Author Topic: 2017 Financial Goals - Peach Fuzz Edition  (Read 11788 times)

recklesslysober

  • Bristles
  • ***
  • Posts: 352
  • Age: 29
  • Location: BC, Canada
Re: 2017 Financial Goals - Peach Fuzz Edition
« Reply #100 on: March 14, 2017, 02:49:40 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. :)

3 months later..

Student debt is now $112,300 down from $119,200. $6,900/$20,000 = 35% so I'm about 10% ahead!

In 2016 my meals out average was $290.12/month. (I know, I'm floored now looking back on that number.) This year so far.. drumroll please.. average of $7.24/month. 98% reduction.

In 2016 my clothing/entertainment/shopping average was $766.19/month. (Again, wow.) This year so far.. average of $223.28/month. 71% reduction.


Much more progress than I expected! I think I'm experiencing lifestyle deflation. :)

I'm continuing to work at it. I'd like to get the clothing/entertainment/shopping category under $200 for sure, maybe lower, and start working on other categories like groceries.

BeautifulDay

  • Stubble
  • **
  • Posts: 170
Re: 2017 Financial Goals - Peach Fuzz Edition
« Reply #101 on: March 19, 2017, 01:37:26 PM »
Joining in- better late than never

Lots to do to get my finances in better order but a lot has been in flux since January.  So now in a position to predict the rest of the year.  2017 goals.


1. Save EF of $8000 - $800 so far
2.  Live on $3500 or less per month (mortgage, utilities, spending, etc).  Remaining $1500 of take home pay goes towards savings and non-mortgage debt reduction.  Stretch goal: increase debt and saving to $1700 per month.
3. Auto paid down from $16,000 to $10,000 (auto pay off in 2018 - non-mortgage debt free 2019)
4. $3000 saved for new business venture. Have $500 so far.
5. Carpool at least 4 of 5 days per week.
6. Camp 1 weekend per month in April thru October.
7. Go on daily walks/bike rides
8. Start volunteering
9. Find a side job/income
10. Increase networth from $90k to $120k

Silkspin

  • 5 O'Clock Shadow
  • *
  • Posts: 18
Re: 2017 Financial Goals - Peach Fuzz Edition
« Reply #102 on: March 21, 2017, 10:34:29 PM »
Also a new mustachian. Have been up and down on the frugality scale for years, but especially since I started with Mint in October, I see some horrible transgressions that I have encouraged (read: forced) my family to address. My/our goals for 2017:

- pay off remaining debt ~8k - should be done by end of June
- slash grocery spending in half (500 instead of 1k - December and Jan were very bad, cooked a lot of large family meals - next time potlucks!!)
- slash restaurants/ fast food by 80%
- walk/ bike more
- save 40% of our income (and open a TFSA - was waiting on an opening bonus promo from Tangerine) so currently savings going into rrsp.


Overflow

  • 5 O'Clock Shadow
  • *
  • Posts: 97
  • Age: 27
  • Location: Mid-Michigan
Re: 2017 Financial Goals - Peach Fuzz Edition
« Reply #103 on: March 22, 2017, 12:05:29 PM »


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)



1. Rent out other half of our duplex. Almost through with renovations. Should be ready to rent in a couple weeks.
Done, as of Feb 15th. Bringing in an extra $950 a month
2. Save 25K in cash as down payment on second rental property. Unsure if we are moving forward on this one. Other financial goals may supersede this now.
3. Increase 401K contributions to $6,000 (only had 4,300 in 2016). Currently I have only contributed $700 in 2017. I increased my contribution by 1% last month, and will try to do so again next month.
4. Buy second rental property. TBD
5. Make additional income through writing. Very much TBD
6. Bring expenses under $2,500 per month (30K annual) Lots of one time house and rental property expenses in Jan and Feb that put us behind here. Spent $3900 in Jan, $3800 in Feb, and on pace to land about $3200 in March. Getting closer, step by step
Current Net worth:
12/16 - $33,456.00
3/17 - $50,670.45
5/17 - $52,910.18

Mortgage :
12/16 - $153,968.72
3/17 - $153,200.17
5/17 - $152,842.28

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

WinterSkies

  • 5 O'Clock Shadow
  • *
  • Posts: 32
  • Location: Manitoba, Canada
Re: 2017 Financial Goals - Peach Fuzz Edition
« Reply #104 on: March 22, 2017, 12:40:27 PM »
I'm coming in late to the game, but I would like to set myself some peach fuzz goals as motivation!

