Author Topic: 2018 Financial Goals  (Read 4480 times)

MaybeBabyMustache

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Re: 2018 Financial Goals
« Reply #50 on: April 11, 2018, 08:03:11 PM »
With about 100 days into the year, here's my status:
1) Fully fund both 401Ks - $37K - done.
2) Yearly max to both kids college accounts - $28K - $3020 so far
3) Save an extra $150K before I quit my job - $74,580, and expect to be well over that by my end date.
4) Keep travel budget to $7K - on track. Have spent under $1k, and expect to hit this target with remaining trips.
5) Earn another $1K selling random stuff on eBay - at $923. Crushing it!
6) Stick to budget overall - yes, on track.

vikingtantan

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Re: 2018 Financial Goals
« Reply #51 on: April 12, 2018, 04:54:03 AM »
My main financial goals are:

1. Save 10,000 into my emergency fund for when I move back home.
2. Save 10,000 to travel before I "settle down" again.

I probably won't use up all the travel money, because I do plan on working while I'm traveling. I just want a nice cushion of money there for peace of mind. Any extra left over will be used to replenish the emergency fund or open a Vanguard account (cause apparently you can't do that when you live abroad).

Good luck to everyone else on their financial goals this year.

As of 4/8/18, I've complete saving 10k into an emergency fund. Accomplished much 4 months earlier than I anticipated. :)

BeautifulDay

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Re: 2018 Financial Goals
« Reply #52 on: April 13, 2018, 07:31:28 PM »
2018 goals

1. Save EF of $13000 - top priority. (4 months spending -or 3 months plus an AC replacement) replaced the AC last month.  Have a 2 month EF
2. Save $9000 for side business by July. And set up legal stuff/website for business. found out this week that we are coming into a very unexpected windfall soon.  That should cover most of out start up capital.
3. Make a will havent started
4. Max Roth IRA and Open DH's Roth IRA. in progress
5. Keep monthly expenses to $3700 or lower - work with DH on strategies to lower this further. not been doing well here
6. Camp 1 weekend per month in April thru October. yes in March but not yet in April
7. Increase networth from $130k to $170k not making much progress
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. mostly good here

Making Cents

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Re: 2018 Financial Goals
« Reply #53 on: April 15, 2018, 10:45:54 AM »
A bit late to this party, but hopefully posting my list and progress will help keep me on track!

1. Max HSA (done! Unfortunately Congress decreased the family maximum AFTER I maxed it, so we still need to put back $50!)
2. Max 2017 IRA contributions for me and DH before April 16 (done!) and our 2018 IRA contributions ASAP (in progress)
3. Cash out DH's whole life insurance policy begun by his father and invest the surrender value (in progress)
4. Reach $10k this calendar year in bank/credit card bonuses and rewards for me and DH (so far on track to pass 5k mark next month)
5. Bank a minimum of 3k each month (so far so good - ranging from $3600 to over 6k)
6. Rebuild emergency savings (depleted from medical expenses) to at least 30k
7. Increase my optional retirement plan contributions by 1k/mo once emergency fund goal is met
8. Pay for badly needed new garage roof and back fence repairs, using all DIY labor with help from neighbors/friends
9. Monitor federal tax situation to ensure we don't jump brackets from 12% to 22% due to DH overtime and extra interest income
10. Keep using my new grocery price comparison spreadsheet to cut monthly groceries by at least half (we are starting from a shocking level I'm too embarrassed to disclose, so this shouldn't be hard to do!)
11. Work with colleagues to keep up pressure on employer to address salaries/promotions that have not kept pace with inflation after salary study showed us 20% below peer institutions!
12. Participate in community yard sale next month and get rid of the junk in my attic once and for all!
13. Reward my patient DH's support in all this by taking him on a fly-fishing trip he has been wanting using cc points for lodging cost

Salim

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Re: 2018 Financial Goals
« Reply #54 on: April 17, 2018, 03:05:43 PM »
1. Pay off credit card bills  Done.
2. Rebuild emergency fund to $2K This is a long way off at this point.
3. Buy minimal clothing Doing well on this one.
4. Get my artwork into 1 or 2 galleries and start selling Making some progress.
5. Create and implement art website with shopping cart Site should be up in a day or two.
6. Increase net worth by $40K Epic fail so far. Stock market fell a lot and we took out a loan to pay a big tax bill. We have cut spending and are working on increasing income.

haflander

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Re: 2018 Financial Goals
« Reply #55 on: April 17, 2018, 03:23:12 PM »
I'm late but I love this! 1 was easy, but 2 and 3 will be difficult. I may have to choose one or the other, we'll see.

1. Pay off student loans. Done
2. Fully fund E/FU fund to 17,500. Currently 6250
3. Pay off stupid truck loan. Currently 10,500

Serendip

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Re: 2018 Financial Goals
« Reply #56 on: April 17, 2018, 07:20:49 PM »
Couple of goals
--Increase RRSP savings from 17,500 to 23,000   (Already at $27,325)
--Increase TFSA (also my EFund) from 700--8000 (This will be the focus next! Currently at $865.. hours are down at work for the next 2 months but will try to keep spending really low so I can bump this up a couple notches)

Also would love to buy a canoe :) This is on hold--we are trying to avoid any major purchases but might borrow/rent one for a week long trip
« Last Edit: April 19, 2018, 10:27:46 AM by Serendip »

haypug16

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Re: 2018 Financial Goals
« Reply #57 on: April 23, 2018, 01:27:11 PM »
Oh man I wish I had seen this challenge back in Dec 2017. Anyway here are my goals for this year.

1. Pay off Credit Cards - Done
2. Pay down $10,000 in Student Loans - $3,656.83 so far
3. Increase 401k contribution to 25% - currently at 6% next increase will be in May
4. Get FIRE accounts to $50,000 - $31,320.37 so far, got a long way to go on this one.
5. Min 50% savings rate - current average is 56.74%

boarder42

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Re: 2018 Financial Goals
« Reply #58 on: April 23, 2018, 01:39:28 PM »
Hit the double comma NW club!.  everything else is pretty simple  and on autopilot

adamsputnik

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Re: 2018 Financial Goals
« Reply #59 on: April 23, 2018, 03:00:20 PM »
  • pay off all debt
  • increase EF to about 3 months worth of expenses ~ $6000
  • increase 401k contribution to 20% of salary