This is the first year that I'll have a full year of data to look back on. Very excited to start a new year in YNAB and be able to compare spending to track improvement. :)

marioarm2

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Re: 2017 Financial Goals - Peach Fuzz Edition
« Reply #16 on: December 14, 2016, 07:16:59 PM »
Only been a few days since I've discovered Mr. Money Mustache and I'm feeling fired up!

My peach fuzz goals for 2017:

1. Pay off my entire credit card debt ($6,600 @ 0% APR for 21 mo.)
2. Reach $1k in my savings account for an emergency fund
3. Pay at least $15k on my student loans (currently $90k @ various interest rates)
4. Exercise at least 3x a week via walking, hiking, kettlebells, etc.
5. Cut down eating out to 1-2x/month

kaleidoscopicalkris

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Re: 2017 Financial Goals - Peach Fuzz Edition
« Reply #17 on: December 15, 2016, 08:15:27 AM »
I definitely succeeded in my goal of doubling my income in 2016, so onto 2017 peach fuzz goals!

1. Continue receiving the top-tier bonus at work.
2. Track every penny. This is where I'm weakest - I am not good at watching/tracking my spending. I have Mint, but I never check it. I may have to resort to the old-school pen and paper method- that seems to work best for me in general.
3. Figure out investments (?) I'm currently still building my emergency fund, but I would like to be ready to go once I hit my goal of 6 months living expenses.

To a productive 2017 for us all!

Step37

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Re: 2017 Financial Goals - Peach Fuzz Edition
« Reply #18 on: December 15, 2016, 09:50:43 PM »
I look forward to continuing to track my expenses in detail in 2017. After many years of doing it, I got away from it for several years prior to 2016. It will be great to be able to compare!

2017 Financial Goals:
1. Continue to pare down grocery spending (10%) and restaurant/alcohol (20%).
2. Cancel unnecessary life insurance policy that I've been regretting - collect ~$1200 cash value AND save $106/mo (no dependants/no debt/no need for this foolishness).
3. Continue with no new clothes/shoes/bags/jewelry (started in 2015! Yeah!). Replacement of actual WORN OUT necessities (gym shoes and the like) is all that's permitted.
4. Hand in hand with #3, slim down a bit and fit into quite a few "new" pairs of underutilized pants. The bigger sizes are getting worn out and this will prevent shopping. Win/win.
5. Get the damn TFSAs bought and maxed AND
6. Research and move RRSP accounts into lower MER funds. Dreading the effort of this but it will be well worth the PITA, I am sure.

Hopefully this list will keep me accountable. Good luck with your goals, everyone!
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monstermonster

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Re: 2017 Financial Goals - Peach Fuzz Edition
« Reply #19 on: December 17, 2016, 09:41:40 AM »
Really looking forward to this year, after the chaos that was 2016 personally & politically.

Financial Goals 2017
  • First and foremost and hardest: grow the business so it's enough to live and save off of. Earn $60,000 total between W2 job ($27,000) and business ($33,000).
  • Live on less than $20,000 for the year, including medical premiums (2016 with two weeks left: $17,559)
  • Max out Roth IRA.
  • Contribute $10,000 to a Solo 401K.
  • Reduce overall alcohol-related spending from 2016 (Total spending for 2016 was $854.43, which is $71/month).
  • Reduce overall fitness-related spending from 2016 (Total spending for 2016 was $829, which is $69/month).
  • Continue to track expenses & publish monthly reports.
  • Travel on trans-siberian railway and in Russia/China for 3 weeks without spending >$1000.
  • Stop spending business expenses out of personal accounts/cards.
Bikes, bowie, and business: using glitter to double my net worth by 30 the new journal- with 68 less pages than the old journal!

I have a brand new podcast about money stress & glitter- check it out (and maybe leave a review so the iTunes gods love me?)

frugalfelicia

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Re: 2017 Financial Goals - Peach Fuzz Edition
« Reply #20 on: December 17, 2016, 03:51:24 PM »
Financial Goals 2017:

1. Pay off the rest of my student loan, all $39,000 of it
2. Continue monthly contributions of $100 to my child's education savings
3. Continue monthly contributions of at least $100 (preferably $300) to my retirement savings

rageth

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Re: 2017 Financial Goals - Peach Fuzz Edition
« Reply #21 on: December 17, 2016, 05:12:34 PM »
Well after we bought our house in August, I didn't meet a lot of my 2016 goals.  2017 should hopefully be less hectic.