1. Track expenses for the whole year to get a handle on how much we actually spend (Jan and Feb are done)
2. 25% average savings rate for the year (we are just beginning on this journey, so I don't want to set us up for failure)
3. Come up with a plan to max out RRSP annually
4. Finally open a TFSA and figure out strategy to use it/max it
5. Switch RRSP to something with a lower MER (fell for the bank "advisor's" advice years ago, and am invested in a fund with 2% MER)
6. Put up the fence between us and neighbours (they have a dog, we have young kids)
7. Complete my P.Eng. (should result in additional 1% raise in October)

TheInsuranceMan

  • Bristles
  • ***
  • Posts: 365
Re: 2017 Financial Goals - Peach Fuzz Edition
« Reply #105 on: March 27, 2017, 11:55:17 AM »
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.

Credit card debt all but gone - have about $500 remaining on the 0% card, which has to be paid off by the end of June, which won't be a problem
Next, we are either tackling the E-Fund or paying down more debt.
I didn't raise my 401k, only got a 2.9% raise, which isn't much. 

Credit cards are still put away though, and haven't been used since I posted the post above

Credit card paid off, which leaves us with $0 of credit card debt!
I've stacked $1,400 away in my 401k to date, which I'm awfully happy with, shouldn't take too long and I'll be over $50k total invested in my 401k's (old employer and current employer)
Savings account is at $2,100 - not great, but we are really focused on increasing that by bringing down our spending, which my wife is totally on board with.

SeaKayEl

  • Stubble
  • **
  • Posts: 172
  • Location: Spokane, WA
Re: 2017 Financial Goals - Peach Fuzz Edition
« Reply #106 on: March 29, 2017, 08:04:35 AM »
End of March Update:

1.  Pay off Credit Card/Personal Loan Debt: $11,885
     $0 remaining
2.  Significant Other's Lasik Eye Surgery: $3,538
     $1,388 remaining
3.  Max out IRA: $5,500
     $0 saved
4. Drop student loan debt by an additional $15,000.
     $0 of $15,000

sweetkerryline

  • 5 O'Clock Shadow
  • *
  • Posts: 47
  • Age: 31
  • Location: Chicago, IL
Re: 2017 Financial Goals - Peach Fuzz Edition
« Reply #107 on: March 29, 2017, 10:45:11 AM »
March Update

2017 Financial Goals

Goal 1: Pay off at least $20,000 of student loans by paying at least $1,500/month on student loans (On Pace: Paid $15,930.10 on student loans so down to $23,962 from $39,919)).
Goal 2: Max out 401(k) this year. (On Pace)
Goal 3: Reach a net worth of $100,000 (currently about $65,000 and sure the market is about to get funky). (On Pace: Net worth up to $80,500 and some change).
Goal 4: Save $18,000 in urgent emergency fund (3-6 month) (Done. Plus $4,000 for cushion)
Goal 5: Save at least 50% of my income (includes pre-tax savings, post-tax savings and debt repayment) (On Pace)

February Updates in Bold:

2017 Financial Goals

Goal 1: Pay off at least $20,000 of student loans by paying at least $1,500/month on student loans (On Pace: Paid 11,000+ on student loans so down to $28,500 from 39,919)
Goal 2: Max out 401(k) this year. (On target)
Goal 3: Reach a net worth of $100,000 (currently about $65,000 and sure the market is about to get funky). (On Pace: Net worth up to $73,000 and some change)
Goal 4: Save $18,000 in urgent emergency fund (3-6 month)
Goal 5: Save at least 50% of my income (includes pre-tax savings, post-tax savings and debt repayment) (On Pace.)
If you have questions about refinancing through sofi, please ask. Here's a referral link: https://www.sofi.com/refer/91/4207

Silkspin

  • 5 O'Clock Shadow
  • *
  • Posts: 18
Re: 2017 Financial Goals - Peach Fuzz Edition
« Reply #108 on: March 29, 2017, 02:25:11 PM »
Happy to report that I got down to $700 in March for grocery and all eating out, over $500 lower than January. And we hosted a birthday party! Goal for April is $500 but we have a week away (already paid) and a 5 day getaway at the in-laws and they usually feed us well so I think it's very attainable. Maybe even $400!

