Author Topic: 2017 Financial Goals - Peach Fuzz Edition  (Read 10187 times)

PerpetualWanderlust

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Re: 2017 Financial Goals - Peach Fuzz Edition
« Reply #50 on: January 14, 2017, 01:56:05 PM »
I'm keeping it simple.

1. Save 50% of my disposable income.

Why this should be easy:

- I'm working my tail off for a promotion and a raise that seems all but guaranteed at this point. Should kick in during the spring. Expecting about a 5-7% raise.

- For the first time in my young life, my place is fully furnished, and I have no wardrobe "needs". I could very easily finish they year with virtually zero clothing expenses, and literally no home goods expenses.

- I've slowly begun to kick my fast food habit.

Why this should be tough:

- I'm going on three trips this year, all of which I'll be spending anywhere from $1,000 to $2,500.

- My friends and family are not Mustachians. This makes it extraordinarily awkward to skimp on consumerism, like giving birthday or Christmas presents less than $50.

sweetkerryline

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Re: 2017 Financial Goals - Peach Fuzz Edition
« Reply #51 on: January 14, 2017, 10:01:41 PM »
2017 Financial Goals

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

tortoiseshell

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Re: 2017 Financial Goals - Peach Fuzz Edition
« Reply #52 on: January 15, 2017, 05:45:03 AM »
1. Put 30K in the house fund (it's at 30K now; aiming for 75K total)
2. Maintain a savings rate of at least 40% every month
3. Keep food costs under $350 every month

abhe8

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Re: 2017 Financial Goals - Peach Fuzz Edition
« Reply #53 on: January 15, 2017, 07:11:46 AM »
1. Max all our tax advantaged accounts: 1 401k, 2 IRA s, 1 family HSA, state max for 529s
2. Exercise, eat well and stay healthy.
3. Save for house remodeling

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Kaybee

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Re: 2017 Financial Goals - Peach Fuzz Edition
« Reply #54 on: January 15, 2017, 11:34:30 PM »
Blargh.  I found this forum mid-2016 and then things at work changed (ie got crazy) and I became distracted.  So I'm back and trying to get things under control again.  Sorry if my goals seem lame compared to those posted by others, I fell off the wagon and it will take some time to tighten things back up!!

Financial Goals 2017:
1. Get Savings rate to 40% by year end. (Jan/Feb/Mar = goal of 25%, Apr/May/June = goal of 30%, July/Aug/Sept = goal of 35%, Oct/Nov/Dec = goal is to be at 40%). **Sooo embarrassed that my rates are so low, I'll try to hit my goals ahead of schedule.**
2. Pay off car loan (aprx $6k, I have the exact amount written somewhere but not at hand).
3. Attempt to increase my entertainment/socializing while maintaining or lowering "entertainment" portion of my budget (I can be a bit of a hermit...)
4. Focus on tax advantaged accounts (RRSP and TFSA).  I won't be able to max them out this year (too much roll over from previous, less frugal years) but I'd like to make a dent.
5. Keep better track of expenses (I used to be obsessive about this so its just a matter of getting back into the habit).

I'm so frustrated that I'm basically starting from scratch. :(
I'm late to the game but I'm trying to be quick to pick up how to play!!

Journal -> http://forum.mrmoneymustache.com/journals/kaybee's-chronicle-(kronicle-if-you-prefer-alliteration)/

Ebrat

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Re: 2017 Financial Goals - Peach Fuzz Edition
« Reply #55 on: January 16, 2017, 07:28:44 AM »
It was about a year ago now that I first found MMM, and we made some good changes including maxing our HSA, refinancing our house, and bumping our savings rate from 36 to 46%, but we still have room for improvement.  This year I want to:

-Track all of our expenses.  I tracked last year, but only at the end of each month.  This year we started using YNAB, and so far so good.  I'm looking forward to getting a better handle on how much we're spending and reducing it.

-Increase savings rate to >50%

-Pay off student loan.  I transferred it to a credit card with 0% APR for a year and am planning to pay it off by the end of the year.

-Start post-tax investing.  Right now, all of our savings are in retirement accounts.  We don't like having so little cash on hand, but the priority has been debt paydown and retirement savings.  I'm looking forward to having access to money that isn't Roth money (I know we could pull it out if we had to, but in my mind that money is untouchable for now).

