Author Topic: 2018 Financial Goals  (Read 15616 times)

haypug16

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Re: 2018 Financial Goals
« Reply #100 on: September 27, 2018, 01:08:27 PM »
Nice update Serendip

1. Pay off Credit Cards -Done
2. Pay down $10,000 in Student Loans - $9,358.79 (should hit $10K next month and close to $12K by year end, I can't wait for the day when they are gone!)
3. Increase 401k contribution to 25% - up to 15%. My company is switching 401K providers so I'm waiting until that is completed before making the next increase to 17%
4. Get FIRE accounts to $50,000 - $36,942.87 (Should reach about $40K by the end of the year I'm OK with that considering how much more of my debt I've been paying off) 
5. Min 50% savings rate - current average is 48% (had a little drop but should still be able to average 50% for the year. 

MaybeBabyMustache

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Re: 2018 Financial Goals
« Reply #101 on: September 27, 2018, 04:47:14 PM »
Nice update Serendip

1. Pay off Credit Cards -Done
2. Pay down $10,000 in Student Loans - $9,358.79 (should hit $10K next month and close to $12K by year end, I can't wait for the day when they are gone!)
3. Increase 401k contribution to 25% - up to 15%. My company is switching 401K providers so I'm waiting until that is completed before making the next increase to 17%
4. Get FIRE accounts to $50,000 - $36,942.87 (Should reach about $40K by the end of the year I'm OK with that considering how much more of my debt I've been paying off) 
5. Min 50% savings rate - current average is 48% (had a little drop but should still be able to average 50% for the year.

@haypug16 - so close on those student loans! Awesome

boarder42

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Re: 2018 Financial Goals
« Reply #102 on: September 27, 2018, 04:52:21 PM »
Hit the double comma NW club!.  everything else is pretty simple  and on autopilot

We made it. Thought it was a stretch but it was a pretty smooth ride in 3 months early. Back below today but probably above tomorrow

Blindsquirrel

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Re: 2018 Financial Goals
« Reply #103 on: September 27, 2018, 07:01:23 PM »
 So far so good. My goals were pretty simple.
1- Sell a house held more than a year. - Met
2. Pay off mortgage on my house-Met
3. Save 49k in 401ks- will meet.
4. Begin transition to using a property management company on rentals- Started with a couple out of our hands.
5. Finish a couple big projects at work- meh, not so good. Boss has had me do a bunch of other stuff than what I had planned. Did some other good work but more important long term work fell to the side. His choice, foolish but not my problem for long.
6. Catch up on rental capex- so far so good. 3 roofs and 4 HVAC systems done. 3 big rehabs/turn overs done. 2 roofs to do yet.

zeli2033

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Re: 2018 Financial Goals
« Reply #104 on: September 28, 2018, 07:46:26 AM »
I love these goals-based threads so much! I enjoy the accountability that comes with putting it out there and making an honest effort to reach it.

Our 2018 Financial Goals:
1. Max 2018 Roth IRAs DONE
2. Max HSA ON TRACK
3. Max DH and DW 401Ks Sigh. Looks like we won't be able to max DH's this year as they won't let us bump contributions up to the max like I'd planned. But on track for at least one being maxed out!
4. Get student loan below $35,000 This one is tight but we *might* be able to get it done! If not, we'll miss the goal by a hair
5. Reach positive net worth for the first time! Hopefully reach NW of $40,000+ Reached positive net worth a month ago! Currently at +22k and the current trend is about +$5-6k/month. It's close but I think we can reach the NW...
6. Save at least $60,000 across various accounts On Track

Not too bad a showing so far. 75% of the year complete, hoping to keep going strong as we finish it out!

MaybeBabyMustache

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Re: 2018 Financial Goals
« Reply #105 on: September 28, 2018, 10:39:56 AM »
Here's our status at the end of August.
1) Fully fund both 401Ks - $37K - done
2) Yearly max to both kids college accounts - $28K - $4250, so far. Need to decide if we're going to divert any "found money" to this one in 2018
3) Save an extra $150K before I quit my job - Finally made some progress - we're at $54.9K. We're up & down with a bunch of home projects - now at $76.6K. We've had a few expensive months, with front loading travel, yearly car insurance, etc.
4) Keep travel budget to $7K - Over this. when I decided to stay at work for a few more months, I agreed to a family trip to Hawaii as an incentive. ;-) We're at $10K at the moment. Work has been insane & hard, and travel helps me get at least some pleasure out of the extra time in role. I'll be going on a sabbatical next year, so lots of traveling will be occurring
5) Earn another $1K selling random stuff on eBay - achieved. At $1080. - now at $1700. Wooohoo! Will now try for $2K for the year.
6) Stick to budget overall - yes, on track, minus the house category. We opted to put in air conditioning (which required a bunch of other electrical upgrades)

