Author Topic: 2019 Financial Goals  (Read 1235 times)

haflander

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2019 Financial Goals
« on: January 21, 2019, 03:02:12 PM »
Surprised this isn't a Thing already, so I'll go ahead and make it so. If you'd like some motivation, check out the below...
https://forum.mrmoneymustache.com/throw-down-the-gauntlet/2018-financial-goals/
https://forum.mrmoneymustache.com/investor-alley/investment-order/

As for myself? 1 is a cheater; I've already accomplished it this year, but want to maintain it throughout 2019. Organized these in roughly chronological order, but we'll see what happens.
Ideally these would all be finished before the halfway mark of the year, 6/31. Then maybe I'll make some new goals.
  • Become 100% debt free. Don't pay one nickel of interest in 2019. Done, January
  • Start contributing to work 401k to get the max match, 3% (6% total). Waiting to become eligible
  • Consolidate old 401k accounts. Waiting to become eligible at work to determine best options (2/12)
  • Fully fund EF/FU fund to 17,500. Currently 15,100...on track to finish in March
  • Start saving for house down payment and fees, figure out investment options. Start after 4 is achieved.

Serendip

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Re: 2019 Financial Goals
« Reply #1 on: January 21, 2019, 06:02:03 PM »
I'll continue with my goals from last years thread, updated for this new year

2018
--Increase RRSP savings from 17,500 to 23,000: last post was at $30,030
--Increase TFSA (also my EFund) from 700--8000: last post was at $6516

Would love to buy a canoe on hold, have a 'canoe/etc account' with $2200
Start an investment account : now at $3005

2019
--Increase RRSP savings from $34,000 to 45,000
--Increase TFSA from $8375 to 15,000


-Planning for a big trip: start a travel fund (goal $5000)
-keep adding to investment fund as able (starting at $4200)



Gin1984

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Re: 2019 Financial Goals
« Reply #2 on: January 21, 2019, 07:17:19 PM »
Save as much as I can for a down payment.

Zikoris

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Re: 2019 Financial Goals
« Reply #3 on: January 21, 2019, 10:33:07 PM »
I like the idea of goals. We're at the point that we can't really do them much anymore, because everything is basically on autopilot, our savings rate is where we want it, we have no debt or anything to save for outside of FIRE, and are just basically in the stage of kicking back and letting our money do it's thing for two or three more years until we pull the plug.

However, this year is special, because we actually do have a goal that's sort of financial, because it involves making a decision about our long-term living situation. And that is... we need to make a decision about whether we want to run away and live on an island. Seriously. So 2019 is the year we do some serious island investigation. Our goal is to thoroughly investigate as many of the potential islands as possible and figure out if one exists that we want to love to.

So far, we've rejected one island - Gambier - because it was a little too undeveloped, and my partner had a run in with a crazy lady there. We've considered a second one - Bowen - and put it in the "maybe if the bureaucrats get their heads out of their asses and fix some shit" category. We'll be visiting two or three more within the next few months as well - Savary and Texada for sure, and possibly Mayne and/or Galiano. Later in the year we're hoping to knock out Gabriola and Pender, and Saturna.

patrickza

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Re: 2019 Financial Goals
« Reply #4 on: January 22, 2019, 12:20:34 AM »
I have most of the aspects of my life fairly well sorted, but last year my side gig income dropped from around $1000 to $200 thanks to something outside of my direct control. I'd like to see if I can get it back up again this year.

So while my goal isn't back up to $1000, I'll be aiming for $500.

tnrunner

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Re: 2019 Financial Goals
« Reply #5 on: January 22, 2019, 07:27:08 AM »
2019 Goals

1. Close on second rental property
2. Pay car loan down to under $10,000 (currently at $25,900)
3. Increase TSP contribution amount
4. Car savings to $3,000 currently at 2,000
5. House/emergency saving to $5,000 currently at 2,000


Jim Fiction

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Re: 2019 Financial Goals
« Reply #6 on: January 25, 2019, 10:05:13 AM »
I'm in! I love these gauntlet threads, they serve as extra motivation and help keep me accountable. Here's the running list that I have been fleshing out.