I think these things are all very achievable with some focused effort.

prettypaperwork

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Re: 2017 Financial Goals - Peach Fuzz Edition
« Reply #56 on: January 16, 2017, 11:09:05 AM »
1.  Save 50% of gross income (62ish% net).
2.  Pay down student loans by at least 13%.
3.  Save for at least two weeklong trips (domestic).
4.  Get food costs down to 200/month or less.
5.  Sweep any extra funds in checking to savings before each payday.
FI by 2026 if all goes as planned.

"Sugar rots your teeth and gives you brain damage."  --Neil, The Young Ones

Nangirl17

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Re: 2017 Financial Goals - Peach Fuzz Edition
« Reply #57 on: January 19, 2017, 07:40:55 PM »
You've all inspired me to declare some goals for 2017!

- Continue to max RRSP and TFSA, and invest $1K/mo in Open investment account
- 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!!
- 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'!)




OurTown

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Re: 2017 Financial Goals - Peach Fuzz Edition
« Reply #58 on: January 25, 2017, 03:16:33 PM »
Okay, I have officially reached one of my goals, and I now make less money.  I have switched my sideline gig to a new gig, closer to home.  Nominally, the new gig is 25% less money than the old gig, but I have now figured that 25% of my pay at the old gig was sunk in commuting cost.  So, in reality the new gig is break even.  The good news is I will save mega-miles on my car and will get about 7 days of my life back by killing the commute. 

lemonverbena

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Re: 2017 Financial Goals - Peach Fuzz Edition
« Reply #59 on: January 25, 2017, 11:17:26 PM »
2017 goals:

continue doing Uber Frugal Month challenges
enroll spouse in free employer health insurance plan
enroll spouse in free employer cell phone plan
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
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
« Last Edit: April 15, 2017, 03:45:21 PM by lemonverbena »

SeaKayEl

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Re: 2017 Financial Goals - Peach Fuzz Edition
« Reply #60 on: January 29, 2017, 10:46:39 AM »
End of January Update:

1.  Pay off Credit Card/Personal Loan Debt: $11,885
     $8,565
2.  Significant Other's Lasik Eye Surgery (not factoring in insurance coverage--will update when known): $8,000
     $0
3.  Max out IRA: $5,500
     $0
4.  Save $10,000 for Electric Motorcycle
     $0


Metric Mouse

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Re: 2017 Financial Goals - Peach Fuzz Edition
« Reply #61 on: January 29, 2017, 07:56:10 PM »
The good news is I will save mega-miles on my car and will get about 7 days of my life back by killing the commute.

That is awesome! Can't put a price on more time. Good work.
Give me one fine day of plain sailing weather and I can mess up anything.

MustacheMathTM

ZagNation

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Re: 2017 Financial Goals - Peach Fuzz Edition
« Reply #62 on: January 31, 2017, 09:08:29 AM »
End of January Update:

1.  Pay off Credit Card/Personal Loan Debt: $11,885
     $8,565
2.  Significant Other's Lasik Eye Surgery (not factoring in insurance coverage--will update when known): $8,000
     $0
3.  Max out IRA: $5,500
     $0
4.  Save $10,000 for Electric Motorcycle
     $0

Couldn't help but notice the savings goal for an electric motorcycle. Which options are you considering if you don't mind me asking?

SeaKayEl

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Re: 2017 Financial Goals - Peach Fuzz Edition
« Reply #63 on: January 31, 2017, 10:59:18 AM »
End of January Update:

1.  Pay off Credit Card/Personal Loan Debt: $11,885
     $8,565
2.  Significant Other's Lasik Eye Surgery (not factoring in insurance coverage--will update when known): $8,000
     $0
3.  Max out IRA: $5,500
     $0
4.  Save $10,000 for Electric Motorcycle
     $0

Couldn't help but notice the savings goal for an electric motorcycle. Which options are you considering if you don't mind me asking?

I have my heart set on a Zero.  The S or DS model (there is a 99% chance I won't be going off pavement, but I like the look of the DS better).  I will be buying used so I think the market will dictate which model I end up getting.

Go Zags!

SquashingDebt

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Re: 2017 Financial Goals - Peach Fuzz Edition
« Reply #64 on: February 01, 2017, 08:03:36 AM »

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

February update:

1. Saved 56.6% of my take-home pay!
2. Increased net worth by $2,556 --> on track to hit goal of $30,000 increase
3. Decreased student loan debt by $1,886  --> slow start, but have some extra paycheck months and my bonus to help me reach my goal later in the year

afuera

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Re: 2017 Financial Goals - Peach Fuzz Edition
« Reply #65 on: February 01, 2017, 10:03:18 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.