1. Continue my use of YNAB and finally finish building up my 1 month budget buffer
2. Increase EF to $4k (on top of 1 month budget buffer)
3. Invest $8k in 403b
4. Payoff $6k of my wife's student loan all on CC
5. Plan a nice vacation (or 2) for my wife and I with the lion's share paid for by Chase.
6. Continue growing my side hustle income to $5k/yr through growth of my TeachersPayTeachers store and continued growth of my tutoring

Cookie78

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Re: 2017 Financial Goals - Peach Fuzz Edition
« Reply #22 on: December 17, 2016, 08:47:32 PM »
2017 financial goals:

By August 3rd when my 1 year leave of absence starts:

Max RRSP - estimated $7,500
Max TFSA - $5,500 (already sitting in the bank waiting until Jan 1)
Add $14,000 to emergency fund/leave of absence fund
Add $2,500 to canoe/hiking/adventure fund
Add $1,300 to Cook Island fund

I also wanted to save:
$10,000 for camper fund
$5,000 for Syrian refugee family sponsorship fund

But the rental vacancy in my city is 40% at the moment, and one of my tenants gave notice yesterday, and another one is threatening to leave, so the last two goals might be a casual fun work income goal for the later part of the year, or maybe for 2018.

Other non-number financial goals:
Rent basement suite!
Find a trusted friend who wants to rent my spare room.

monstermonster

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Re: 2017 Financial Goals - Peach Fuzz Edition
« Reply #23 on: December 18, 2016, 10:24:26 AM »
But the rental vacancy in my city is 40% at the moment, and one of my tenants gave notice yesterday, and another one is threatening to leave, so the last two goals might be a casual fun work income goal for the later part of the year, or maybe for 2018.
Maybe I should move to your city! My city's rental vacancy is at .5% :(
Bikes, bowie, and business: using glitter to double my net worth by 30 the new journal- with 68 less pages than the old journal!

I have a brand new podcast about money stress & glitter- check it out (and maybe leave a review so the iTunes gods love me?)

Rhoon

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Re: 2017 Financial Goals - Peach Fuzz Edition
« Reply #24 on: December 18, 2016, 09:37:46 PM »
Goals for 2017:

1. Max 401K (ETA January if my bonus comes through)
2. Max spouse's tIRA: Set up as monthly payments in 2016; will continue this
3. Max my tIRA through regular contributions rather than doing it at the end of the year with extra cash.
4. Max HSA
5. Lose 20 lbs
6. Pay off Solar Panels ($23K)
7. Increase payments on DW's Student Loans (Currently $31K; want to get this below $25K)

SwordGuy

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Re: 2017 Financial Goals - Peach Fuzz Edition
« Reply #25 on: December 18, 2016, 10:30:12 PM »
Goals for 2017:

1. Actually get rental #3 done and ready to rent.  (Left over from 1st quarter 2016 goal.  Yikes!) 
    Net worth increase:  $35,000.
    Income increase:      $ 4,800.
2. Actually get old house done and ready to rent. (Left over from 2nd quarter 2016 goal. Yikes!)
    Net worth increase:  $       0.
    Income increase:      $9,600.
3. Get Roof, Mildew/Mold, Electric, Plumbing, HVAC fixed on Flip #1.   Get 50% of remaining work done.  Cashflow repairs.
    Net worth increase:  $       0.  (Net worth increase of $25,000 to $75,000 in 2018.)
    Income increase:      $      0.
4. Max my 401k.          $26,000.
5. Max spouse 401k      $25,000.
6. Vanguard contributions: $12,000.


So, conservatively, $86,000 net worth increase, with the heavy lifting done on another $25-75,000 for 2018.
Plus an income increase of $14,400. 