Measurable Financial Goals:

1. Max 401k Contributions - My payroll deduction is already set to max for the year, will only need to adjust in the event of a pay increase
2. Max HSA Contributions - I've already set my payroll deductions to max out for the year, choosing to do so evenly out of each paycheck rather than frontload
3. Max 2018 IRA Contributions ($2,500) - I started contributing to an IRA late in 2018, so I did not max before the calendar year end was up, I will however utilize the catch-up period to do so. I broke it down into 4 equal payments of $625 and since I already made I am 25% of the way there. Will finish early April.
4. Max 2019 IRA Contributions - holding off until I finish 2018 contributions.
5. Earmark $1,000 per month towards savings (down payment on a house) - Behind on this
6. Sell $2,000 worth of stuff (net after fees/shipping) - Starting slow, at around $35 net right now
7. Open a 529 plan for my daughter, and contribute the minimum amount to get the government match ($250) - Intend to do in February after I get paid

Other Financial Goals:

1. Roll over Roth 401k from previous employee into my Roth IRA that I opened up late last year.
2. Open a high-interest savings account for house down payment.
3. Open a taxable account.
4. Pour bonuses, tax refunds, other misc income into savings towards house fund.
5. Have more open financial discussions with Mrs. Fiction. She tends to shy away from these.
6. Develop a gameplan and timeline (with Mrs. Fiction) for buying a house.
7. If/when Mrs. Fiction gets a new job, re-evaluate health insurance - we are currently insured under through my employer, however there is a $400 a month working spouse "penalty", which I hate with the passion of a thousand burning suns.
8. Re-evaluate credit cards/seek out better rewards.
9. Better utilize credit cards rewards - i.e. if one of my cards has "gas" as a 5% back category for a particular month make sure to use that card and only that card to buy gas.
10. Be consistent in tracking expenses. I usually start out the year fine and then fall apart a few months in and then regroup later in the year.

« Last Edit: January 25, 2019, 10:11:33 AM by Jim Fiction »

BeautifulDay

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Re: 2019 Financial Goals
« Reply #7 on: January 29, 2019, 09:46:40 PM »
1. Increase EF from $4,000 to $11,000
2. Add $7000 to Roth.

We depleted our EF IN 2017 to buy our home and really need to replenish the EF ASAP. But I also want to fund the Roth accounts. I struggle to balance these two goals since we canít get this time back to contribute to the Roth.

Last year I put a little in my EF and the rest in the ROTH. But didnít really have a plan. So as a compromise this year I am putting half our extra income towards each goal.

Most of our other stuff is on auto pilot. I canít cntrol the market. So Iím not going to set a net worth goal.

Budgie

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Re: 2019 Financial Goals
« Reply #8 on: January 30, 2019, 07:26:51 AM »
I'll join, though I will probably have to add additional goals later.  I am still waiting for some dust to settle from our divorce and a company I work for is in transition. My income may go away entirely or I may get lots of overtime, can't predict.
 
2019 Goals

1. Finish paying attorney. (Probably February.)
2. Re-build emergency funds to pre-disaster level. (June 1 target date for this.)
3. Pay off one student loan entirely. (Can't predict due to above)
4. Pick a new side hustle and start building it. (Have two ideas, have not decided.)

If I can get these done, I'll be satisfied. I suspect I can do more, for added satisfaction. We'll see.



SwordGuy

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Re: 2019 Financial Goals
« Reply #9 on: January 30, 2019, 07:53:06 AM »

2019 goals:

1) Stay FIRED.
2) Switch from COBRA insurance to ACA if cheaper.
3) Keep non-real estate investment spending within $75k.
4) Pay down mortgage by $12,000 (included in $75k).
5) Finish Rental #4 and get it rented.
6) Rehab Flip #2 and put on the market.  (Sell it would be nice. :))
7) Fund 1 additional real estate flip for flip partner at 1-2% below market rates.  (And no, I'm no crazy.)
8) Set up self-employed 401k so we can reduce "income" by enough to qualify for ACA subsidy if that makes sense.
9) Get at least $1,000 in income from teaching art classes.   
10) Develop course materials for 4 art classes.
11) Develop and refine prototypes for at least 2 product lines of art pieces.