"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.

recklesslysober

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Re: 2017 Financial Goals - Peach Fuzz Edition
« Reply #66 on: February 01, 2017, 10:41:05 AM »
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. - Paid off $1600 in January. This is about the average I need to hit to reach my goal, with the $800 extra coming from my tax return next month.
Reduce meals out spending by 50% by focusing on making more meals at home. - Reduced spending from last year's average by 97%.. Yikes! I spent an insane amount on food last year. I only went out to eat once in January and it was for a friend's birthday.
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. Reduced spending from last year's average by 98%.. another yikes. I was on consumer autopilot until late 2016. I went to a few sessions with a psychologist late last year and I've definitely seen a lot of improvement in how I feel about and interact with money. In January I spent $0 on clothing and shopping, and $14.38 on entertainment (movie for date night).

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. :)

January went great! I feel like it was the reset I needed to break some really detrimental habits.

LMBB

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Re: 2017 Financial Goals - Peach Fuzz Edition
« Reply #67 on: February 01, 2017, 11:50:23 AM »
End of January summary:

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.

1) Keep average grocery spending under $400/month (3 adults 2 children) - "Average" so far: $202
2) Pay off car loan ($4,500) - current balance $3,909
3) Finish paying off credit card debt ($14,000) - current total balances $9,181
4) Save another $2,000 for EF (currently about $1,000) - current balance about the same
5) Refinance private student loans ($25,000 at about 6% variable... Effing Sallie Mae/Navient. This is more than the original loan amount) this goal will have to wait until the end of the year when all my consumer debt is paid off
6) Reduce federal student loans (currently $83,000 at various fixed rates) by $15,000 through a loan repayment program through my work. payment hasn't hit yet so the balance is about the same as last month, less my normal principal payment

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. - I think our tax liability is only going to be about $1,200 this year so I should be able to swing it. Saved a few hundred towards the bill this month

Overall, I'm pleased with my progress so far this year!

TheCastle

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Re: 2017 Financial Goals - Peach Fuzz Edition
« Reply #68 on: February 02, 2017, 11:59:27 AM »
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.   Waiting on Bonus/Tax Return, otherwise just a few hundred.
2.  Add $1000 to Emergency Fund.   Done.
3.  Get raise (boss says chance of 15-20%).   Waiting...
4.  Get bonus (10% last year).   Waiting, last years didn't happen til about April
5.  Save $5000 for vacation to Disney (wife's dream lol).   On Track
6.  Add $10K to 401K.  Falling slightly behind due to error in HR.
7.  Open Roth IRA.  Nothing.
8.  Do some home improvements.   Nothing.
9.  Minimize my possessions aka junk.   Threw away a bunch of trash/junk and made a pile for eBay.

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

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.   Nothing.

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.)  Waiting...

Metric Mouse

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Re: 2017 Financial Goals - Peach Fuzz Edition
« Reply #69 on: February 02, 2017, 11:40:20 PM »
End of January Update:

1.  Pay off Credit Card/Personal Loan Debt: $11,885
     $8,565
2.  Significant Other's Lasik Eye Surgery (not factoring in insurance coverage--will update when known): $8,000
     $0
3.  Max out IRA: $5,500
     $0
4.  Save $10,000 for Electric Motorcycle
     $0

Couldn't help but notice the savings goal for an electric motorcycle. Which options are you considering if you don't mind me asking?

I have my heart set on a Zero.  The S or DS model (there is a 99% chance I won't be going off pavement, but I like the look of the DS better).  I will be buying used so I think the market will dictate which model I end up getting.

Go Zags!

Great choices! They are a blast.
Give me one fine day of plain sailing weather and I can mess up anything.

MustacheMathTM

WGH

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Re: 2017 Financial Goals - Peach Fuzz Edition
« Reply #70 on: February 03, 2017, 01:29:09 PM »
Big changes and opportunities abound in the WGH household for 2017

1. Have a huge job interview next week that would kill my clown commute, allow me to cash out a massive amount of accrued vacation hours from current job and kill debt, and increase salary 43%! Prayers, luck, good juju send them my way people!!

