Author Topic: 2018 Financial Goals  (Read 2275 times)

lemonverbena

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2018 Financial Goals
« on: December 19, 2017, 12:35:45 PM »
This is a new thread for the 2018 version of "2017 Financial Goals- Peach Fuzz Edition" thread.
Please join me in sharing your money goals for the new year!

Carrie

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Re: 2018 Financial Goals
« Reply #1 on: December 19, 2017, 12:46:29 PM »
1. Fully fund 401k  (dh's)
2. Fully fund two Roth IRAs
3. Max the HSA, start investing when balance reaches $5k (soon)
4. Fund 529s /educational IRA @ $2400/yr per kid
5. Fill up vacation account by adding $4k
6. Rollover old account into IRA
7. Cashflow some minor landscaping, and new countertops for the kitchen

That's about it for us! :)

lemonverbena

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Re: 2018 Financial Goals
« Reply #2 on: December 19, 2017, 12:56:39 PM »
Do taxes in January
Write will and trust, have notarized
Sell one of the cars in January
Sell unnecessary stuff on Craigslist
Continue doing Uber Frugal Challenge months
Pay off roof loan in January
Pay off hospital bill in February
Pay off car loan in April
Find free camping spots for cross-country road trip this summer
Ask for raise in September
Max tIRA by November
Spouse to ask for raise in November
Graduate from the 0-10k Challenge

OurTown

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Re: 2018 Financial Goals
« Reply #3 on: December 19, 2017, 02:44:28 PM »
Hit $600k net worth.  Wait, that's too easy, hit $650k net worth.

alleykat

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Re: 2018 Financial Goals
« Reply #4 on: December 20, 2017, 09:37:58 AM »
- fully fund my ROTH IRA in January
- write will and notarize
- fully engage in my financial health/knowledge - I am a procrastinator
- set up another Vanguard investment account
- file taxes as soon as I get my w-2. if I get a refund, invest it right away
- set up automatic contributions to my investment accounts
 

Erica

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Re: 2018 Financial Goals
« Reply #5 on: December 21, 2017, 08:52:01 AM »
Little goals....
1. Add on 6 hrs per week to my work schedule= $92.38 per week/$269 per mo- submitted request. Have a good chance at it
2. Extend the back mudroom of our home to be rented out w/ private bath to an RVer along + full hookups outside- Profit $365+ mo
3. Granted 100-110 more PTO hrs in 2018
4. Max HSA $3300 this yr. Pay ourselves back in 2018 saving on taxes (not included below)

----------------------------------------------
$600 per mo. increase (net).


.
« Last Edit: December 21, 2017, 09:03:39 AM by Erica »

soccerluvof4

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Re: 2018 Financial Goals
« Reply #6 on: December 22, 2017, 10:17:55 AM »
From my DW's Income have it all deffered via
Fully Funding her 401k
Fully Funding HSA
Adding some to 529's

Reduce our Investment withdrawal % and use more of our cash influx
" In life you don't get what you deserve you get what you negotiate"

MaybeBabyMustache

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Re: 2018 Financial Goals
« Reply #7 on: December 22, 2017, 10:22:21 AM »
1) Fully fund both 401Ks - $37K
2) Yearly max to both kids college accounts - $28K
3) Save an extra $150K before I quit my job
4) Keep travel budget to $7K
5) Earn another $1K selling random stuff on eBay
6) Stick to budget overall

Noremak

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Re: 2018 Financial Goals
« Reply #8 on: December 22, 2017, 11:44:45 AM »
One goal: Pay off $68,000 of student debt in 2018. Tell me I can't so I can prove you wrong. ;)

moonpalace

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Re: 2018 Financial Goals
« Reply #9 on: December 22, 2017, 12:07:24 PM »
Just two goals

Family stays happy and healthy!
Net Worth increases about $100,000, to about $250k

Serendip

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Re: 2018 Financial Goals
« Reply #10 on: December 22, 2017, 12:34:53 PM »
Couple of goals
--Increase RRSP savings from 17,500 to 23,000
--Increase TFSA (also my EFund) from 700--8000

Also would love to buy a canoe :)

TempusFugit

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Re: 2018 Financial Goals
« Reply #11 on: December 22, 2017, 12:35:14 PM »
Achieve a 50% savings rate


EmFrugal

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Re: 2018 Financial Goals
« Reply #12 on: December 22, 2017, 01:18:03 PM »
1) Bring our net worth up to $750K. Currently sitting at $691K.
2) Get our grocery spend to average below $180 per week for a family of 5, while still eating nutritiously.
3) Walk more/drive less to reduce gas spend and car maintenance fees.
4) Bring in $2-3K from side hustle business.