As soon as rentals #3 and #4 are rented, and we have flip #1 on the market (or all the materials bought or money set aside to do so), we can declare ourselves FI.

If it weren't for flip #1, we would retire in spring of 2017, so the flip is delaying us a year, just to be on the safe side.

Alps

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Re: 2017 Financial Goals - Peach Fuzz Edition
« Reply #26 on: December 19, 2016, 02:27:56 AM »
This year we finally opened an investment account! We also changed the pre-tax retirement account to 40% funds (can't do any better than that). So this year is more about filling those accounts.. goals:

1. Reach 100k net worth by September 2017 (stretch goal), or else by November 2017
2. Continue to fill up retirement accounts to the max
3. Reduce monthly grocery+household supply bills to CHF800 or less
4. Create an optimized four week meal plan, ideally reducing spending to CHF600-700
5. Bike to work 3 times (i.e. all times) a week instead of 2 times. Never take the car to work!
6. Change car insurance on time, check for cheaper health insurance
7. At the end of 2017 check if better index funds have become available somewhere



« Last Edit: December 19, 2016, 02:33:52 AM by Alps »

Cookie78

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Re: 2017 Financial Goals - Peach Fuzz Edition
« Reply #27 on: December 19, 2016, 07:48:01 AM »
But the rental vacancy in my city is 40% at the moment, and one of my tenants gave notice yesterday, and another one is threatening to leave, so the last two goals might be a casual fun work income goal for the later part of the year, or maybe for 2018.
Maybe I should move to your city! My city's rental vacancy is at .5% :(

Come on over! I have a place you can rent. :p
It's even discounted for mustachians!

monstermonster

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Re: 2017 Financial Goals - Peach Fuzz Edition
« Reply #28 on: December 19, 2016, 11:55:39 AM »
But the rental vacancy in my city is 40% at the moment, and one of my tenants gave notice yesterday, and another one is threatening to leave, so the last two goals might be a casual fun work income goal for the later part of the year, or maybe for 2018.
Maybe I should move to your city! My city's rental vacancy is at .5% :(

Come on over! I have a place you can rent. :p
It's even discounted for mustachians!
If only I would've married my Canadian ex-girlfriend when I had the chance, I could just hop on up there...
Bikes, bowie, and business: using glitter to double my net worth by 30 the new journal- with 68 less pages than the old journal!

I have a brand new podcast about money stress & glitter- check it out (and maybe leave a review so the iTunes gods love me?)

OmahaSteph

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Re: 2017 Financial Goals - Peach Fuzz Edition
« Reply #29 on: December 28, 2016, 03:58:46 PM »
I started the 2016 thread, so of course I have to participate in the 2017 one!

I made a lot of goals last year and ended up changing them throughout, so this year the goal is super simple:

PAY OFF THE EFFING CREDIT CARD DEBT.

That's it. When that's accomplished, I'll move on to something else. :)

thesvenster

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Re: 2017 Financial Goals - Peach Fuzz Edition
« Reply #30 on: December 29, 2016, 12:27:00 PM »
Good luck to everyone on their 2017 Mustache Journey!

My goals:

Pay off $3k in CC debt. Should be done in January
Pay off $2.5K in assorted debts. Should be done in February
Pay off $7k in student loans. Should be done by May
Yay! Debt free
Improve credit score
Save $24k
Be in a position to buy a house by January 2018
Read all the books in my house that I haven't read yet
Make progress towards the 1000lb club (deadlift+squat+bench press=1000lb)
Start learning a foreign language OR an instrument
Possibly use VA benefits to go back to school

Overflow

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Re: 2017 Financial Goals - Peach Fuzz Edition
« Reply #31 on: December 29, 2016, 12:48:25 PM »
Ah goals. Tough stuff.

I read through this thread for a long time trying to figure out what my goals should be. I looked hard at Personal Capital and my 2016 spending to figure out where I could do better. Here is what I came up with.