2. Get grocery/eating out spending down from $800/month to $500/month

3. Payoff three credit cards totaling $3,800. First one dies in two weeks; only has about $230 on it.

4. Payoff car note of $4,773

5. 401k loan of $4,711 will be paid of in August


Step37

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Re: 2017 Financial Goals - Peach Fuzz Edition
« Reply #71 on: February 03, 2017, 08:47:17 PM »
Big changes and opportunities abound in the WGH household for 2017

1. Have a huge job interview next week that would kill my clown commute, allow me to cash out a massive amount of accrued vacation hours from current job and kill debt, and increase salary 43%! Prayers, luck, good juju send them my way people!!


Best of luck!! Fantastic when a new job could accomplish all of those awesome things!
"Not wanting something is as good as possessing it." ~Donald Horban

SeaKayEl

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Re: 2017 Financial Goals - Peach Fuzz Edition
« Reply #72 on: February 03, 2017, 10:58:03 PM »
End of January Update:

1.  Pay off Credit Card/Personal Loan Debt: $11,885
     $8,565
2.  Significant Other's Lasik Eye Surgery (not factoring in insurance coverage--will update when known): $8,000
     $0
3.  Max out IRA: $5,500
     $0
4.  Save $10,000 for Electric Motorcycle
     $0

Couldn't help but notice the savings goal for an electric motorcycle. Which options are you considering if you don't mind me asking?

I have my heart set on a Zero.  The S or DS model (there is a 99% chance I won't be going off pavement, but I like the look of the DS better).  I will be buying used so I think the market will dictate which model I end up getting.

Go Zags!

Great choices! They are a blast.

That's great to hear! Do you (or did you) own one?  Not only will this be my first electric vehicle, it will be my first motorcycle! 

PJ

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Re: 2017 Financial Goals - Peach Fuzz Edition
« Reply #73 on: February 04, 2017, 12:21:52 AM »
Big changes and opportunities abound in the WGH household for 2017

1. Have a huge job interview next week that would kill my clown commute, allow me to cash out a massive amount of accrued vacation hours from current job and kill debt, and increase salary 43%! Prayers, luck, good juju send them my way people!!


Best of luck!! Fantastic when a new job could accomplish all of those awesome things!

Agreed!  Praying for you!
'To be human you must bear witness to justice. Justice is what love looks like in public." 
Dr. Cornel West

Metric Mouse

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Re: 2017 Financial Goals - Peach Fuzz Edition
« Reply #74 on: February 04, 2017, 09:03:49 AM »
End of January Update:

1.  Pay off Credit Card/Personal Loan Debt: $11,885
     $8,565
2.  Significant Other's Lasik Eye Surgery (not factoring in insurance coverage--will update when known): $8,000
     $0
3.  Max out IRA: $5,500
     $0
4.  Save $10,000 for Electric Motorcycle
     $0

Couldn't help but notice the savings goal for an electric motorcycle. Which options are you considering if you don't mind me asking?

I have my heart set on a Zero.  The S or DS model (there is a 99% chance I won't be going off pavement, but I like the look of the DS better).  I will be buying used so I think the market will dictate which model I end up getting.

Go Zags!

Great choices! They are a blast.

That's great to hear! Do you (or did you) own one?  Not only will this be my first electric vehicle, it will be my first motorcycle!
Never owned one, sadly, but spent quite some time playing with similar models. I don't think you'll be disappointed, though it's quite a bike for a first time rider.
Give me one fine day of plain sailing weather and I can mess up anything.

MustacheMathTM

Rhoon

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Re: 2017 Financial Goals - Peach Fuzz Edition
« Reply #75 on: February 05, 2017, 12:02:54 PM »
Goals for 2017:

1. Max 401K (ETA January if my bonus comes through) Complete.
2. Max spouse's tIRA: Set up as monthly payments in 2016; will continue this Ended up just Maxing it out in 1 shot. Complete
3. Max my tIRA through regular contributions rather than doing it at the end of the year with extra cash. I'm border line unable to contribute to even a Roth -- so I'm canceling this. Removed.
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)

Was able to max out all tax deductible contributions in January already. Now on to the rest of the items on the list. Can't wait to get rid of the solar panel payments!

Alps

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Re: 2017 Financial Goals - Peach Fuzz Edition
« Reply #76 on: February 07, 2017, 03:05:47 AM »
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. Almost halfway there already!
3. Reduce monthly grocery+household supply bills to CHF800 or less. Done!
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! Failed (barely biked at all due to snow)
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

February update:
Got a new job with an almost 20% salary increase! I won't start for a while, but I'll try to hit 100k by September for sure now. #3 was actually an easy win, I just had to take over from my spouse.. on the other hand I've been slacking on the meal plan, so this post is a good reminder.

