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Discussion Starter · #1 ·
Good afternoon everyone. Here is our yearly thread for our money management goals for the year. I hope 2021 is a better year. 2020, was just so 2020. ( and not perfect like 2020 vision is supposed to be)
I again have lofty goals. #1 is to fully fund retirement accounts. ( already plotting and planning on how to achieve this one) #2 continue to add extra to our mortgage to get it gone. If all goes as planned, it will be gone by December of 2022. I am hoping to shave a few extra months off that. #3 continue to add extra to our savings. bonus ones, a new CD if possible, another raised bed in our garden spot, a new to us rear tine tiller, our other one bit the dust, rod through the motor as DH was tilling the last of our garden for the fall. A new water heater. current one is 20 yrs old and should probably be replaced. and probably 4 new cell phones. this one depends on what happens with the T-Mobile take over of Sprint. Our phones may need to be replaced. mine and DS's are 4 yrs old, dh's is 2 yrs old and DD's is 1 yr old. Those are my goals. ( give or take a few too) This is our yearly thread. post away your goals and we can cheer you on or maybe give ideas on how to achieve yours. All are welcome!
 

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well always try to make plans and then...poof lol but we have automatic retirement savings, extra on mortgage.. up for renewal next year. interest rates are still low so not a worry. dh is looking to replace his car but he usually gets a good deal on second hand car. Our go to guy said come back in January cus new stock that is better. Some therapy bills coming up for dd so hopefully can be claimed on dh work plan.

still working on the house..more just painting and replacing kitchen countertop/backsplash so not expensive. Last year was more bigger stuff.
 

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My goals are to get new kitchen cabinets, only withdraw accumulated earnings from my investments and develop a better budget. I don't pay interest on things so my cabinets will be purchased with a combination of cash and interest-free financing for a year.
 

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Change is the only constant in life. When we moved to this town it was to get better health care and a diagnosis for DH, and better school for the oldest kid. DH has gotten his diagnosis, and DD only has 1.5 years left of junior high. The reasons for living here are therefore almost gone. And there are plenty of reasons to move:
-The oldest kid has to go to a special senior high school, and there are only 5 of these in the country. The closest is 1.5 hours by car or 2 hours by train/bus. She could live in a boarding house, but DH and I would prefer to keep her at home a little longer.
-The youngest kid is not happy at school. She doesn't quite fit in and could use a fresh start.
-We live to far inland to see the sea. This might sound like a detail, but is is not good for my mental health.

We've had a lot of discussions during the Christmas holidays, and have decided that we want to buy a second house this year to start the moving process. That way, the youngest can transfer schools already this autumn, while the oldest can finish junior high where we currently live. It will also give DH time to do the finishing touches on house #1 before we sell it, to ensure we get a good price. It looks like we can get a decent house in the new town for around 3-400 000 USD. If we keep to the lower end of the range, we should be debt free when we sell house#1 next year. Of course it is a gamble to buy before we sell, but due to all the saving we have done the last years, we can afford it.

Because of all the unknowns, I only set goals for the first six months. But the main goal is rather ambitious: To become net debt free (=to have enough in savings, stocks and mutual funds to cover the mortgage).

Balances 01/01/2020:
Mortgage: -$60 000
Emergency fund: $5 300
Mutual funds: $33 700
Stocks: $3 400
Buffer: $800
Net total: -$16 800

Goal 30/06/2020:
Mortgage: -$60 000
Emergency fund: $15 000
Mutual funds: $42 700
Stocks: $3 400
Buffer: $800
Net total: $1 900

Adding an additional $9 700 to the emergency fund will be the most challenging, but we should be able to do it if we just get our spending under control.
 

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Unfortunately, we added a little debt to the cc's. Dh plans to work plenty of overtime over the next few months. All the overtime pay will go to pay off these cards. I did pay off one on Christmas day. Need to look at everything again and see what I can add each month to pay them off quickly. Dh will get a bonus in a couple of months. I'm sure that will be used to pay off some debt.
 

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Discussion Starter · #6 ·
got started on adding to the IrA's today. (totally through drive through window) I had 2 of my grandchildren with me. the 5 yr old asked me why they don't give lollie pops anymore from banks, then he said.... Oh I know, it is because of the virus. How sad it is that this virus has shut down so many things that really didn't need to be shut down.
 