MaybeBabyMustache

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Re: 2019 Financial Goals
« Reply #10 on: January 30, 2019, 07:59:30 AM »
2019 Financial Goals:

-Max our 401ks & HSA (including catch up contributions for my husband)
-Finalize our "pay off the house" model, to have the house paid off before the kids are done with high school
-Every month, come up with one way to reduce what we spend on a regular basis
-Build a 3, 5, 7 & "after that" financial plan
-Spend less than $250 on clothing
-Make $1000 in side hustle
-Totally optimistic, but max kids college accounts ($28k)
-Pay extra $400k to mortgage

MaybeBabyMustache

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Re: 2019 Financial Goals
« Reply #11 on: January 30, 2019, 08:02:49 AM »
January update
2019 Financial Goals:

-Max our 401ks & HSA (including catch up contributions for my husband) - done
-Finalize our "pay off the house" model, to have the house paid off before the kids are done with high school - not yet. We are waiting to see what happens with my job
-Every month, come up with one way to reduce what we spend on a regular basis - no progress. I need to get more creative
-Build a 3, 5, 7 & "after that" financial plan - we are a bit dependent upon house payoff plan & my work plan, so this remains a work in progress.
-Spend less than $250 on clothing - I've spent $0, and actually returned something, so I have a $10ish credit.
-Make $1000 in side hustle - $50/1000
-Totally optimistic, but max kids college accounts ($28k) - $750/28K
-Pay extra $400k to mortgage - $88,500k/400k
« Last Edit: January 31, 2019, 09:43:43 AM by MaybeBabyMustache »

Cookie78

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Re: 2019 Financial Goals
« Reply #12 on: January 30, 2019, 09:18:17 AM »
I'm shifting gears for 2019 and my goal is to spend MORE. I spent the last 4 years spending so little that it has started to impact my relationships and my health and fitness, so this year, with finances on autopilot, I'm letting the reigns loose a bit. Already signed up for a fitness class and I've spent a lot recently on dog training for agility and scent tracking (SO MUCH FUN).

Additional financial goals are to:
-replace the roof on the rental house (should be done this week),
-sell that rental house (oh god please can the real estate market recover this year?),
-fix up a few miscellaneous things on my house (5k),
-save a pet emergency fund (5k), and
-replenish regular emergency fund (10k).

I'm also contemplating a mandatory monthly social spending fund. I need to spend more time with my friends, meeting new people, and building relationships, and less time at home alone. I noticed this especially after coming back home from spending a year away surrounded by my family. Before I left I'd only been participating in free or mostly free events, but in an effort to get myself out more I may pick a dollar amount ($100?) that has to be spent on going to more social or group events. If I don't spend that money maybe there's some consequence (donate to a political party I disagree with) or maybe I add it to the next month's amount. I welcome any constructive critiques or suggestions.

Budgie

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Re: 2019 Financial Goals
« Reply #13 on: January 30, 2019, 10:07:08 AM »
I'm shifting gears for 2019 and my goal is to spend MORE. ...

Before I left I'd only been participating in free or mostly free events, but in an effort to get myself out more I may pick a dollar amount ($100?) that has to be spent on going to more social or group events. If I don't spend that money maybe there's some consequence (donate to a political party I disagree with) or maybe I add it to the next month's amount. I welcome any constructive critiques or suggestions.

I think you are wise to build this in to your budget. There are a lot of free things to do, but it's also of value to build and maintain connections to people and to activities you enjoy.

My vote would be that you add unspent dollars to the next month's amount. Going to see a friend in another city, or wanting to see a concert and go out to eat on the same night might well cost over $100 but be totally "worth more" than to your social and emotional well-being. No need to give baddies your hard earned dollars.

Much Fishing to Do

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Re: 2019 Financial Goals
« Reply #14 on: January 30, 2019, 02:41:39 PM »
I'm shifting gears for 2019 and my goal is to spend MORE. ...

Before I left I'd only been participating in free or mostly free events, but in an effort to get myself out more I may pick a dollar amount ($100?) that has to be spent on going to more social or group events. If I don't spend that money maybe there's some consequence (donate to a political party I disagree with) or maybe I add it to the next month's amount. I welcome any constructive critiques or suggestions.

I think you are wise to build this in to your budget. There are a lot of free things to do, but it's also of value to build and maintain connections to people and to activities you enjoy.

My vote would be that you add unspent dollars to the next month's amount. Going to see a friend in another city, or wanting to see a concert and go out to eat on the same night might well cost over $100 but be totally "worth more" than to your social and emotional well-being. No need to give baddies your hard earned dollars.