And if all is approved through my non-profit, I will have a 2% market adjustment on salary starting April, on top of my 2% annual increase that I received in Jan. I'm going to pretend it didn't happen and the extra will be put away.

I'm now walking my daughter to and from school (3 blocks), then walking an additional 3 blocks by taking the long way around the park. Feels good, clears my head start and end of day! I got so lazy in the winter, but it was -30!!

beantown

  • 5 O'Clock Shadow
  • *
  • Posts: 33
Re: 2017 Financial Goals - Peach Fuzz Edition
« Reply #109 on: March 31, 2017, 10:18:51 AM »
Have not been checking in regularly to this thread, but here's my Q1 results:

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
Q1 Results: Did not hit 60%, but a respective 58%. Life changes will make this harder in the second half of the year

Goal 2: Reach 75K in net worth by EOY. I'm starting Jan with about a 16K net worth.
Q1 Results: Currently at 35.1K, so I'm about 4K ahead of plan

Goal 3: Pay back at least 24K to my mother, who helped pay for grad school.
Q1 Results: Have been holding this in savings for now, will make a payment in May

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.
Q1 Results: Haven't quite hit 1%. At .7%. Once again this might change due to life changes

neo von retorch

  • Handlebar Stache
  • *****
  • Posts: 2363
  • Location: Doylestown, Pennsylvania
Re: 2017 Financial Goals - Peach Fuzz Edition
« Reply #110 on: April 01, 2017, 08:10:10 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!

3 month check-in: Net worth increased by just over $30k! We're ahead of schedule... but I'm somewhat at the mercy of the markets. We'll see what the stocks do over the next 3 months.

My goal now is to sell my baby-face truck and get a fuel-efficient car... since I have 2% loan on that, the debt shows on my balance sheet (but not the car.) So if I make the switch, we'll see a ~$14k bump in net worth just from that!

DWW

  • 5 O'Clock Shadow
  • *
  • Posts: 11
Re: 2017 Financial Goals - Peach Fuzz Edition
« Reply #111 on: April 02, 2017, 09:30:32 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

Update:

1. HSA maxed out

2. 1000 toward ROTH

3. Savings Rate at 54 percent

April Update:

1. HSA maxed out
 2. Maxed out Personal Roth and 250 toward spouse's Roth
3. Savings rate still above 50 percent

Step37

  • 5 O'Clock Shadow
  • *
  • Posts: 84
  • Age: 43
  • Location: AB, Canada
Re: 2017 Financial Goals - Peach Fuzz Edition
« Reply #112 on: April 02, 2017, 11:24:20 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%).
Jan-Mar, down 11% on groceries and 26% on restaurant/alcohol.
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).
Done!!
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.
Still going very well, aside from an unneeded shirt for $30. I can live with this.
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.
Going back to WW on the weekend to get my head back in the game on this. I'm a lifetime member, so this should only cost about $20 if I restate my goal weight slightly higher (I am within the range) so I can get back to "free" status really quickly.
5. Get the damn TFSAs bought and maxed AND
On track! 85% there, and the balance will be added in May. I didn't want to dump it in all at once.
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.
Everything has been moved into a self-directed account. Now I just need to sell the existing, high MER mutual funds and purchase the appropriate index funds.

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

Wow, this year is going great so far. And NW is up 75k in just three months (30k of it was a company dividend, but the rest is savings and investment gains, about 50/50)! I should have made a NW goal... wait, I still can! I would like to increase another 50k at least.
"Not wanting something is as good as possessing it." ~Donald Horban

