Author Topic: What is your New Year's resolution/s regarding money??  (Read 11103 times)

ltt

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What is your New Year's resolution/s regarding money??
« on: January 01, 2016, 08:49:02 AM »
I'll start...

After cashing in a CD at the bank (that was earning around 1.8% I might add) to pay down credit cards, have decided we will NOT be getting in debt like that again.  Both my husband and I are going on a credit card diet.

Also, I want to save enough to start another account at Vanguard--one of the total market stock funds.

And, lastly, find a somewhat inexpensive place to possibly travel to over Christmas--someplace warm with kids in tow--to celebrate being married 20 years this year.  Any suggestions?


MisterTwoForty

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Re: What is your New Year's resolution/s regarding money??
« Reply #1 on: January 01, 2016, 08:53:36 AM »
Our goal is to more strictly adhere to our budget.  In 2015, we paid off around $53,000 in debt (school loans + a vehicle) and now we're working on a $22,000 secondary mortgage.  Then, we are wanting to save up cash to finish a basement (probably another $30K).  Goal for 2016 is to get the 2nd mortgage paid for, and emergency fund built up.

I'm very much the money/analytical person and my wife is the free spirit.  We're going to the envelope system for grocery/food and personal spending.

Then, winter of 2017 we'll finish the basement after saving cash for 9 months.  After that, we'll either pile cash into our brokerage account (used now for bonuses, when we sell stuff, etc) or pay off the house quicker.

Frs1661

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Re: What is your New Year's resolution/s regarding money??
« Reply #2 on: January 01, 2016, 09:24:38 AM »
Continue maxing my 401k and my andf my wifes tira. Open a taxable account and begin investing there. My wife is determined to get our grocery budget down to $50/week, but that may be a tall order.

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saywhatnot

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Re: What is your New Year's resolution/s regarding money??
« Reply #3 on: January 01, 2016, 09:26:57 AM »
Invest 50% of our take home pay (we already max 401K and HSA). 
No easy feat, this would require some changes.
I'm going to focus on living a simpler and more meaningful life by making healthier choices, exercising and focusing on family and relationships.  I do have a job that takes a lot more of my time than I would like but I'm going to try to work smarter than ever.   


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alleykat

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Re: What is your New Year's resolution/s regarding money??
« Reply #4 on: January 01, 2016, 11:39:35 AM »
To stop all unnecessary spending I all categories.  There are a few things I am planning on buying but after that only replace what I need. This will be challenging but should be doable.

Invest instead of letting money sit in savings and do absolutely nothing. So, I will be focusing on my financial health.





Tabaxus

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Re: What is your New Year's resolution/s regarding money??
« Reply #5 on: January 01, 2016, 11:43:13 AM »
Cut down on unnecessary expenses, but be better about embracing necessary expenses.  I've put off going to the doctor for an ankle injury for a few years, don't remember the last time I saw a dentist, and have needed new glasses for at least two years, all because I have a HDHP and didn't want to shell out the cash.  Foolish decisions, all while I've wasted money by going out to eat way too often and drinking way too much alcohol.  Need to get those priorities straight.

lbmustache

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Re: What is your New Year's resolution/s regarding money??
« Reply #6 on: January 01, 2016, 11:50:40 AM »
"Get my shit together." is what I wrote down. It means:

Save more, spend less, get my retirement accounts in order.

That's about it! :)

scottish

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Re: What is your New Year's resolution/s regarding money??
« Reply #7 on: January 01, 2016, 11:55:20 AM »
Retirement preparations.

This year we can start tracking expenses in detail and see what we're spending money on to predict expenses with some accuracy.

<edit to correct errors in spousal rsp rules>
Also, a Canadian thing - we're planning to transfer income via a spousal RSP.   So I need to make a really large contribution this year, and then nothing for two years so DW can withdraw the funds without having the income attributed back to me.
« Last Edit: January 01, 2016, 02:33:34 PM by scottish »

jesse_runs_far

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Re: What is your New Year's resolution/s regarding money??
« Reply #8 on: January 01, 2016, 11:58:39 AM »
Get our grocery spending under control!

Fire2025

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Re: What is your New Year's resolution/s regarding money??
« Reply #9 on: January 01, 2016, 12:23:24 PM »
Woohoo resolutions.
Savings goals:
1.)  I have set my 401k at 42% for 2016; hold strong on that!
2.)  Increase my HSA contributions to try to get $2000 in there.

