Author Topic: 2018 Financial Goals  (Read 7270 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
My Miles Journal -Learn to Manufacture spend(MS)

Best bonuses on Credit cards right now
SW Plus Card 50k Bonus - use it with the Companion pass hack!

Personal Capital - Track your spending and Investing

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

Making Cents

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Re: 2018 Financial Goals
« Reply #60 on: April 26, 2018, 03:53:19 PM »
Congrats, boarder42!


1. Max HSA
2. Max 2017 IRA contributions for me and DH before April 16 and our 2018 IRA contributions (just ticked this one off)
3. Cash out DH's whole life insurance policy begun by his father and invest the surrender value (done!)
4. Reach $10k this calendar year in bank/credit card bonuses and rewards for me and DH (still on track)
5. Bank a minimum of 3k each month (still on track though barely squeaking by this month)
6. Rebuild emergency savings (growing nicely)
7. Increase my optional retirement plan contributions by 1k/mo once emergency fund goal is met (Done!)
8. Pay for badly needed new garage roof and back fence repairs, using all DIY labor with help from neighbors/friends (pricing out and ordering)
9. Monitor federal tax situation to ensure we don't jump brackets from 12% to 22% due to DH overtime and extra interest income (so far so good)
10. Keep using my new grocery price comparison spreadsheet to cut monthly groceries by at least half (using my price book diligently but not quite making the mark yet... with freezer stocking I expect to see more savings as the year goes on)
11. Work with colleagues to keep up pressure on employer to address salaries/promotions that have not kept pace with inflation (salary report drafted and filed, plans underway for talks with higher ups - I'm not holding my breath but we are doing what we can)
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


Edited to cross off #7 cause I just bit the bullet and increased my ORP contributions by $1/k. Earlier than my plan called for! Boom! (*Drops the mic*)
« Last Edit: April 27, 2018, 10:13:38 AM by Making Cents »

JonnyFromCanada

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Re: 2018 Financial Goals
« Reply #61 on: April 29, 2018, 10:39:20 AM »
May 2018 -> January 1st, 2019
1. Pay off lawyer: ($1000 in visa fees, and $1200 in lawyer fees)
2. Buy two bicycles
3. Keep savings rate at 10% (Plus 5% employer match, so 15%)
3. Pay off my line of credit: $6180

Once we get established in our new town and the wife finds a job there, by 2019, we should be able to bump up our savings rate.
Goals:
-Pay off LOC (Was $6,000 - now $6,000)
-Pay off auto loan (Was $8,000 - now $8,000)
-Build up US retirement fund (was $0, now $712)
-Build up emergency fund (was $0, now $845)

OurTown

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Re: 2018 Financial Goals
« Reply #62 on: May 08, 2018, 09:43:06 AM »
Okay, so we blew past $600k net worth.  We will likely hit $650k by Dec. 31.  Maybe an additional goal could be $500k invested by Dec. 31, currently at $463.5k. 

Rosy

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Re: 2018 Financial Goals
« Reply #63 on: May 23, 2018, 08:50:14 AM »

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!

PROGRESS REPORT:
Goal #1 - yes - I am saving every penny of my SS. ON TRACK!
Goal #2 - travel fund - bucket list trip - funding almost complete - leaving late July:) YAY!

3. $300 avg extra income a month: Yes, but funded differently, $300 bank bonus, $246 tax return, $597 tax return - pending,
   $1200 payback received on a loan.
4. YES - credit cards are paid off in full each month.

5. Challenge - no jewelry buying: Caved once in April - hoping to make it through the rest of May, June and July.
After that, I may set new/different criteria.

Wow, I surprised myself to see that I'm really sticking to my goals, but with a lot more whining and heavy sighing than I've ever done before, which is not good. These are all rather ambitious goals to embark on all at the same time.
When I return from my trip at the end of Sep - I'll re-evaluate, but for now, I simply must stick to the plan.

I already know that next year I will take on only one goal - which hopefully will go a long way toward avoiding the level of financial anxiety that I am putting myself through at the moment - I can't see the trees for the forest.

SansSkill

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Re: 2018 Financial Goals
« Reply #64 on: May 23, 2018, 09:45:52 AM »
Bit late to the party, but I figured I'd put the goals I set in 2017 as well as those I set in the meantime here.