afuera

  • Bristles
  • ***
  • Posts: 274
  • Age: 25
  • Location: Houston, TX
Re: 2017 Financial Goals - Peach Fuzz Edition
« Reply #113 on: April 03, 2017, 08:09:21 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).
Feb. Update
-Max both 401Ks ($36K). Contributions set, will max by year end.  DONE
-Rollover Hubs' tIRA into his 401K (if his company allows). Check is on its way! DONE
-Max my rIRA and open rIRA for Hubs and max it ($11K). Hubs' contributions on autopilot, will max by year end. Will max mine with my bonus mid-March .
-Max my HSA and Hubs' HSA. Contributions set, will max by year end.  DONE
-Spend <$40K for the year. Way overspent in January.  We are going to need a Frugal February to get back on track...
-Open a taxable investment account with Vanguard and contribute $15K. Will start on this once the IRA's are maxed.
-Make $400/month in side hustle income. Total: $330, Avg: $330.  Should make more in on-season months to make up for off-season months.
-Pay for Hubs' Lasik/PRK surgery out of HSA (~$3.5K). HSA is set to max and filling slowly.
-Finally get our asses over to Madrid (pay for flights w/ travel hacking points).Working towards the CSR minimum spend to get bonus.
Mar. Update
-Max both 401Ks ($36K). DONE
-Rollover Hubs' tIRA into his 401K (if his company allows). DONE
-Max my rIRA and open rIRA for Hubs and max it ($11K). Max my IRA by end of month. Hubs' IRA is on autopilot but we may max early.
-Max my HSA and Hubs' HSA. DONE
-Spend <$40K for the year. Spent 3.6K in Feb (5K in Jan :/). Will need to cut spending a bit more to make this goal.
-Open a taxable investment account with Vanguard and contribute $15K. No change.
-Make $400/month in side hustle income. Total: $780, Avg: $390.  I could pick up more games but I'm not willing to commit my entire weekend to reffing...
-Pay for Hubs' Lasik/PRK surgery out of HSA (~$3.5K). No Change.
-Finally get our asses over to Madrid (pay for flights w/ travel hacking points). CSR sign-up bonus should go through this next statement.
April Update
-Max both 401Ks ($36K). DONE
-Rollover Hubs' tIRA into his 401K (if his company allows). DONE
-Max my rIRA and open rIRA for Hubs and max it ($11K). Maxed both accounts in March thanks to a nice big bonus. DONE
-Max my HSA and Hubs' HSA. DONE
-Spend <$40K for the year. 1Q average puts us on track for 47.5K.  It doesn't look like we will make this goal but we will continue to try and lower spending.
-Open a taxable investment account with Vanguard and contribute $15K. Opened the account and contributed 3K.
-Make $400/month in side hustle income. Total: $585, Avg: $457.  Sold my first Tradeline last month for $175.  I'm only reffing a handful of games every weekend so I can still enjoy my free time as well.  This is really the perfect side hustle for me.
-Pay for Hubs' Lasik/PRK surgery out of HSA (~$3.5K). My HSA is at $3,250 and Hubs is at $760.  We found out that Hub's HSA charges a $4 maintenance fee every month for balances below 1K so we are re-evaluating how we will pay for the surgery.
-Finally get our asses over to Madrid Spain (pay for flights w/ travel hacking points). CSR statement close 4/17.  We should have the flights purchased by the end of the month.  Also, we received some advice from a friend and might go to Grenada instead...decisions decisions.
"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.

TheCastle

  • 5 O'Clock Shadow
  • *
  • Posts: 22
Re: 2017 Financial Goals - Peach Fuzz Edition
« Reply #114 on: April 03, 2017, 08:17:55 AM »
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
10.  Increase Net Worth by at least $20K
11.  Pay off remaining balance on cell phone installment
12.  Open HSA if the law allows. 
1.  Pay off $6000 in student loans  Changed this to beating my planned debt snowball for rest of year. $11,965.20.  Already $1403.84 ahead of that pace.
2.  Add $1000 to Emergency Fund  DONE
3.  Get raise (boss says chance of 15-20%)  DONE, but only 3% due to pissing contest within the board
4.  Get bonus (10% last year)   DONE, barely over 4%.  Again, due to someone on the board slashing company bonuses without the board's okay (he's in some hot water)
5.  Save $5000 for vacation to Disney (wife's dream lol)  This has been changed to new flooring in the living room and a cheaper trip to Arizona.  $1277 in there currently.
6.  Add $10K to 401K  On pace
7.  Open Roth IRA   Opened one for the wife, hopefully one for myself by the end of the year
8.  Do some home improvements   In progress
9.  Minimize my possessions aka junk   In progress
10.  Increase Net Worth by at least $20K   On pace
11.  Pay off remaining balance on cell phone installment    Paid off my wife's phone in March, mine will be paid off in a few days
12.  Open HSA if the law allows.  No Change

the_fixer

  • 5 O'Clock Shadow
  • *
  • Posts: 87
  • Location: Broomfield Colorado
Re: 2017 Financial Goals - Peach Fuzz Edition
« Reply #115 on: April 07, 2017, 05:28:04 PM »
You guys / gals are killing it makes my progress feel pathetic.