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Discussion Starter · #7 ·
plugging away on the IRA. I was able to add more to mine last week. ( I did post here, just didn't make it over on the board switch) Keep working and plugging away!
 

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January felt like low spend, and we got more control over the grocery shopping. Still, when I went through the bank statements, it looks like we have had some spending almost every day. Really need to get some no spend days in February.

The house hunting is not going well. There are very few houses on the market overall, and the few that are available are not in the right place, right price, or right look to suit us. We want something we can renovate, but most of the houses available are newly decorated. Hopefully, more will come on the market when it gets closer to spring.

Mortgage: no change
Emergency fund: added $1 000, still $8 700 to go.
Stocks and funds: added $1 500 + $700 growth
Buffer: $200 less
Net total: + $ 2 900, net debt is now down to -$13 700
 

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Discussion Starter · #9 ·
Have some more heading into the IRA today. This will put me at 1/4 funded for the year. How are you all doing on your goals? Sometimes those goals look so daunting that I think they will never be achieved. But small bites do add up to big results. Keep plugging away.
 

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a lot of our things like retirement funds are set amounts put in from dh paycheque so we don't think of them. works for us..slow and steady. ds yearly martial arts payment is due and getting a discount too $1200 would be $1500 which I have to remember dh to pay. mostly reminding him to do stuff like see if he can claim dd therapy. just cus his plan. has been really busy for him at work and lots of allergies for me so forget. have to renew our mortgage in the next couple of months too but that isn't a problem. rates are low and only a few years left.
 

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Discussion Starter · #11 ·
Well, my phone died so first phone replaced. DH actually had to go and get it done because of my schedule. Haven't made it back to the bank to add more to any IRA's yet but have some set aside to do that with. Was planning on doing it today, but vertigo is raging it's ugly head in my head today so not leaving the house.
 

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Knotme sorry you are having problems with vertigo i have had problems with it off and on for several years and it not no fun hope you fell better real soon.
 

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Discussion Starter · #14 ·
My local bank has opened up the lobby, so I think it will be easier to get some of my lofty goals done. With tax returns in the account I have enough to finish funding my account, which is the goal. then on to finishing the hubby's account in a couple of months. vertigo is still there, but not as bad as it was. Hoping it fully goes away soon.
 

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We finally sent in our taxes. I have no idea how it will pan out but I do expect some kind of refund. We will probably use it for a vacation as the vacation fund was tapped for bills and we never replaced it. If anything leftover, then it goes into savings for emergencies.
 

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Discussion Starter · #16 ·
got another chunk into my IRA. Haven't transferred the money yet to finish it off for the year, but that will happen in a month or so. had a vehicle die today so looks like a repair is in the works now DH will probably get it taken in to his favourite repair shop after he makes the appointment someone will have to follow him in case it dies along the way to recharge the battery. He thinks it is the timing belt.
 

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Paid off a couple of the smaller credit cards. Ds paid off his premier line that we had been paying. The balance of what was there was actually his, but we weren't going to say anything and keep paying, but he paid it off. Nice to have the extra money to throw at the other balances. Should be able to pay a couple others off in the next month or two. I have one that is 0% for 18 months, I'll keep paying on that one and use the extra money to pay off the interest ones.
 

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Still adding to our HSA. Dh kind of cleaned it out last year after his heart attack. Really working toward retiring soon. Dh thinks he'll have to work somewhere for a while, but it won't be so demanding. He know he has 3-4 more years at this job. The occupant will be moving to a new location then. He'll stay with the current building to prep it for new tenants. Then he'll probably retire.
 

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Discussion Starter · #19 ·
I got my IRA fully funded today. Goal finished. got the money put aside for DH;s acct put aside. and also got cell phone #2 replaced. this replacement was actually for a newer phone. the port went bad for the charging connection and was not fixable. Still have 2 phones to possibly replace, work on more to the mortgage to get it down more and get more into our savings acct and CD's. I always feel relieved when a goal is reached.
 

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still on the reg plan. mortgage was redone a while ago.. good rates cheaperthen before.. last few years left. taxes done, paid my part and dh just got his refund in the mail today. half pays for accountant. paid the water/sewer/garbage bill keeps going up for the same service almost $2k now plus property taxes on top of that. got rid of my old car. want another new to me one. get rid of the one I drive now.
 
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