Health goals, one of which saves me real money
1.)  Ride bike instead of bus 4 day/week = 400/year
2.)  Yoga 2 days a week = free at work gym
3.)  lose 5lbs

Can wait to get additional Ideas from everyone here.  May your goals all be met this Year, Happy New Year everyone!!!!

sisto

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Re: What is your New Year's resolution/s regarding money??
« Reply #10 on: January 04, 2016, 09:28:55 AM »
Mine is to reduce the food budget. One easy way to start is to reduce the alcohol consumption.

Eric

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Re: What is your New Year's resolution/s regarding money??
« Reply #11 on: January 04, 2016, 10:04:51 AM »
I'm pretty happy with my spending levels, so my main goal is to sell some shit that I've been putting off for a while.  A bike, a pair of razor scooters, a bunch of backpacking equipment, a sewing machine, and a few other things.  It's ridiculous that I still have this stuff.  This is the year.

honeybbq

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Re: What is your New Year's resolution/s regarding money??
« Reply #12 on: January 04, 2016, 10:09:48 AM »
Mine is to get a better grip on where our money goes. We are lucky that we don't really budget or monitor our spending but that makes it hard to estimate our FIRE number (lol). We save a lot of money but we also spend a lot of money. I signed up for MINT and just need H to do so also so we can get a handle on where it all goes collectively.

elaine amj

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Re: What is your New Year's resolution/s regarding money??
« Reply #13 on: January 04, 2016, 10:57:45 AM »
Mine is to get a better grip on where our money goes. We are lucky that we don't really budget or monitor our spending but that makes it hard to estimate our FIRE number (lol). We save a lot of money but we also spend a lot of money. I signed up for MINT and just need H to do so also so we can get a handle on where it all goes collectively.

That's us.

My goal is to spend more thoughtfully and STICK TO MY BUDGET!

I have started using YNAB4 since October and am still struggling with adjusting my thinking about money to control my spending more. Having a hard time telling myself not to spend when I know we have the money available (just categorized to other things). On a positive note, we have really managed to trim our grocery spending just by being more conscious and shopping the flyers. Also, less food waste in the kitchen.

I veer between cheapskateness and consumer spendypantsness - so I need to be more consistently Mustachian.

rantk81

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Re: What is your New Year's resolution/s regarding money??
« Reply #14 on: January 04, 2016, 11:05:21 AM »
Max out 401k contribution.
Max out HSA contribution, without making any withdrawals.
Deposit at least 40K of new funds to my individual brokerage account.

MMM365

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Re: What is your New Year's resolution/s regarding money??
« Reply #15 on: January 04, 2016, 11:11:32 AM »
Give more to charity this year. 

JimLahey

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Re: What is your New Year's resolution/s regarding money??
« Reply #16 on: January 04, 2016, 01:10:04 PM »
I have three student loans left. My two federal loans are around $7200 combined with one loan at 3.15% and the other at 5.35%. I have private loan that has a balance of $4300 at 5.8%. I want to pay off the two loans with the higher interest rates most of all. I will let the other one stew for a while longer. I received a nice windfall from my grandparents that should allow me to beef up my emergency fund and pay off one of those loans soon. I also want to try to max out my IRA this year. Other than that i'm going to try to control any unnecessary spending.

Chavak

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Re: What is your New Year's resolution/s regarding money??
« Reply #17 on: January 04, 2016, 01:33:11 PM »
I live a relatively simple and frugal life, but having just retired will be watching my pennies even closer than before.
I plan to cut back by no longer eating out, eating more healthy rather than a lot of fast food, not splurging on things I don't really need.
And when I do need things, really price shop, even more so than before.

zephyr911

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Re: What is your New Year's resolution/s regarding money??
« Reply #18 on: January 04, 2016, 01:33:46 PM »
I'm keeping it simple: "get rich". What do you think?

fattest_foot

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Re: What is your New Year's resolution/s regarding money??
« Reply #19 on: January 04, 2016, 03:45:17 PM »
We're on track to max out 401k's and tIRA's, so I'd like to start a taxable account at some point this year. It may end up being at the very end of the year when we see how well we've done.

LWYRUP

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Re: What is your New Year's resolution/s regarding money??
« Reply #20 on: January 04, 2016, 04:02:47 PM »
Give more to charity this year.

*Cheers*

o2bfree

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Re: What is your New Year's resolution/s regarding money??
« Reply #21 on: January 04, 2016, 04:22:39 PM »
I've put off going to the doctor for an ankle injury for a few years, don't remember the last time I saw a dentist, and have needed new glasses for at least two years, all because I have a HDHP and didn't want to shell out the cash.