Cookie78

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Re: 2018 Financial Goals
« Reply #13 on: December 22, 2017, 03:04:21 PM »
Short goal list this year.

1. Sell rental house
2. Max TFSA (barely a goal, just waiting until Jan 1 to move the money)
3. Re-write will (ie: stop procrastinating)

Rosy

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Re: 2018 Financial Goals
« Reply #14 on: December 22, 2017, 06:26:32 PM »
One goal: Pay off $68,000 of student debt in 2018. Tell me I can't so I can prove you wrong. ;)

I highly doubt that - prove it to yourself - yes, you can do this. All it takes is focus and dedication to the cause:)

My 2018 Financial Goals

1. Save every penny of my SS every month - to reach my goal of $50K by Dec 2019.
2. Save $200 from Jan to July to boost my travel fund  - for a combination bucket list trip to Europe and seeing my Mom on her 90th birthday.

I must become a badass MMMer for at least the next seven months to meet all my goals. May start a new journal to help me stay on track.

3. Find a way to bring in at least an extra $300 a month for nine months, Jan-July and Sep to Oct 2018.
4. Keep paying off the credit cards each month - no credit card debt allowed.

5. Challenge - full throttle STOP buying jewelry. Period! - I cannot afford to buy a thing all year unless it is on the approved budget list or a planned expense!

monstermonster

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Re: 2018 Financial Goals
« Reply #15 on: December 23, 2017, 09:15:17 AM »
  • Save $10,000 ($5,500 traditional IRA; rest cash savings)
  • Earn enough to save $10,000 (~$35,000 gross)
  • Switch to New YNAB
  • Publish monthly expense reports
  • Sell things (I put this off)
  • 5x 2017's charitable giving levels
  • Pay quarterly taxes
I made this thing:
 A Purrsonal finance workbook - an illustrated cat-filled money workbook (with plenty of mustachianism)

At least 50% of my business plan is cats, 25% is glitter spandex, the journal

How did I increase my net worth by 82% per year on a $39K income? The best budgeting software in the world, YNAB. Start your free trial now, ask me questions!

Salim

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Re: 2018 Financial Goals
« Reply #16 on: December 29, 2017, 03:51:25 AM »
1. Pay off credit card bills
2. Rebuild emergency fund to $2K
3. Buy minimal clothing
4. Get my artwork into 1 or 2 galleries and start selling
5. Create and implement art website with shopping cart
6. Increase net worth by $40K
« Last Edit: January 11, 2018, 12:10:21 PM by Salim »

eightyeighttoone

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Re: 2018 Financial Goals
« Reply #17 on: December 31, 2017, 07:34:33 PM »
1) Pay off my $27,683 student loan balance.
2) Achieve a 65% savings rate.
3) Bring 401k contribution up to maximize employer match at 1yr job anniversary; once loans are paid off, max out 401k contributions.
4) Invest HSA balance
5) Start doing monthly financial reports again. (I used to do these, but stopped in 2016 when I switched to Mint.)



newgirl

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Re: 2018 Financial Goals
« Reply #18 on: December 31, 2017, 08:13:32 PM »
Happy New Year!