ZagNation

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Re: 2017 Financial Goals - Peach Fuzz Edition
« Reply #77 on: February 07, 2017, 03:56:54 PM »
End of January Update:

1.  Pay off Credit Card/Personal Loan Debt: $11,885
     $8,565
2.  Significant Other's Lasik Eye Surgery (not factoring in insurance coverage--will update when known): $8,000
     $0
3.  Max out IRA: $5,500
     $0
4.  Save $10,000 for Electric Motorcycle
     $0

Couldn't help but notice the savings goal for an electric motorcycle. Which options are you considering if you don't mind me asking?

I have my heart set on a Zero.  The S or DS model (there is a 99% chance I won't be going off pavement, but I like the look of the DS better).  I will be buying used so I think the market will dictate which model I end up getting.

Go Zags!

Great choices! They are a blast.

That's great to hear! Do you (or did you) own one?  Not only will this be my first electric vehicle, it will be my first motorcycle!

I always thought it would be cool to ride an electric motorcycle especially after viewing their capabilities during IOMTT. Your Zero will be just the beginning...you may find it difficult to have ONLY one motorcycle! Already eyeing the Triumph Street Triple to keep Scarlett company. Oh yeah, Go Zags!

SeaKayEl

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Re: 2017 Financial Goals - Peach Fuzz Edition
« Reply #78 on: February 07, 2017, 10:17:05 PM »
End of January Update:

1.  Pay off Credit Card/Personal Loan Debt: $11,885
     $8,565
2.  Significant Other's Lasik Eye Surgery (not factoring in insurance coverage--will update when known): $3,538
     $0
3.  Max out IRA: $5,500
     $0
4.  Save $10,000 for Electric Motorcycle
     $0

Couldn't help but notice the savings goal for an electric motorcycle. Which options are you considering if you don't mind me asking?

I have my heart set on a Zero.  The S or DS model (there is a 99% chance I won't be going off pavement, but I like the look of the DS better).  I will be buying used so I think the market will dictate which model I end up getting.

Go Zags!

Great choices! They are a blast.

That's great to hear! Do you (or did you) own one?  Not only will this be my first electric vehicle, it will be my first motorcycle!

I always thought it would be cool to ride an electric motorcycle especially after viewing their capabilities during IOMTT. Your Zero will be just the beginning...you may find it difficult to have ONLY one motorcycle! Already eyeing the Triumph Street Triple to keep Scarlett company. Oh yeah, Go Zags!

What kind of bike is Scarlett? 
I have a feeling you are right about this just being the beginning!
« Last Edit: February 08, 2017, 07:17:57 AM by SeaKayEl »

fsohn

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Re: 2017 Financial Goals - Peach Fuzz Edition
« Reply #79 on: February 07, 2017, 10:21:08 PM »
Simple goals for me, since I finally punched my student loans in the face so hard they died:

1)  Save 80% of post-tax pay
2)  Top up cash emergency fund to $10K
3)  Max out contribution to 401K and HSA -- no excuses!
4)  Reach net worth of $150K (currently around 40K)
5)  Keep looking for a two-unit fixer upper and avoid the temptation to buy a face-punch worthy overpriced renovation
6)  Keep grocery spending under $225 per month (average over $400 last year -- ugh!)
7)  Take at least three weeks vacation to keep my sanity, so I don't quit my job halfway through the year.

Its going to be a good year, folks.  Only upwards from here on out.
Debt-Free since January 2017!

smacpa

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Re: 2017 Financial Goals - Peach Fuzz Edition
« Reply #80 on: February 07, 2017, 11:39:31 PM »
Just found MMM at the beginning of the year by luck. And I'm obsessed with the FIRE idea now

My 2017 goals:
1) budget and track every month, its been 6 years since I kept it up
2) save 40k to net worth
3) max 2016 IRAs 11k
4) Max 2017 IRAs 11k
5) Max HSA 6750
6) 401k is at 1005/month, plan to increase to 1500/month come October if my raise covers it.
7) pay cash for home improvement 3500 and travel 1500

Smaller items:
Reduced spending by:
cutting my own lawn after tax season 100/month
Getting a new cell phone provider currently 91/month
Eating out less currently budgeting 85/month
Generally reducing footprint (gas, utilities etc)

Increase side hustle
eBay sales
Odd jobs on Craigslist


Metric Mouse

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Re: 2017 Financial Goals - Peach Fuzz Edition
« Reply #81 on: February 08, 2017, 12:36:56 AM »
End of January Update:

1.  Pay off Credit Card/Personal Loan Debt: $11,885
     $8,565
2.  Significant Other's Lasik Eye Surgery (not factoring in insurance coverage--will update when known): $8,000
     $0
3.  Max out IRA: $5,500
     $0
4.  Save $10,000 for Electric Motorcycle
     $0

Couldn't help but notice the savings goal for an electric motorcycle. Which options are you considering if you don't mind me asking?