1. Rent out other half of our duplex. Almost through with renovations. Should be ready to rent in a couple weeks.
2. Save 25K in cash as down payment on second rental property.
3. Increase 401K contributions to $6,000 (only had 4,300 in 2016)
4. Buy second rental property.
5. Make additional income through writing.
6. Bring expenses under $2,500 per month (30K annual)
Current Net worth (excluding equity):
12/16 - $33,456
1/17 - $32,817
2/17 - $33,360
3/17 - $41,224

Mortgage :
12/16 - $153,968.72
1/17 - $153,713.39
2/17 - $153,457.21
3/17 - $153,200.17

Forum Journal:
http://forum.mrmoneymustache.com/journals/the-mitten-life-discipline-not-dreams/

TheInsuranceMan

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Re: 2017 Financial Goals - Peach Fuzz Edition
« Reply #32 on: December 29, 2016, 01:18:56 PM »
2017 Goals
Pay off credit card debt (2k on regular card, 2.5k on 0% interest until June of 2017) - Credit cards are put away and out of our wallets until we can be better with them
Increase 401k contribution to equal any raise that I receive year end
Increase e-fund from current 2k to 5k
Write a LOT of new business at work, which will increase my pay, my 401k contributions, savings rate, etc.

2Birds1Stone

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Re: 2017 Financial Goals - Peach Fuzz Edition
« Reply #33 on: December 29, 2016, 01:59:27 PM »
1)Hit a 50% net savings rate
2)Don't get fired from work
3)Cover 50% of annual spending from income sources outside of main job (side hustle, CC churning, Bank account churning, etc)
4) Keep Spending <$23k for the year
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SeaKayEl

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Re: 2017 Financial Goals - Peach Fuzz Edition
« Reply #34 on: December 31, 2016, 07:34:51 PM »
Super stoked for my 2017 Financial Goals:

1.  Pay off Credit Card/Personal Loan Debt: $12,000
2.  Save for Significant Other to get Lasik Eye Surgery: $8,000
3.  Max out IRA: $5,500
4.  Save $10,000 for Electric Motorcycle

SuperSaver

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Re: 2017 Financial Goals - Peach Fuzz Edition
« Reply #35 on: December 31, 2016, 08:59:35 PM »
Did fantastic in 2016, building off that momentum:

1. Pay cash for wedding and honeymoon (actually I will use airlines reward credit card & pay off immediately with the saved cash, netting 2 extra round trip tickets to use for a friend's wedding).
2. Rebuild emergency fund up to $5,000 as we are new homeowners.
3. Pay $10,000 of remaining $54,000 of my student loans.
4. Save 14% of pay in 401k between me and my employers contributions.
5. Help fiance get better job.
6. More charity, more details- cluttering, more exercise and better eating.

ZagNation

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Re: 2017 Financial Goals - Peach Fuzz Edition
« Reply #36 on: January 01, 2017, 05:54:19 PM »
After securing a 20% pay increase through a promotion and paying off my consumer sucka credit card debt I am looking forward to my net worth finally crossing into the black!

1) Have a positive net worth
2) Increase 401K contributions to 6%, excluding employer match and discretionary contribution (in 2018 I'll be able to contribute the max)
3) Pay off student loans (~17K)
4) Earn enough money through tradeline sales (piggybacking credit) to fully fund a tIRA

Chippewa

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Re: 2017 Financial Goals - Peach Fuzz Edition
« Reply #37 on: January 01, 2017, 09:52:43 PM »
  • Use cash and/or debit card only.
  • Stay in budget. Be creative in resolving financial issues as they arise.
  • Maintain EF w/$1K

All else should fall into place with that. I would like to ramp up EF with at least $6K ($12K would be ideal)

LMBB

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Re: 2017 Financial Goals - Peach Fuzz Edition
« Reply #38 on: January 05, 2017, 01:14:45 AM »
I've been reading MMM and the forums for about a year now. I'm excited to jump in with my first challenge!

1) Keep average grocery spending under $400/month (3 adults 2 children)
2) Pay off car loan ($4,500)
3) Finish paying off credit card debt ($14,000)
4) Save another $2,000 for EF (currently about $1,000)
5) Refinance private student loans ($25,000 at about 6% variable... Effing Sallie Mae/Navient. This is more than the original loan amount)
6) Reduce federal student loans (currently $83,000 at various fixed rates) by $15,000 through a loan repayment program through my work.