2018 Goals (you can tell I'm not hardcore MMM, but...)

1) Max HSA - already signed up for and budgeted
2) Max 401k for the first time ever - planning to increase by 1-2% per month to ease myself into it
3) Demolish remaining credit card balance, about $5100 right now
4) Follow YNAB - it has worked for me in the past, it can work again. Achieve an "age of money" of at least 45 days
5) Send extra money to house down payment savings
6) Sell every bit of useless crap I own, funnel profits to credit card debt first then savings
7) Buy nothing new - vintage/used only. Stop taking resources out of the earth so I can have more "things"

SpareChange

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Re: 2018 Financial Goals
« Reply #19 on: December 31, 2017, 08:40:57 PM »
One goal: Pay off $68,000 of student debt in 2018. Tell me I can't so I can prove you wrong. ;)

There's no fucking way you can do that. Especially YOU. :)

WhiteTrashCash

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Re: 2018 Financial Goals
« Reply #20 on: December 31, 2017, 08:52:17 PM »
1.) Fully fund two Roth IRAs: $11,000
2.) Fully fund a 401k: $18,500
3.) Get my student loans below $35,000
4.) Remodel our full bathroom, because God knows it needs it
5.) Repair or replace the front steps on our house
6.) Finish my book
7.) Have more board game nights/pot luck dinners at home
8.) Laugh a lot more
9.) Care less about what people think
10.) Read more books for fun

eliza

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Re: 2018 Financial Goals
« Reply #21 on: December 31, 2017, 11:27:52 PM »
Happy New Year!

1) Max 401(k)
2) Max HSA
3) Save 50% of Take Home Income
4) Grow Net Worth to $750,000 (currently $581,000)


BeautifulDay

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Re: 2018 Financial Goals
« Reply #22 on: January 01, 2018, 12:36:28 AM »
2017 was a rough year.  Thought things were getting better, but now looks like 2018 will be another rough one at least at work. DH and I work for same employer which makes it worse.  So top priority is e-fund. 2nd priority is saving for side business venture. 

2018 goals

1. Save EF of $13000 - top priority. (4 months spending -or 3 months plus an AC replacement)
2. Save $9000 for side business by July. And set up legal stuff/website for business.
3. Make a will
4. Max Roth IRA and Open DH's Roth IRA.
5. Keep monthly expenses to $3700 or lower - work with DH on strategies to lower this further.
6. Camp 1 weekend per month in April thru October.
7. Increase networth from $130k to $170k
8. Keep resume up to date.  Might be necessary this year.
9. No new clothes just for the sake of new clothes.  Replacements only for clothes that are beyond repair. 
« Last Edit: January 01, 2018, 08:33:39 AM by BeautifulDay »

K-12FI

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Re: 2018 Financial Goals
« Reply #23 on: January 01, 2018, 05:42:48 AM »
Max Roth IRA
Pay off Car note in July
start churning
put $5,000 in 457 starting in August

Help wife open new Roth away from Edward Jones & contribute max
Help wife contribute max to 457, and at least 12K to 403(b)

Zola.

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Re: 2018 Financial Goals
« Reply #24 on: January 01, 2018, 07:23:59 AM »
  • Hit £10,000 in vanguard funds.
  • Overpay on the mortgage for first 6 months
  • Build up a nest egg to prepare for our baby
  • Improve efficiency in spending

ChipmunkSavings

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Re: 2018 Financial Goals
« Reply #25 on: January 01, 2018, 01:22:25 PM »
1. Reduce expenses by 3000$ (8.4%).
2. Invest 17K in index funds (TFSA + RRSP + unregistered)
3. Reach 45% SR (achieved in 2017).
4. Reach NW of 225K.

Blackeagle

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Re: 2018 Financial Goals
« Reply #26 on: January 01, 2018, 05:50:51 PM »
  • 50%+ savings rate
  • Max out pre-tax retirement savings
  • Max out Roth IRA
  • Save the other half of a house down payment (half already saved in 2017)

NinetyFour

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Re: 2018 Financial Goals
« Reply #27 on: January 01, 2018, 06:05:44 PM »
1.  Max out 403b.
2.  Max out 457.
3.  Max Roth IRA 2017.
4.  Max Roth IRA 2018.
5.  Get cash and investments up to $750K (now at $656K).
6.  Stretch goal.....strive for next BIG milestone in NW (now at $828K).
7.  Oh, yeah, RETIRE.
« Last Edit: January 01, 2018, 07:42:24 PM by NinetyFour »
My Journal

Countdown to Freedom:  88 days; 12 weeks of classes; 36 days of classes

sisto

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Re: 2018 Financial Goals
« Reply #28 on: January 04, 2018, 10:30:37 AM »
Mine are basically the same as last year.