I do think that's a good idea.  I frankly like the fact that there is some fluff in my goal monthly spending and using that number going forward factors in some leeway (one more reason why 4% wr forever is a slam dunk in my head, b/c if the market faces a huge drop I can adjust spending during the worst of a downturn by cutting extra's, not necessities).

I myself don't have that underspending problem unfortunately ;-)... My goal for this year is just to successfully live on my current cashflow set-up.  I have my paycheck directly deposited into the cash (MM) portion of my Vanguard investments and not my checking acct.  I zero'd my acct on Jan 1 except for my estimated variable annual expenses, which will also serve as a buffer throughtout the year, and then have automated monthly deposits (based on basically a 4% wr of my current stache as of EOY 2018, factoring in longer term savings like car purchases, so I dont actually take quite 4%) sent from my VG MM, just like I'll do after I FIRE.  Obviously the goal is to get to the end of the year without changing any of thse automated amounts and not coming close enough to zero toward the end of the year in the checking acct to have to watch it closely (therefore knowing I beat my 4% wr budget)

Rosy

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Re: 2019 Financial Goals
« Reply #15 on: January 30, 2019, 04:58:45 PM »
Agreed, I too feel the repercussions from stepping back from any activities that involve money. While 2018 was a really good year for me - I met all my goals, I also had a complete meltdown in the spring when I kept on the pressure to save-save and never-ever spend, except on things that were unavoidable like car tags.
Embarking on long-term tough goal(s), encountering financial roadblocks and making it happen anyway may be MMM worthy but it drove me over the edge. I took a one month break to keep my sanity and acknowledge that I needed to be kinder to myself. Then I continued saving like crazy, because I'd already committed myself to two separate goals and was frazzled about the ramifications of not meeting my goals.

In the end, I cooled off one friendship which I regret deeply. I am working to restore this friendship if possible. I also found that I had over projected for one of my goals, which made me super successful on the other.

So for 2019 - I refuse to stress about money, period. I am in a good place - I do have a plan in place, but already circumstances require that I change my plans. So I will - no problem, I can deal with it thanks to all the steps I've taken since I joined this forum.
But there will be no bada$$ery in the savings department - I may hover and find ways to control the damage, but I am spending the money helping out family first and foremost (I set a $5K limit even though I'd love to take on all - I cannot, it just isn't in my best interest financially) and I am feeling very good about that. Dental surgery in the US costs more than a damn car!

My list for 2019:
1. Finally finish my ultimate goal - $50K cash cushion for FI (I'm at $32K+). Deadline - Dec 2019. Send SS each month to the CD's and voila:)
2. I am in the position to save an extra $250 a month - as soon as I paid $5K to mitigate the family emergency situation, probably done by March.
Debating on how to make the best use of those extra funds - I will allow myself to keep it all one month for my birthday.
Beyond that, I think paying extra on my car loan - principal only - might be a good use to end that car loan sooner.
I'm already paid up through May as far as car payments. Also, for two months I'll send it to my Holiday Club Sav Acct which pays 2.5% interest and is rather handy at the end of the year.
3. I'd like to see around $1K at least, in side-income, mostly bank bonus, some photo sales and whatever else comes my way. Looking into writing and kitty sitting - I have some ideas, we'll see if any of them have merit.
February will see my foray into writing and possibly kitty sitting and working on my photo website.
I just made a nice sale, but I'm having issues with paypal - ugh!

That's it - I feel like I am in a good place and while I don't want to lose traction I'm on board with loosening up my death grip on the finances.
I'm optimizing and diligently looking for whatever opportunities come my way.

My main focus this year is my health - everything else is secondary.
I also want to pursue a couple of home improvement projects but my health is interfering with my projects at the moment. Socializing needs to improve and I have some personal projects I'd like to pursue for fun - all of it will require spending money, but nothing outrageous.
Bottomline - I'm aiming for cruising the financial trail in 2019 instead of trailblazing.
« Last Edit: January 30, 2019, 05:14:18 PM by Rosy »

Ftao93

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Re: 2019 Financial Goals
« Reply #16 on: January 30, 2019, 05:44:51 PM »
For us:

Our rent went up a decent amount, though it's still below market and far below the cost of a house, so we're saving up to buy (eventually).