I skipped the dentist for 5 or 6 years in my 20s, even though I had pretty good insurance. BIG MISTAKE! Ended up with some bone loss due to receding gums due to not getting my teeth cleaned. I never felt or much noticed it happening. I had some gum grafts, which weren't exactly pleasant, and in spite of those treatments some of my teeth have exposed roots at the gum line. So I'll be dealing with sensitivity, tooth stability, and possible root decay issues the rest of my life. Inconvenient and possibly very expensive problems that were totally avoidable.

latinlover77

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Re: What is your New Year's resolution/s regarding money??
« Reply #22 on: January 04, 2016, 07:24:30 PM »
a single man, def have to drop spending so much at the bars with the bros... I think last year I averaged about $250 a month on alcohol purchases at the bars...:(

StacheInAFlash

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Re: What is your New Year's resolution/s regarding money??
« Reply #23 on: January 04, 2016, 07:35:46 PM »
We're trying to track our spending, something that we've attempted many times before but just never stick with. We have a very rough budget, but we don't actually follow it per se; basically just some guidelines that we occasionally compare against. With planning to max out our retirement accounts for the first time in 2016, we are going to have much less buffer money always coming in. Without all that extra money, we definitely need to tighten things up, and tracking our spending will be a big part of it!

elaine amj

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Re: What is your New Year's resolution/s regarding money??
« Reply #24 on: January 05, 2016, 07:36:25 AM »
We're trying to track our spending, something that we've attempted many times before but just never stick with. We have a very rough budget, but we don't actually follow it per se; basically just some guidelines that we occasionally compare against. With planning to max out our retirement accounts for the first time in 2016, we are going to have much less buffer money always coming in. Without all that extra money, we definitely need to tighten things up, and tracking our spending will be a big part of it!

That's us too. I've been tracking since October and it has really allowed us to feel secure enough to increase the amounts we put aside for investments. I have never kept close track of our finances other than constructing an annual "budget" with some rough numbers so I sort of know how much we can spend on certain things. My husband just monitors the bank account balance and pays the bills. I do the big picture, he does the minutiae. Which meant I only had a rough idea of the bills. I was impressed that most of my guestimates were pretty reflective of reality. It's also been a bit of an eye-opening process as it has been harder than I anticipated to cut back.

What do you plan to use to track spending? I ended up choosing YNAB and it's been working pretty well so far although there was a learning curve.

$40Kby40

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Re: What is your New Year's resolution/s regarding money??
« Reply #25 on: January 05, 2016, 08:16:58 AM »
I plan to track everything this year and put as much $ as possible in retirement accounts.
Our income will basically double in 2016 from what we've always been used to so there's a lot of opportunity to save a lot of $.

Giro

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Re: What is your New Year's resolution/s regarding money??
« Reply #26 on: January 05, 2016, 08:22:23 AM »
My goal is a total savings of $60k for me and $70k for my husband.  This is going to require me to track my spending for real this time.  I am determined to do this!!

My contract ends in November of this year and what a wonderful gift it would be to be able to walk away and not work a full time gig anymore.

I need to keep that in mind and FOCUS PERFORM ENDURE!! 

StashthatCash

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Re: What is your New Year's resolution/s regarding money??
« Reply #27 on: January 05, 2016, 08:29:10 AM »
My financial goals for the year are pretty simple:

1.)  Track all of my spending using Mint and determine where cuts can be made.
2.)  Pay off the remaining balance on my Student Loans of $23K
3.)  Add $5K to my vanguard account.

Lizzy B.

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Re: What is your New Year's resolution/s regarding money??
« Reply #28 on: January 05, 2016, 08:36:21 AM »

Give more to charity this year.

*Cheers*

Yup, this is us too.

Last year, I got much better about categorizing spending accurately and into categories that were actually useful. This year, I hope to do better classifying big expenses (like major home improvement projects) that don't come out of the monthly budget, but the unbudgeted income.

I think it's odd how long it's taken me to optimize my tracking system and make it fit our lives. Part of that is that our situation keeps changing, so what was a good idea one year (cash in envelopes for accountability) is a bad idea for the next year (when we're doing travel hacking and have everything on a series is CCs).

Good luck with your goals, everyone!

gman

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Re: What is your New Year's resolution/s regarding money??
« Reply #29 on: January 05, 2016, 09:26:21 AM »
1) Reduce the amount of money we spend on groceries and electricity.

2) Give more money and time to local charities.