Max out 401K
Max HSA
Fund the right amount in FSA
Max my and DW IRAs
Update Trust/Will
Have my stash grow by more than my gross yearly salary
Jack of all trades, master of none

zinnie

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Re: 2018 Financial Goals
« Reply #29 on: January 04, 2018, 10:53:57 AM »
1.  Max out 403b.
2.  Max out 457.
3.  Max Roth IRA 2017.
4.  Max Roth IRA 2018.
5.  Get cash and investments up to $750K (now at $656K).
6.  Stretch goal.....strive for next BIG milestone in NW (now at $828K).
7.  Oh, yeah, RETIRE.

Woot on #7!!!

Mine:
Figure out what our comfortable FIRE spending level actually is (i.e. accurately track expenses for once)
Hit $1.1M liquid
Figure out whether I want to FIRE now or go back to work for another couple of years. (If the latter: find new, high-paying job.)

recklesslysober

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Re: 2018 Financial Goals
« Reply #30 on: January 04, 2018, 02:45:21 PM »
I'm in again! Last year was MUCH better than 2016 (before I started being intentional with my finances), but I know I can do better!

1. Spending.
2016: $36,000
2017: $29,000
2018: $25,000

2. Debt repayment.
2016: $10,000
2017: $30,000
2018: $40,000

3. Net worth.
2016: -$106,000
2017: -$65,000
2018: $0

zinnie

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Re: 2018 Financial Goals
« Reply #31 on: January 04, 2018, 02:48:35 PM »
I'm in again! Last year was MUCH better than 2016 (before I started being intentional with my finances), but I know I can do better!

1. Spending.
2016: $36,000
2017: $29,000
2018: $25,000

2. Debt repayment.
2016: $10,000
2017: $30,000
2018: $40,000

3. Net worth.
2016: -$106,000
2017: -$65,000
2018: $0

Your spending levels are impressive! I bet it will feel amazing to wipe out your debt in 2018. Good luck on your goals.

recklesslysober

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Re: 2018 Financial Goals
« Reply #32 on: January 04, 2018, 02:55:25 PM »
Your spending levels are impressive! I bet it will feel amazing to wipe out your debt in 2018. Good luck on your goals.

Thank you! 2018 is just when I'll hit net worth $0 - I've been saving for retirement while I repay my debt since I have a match, so the net worth $0 will still be with about $50K in debt. I hope to be debt free by the end of 2019 or shortly after!

kickel

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Re: 2018 Financial Goals
« Reply #33 on: January 04, 2018, 03:03:11 PM »
This is perfect!

Savings Rate:
2017: Current Savings rate = 54%
2018: Goal Savings Rate = 70%

Tax Defered Account
Max out IRA= $5,500 - Completed January 1st
Max out HSA = $3,450 - Need to still open

Purchase 1st Rental Property - Aiming for Q1

Increase main job income
2017 = $74,000
2018 = $100,000+

Networth:
2017: $147,000
2018: $200,000+

alewpanda

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Re: 2018 Financial Goals
« Reply #34 on: January 11, 2018, 04:50:26 PM »
1. Sell house and clear (hopefully) 10k from it (not much equity)

2. Use profits from house and extra income from side hustles to pay off last 2 remaining debts (about 12,000 total) and bulk up savings for a move to another state in May (savings goal is between 10k and 12k -- currently at 7k)

3. DH finds new job in new state

4. DH increases current contributions to 401k from 8% to at least 15% (depends on income level he is hired at in new state)

5. Since debts will be gone, develop new budget and cash flow that allows for a minimum 40% savings rate and flesh out 401k, and 2 new roth IRA's accordingly. 

6. Get cash savings into a higher interest account

7. Shift to a one car family

8. Lose 10lbs each.

9. Write 25 poems in 2018

10. Develop at least one relationship in new city with a gallery or other location that will display my art.


Yay for 2018! Let the change begin!