$8392 into my pretax 401K so far currently 26% of pay will bump percentage as soon as I pay off furniture loan and credit card
Spouse 401K on track to hit 18K max by year end. She gets a match on each pay check so need to max it over the year
0% interest on furniture is down to $1200 should be paid off by the end of this month
Credit card is down to $2500 from $16,000 last year and should be paid off this month


1 - Pay off 6 months same as cash for the appliances we purchased for the new house due by April 04 17
$3800

2 Pay off 9 months same as cash from furniture purchase due by July 17
$3100
3 Figure out what to do with my old 401k and how to invest my new 401K
Post a case study
4 Understand and implement either a Tira or a backdoor Roth that will best suit our situation
5 Increase the amount we are saving / investing this year to $70,000 or more
401k maxed + matches + retirement accounts and the amount we pay down the house
6 Learn to build points for travel by using credit cards to offset our vacation habit

Nangirl17

  • Stubble
  • **
  • Posts: 115
Re: 2017 Financial Goals - Peach Fuzz Edition
« Reply #116 on: April 12, 2017, 02:10:58 PM »
You guys / gals are killing it makes my progress feel pathetic.
...
Credit card is down to $2500 from $16,000 last year and should be paid off this month



A paid off credit card is NOT pathetic progress!  It'll feel great to not have that hair on fire! =)

recklesslysober

  • Bristles
  • ***
  • Posts: 352
  • Age: 29
  • Location: BC, Canada
Re: 2017 Financial Goals - Peach Fuzz Edition
« Reply #117 on: April 12, 2017, 02:34:05 PM »
the_fixer I agree with Nangirl17- a paid off credit card (a $16K one no less!) is epic progress and it will feel SO GOOD when it's at $0. 

lemonverbena

  • 5 O'Clock Shadow
  • *
  • Posts: 51
Re: 2017 Financial Goals - Peach Fuzz Edition
« Reply #118 on: April 15, 2017, 03:55:30 PM »
2017 goals:

continue doing Uber Frugal Month challenges
enroll spouse in free employer health insurance plan DONE
enroll spouse in free employer cell phone plan DONE
pay off car loan $7825 by June
stop paying for preschool $396/month by June
grow most of our veggies and fruits
buy leftover roofing materials on Craigslist, DIY new roof this summer NOT HAPPENING
DIY mold removal this summer
start working at a paying job (I'm currently a full-time parent) in September
set up tIRA and contribute to reduce MAGI to qualify for healthcare stipend "extra savings" level
Additional goals:
move $1,000 into separate emergency account DONE
cancel landline no longer needed for side-gig
cancel Microsoft Office no longer needed for side-gig DONE
set up HSA
pay off roof replacement loan by June
Max out SEP IRA, then rollover to tIRA

the_fixer

  • 5 O'Clock Shadow
  • *
  • Posts: 87
  • Location: Broomfield Colorado
Re: 2017 Financial Goals - Peach Fuzz Edition
« Reply #119 on: April 16, 2017, 07:00:56 PM »
Thanks for the support. I am happy with our progress and know it will just grow in momentum I am just amazed at the progress some are making. Truly in awe and it kicks me in the butt to do more after I get over that few mins of beating myself up for being a slacker :)

Today's happy news

Paid off the $3100 same as cash offer for our furniture.

Bumped up my 401K to 35%

Marking off learn to build points for travel. I did the 15 day class and feel I understand how to make it work but I feel I am not at the point to try it just yet as I want to have no debit and some extra money in the bank.


1 - Pay off 6 months same as cash for the appliances we purchased for the new house due by April 04 17
$3800

2 Pay off 9 months same as cash from furniture purchase due by July 17
$3100

3 Figure out what to do with my old 401k and how to invest my new 401K
Post a case study
4 Understand and implement either a Tira or a backdoor Roth that will best suit our situation
5 Increase the amount we are saving / investing this year to $70,000 or more
401k maxed + matches + retirement accounts and the amount we pay down the house
6 Learn to build points for travel by using credit cards to offset our vacation habit
« Last Edit: April 16, 2017, 07:08:10 PM by the_fixer »

WinterSkies

  • 5 O'Clock Shadow
  • *
  • Posts: 32
  • Location: Manitoba, Canada
Re: 2017 Financial Goals - Peach Fuzz Edition
« Reply #120 on: April 18, 2017, 01:37:43 PM »
I'm coming in late to the game, but I would like to set myself some peach fuzz goals as motivation!