StacheInAFlash

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Re: What is your New Year's resolution/s regarding money??
« Reply #30 on: January 05, 2016, 09:39:00 AM »
We're trying to track our spending, something that we've attempted many times before but just never stick with. We have a very rough budget, but we don't actually follow it per se; basically just some guidelines that we occasionally compare against. With planning to max out our retirement accounts for the first time in 2016, we are going to have much less buffer money always coming in. Without all that extra money, we definitely need to tighten things up, and tracking our spending will be a big part of it!
...
What do you plan to use to track spending? I ended up choosing YNAB and it's been working pretty well so far although there was a learning curve.

I tried YNAB years ago (...had to go look, 5 years actually!), but gave up on it as it was too confusing, and at that time it was just a hassle with multiple people trying to access it on separate devices. The primary confusion was more with how I conceptualized inputs and outputs as it related to credit cards and loans, as well as transaction dates and posting dates and credit card payoff dates, ATM transactions, etc. I always just ended up in the weeds. All that was in my pre-Mustachian days too. This time, I'm just using a very simple Google Sheet in Drive that my wife and I can easily access. We'll just type in the transaction, date, method of payment, category, and subcategory making special effort to split transactions that involved multiple categories and those using cash. So this time, I'm only concerned about outputs when they happen. Meaning, I do nothing with money being transferred around, such as when credit card balances are paid off. Also, getting cash out of the ATM will not be logged, as that is a transfer of money rather than a spending of money. It seems so simple now, but I've struggled for so long with the concept of what "spending" is.

andy85

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Re: What is your New Year's resolution/s regarding money??
« Reply #31 on: January 05, 2016, 09:44:27 AM »
my savings are pretty much  mapped out and automated

so...mainly just stuff i can control
- spend under 33k
- do a month-end expense report (instead of per paycheck)
- balance various hobbies and spending
- no big vacations
- make a side income, even if its just $100 to get my feet wet


MasterStache

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Re: What is your New Year's resolution/s regarding money??
« Reply #32 on: January 05, 2016, 09:51:35 AM »
Not really New Year's resolutions, but just general thoughts on how I would like 2016 to go.

Save more, spend less. Take a nearly free vacation to the Caribbean, adults only (thanks CC churning). Sell or donate more "stuff" around the house. I have to keep up with the amount of crap my wife and kids keep bringing into the house. More home renovations. Keep exercising. Compete in a couple mud runs. Start playing volleyball again.

Oh and get rid of my wife's gas guzzling gigantic mobile Lazy Boy and get her a used Prius.

Cap_Scarlet

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Re: What is your New Year's resolution/s regarding money??
« Reply #33 on: January 05, 2016, 10:43:47 AM »
Our goal is to look at our stache, recognize that we have enough to FIRE and actually DO IT.

FIRE47

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Re: What is your New Year's resolution/s regarding money??
« Reply #34 on: January 05, 2016, 02:34:21 PM »
Mine mainly relate to investing:

After a string of good years my investments have over time become unruly and nonsensical and under-performed badly last year, in addition I began to hoard excess cash after becoming paralyzed by the constant analysis of my investments.

I've resolved to transfer one of my accounts to a robo advisor and setup automatic contributions to solve this. I should be doing this tonight.


Gondolin

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Re: What is your New Year's resolution/s regarding money??
« Reply #35 on: January 05, 2016, 03:44:12 PM »
2015 expenditures: Just under $35000

2016 goal: $30000 spend

Should be doable with reduced housing expense and some additional optimization.

runningthroughFIRE

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Re: What is your New Year's resolution/s regarding money??
« Reply #36 on: January 05, 2016, 03:47:46 PM »
Primary goal: Max out my tax advantaged space.  For me this means 401(k), tIRA, and HSA.  I have my withholdings set up to max out the 401(k) and HSA automatically, and I'll just have to see how I adjust to the reduced take-home and figure out when the IRA can be funded.

Secondary goal: Shred through the last of my student loans and be debt free.  I'm not sure how this will really go this year, but I'm expecting a sizeable tax refund for various reasons I've since fixed, and that should take care of a large chunk of it.

I have a few nonfinancial goals involving my physical health as well.

stlbrah

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Re: What is your New Year's resolution/s regarding money??
« Reply #37 on: January 05, 2016, 04:19:32 PM »
No Starbucks. Its not even about the money, its about feeling like a trained animal waiting in line.

The only exception is if I am using it for its amenities. There have been some times where I was out of town and needed somewhere to surf the web for a couple hours. $4.40 is worth it for that imo. $4.40 to grab a cup to go is not worth it imo.

zephyr911

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Re: What is your New Year's resolution/s regarding money??
« Reply #38 on: January 06, 2016, 04:33:42 AM »
Give more to charity this year.