I have my heart set on a Zero.  The S or DS model (there is a 99% chance I won't be going off pavement, but I like the look of the DS better).  I will be buying used so I think the market will dictate which model I end up getting.

Go Zags!

Great choices! They are a blast.

That's great to hear! Do you (or did you) own one?  Not only will this be my first electric vehicle, it will be my first motorcycle!

I always thought it would be cool to ride an electric motorcycle especially after viewing their capabilities during IOMTT. Your Zero will be just the beginning...you may find it difficult to have ONLY one motorcycle! Already eyeing the Triumph Street Triple to keep Scarlett company. Oh yeah, Go Zags!

What kind of bike is Scarlett? 
I have a feeling you are right about this just being the beginning!
My name is Metric, and I have problem.... :D
Give me one fine day of plain sailing weather and I can mess up anything.

MustacheMathTM

felixbf

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Re: 2017 Financial Goals - Peach Fuzz Edition
« Reply #82 on: February 08, 2017, 02:31:38 AM »
Goal 1 :Finsh Car  - Done Jan 30th
Goal 2 :Finish studies & payoff fees - Done Feb 1st
Goal 3 :From $63000 ,save another $148500 this year - in progress
Goal 4 :Continue saving 73% of salary every month - in progress
Goal 5 :Get a new Girlfriend lol - in progress

ZagNation

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Re: 2017 Financial Goals - Peach Fuzz Edition
« Reply #83 on: February 08, 2017, 09:57:46 PM »
End of January Update:

1.  Pay off Credit Card/Personal Loan Debt: $11,885
     $8,565
2.  Significant Other's Lasik Eye Surgery (not factoring in insurance coverage--will update when known): $3,538
     $0
3.  Max out IRA: $5,500
     $0
4.  Save $10,000 for Electric Motorcycle
     $0

Couldn't help but notice the savings goal for an electric motorcycle. Which options are you considering if you don't mind me asking?

I have my heart set on a Zero.  The S or DS model (there is a 99% chance I won't be going off pavement, but I like the look of the DS better).  I will be buying used so I think the market will dictate which model I end up getting.

Go Zags!

Great choices! They are a blast.

That's great to hear! Do you (or did you) own one?  Not only will this be my first electric vehicle, it will be my first motorcycle!

I always thought it would be cool to ride an electric motorcycle especially after viewing their capabilities during IOMTT. Your Zero will be just the beginning...you may find it difficult to have ONLY one motorcycle! Already eyeing the Triumph Street Triple to keep Scarlett company. Oh yeah, Go Zags!

What kind of bike is Scarlett? 
I have a feeling you are right about this just being the beginning!

A leftover 2014 Ninja 300 SE ABS that I picked up for a steal through the Costco Auto program in 2015. There is very little that compares to being on a motorcycle and there are so many options currently in existence to keep the good times rolling for decades to come. Once you accomplish your higher priority goals, you will not regret treating yourself to a Zero motorcycle!

Nangirl17

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Re: 2017 Financial Goals - Peach Fuzz Edition
« Reply #84 on: February 19, 2017, 10:36:47 AM »
I enjoy seeing people's progress! Here is where I am at.


- Continue to max RRSP and TFSA, and invest $1K/mo in Open investment account have been maxing rrsp, but due to an unexpected ~month long sick leave I will be a little behind on this in the next couple months 
- 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!! still have no idea how to do this, but I won't get my refund for another month anyway...
- 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'!) Success so far!