1. Track expenses for the whole year to get a handle on how much we actually spend (Jan, Feb, and Mar are done)
2. 25% average savings rate for the year (we are just beginning on this journey, so I don't want to set us up for failure) 20.82% for first quarter
3. Come up with a plan to max out RRSP annually
4. Finally open a TFSA and figure out strategy to use it/max it
5. Switch RRSP to something with a lower MER (fell for the bank "advisor's" advice years ago, and am invested in a fund with 2% MER)
6. Put up the fence between us and neighbours (they have a dog, we have young kids)
7. Complete my P.Eng. (should result in additional 1% raise in October)

Back to updated and add an additional 2017 goal - increase net worth by 45k.  It's a stretch when I consider some upcoming costs (fence and landscaping, potential trip to Europe for family wedding), but I'd like to aim for something a little bigger than my initial goals.  Even if we fall short, it would still be a great accomplishment for us.  We've increased it by nearly 12k this quarter, so we'll see if we can keep up the pace.

Chippewa

  • Magnum Stache
  • ******
  • Posts: 3058
  • Age: 44
  • Location: In the Poppy Fields
    • stupid debt
Re: 2017 Financial Goals - Peach Fuzz Edition
« Reply #121 on: April 18, 2017, 03:22:45 PM »
Great job WinterSkies!
blog :: stupid debt or journal

SeaKayEl

  • Stubble
  • **
  • Posts: 172
  • Location: Spokane, WA
Re: 2017 Financial Goals - Peach Fuzz Edition
« Reply #122 on: April 23, 2017, 05:23:56 PM »
End of April Update:

1.  Pay off Credit Card/Personal Loan Debt: $11,885
     $0 remaining

2.  Significant Other's Lasik Eye Surgery: $3,538
     $0 remaining
3.  Max out IRA: $5,500
     $200 of $5,500
4. Drop student loan debt by an additional $15,000.
     $700 of $15,000

albireo13

  • Stubble
  • **
  • Posts: 234
Re: 2017 Financial Goals - Peach Fuzz Edition
« Reply #123 on: April 24, 2017, 05:36:44 AM »
OK, my goals for 2017:
* pay off CC debt   $15K
* pay off a few short term loans    $3K
* pay off student loan   $7K
* build some cash reserves    > $5K
* increase tax-deferred savings rate from 14%/mo   (including corp. match)  to at least 18%



Mongoose

  • Handlebar Stache
  • *****
  • Posts: 1241
Re: 2017 Financial Goals - Peach Fuzz Edition
« Reply #124 on: April 24, 2017, 03:05:44 PM »
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: $0 took family on work trip to Europe instead? Maybe met goal but not for planned purpose.
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.Currently at $4500.
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.

So we made a few baby steps but these goals seem super ambitious after 4 months. Long way still to go...

Money Maker Mike

  • 5 O'Clock Shadow
  • *
  • Posts: 1
  • Age: 22
  • Location: Foot of the lake
Re: 2017 Financial Goals - Peach Fuzz Edition
« Reply #125 on: April 25, 2017, 05:10:02 PM »
1. Start using Mint and finally track my net worth.
2. Max out 401k.
3. Consolodate majority of individual stocks into VTSAX.
4. Find a side hustle.
5. Hit 100k net worth by 2018. (Currently at about 77k)
6. Honestly update this list at end of year, hopefully don't bring public shame to my family name for generations to come by failing.
The other MMM.

BeautifulDay

  • Stubble
  • **
  • Posts: 170
Re: 2017 Financial Goals - Peach Fuzz Edition
« Reply #126 on: April 26, 2017, 05:10:47 PM »
1. Save EF of $8000 - $2100 + $700 unexpected reimbursement that I received today.
2.  Live on $3500 or less per month (mortgage, utilities, spending, etc).  Remaining $1500 of take home pay goes towards savings and non-mortgage debt reduction.  Stretch goal: increase debt and saving to $1700 per month. - we bought a house this month, so we've had extra expenses.  Work on n this next month.
3. Auto paid down from $16,000 to $10,000 (auto pay off in 2018 - non-mortgage debt free 2019) no progress
4. $3000 saved for new business venture. Have $500 so far. No progress
5. Carpool at least 4 of 5 days per week. Starting this week carpool 2 of 4 days
6. Camp 1 weekend per month in April thru October.fail
7. Go on daily walks/bike rides done
8. Start volunteering no progress
9. Find a side job/income no progress
10. Increase networth from $90k to $120k $95622
« Last Edit: April 26, 2017, 05:14:55 PM by BeautifulDay »