ETA 7) Totally forgot that it's my turn to pay the federal taxes. So save $2K for our 2016 tax liability. Might have to scale back on CC or EF to handle it.

It's going to be a looooong year. Let's do this thing.
« Last Edit: January 10, 2017, 11:33:51 AM by LMBB »

Mezzie

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Re: 2017 Financial Goals - Peach Fuzz Edition
« Reply #39 on: January 05, 2017, 08:29:36 AM »
Hmmm... let's see...

1. Max out all retirement accounts (my 403b and IRA; husband's 401k and IRA)
2. Grow vegetables
3. Plant 1-2 fruit trees
4. Use grocery rebates to fund half of big family outing in December (approx $200; reasonable estimated rebate income: $100)
5. Cut grocery spending in half (from $80/week to $40/week)
6. Finish monster decluttering project and don't acquire new stuff

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OurTown

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Re: 2017 Financial Goals - Peach Fuzz Edition
« Reply #40 on: January 05, 2017, 10:02:07 AM »
Strangely enough, our 2017 financial goals involve making less money.  1) we are looking to trade out my sideline gig for one that involves less driving, even at a lower stipend, therefore a better lifestyle balance, and 2) we are looking to reduce wife's job from 5 days / 40 hours to 4 days / 32 hours, again a better lifestyle balance.  She has to stay at 32 hours to qualify for health insurance.  I need to mess with our cash flow a little bit before we can pull the trigger on these. 

DWW

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Re: 2017 Financial Goals - Peach Fuzz Edition
« Reply #41 on: January 05, 2017, 01:33:27 PM »
Goals for 2017

1. Max out HSA (6750)
2. Max out ROTH for Wife and I (11000)
3. Have total savings rate of 45-55%
4. Purchase first rental property

adizb

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Re: 2017 Financial Goals - Peach Fuzz Edition
« Reply #42 on: January 07, 2017, 09:51:32 AM »
nice, my only real goals is:

1. Spend $0 on eating out/fast foods (so far so good, but this'll be a tough one)


the rest like maxing tIRA and 401k are on track, here's to hoping!
MMM activation 2015: NW -$29k
2016 NW $27k

...
FIRE 2025?

TheCastle

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Re: 2017 Financial Goals - Peach Fuzz Edition
« Reply #43 on: January 09, 2017, 01:36:29 PM »
Discovered MMM late last year.  Loved the 2016 Peach Fuzz Edition.  Big changes for me from last year.  My son was born and my wife started staying home so down to one income for the next five years.

My goals:
1.  Pay off $6000 in student loans
2.  Add $1000 to Emergency Fund
3.  Get raise (boss says chance of 15-20%)
4.  Get bonus (10% last year)
5.  Save $5000 for vacation to Disney (wife's dream lol)
6.  Add $10K to 401K
7.  Open Roth IRA
8.  Do some home improvements
9.  Minimize my possessions aka junk

Edited to add after finally linking all remaining accounts with Mint:
10.  Increase Net Worth by at least $20K

2nd Edit:
11.  Pay off remaining balance on cell phone installment (Pre-MMM stupid idea)  Long story but boils down to Sprint not honoring their deal for a $20/month statement credit on upgraded phones.  Enough calls and complaints got me a one time $400 credit equaling the remaining $20 per month for 20 months.  Now I can pay off the balance early and not have to worry about losing the credit every month.  Lowers my bill by over $50 per month and gives me the ability to take my current phone to Boost Mobile or Ting and get even cheaper plan if I want.