akzidenz

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Re: 2017 Financial Goals - Peach Fuzz Edition
« Reply #85 on: February 19, 2017, 02:07:38 PM »
Saving goals: (which will put me at a cozy 50% savings rate)
  • Max out 401(k) (paycheck deductions already set up, will happen by end of August)
  • Max out Roth IRA, which will happen this month!
  • Save an additional $2k a month through all of 2017
Spending goals: (or rather, not-spending goals)
  • No beauty/cosmetics/skincare buying unless I use up everything in a category! I have ~15 lipsticks or so, which will last close to forever…I want to concentrate on using up what I have, instead of being tempted by new things
  • No book buying until I've read or resold all the ones I own already! Library books are free and multitudinous
  • Cut my clothing spending (I'm embarrassed to say how much it was last year, but I definitely want to halve it at least)
  • Have a frugal two-week trip to Europe (I've already booked the tickets—I plan to stay with friends/hostels, which should help a lot!)
« Last Edit: March 13, 2017, 02:26:28 PM by akzidenz »

DWW

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Re: 2017 Financial Goals - Peach Fuzz Edition
« Reply #86 on: February 20, 2017, 10:58:28 AM »
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

the_fixer

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Re: 2017 Financial Goals - Peach Fuzz Edition
« Reply #87 on: February 20, 2017, 02:09:23 PM »
Last year we made some pretty amazing changes that will set us up this year to hopefully kick some butt.

http://forum.mrmoneymustache.com/throw-down-the-gauntlet/right-size-my-life/

We are new to this but set the bar high for our first full year into focusing on our finances as we want to keep the ball rolling and start slow traveling / working part time as soon as possible.

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
Post a case study
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

sweetkerryline

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Re: 2017 Financial Goals - Peach Fuzz Edition
« Reply #88 on: February 24, 2017, 10:59:23 AM »
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

wintertell

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Re: 2017 Financial Goals - Peach Fuzz Edition
« Reply #89 on: February 24, 2017, 11:37:36 AM »
Joining! Our 2017 financial goals are pretty limited, mainly about maintaining the status quo while we work through huge life transitions -- we just moved to NC, HB quit his job to start a business, and I am remote working in NC until I can find a permanent job here.

Maintenance
- Maintain living off on last month's income
- Maintain a 16K emergency fund - About 4 months expenses
- Maintain tracking expenses via YNAB

New
- Live off of 1 income with no new debt
- Move to NC - Completed Feb. 2017.
- WT find a new job in NC by EOY.
-  HB establish business in NC.
-  Save for house down payment - Not sure of exact figure needed but likely will do this from sale of mobile home
-  Save 10% of WT salary for retirement in 401(k)- Bumped contributions up to 6%, 4% match in January.

Maybe
- Pay off truck - current balance around ~6200, but loan is at 1.99%

SuperSaver

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Re: 2017 Financial Goals - Peach Fuzz Edition
« Reply #90 on: February 24, 2017, 04:08:47 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).Reached funding goals
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. I am doing my share- fiance just started job and hasn't updated his yet
5. Help fiance get better job. Completed
6. More charity, more details- cluttering, more exercise and better eating. In Progress

Overall doing pretty good.

Verdandi

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Re: 2017 Financial Goals - Peach Fuzz Edition
« Reply #91 on: February 26, 2017, 10:05:41 PM »
Joining you :)

We've already hit major milestones this year. I'm currently closing on a small rental and we bought our house last week.
We don't know when exactly the current owners will move out. They need to find a place that is suitable for disabled people and have time until December. So, either this year or early next year the renovations will begin. The budget for that is fixed and set aside, so it has no influence on my everyday finances.

My goals for this year:

1. Put € 1000,00 into emergency fund consistently every month to € 15.000,00 (currently 5000)
2. Lose another 15 kg. Already lost 5 kg since December with Weightwatchers.
3. Finish my PhD thesis.
4. Consistently save another € 400,00 a month into investments. More after emergency fund is fully funded.
5. Optimize my budget and consistently budget.
6. Find a workout routine that works for me. Right now it's either 6 times a week or nothing. Not good.

the_fixer

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Re: 2017 Financial Goals - Peach Fuzz Edition
« Reply #92 on: February 27, 2017, 10:55:04 AM »
Paid off the $3800 0% interest appliance loan this weekend

Have everything in place for my backdoor Roth so once I reach my pre-tax 18K max on my 401K I am going to start funding the backdoor. $4800 in my pre-tax 401k so far for the year and will bump up the % as soon as I get the furniture 0% loan paid off



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

afuera

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Re: 2017 Financial Goals - Peach Fuzz Edition
« Reply #93 on: February 28, 2017, 09:33:37 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.
"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.