DWW

  • 5 O'Clock Shadow
  • *
  • Posts: 11
Re: 2017 Financial Goals - Peach Fuzz Edition
« Reply #127 on: May 01, 2017, 02:49:43 PM »
Goals for 2017-
May 1 Update
1. Max out HSA (6750) Done
2. Max out ROTH for Wife and I (11000) $1000 left
3. Have total savings rate of 45-55% -Currently at 64 percent
4. Purchase first rental property signficant savings toward this just waiting for right deal

Cookie78

  • Handlebar Stache
  • *****
  • Posts: 1528
  • Location: Canada
    • Cookie's Goals
Re: 2017 Financial Goals - Peach Fuzz Edition
« Reply #128 on: May 02, 2017, 11:28:04 AM »
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.
May 2 update

Max RRSP -Added $3500, $2500 remaining
Max TFSA - $5,500 -Done
Add $14,000 to emergency fund/leave of absence fund -Added $8500 so far
Add $2,500 to canoe/hiking/adventure fund -Knocked out $1800 of this budget by finding good deals and spending only $1101
Add $1,300 to Cook Island fund

I also wanted to save: -neither of these are going to happen this year
$10,000 for camper fund
$5,000 for Syrian refugee family sponsorship fund

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

runewell

  • Stubble
  • **
  • Posts: 227
  • Age: 45
  • Location: IA
  • Bridge-playing actuary
Re: 2017 Financial Goals - Peach Fuzz Edition
« Reply #129 on: May 02, 2017, 11:37:22 AM »
Autopilot:
Max 401k from paycheck ($18,000)
Tranksfer money from investment account to 2 Roths ($11,000)
Fund HSA from paycheck ($1,000)
Left-over money goes in investment account (up to $75K and growing, can't seem to slow it down)
Don't pay down my 2.625% mortgage since long-term higher returns are available in the stock market. 

Overflow

  • 5 O'Clock Shadow
  • *
  • Posts: 97
  • Age: 27
  • Location: Mid-Michigan
Re: 2017 Financial Goals - Peach Fuzz Edition
« Reply #130 on: May 03, 2017, 06:48:25 AM »


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)



1. Rent out other half of our duplex. Almost through with renovations. Should be ready to rent in a couple weeks.
Done, as of Feb 15th. Bringing in an extra $950 a month
2. Save 25K in cash as down payment on second rental property. Unsure if we are moving forward on this one. Other financial goals may supersede this now.
3. Increase 401K contributions to $6,000 (only had 4,300 in 2016). Currently I have only contributed $700 in 2017. I increased my contribution by 1% last month, and will try to do so again next month.
4. Buy second rental property. TBD
5. Make additional income through writing. Very much TBD
6. Bring expenses under $2,500 per month (30K annual) Lots of one time house and rental property expenses in Jan and Feb that put us behind here. Spent $3900 in Jan, $3800 in Feb, and on pace to land about $3200 in March. Getting closer, step by step

1. Rent out other half of our duplex. Almost through with renovations. Should be ready to rent in a couple weeks.
Done, as of Feb 15th. Bringing in an extra $950 a month Actually just landed a new tenant (old one moved out) so bringing in $1,030 a month now!

2. Save 25K in cash as down payment on second rental property. I am deleting this goal for 2017. We surely aren't buying a second rental property this year.
2A. Save 20K in cash for a down payment for new primary residence in the next 6 months (keeping current residence as a rental). $5,000 saved so far.

3. Increase 401K contributions to $6,000 (only had 4,300 in 2016). Currently I have only contributed $700 in 2017. I increased my contribution by 1% last month, and will try to do so again next month. Contributed $1,033 so far. Increasing my contribution by another 1% - total 7%. If I continue increasing by 1% per month I am on pace to hit $4,700. Better than last year, but not as high as I wanted to make it. Unfortunately, I got a slow start to the year.