12.  Open HSA if the law allows.  Not currently eligible under current laws.  Speculation that Trump might open up HSAs to everyone.  (Fingers crossed, Good luck to President Trump.  Maybe not my first choice but I wish you luck in your endeavors.)
« Last Edit: January 20, 2017, 01:29:43 PM by TheCastle »

afuera

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Re: 2017 Financial Goals - Peach Fuzz Edition
« Reply #44 on: January 10, 2017, 10:13:17 AM »
Some of these will be stretch goals (side hustle income and spending) which will be hard for us to reach but hopefully with some hard work and creativity we will be able to check all of these off by EOY.  Good luck everybody!
2017 Goals:
-Max both 401Ks ($36K).
-Rollover Hubs' tIRA into his 401K (if his company allows).
-Max my rIRA and open rIRA for Hubs and max it ($11K).
-Max my HSA and Hubs' HSA.
-Spend <$40K for the year.
-Open a taxable investment account with Vangaurd and contribute $15K.
-Make $400/month in side hustle income.
-Pay for Hubs' Lasik/PRK surgery out of HSA (~$3.5K).
-Finally get our asses over to Madrid (pay for flights w/ travel hacking points).

« Last Edit: January 11, 2017, 09:13:21 AM by trappedinmyoffice »
"The price of anything is the amount of life you exchange for it" - Henry David Thoreau

1/2017: INV-2.6x, NW-4.4x
Projected FIRE date: 2025
Journal.

ohheythere

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Re: 2017 Financial Goals - Peach Fuzz Edition
« Reply #45 on: January 10, 2017, 10:57:08 PM »
2017 Goals:

- Max out 401(k)
- Find Mustachian SO
- Max out HSA
- Max out Roth
- Mixture of 36k+ between brokerage & student loan repayments
- Refi Student Loan (done)
- Sell car and go car free (done)
- Learn C#
- Get 1+ Cash in World Series of Poker
- Lose 36+ Pounds
- Start Blog

Overflow

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Re: 2017 Financial Goals - Peach Fuzz Edition
« Reply #46 on: January 11, 2017, 08:24:22 AM »
2017 Goals:

- Max out 401(k)
- Find Mustachian SO
- Max out HSA
- Max out Roth
- Mixture of 36k+ between brokerage & student loan repayments
- Refi Student Loan (done)
- Sell car and go car free (done)
- Learn C#
- Get 1+ Cash in World Series of Poker
- Lose 36+ Pounds
- Start Blog

Well done casually slipping in "find Mustachian SO" in between 401k and HSA.

Current Net worth (excluding equity):
12/16 - $33,456
1/17 - $32,817
2/17 - $33,360
3/17 - $41,224

Mortgage :
12/16 - $153,968.72
1/17 - $153,713.39
2/17 - $153,457.21
3/17 - $153,200.17

Forum Journal:
http://forum.mrmoneymustache.com/journals/the-mitten-life-discipline-not-dreams/

happyfrugalgirl

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Re: 2017 Financial Goals - Peach Fuzz Edition
« Reply #47 on: January 11, 2017, 04:14:41 PM »
1. Increase assets by 33k
2. Pay off 100k of student debt.
3. Start a side hustle.

mommad

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Re: 2017 Financial Goals - Peach Fuzz Edition
« Reply #48 on: January 11, 2017, 06:02:38 PM »
2017 seems like it will be awesome.

1. I'd like to start a solo 401k.  My job doesn't have one and I do a lot of 1099 work.
2. I'd like to pay down my 403b loan to less than 20k.  currently 36,000
3.  I'd like to save 10k for a new roof. currently i'm ok but I don't know when it may leak.
4. I'd like to increase my investment taxable account to 20 k currently 6 k.
5.  I'd like to contribute to my Roth IRA up to max.
6.  I'd like to get central heat in my home currently we have space heater.
7. I'd like to lose at least 13 pounds and I'd be extremely happy if I got down a full 21!
8.  I'd like to teach my kid her letters and numbers.
9.  I'd like to spend less this year than last year.  I was able to do this in 2016 despite extensive house remodeling.
10.  I'd like to give at least 4k

GeekyGirl

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Re: 2017 Financial Goals - Peach Fuzz Edition
« Reply #49 on: January 12, 2017, 06:06:51 AM »
Just posted 2017 goals on my journal. Simple and straightforward. I love simple and I can reinforce it.

So here it is:

1.   Save minimum 50% of take-home pay
2.   Invest 1K per month (500 in stocks, 300 cash/real estate, 200 EF)

As a result:

-   Increase network by 15K minimum
-   Have 8K invested in stocks
-   Have an EF of 3K
-   The rest in cash and real estate.