Saving goals:
1) Emergency fund (5k).
2) Pay tuition up front (~2k, due September)
3) Start saving for house.

Investment goals:
4) Investment account (6k, low cost world stock index).
5) Investment account (3k, trade options as a hobby).

Milestone goals:
6) 10k.
7) 15k.

I currently put €500,- to the top savings goal and €500,- to the top investment goal a month. Whenever my checking account grows too much I move a multiple of €500,- to the first unmet goal, in order of #1, #2, #5, #4.

Currently on track to achieve #1 in June, and #2 potentially in July but probably August.


MaybeBabyMustache

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Re: 2018 Financial Goals
« Reply #65 on: May 24, 2018, 07:20:16 AM »
Here's our status.
1) Fully fund both 401Ks - $37K - done
2) Yearly max to both kids college accounts - $28K - $3800, so far.
3) Save an extra $150K before I quit my job - we moved backward on this one slightly, as our tax bill was even higher than expected. Having to now make up lost ground. We're at $61,415.
4) Keep travel budget to $7K - On track for originally planned trips, but when I decided to stay at work a bit longer, added a trip to Hawaii for extra motivation. That will push us over.
5) Earn another $1K selling random stuff on eBay - at $950. Crushing it!
6) Stick to budget overall - yes, on track.

haypug16

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Re: 2018 Financial Goals
« Reply #66 on: May 24, 2018, 10:18:13 AM »
1. Pay off Credit Cards -Done
2. Pay down $10,000 in Student Loans - $6,096.61 more than half way there and it's only May :) I was able to make some extra payments the last couple months so hopefully I can still keep the good momentum
3. Increase 401k contribution to 25% - at 8%, increasing every month as I adjust my budget. Will go up to 10% in June. I hope to make a big jump up by the fall.
4. Get FIRE accounts to $50,000 - $31,975.50 - small increase from last month but should start seeing this go up more and more
5. Min 50% savings rate - current average is 59.05%, not bad at all

Making Cents

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Re: 2018 Financial Goals
« Reply #67 on: June 02, 2018, 04:44:46 PM »

1. Max HSA
2. Max 2017 IRA contributions for me and DH before April 16 and our 2018 IRA contributions
3. Cash out DH's whole life insurance policy begun by his father and invest the surrender value
4. Reach $10k this calendar year in bank/credit card bonuses and rewards for me and DH (just passed halfway mark)
5. Bank a minimum of 3k each month (sort of failed this in May... i say sort of because I made it if i count the added 1k now going to 401k and I still have well above 3k/mo average for the year)
6. Rebuild emergency savings (still on track)
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 wasted ith help from neighbors/friends (under construction!)
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 (set a household record low in May)
11. Work with colleagues to keep up pressure on employer to address salaries/promotions that have not kept pace with inflation (still trying to get employer to recognize that inflation exists and flat rate raises unchanged since 1990s are insufficient)
12. Participate in community yard sale next month and get rid of the junk in my attic once and for all! (not terribly profitable, but we got rid of all unnecessary crap so who cares!)
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

BeautifulDay

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Re: 2018 Financial Goals
« Reply #68 on: June 05, 2018, 10:12:44 PM »
2018 goals

1. Save EF of $13000 - top priority. (4 months spending -or 3 months plus an AC replacement) replaced the AC.  Have a 2.5 month EF
2. Save $9000 for side business by July. And set up legal stuff/website for business. equipment purchased thanks to a gift from my parents. Still need to set up the business info and start production.
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 for May. Guess I need to plan something for June this will be tough with other commitments this month
7. Increase networth from $130k to $170k $145k not too bad all things considered. Our biggest expenses this year are paid. So we might still be on track. 
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. Seems like almost everything I own has ripped.  Had lots of replacements I needed to buy.  But I haven't really gone beyond what I needed to purchase so mostly a success.

BeautifulDay

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Re: 2018 Financial Goals
« Reply #69 on: June 05, 2018, 10:26:20 PM »
Goal #2 - travel fund - bucket list trip - funding almost complete - leaving late July:) YAY!


I already know that next year I will take on only one goal - which hopefully will go a long way toward avoiding the level of financial anxiety that I am putting myself through at the moment - I can't see the trees for the forest.