*Cheers*
Yes!
I bumped my baseline (payroll deduction) up by 40% and plan to do more discretionary giving as well. Also devoting some planning effort for the first time to endowments and charitable trusts, etc with the idea of perpetual giving after I'm gone.

lemanfan

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Re: What is your New Year's resolution/s regarding money??
« Reply #39 on: January 06, 2016, 05:08:01 AM »
Mine is to reduce the food budget. One easy way to start is to reduce the alcohol consumption.

Ditto.   They are connected.  It's the often food you buy in the pub after a couple of pints that both are more expensive than planned and also perhaps not the healthiest options...

MMM365

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Re: What is your New Year's resolution/s regarding money??
« Reply #40 on: January 06, 2016, 06:05:18 AM »
Give more to charity this year.

*Cheers*
Yes!
I bumped my baseline (payroll deduction) up by 40% and plan to do more discretionary giving as well. Also devoting some planning effort for the first time to endowments and charitable trusts, etc with the idea of perpetual giving after I'm gone.

You're giving 40% away to charity?  Kudos.  If you're giving that much of your income away, you're ready for FIRE and continue to work because you love what you do and so that you can give more?

Roadhog

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Re: What is your New Year's resolution/s regarding money??
« Reply #41 on: January 06, 2016, 06:19:48 AM »
Finally finished a full year of tracking and analyzing expenses and savings rate.   Managed a 41% savings rate last year.    This year the goal is 50%.   Seriously, I'll be happy if we hit 45%, but reducing expenses by 10% in certain categories like food and clothing is very doable.

zephyr911

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Re: What is your New Year's resolution/s regarding money??
« Reply #42 on: January 06, 2016, 06:56:20 AM »
You're giving 40% away to charity?  Kudos.  If you're giving that much of your income away, you're ready for FIRE and continue to work because you love what you do and so that you can give more?
LOL... I'd love to hit that level someday, or even more. Not quite though.
To clarify, I increased the baseline amount by 40%, from $50 every pay period to $70, or from $1300->$1820 for the year. If I'd known I was going to get an unexpected raise the last week of Dec, I'd have pushed it higher, because my CFC giving goes to the groups I care about the most (and since it's payroll deduction, it's pretax even if I don't itemize).
I also have low-level sustaining memberships from $5-15/mo with additional nonprofits, so my total is maybe $2500. Logically, I know I could maximize lifetime giving by investing more now... but I hate knowing that there are unmet needs in the world, and saving a life (or changing the course of one) in the here and now is also valuable.

MMM365

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Re: What is your New Year's resolution/s regarding money??
« Reply #43 on: January 06, 2016, 07:30:51 AM »
You're giving 40% away to charity?  Kudos.  If you're giving that much of your income away, you're ready for FIRE and continue to work because you love what you do and so that you can give more?
LOL... I'd love to hit that level someday, or even more. Not quite though.
To clarify, I increased the baseline amount by 40%, from $50 every pay period to $70, or from $1300->$1820 for the year. If I'd known I was going to get an unexpected raise the last week of Dec, I'd have pushed it higher, because my CFC giving goes to the groups I care about the most (and since it's payroll deduction, it's pretax even if I don't itemize).
I also have low-level sustaining memberships from $5-15/mo with additional nonprofits, so my total is maybe $2500. Logically, I know I could maximize lifetime giving by investing more now... but I hate knowing that there are unmet needs in the world, and saving a life (or changing the course of one) in the here and now is also valuable.

Great stuff.  Thanks for sharing!

oinkette

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Re: What is your New Year's resolution/s regarding money??
« Reply #44 on: January 07, 2016, 12:19:56 PM »
I joined a challenge here to save $50,000, which is about 55% of my GROSS income. Tight, but doable...and more importantly, challenging!  Basically, This limits me to $80/wk for everything (outside of: health insurance, taxes, dental, metro card, rent). I did have money saved up for a few planned vacations as well.

TheAnonOne

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Re: What is your New Year's resolution/s regarding money??
« Reply #45 on: January 07, 2016, 12:27:41 PM »
Max my 401k and IRAs in the first 3 months.

Maxed the IRA already, 401k @ 6k a month should do the rest....


Other than that, I didn't really make any goals, I think I have the financial stuff decently down.

Schaefer Light

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Re: What is your New Year's resolution/s regarding money??
« Reply #46 on: January 07, 2016, 02:33:33 PM »
Continue maxing my 401k and my andf my wifes tira. Open a taxable account and begin investing there.
Mine is pretty much the same.  Last year was the first time I was able to max out my 401k and Roth IRA and my wife was able to max out her Roth.  This year, I want to do the same but also open a taxable account.