4. Buy second rental property. Deleting this goal
5. Make additional income through writing. Deleting this goal

6. Bring expenses under $2,500 per month (30K annual) Lots of one time house and rental property expenses in Jan and Feb that put us behind here. Spent $3900 in Jan, $3800 in Feb, and on pace to land about $3200 in March. Getting closer, step by step Hovering around $3,500 a month. Need to look at this one close to see if we can bring it down more.
Current Net worth:
12/16 - $33,456.00
3/17 - $50,670.45
5/17 - $52,910.18

Mortgage :
12/16 - $153,968.72
3/17 - $153,200.17
5/17 - $152,842.28

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

lexde

  • Stubble
  • **
  • Posts: 111
  • Age: 27
Re: 2017 Financial Goals - Peach Fuzz Edition
« Reply #131 on: May 05, 2017, 06:49:00 PM »
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...

What kind of law do you practice, and what kind of billables are you aiming for, out of curiosity? 6500 towards loans is amazing! I'm hoping to have my law school debt paid off in the next 18 months at 2K per month but I only take home about 4K/mo. Good luck this year, you're going to crush it! :)

lexde

  • Stubble
  • **
  • Posts: 111
  • Age: 27
Re: 2017 Financial Goals - Peach Fuzz Edition
« Reply #132 on: May 05, 2017, 07:04:32 PM »
2017 Goals:

My goals for this year are a little ambitious but I want to make it happen!

  • Hit $0 NW (Jan1: -23K; May1:-16K)
  • Churn bank bonuses / get work bonuses
  • Sell unneeded household goods/clothes on ebay/offerup/letgo etc.
  • Vacation this year for $2500 (paid for ONLY with bank/work bonuses & household good sales)

the_fixer

  • 5 O'Clock Shadow
  • *
  • Posts: 87
  • Location: Broomfield Colorado
Re: 2017 Financial Goals - Peach Fuzz Edition
« Reply #133 on: May 11, 2017, 07:38:54 AM »
Credit card debit = 0 (being paid off each week)
$10,451 in 401K so far $7549 to go then I can switch it to after tax. In a few weeks I hope to bump up the contribution rate again
Wife is done with studying for her test and is going to start working on the details of her 401K's

Continuing to find ways to save money and cut expenses I think we will make our target this year


1 - Pay off 6 months same as cash for the appliances we purchased for the new house due by April 04 17
$3800

2 Pay off 9 months same as cash from furniture purchase due by July 17
$3100

3 Figure out what to do with my old 401k and how to invest my new 401K
Post a case study
4 Understand and implement either a Tira or a backdoor Roth that will best suit our situation
5 Increase the amount we are saving / investing this year to $70,000 or more
401k maxed + matches + retirement accounts and the amount we pay down the house
6 Learn to build points for travel by using credit cards to offset our vacation habit

Nangirl17

  • Stubble
  • **
  • Posts: 115
Re: 2017 Financial Goals - Peach Fuzz Edition
« Reply #134 on: May 19, 2017, 07:07:44 AM »
An update:

- Continue to max RRSP and TFSA, and invest $1K/mo in Open investment account Did this in May, but for June my pay will be almost nothing (due to sick leave a couple months ago). In July I'll have a regular paycheque again and will resume

- Open a Vanguard style investing account and invest my tax refund here. This will take some research as I have no idea how to go about this!! DID IT!!! I opened a Questrade account and put my 15K tax refund into ETFs, following the Canadian Couch Potato investing recommendations. Thank God for YouTube, I was walked through step by step, and a sincere nod of thanks to the MMM Canadian investing thread that is active right now!

- Spend none of my money on my expensive hobby (I already have lots, and between my birthday and mother's day I should get what I 'need'!) Still going strong - although, the new catalogue comes out in a couple weeks and the temptation will be strong!
 


SeaKayEl

  • Stubble
  • **
  • Posts: 172
  • Location: Spokane, WA
Re: 2017 Financial Goals - Peach Fuzz Edition
« Reply #135 on: May 20, 2017, 06:06:15 PM »
End of May Update:

1.  Pay off Credit Card/Personal Loan Debt: $11,885
     $0 remaining

2.  Significant Other's Lasik Eye Surgery: $3,538
     $0 remaining
3.  Max out IRA: $5,500
     $400 of $5,500
4. Drop student loan debt by an additional $15,000.
     $1,300 of $15,000
[/quote]