Cookie78

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    • Cookie's Goals
Re: 2017 Financial Goals - Peach Fuzz Edition
« Reply #94 on: March 01, 2017, 09:01:52 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.
March 1 update

Max RRSP - estimated $7,500
Max TFSA - $5,500 -Done
Add $14,000 to emergency fund/leave of absence fund -Added $5000 so far
Add $2,500 to canoe/hiking/adventure fund -Knocked out $1550 of this budget by finding good deals and spending only $860
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

Other non-number financial goals:
Rent basement suite! -Done
Find a trusted friend who wants to rent my spare room.
« Last Edit: March 01, 2017, 11:45:03 AM by Cookie78 »

TheCastle

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Re: 2017 Financial Goals - Peach Fuzz Edition
« Reply #95 on: March 02, 2017, 06:36:40 AM »
March updates in green.

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.   Waiting on Bonus/Tax Return, otherwise just a few hundred.   Just a few more hundred.
2.  Add $1000 to Emergency Fund.   Done.   Still done.
3.  Get raise (boss says chance of 15-20%).   Waiting...    Still waiting...
4.  Get bonus (10% last year).   Waiting, last years didn't happen til about April    Still waiting...
5.  Save $5000 for vacation to Disney (wife's dream lol).On Track     On track, but might not be going.
6.  Add $10K to 401K.  Falling slightly behind due to error in HR.  HR fixed error but will fall slightly behind for year unless I get my raise.
7.  Open Roth IRA.  Nothing.  Should be done in March
8.  Do some home improvements.   Nothing.    Cleaned garage to get to miter saw (progress?)
9.  Minimize my possessions aka junk.   Threw away a bunch of trash/junk and made a pile for eBay.    Only baby clothes on eBay so far.  Not big $$ but at least some space.

Edited to add after finally linking all remaining accounts with Mint:
10.  Increase Net Worth by at least $20K.   On track.    Bad month.  $500 in tires, $350 in medical, and a $1000 check to the girl scouts (at least I'll get most of that back) made my net worth take a hit but still a positive $527.64 movement

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.   Nothing.    Nothing yet.

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.)  Waiting...    Still waiting...

SquashingDebt

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Re: 2017 Financial Goals - Peach Fuzz Edition
« Reply #96 on: March 03, 2017, 01:07:07 PM »

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

February update:

1. Saved 56.6% of my take-home pay!
2. Increased net worth by $2,556 --> on track to hit goal of $30,000 increase
3. Decreased student loan debt by $1,886  --> slow start, but have some extra paycheck months and my bonus to help me reach my goal later in the year

March update:

1. Saved 65.1% of my take-home pay!
2. Increased net worth by $3,161 for a total of $5,717--> on track to hit goal of $30,000 increase
3. Decreased student loan debt by $1,912 for a total of $3,798

New stretch goal:  Hit $0 net worth by the end of the year.  Currently sitting at -$29,241.

SeaKayEl

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Re: 2017 Financial Goals - Peach Fuzz Edition
« Reply #97 on: March 12, 2017, 01:29:09 PM »
End of February Update:

1.  Pay off Credit Card/Personal Loan Debt: $11,885
     $1,110 remaining
2.  Significant Other's Lasik Eye Surgery: $3,538
     $3,538 remaining
3.  Max out IRA: $5,500
     $0 saved
4.  Save $10,000 for Electric Motorcycle
     As much as I want a motorcycle...this only delays my ultimate goal of financial independence.  I obviously made this
     list in a moment of weakness, HAHA. 
4. Drop student loan debt by $15,000.
     $0 of $15,000

Rimu05

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Re: 2017 Financial Goals - Peach Fuzz Edition
« Reply #98 on: March 13, 2017, 02:08:10 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.

2017 Goals are looking horrible
1. $1000 in my EF
2.) Medical bills came, about $2500 in total, I highly doubt I'll pay these off. Going to be very anti-mustachian and put this on a 0% credit card with a sign up bonus
3.) Credit card debt is paid off. It increased to 2500 with the medical bills and I also had some car maintenance. I simply just paid this off with EF.
4.) Reduce student debt - Honestly, I only increased the contribution about $10. Currently paying $215 on this
5. No side Hustle and currently not in a position to get one.

Things I've done outside my goals
1.)Upped 401K contribution to 10% from 6%
2.) Started learning Spanish.

Goal added
Open up a Roth with Vanguard and contribute at least $2,000 to it.



TheInsuranceMan

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Re: 2017 Financial Goals - Peach Fuzz Edition
« Reply #99 on: March 14, 2017, 02:13:24 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.

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