Status at the (almost) end of September:
1) Fully fund both 401Ks - $37K - done
2) Yearly max to both kids college accounts - $28K - $4350, so far. Put $100 towards this from a "found money" refund check from the settlement of a house we sold over a year ago.
3) Save an extra $150K before I quit my job - We're at $96,410 - so close to the $100K mark!
4) Keep travel budget to $7K - Over this. when I decided to stay at work for a few more months, I agreed to a family trip to Hawaii as an incentive. ;-) We're at $10K at the moment. Work has been insane & hard, and travel helps me get at least some pleasure out of the extra time in role. I'll be going on a sabbatical next year, so lots of traveling will be occurring
5) Earn another $1K selling random stuff on eBay - achieved. At $1710. Only $10 uptick from August, but expect more money to be coming in over the next couple of months. Setting the revised goal for 2018 at $2K.
6) Stick to budget overall - yes, on track, minus the house category. We need to do a better job of predicting large house project expenses. For this year, it was solar & air conditioning. No regrets on either purchase, but didn't do a good job on the budget forecasting side.

Rosy

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Re: 2018 Financial Goals
« Reply #106 on: September 29, 2018, 01:50:17 PM »

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.

UPDATE:
All goals met.

The no jewelry buying challenge - aka gazingus pin - going strong and trying to hang in there for another 90 days.

Not doing anything remotely as difficult in 2019 as every one of these goals in 2018 proved to be. But, I made it, except for the ongoing no jewelery buying challenge until Dec and I plan to make that one too.

Good luck everyone!

MaybeBabyMustache

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Re: 2018 Financial Goals
« Reply #107 on: September 29, 2018, 02:25:58 PM »
Awesome @Rosy !!!

adamsputnik

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Re: 2018 Financial Goals
« Reply #108 on: January 06, 2019, 01:38:21 PM »
  • pay off all debt - only $6000 in student loans remain
  • increase EF to about 3 months worth of expenses ~ $6000 - done
  • increase 401k contribution to 20% of salary - alas, no

Time to come up with goals for 2019.

TempusFugit

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Re: 2018 Financial Goals
« Reply #109 on: January 06, 2019, 02:44:02 PM »
Achieve a 50% savings rate

2018 savings rate was 53%.  For the win.   

My spending in real dollars was pretty much the same but i saved more due to higher (modestly) income. 

Dicey

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Re: 2018 Financial Goals
« Reply #110 on: January 19, 2019, 10:23:04 AM »
Congratulations to everyone who made progress toward or exceeded their 2018 goals.  Best wishes for continued success in 2019. If you have 2018 successes, please post them here so we can cheer you on.

Salim

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Re: 2018 Financial Goals
« Reply #111 on: January 19, 2019, 03:21:18 PM »
1. Pay off credit card bills
2. Rebuild emergency fund to $2K
3. Buy minimal clothing  Spent $1,258
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  Net worth decreased by about $35,213

We failed at most of our financial goals in 2018. What the numbers above don't show is the progress we made toward improvement. For example, my DH took a course in 2018 that made it possible to get his new job in 2019, and I had to buy a car so I could commute to my new job.

We are off to a much better start in 2019. DH and I both just got part-time work (we were both retired before that, except for some occasional consulting for me) for a total income increase of about $800 per month. Yay!

haflander

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Re: 2018 Financial Goals
« Reply #112 on: January 21, 2019, 08:07:30 AM »
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 15,100
3. Pay off stupid truck loan. Done

I guess 2/3 is ok. I committed more to the debt than the savings. I'm totally debt free, a very good feeling. 2019 is the year I tip the scales from paying interest to earning it.

Salim

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Re: 2018 Financial Goals
« Reply #113 on: January 30, 2019, 08:23:25 AM »
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 15,100
3. Pay off stupid truck loan. Done

I guess 2/3 is ok. I committed more to the debt than the savings. I'm totally debt free, a very good feeling. 2019 is the year I tip the scales from paying interest to earning it.

Congratulations on killing your debt!