Author Topic: 2017 Financial Goals - Peach Fuzz Edition  (Read 8275 times)

recklesslysober

  • Bristles
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  • Age: 29
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
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  • Posts: 159
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
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  • Posts: 4
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
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  • Posts: 68
  • 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 (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/

WinterSkies

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  • Posts: 15
  • 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
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  • Posts: 354
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.