Congrats on all your success.  Sounds like you are on your way to lowering your financial anxiety.  I was having a lot of financial anxieties and I had to massively change my finances.  Thankfully I was able to turn that corner this year and you're gonna get there too.  So nice to lower that stress level.

So where are you headed? I have my own dream trip to Germany planned for September but only get to stay a week.  Sounds like you're there July to September.  I wish I could stay that long.  That's my FIRE dream.

Rosy

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Re: 2018 Financial Goals
« Reply #70 on: June 12, 2018, 08:08:28 AM »

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!

PROGRESS REPORT:
Goal #1 - yes - I am saving every penny of my SS. ON TRACK! $20K reached - halting until Oct.
Goal #2 - travel fund - bucket list trip - funding almost complete - leaving late July:) YAY! $10K - DONE!

3. $300 avg extra income a month: Yes, but funded differently, $300 bank bonus, $246 tax return, $597 tax return - pending,
   $1200 payback received on a loan.
4. YES - credit cards are paid off in full each month. - seeing that -0- balance gives me a feeling of control over my finances!


5. Challenge - no jewelry buying: Caved once in April - hoping to make it through the rest of May, June and July. YAY - I broke the habit!:)
After that, I may set new/different criteria.

Wow, I surprised myself to see that I'm really sticking to my goals, but with a lot more whining and heavy sighing than I've ever done before, which is not good. These are all rather ambitious goals to embark on all at the same time.
When I return from my trip at the end of Sep - I'll re-evaluate, but for now, I simply must stick to the plan.

I already know that next year I will take on only one goal - which hopefully will go a long way toward avoiding the level of financial anxiety that I am putting myself through at the moment - I can't see the trees for the forest.

1. I am super excited - two goals reached!!! Yay me:)
Goal #2 - $10K saved for trip! and Goal #5 - broke that jewelry buying habit! DONE!!!

2. Goal #4 - still paying off credit cards each month! A zero balance once a month is a powerful reminder that I am in control of my finances!

3. Overall on track halfway through 2018!

Salim

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Re: 2018 Financial Goals
« Reply #71 on: June 12, 2018, 08:32:04 AM »
Fantastic work, Rosie!

MaybeBabyMustache

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Re: 2018 Financial Goals
« Reply #72 on: June 12, 2018, 11:49:46 AM »
Here's our status.
1) Fully fund both 401Ks - $37K - done
2) Yearly max to both kids college accounts - $28K - $4000, so far.
3) Save an extra $150K before I quit my job - we moved backward on this, as we had a bigger tax bill than expected (property sale) & decided to upgrade our electrical & paneling & install air conditioning. We are now at $38K
4) Keep travel budget to $7K - On track for originally planned trips, but when I decided to stay at work a bit longer, added a trip to Hawaii for extra motivation. That will push us over.
5) Earn another $1K selling random stuff on eBay - at $990. Crushing it!
6) Stick to budget overall - yes, on track.

shinn497

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Re: 2018 Financial Goals
« Reply #73 on: June 12, 2018, 06:27:33 PM »
Here are mine :

1) Pay off all debts - -5300
2) 5K emergency fund - 300
3) 5700 in retirement accounts (6000 Stretch)- 2640
4) 4300 Car Savings - 0
5) 1200 Travel Savings  - 0
6) Make an extra 500$ outside of work (1000$ Stretch) - 0

shinn497

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Re: 2018 Financial Goals
« Reply #74 on: June 15, 2018, 06:31:54 AM »
1) Pay off all debts - -3800
2) 5K emergency fund - 300
3) 5700 in retirement accounts (6000 Stretch)- 2640 (I need to recheck this one)
4) 4300 Car Savings - 0
5) 1200 Travel Savings  - 10
6) Make an extra 500$ outside of work (1000$ Stretch) - 0

Serendip

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Re: 2018 Financial Goals
« Reply #75 on: June 16, 2018, 01:33:54 PM »
Couple of goals
--Increase RRSP savings from 17,500 to 23,000  (at $28,000)
--Increase TFSA (also my EFund) from 700--8000 (at $4500)

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

Funny how I underestimated what would be possible. I've also started an investment account, currently only at $2000, but pretty happy with how things are going this year.