1.  Max my 401k.  I get a glorious 50% match up to the max, so no reason not to!
2. Save at least $1k a month toward the house goal.  We have 14k saved in a high-yield account/CD.   I wouldn't mind investing, but everything is so up and down, so slow and steady for now (we hope to look at buying within 2 years)
3. Eat and drink out less.  It became an automatic habit as opposed to enjoyable.  It also crept up from a couple of $20-30 fun times to like $100/weekend easy.  Turning that back down.
4. Less impulse Amazon shopping.  Most are great purchases.  I had the same giant desk for 20 years, etc.  But I keep buying dumb little things with the necessities.  Putting the hammer down on that.
5. Make a few extra payments on the car when possible. Doesn't have to be a lot.  An extra $20 or $30 will help.  It's a low interest rate and owe $6500 on it.
6.  Build a couple months of buffer back up outside of the house savings.  I don't mind it being the emergency buffer for now, but by the end of the year I'd like to have a bit more saved.
7.  Enjoy our vacations guilt free.  We have gone gangbusters the past few years.  I think that's OK, but we've had some guilt about it.   Life is made for living, so I want to enjoy those.   Half of our big vacation this year will be paid for by points.  It's also our 10 year anniv. 

use2betrix

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Re: 2019 Financial Goals
« Reply #17 on: January 30, 2019, 07:12:38 PM »
Our financial goals are focused more on spending amounts than savings. We are aiming to spend $6,000/mo or less for at least 6 months out of the year.

Our current liquid net worth is around $320k. If everything goes as planned and the market doesnít change, we should be able to save about $180k and reaching $500k by the end of the year would be a huuuuge milestone for us.

I maxed out our HSA ($7,000) in January. Weíll slowly max out the 401k throughout the year to make sure we get the full match which will be around $12,000.

I wish I had more exciting goals like many in this thread, but mostly just keeping on course. I have a lot of goals that are more exercise and personal improvement related.

Ftao93

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Re: 2019 Financial Goals
« Reply #18 on: January 31, 2019, 02:38:06 PM »


Our current liquid net worth is around $320k. If everything goes as planned and the market doesnít change, we should be able to save about $180k and reaching $500k by the end of the year would be a huuuuge milestone for us.

I wish I had more exciting goals like many in this thread, but mostly just keeping on course. I have a lot of goals that are more exercise and personal improvement related.

That's still exciting!  180k in savings would be 2x our gross earnings for the year.  That's amazing.

I might be a little envious, but good on you for saving it instead of blowing it on tacos like I would.


tnrunner

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Re: 2019 Financial Goals
« Reply #19 on: February 02, 2019, 07:19:14 AM »
2019 Goals

1. Close on second rental property closed 1/24 should have renovations done tomorrow 2/3
2. Pay car loan down to under $10,000 (currently at $25,900)
3. Increase TSP contribution amount
4. Car savings to $3,000 currently at 2,000
5. House/emergency saving to $5,000 currently at 2,000

Now its time to really focus one the money in and money out so I can accomplish the last three goals on this list.

Mmm_Donuts

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Re: 2019 Financial Goals
« Reply #20 on: February 02, 2019, 08:32:05 AM »
Goals for 2019:

1. Max out TFSA - DONE
2. Max out RRSP
3. Make a will
4. Save 75% of my income to taxable account
5. Resist urge to quit job - stay focussed on the 2023 FIRE goal

soccerluvof4

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Re: 2019 Financial Goals
« Reply #21 on: February 04, 2019, 07:03:39 AM »
1) beat my monthly budget every month
2) Earn 12k via cc churning and or bank account bonus earnings
3) remain fire'd but do odd jobs or short term limited gigs for extra cash here and there
4) I have really been hard financially as well on myself the last 4 years that to much of an obsession to I did add an increase to our budget to have a little more fun.

itchyfeet

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Re: 2019 Financial Goals
« Reply #22 on: February 15, 2019, 03:08:59 AM »
Only One Goal.

FIRE this year!!

Itís looking less and less likely for various reasons, but I am not giving in to OMY just yet.

jojoguy

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Re: 2019 Financial Goals
« Reply #23 on: February 15, 2019, 05:08:47 AM »
1. Max out our 401Ks at $19,000 a piece(plus 6% company match)
2. Max out my HSA at $7,000 family
3. Max out our TIRAs at $6,000 a piece
4. Have enough leftover to put $12,000 into our taxable account.