[knotme]

Hello all. this is our yearly thread for sharing our goals with money management, get out of debt, save more money etc. What do you want to accomplish this next year. For me this type of thread holds me a bit more accountable in what I want to accomplish for the year. I hope it does the same for you. All are welcome to join in and share their goals, We can cheer each other on. My goals this year include: 1. Pay off the mortgage. I think I have about 6 months left on this goal with the extra I have been adding each month. ( 4 years ago I made the unrealistic goal of having the house paid off in 5 years. I put in the effort and started watching my results. As I went on and started seeing the results I knew it was achievable in my goals. This thread held me accountable, and also helped to cheer me on. I had over 9 years left on the mortgage then, I am down to a year now without adding extra, I want it done) 2. Fully fund 2 IRA accounts. 3. Add to savings to get it back up where I feel more comfortable with it ( we used it to pay for a new heat pump this year) 4. New CD's This will totally depend on the interest rates. They stink right now so this is a maybe goal. 5. New to us truck. Still haven't gotten one and we will need one. 6. a trip to my mum's. this depends on the virus and the border.

What are your goals, feel free to share and welcome to all

 

[MaggieTru]

i am doing a "no spend on clothes" year. Keeping out of debt while building a house is still the main goal.

 

[marthamfi]

well plug along as we are doing. paperwork that needs to be doing for dd inheritance plus getting her going with a job. already stepped back from some things at work..less stress and since I have limited energy better. Will try to get more stuff done at home long overdue tasks lists like paint the bedroom, declutter , clean up basement etc. somethings well like visits etc covid will see. not planning ahead much. but need to keep spending down ..not that I need anything! and use up food we have etc. plenty of stuff around to craft with or read too.

 

[knotme]

Welcome all. I spent a bit of time today looking at my mortgage payments from last year. Goal last year was to pay principal down by 50% I was almost 75% paid off last year. That makes me extremely happy that I accomplished that. Just small and steady will get to your goals, I do have some money set aside for both of the IRA's I want to fill and also money set aside for the next mortgage payment. I do have money set aside also for a CD that is renewing this year, I just hope the rates are better by the time that comes due. Hoping our truck squeaks by for another year. It is not in good shape.

 

[jettsmom]

Our goal this year is to spend less and pay off more debt. Dh tries to work a few hours of overtime each pay period. We will but that towards debt and anything extra we have. He has about 2 years left at this job. We hope to have everything paid except the house maybe a little on the car. Dh will either be able to "retire" or find something less demanding. We are seriously cutting down on what we spend on dgds and their parents. No more frivolous spending on them. Eating out less is going to be a big goal for us. Looking for super easy, simple, healthy meals for us. I know we have a few car repairs that need to be done, but we will budget and slowly by what we need.

 

[knotme]

This month ended up being a principal only payment to the mortgage. Yay. I love when it goes down more than expected. Still have money set aside for the ira's. I do need to stop by to pick up envelopes to mail the one ira stuff off. That takes bundling kiddos up and then wrestling them in the office to pick that up. haven't wanted to do that yet.

 

[knotme]

still have money set aside for the ira's big news is that I mailed off the final payment for the mortgage. It is paid in full ( 10 yrs 9 months early on a 30 yr loan) What a relief!!!!. Now to focus more on the IRA's

 

[knotme]

I have seen the 0 balance on the mortgage. sweet. Now our focus turns to other goals. Funding IRA's and filling the savings first. I do have money set aside, just haven't applied them yet to those accounts. Onward and upward.

 

[marthamfi]

good for you Knotme!!

 

[knotme]

Thank you

 

[knotme]

another step forward today. Got in to pick up those envelopes to mail off for the Roth acct, and added to the Ira. small steps do lead to big goals achieved.

 

[knotme]

another small step. money off to the roth. Yay, and a small set back. DD was washing clothes in the machine, when the power flicked off, then on. machine would not drain. cost more to fix than to replace, so a new machine it is. being without a machine for a week and a half with a family size of 8 with small children is no fun. piles everywhere.

 

[knotme]

more into the ira today. I am more than 1/3 done with that account.

 

[marthamfi]

good for you ! we got one home project done last the windows replaced last weekend. the garden project still work in progress.

 

[knotme]

another set back here. DH made the comment that whenever we pay off something, it seems something breaks that we need to replace. This month it is the fridge. We lost about 3/4 of the stuff in the freezer. We got a new one delivered Monday, We noticed it going bad last Saturday. Water is still not completely hooked up. DH will finish that tonight. At least we already have money put aside for such things, but it sure puts a damper on moving forward.

 

[knotme]

Was able to send more off to DH's roth acct. This puts us up to 40% for contributions for the year. Blueberries are coming on. hope to get some to put in the freezer. Little mister might put most of them into his tummy instead.

 

[marthamfi]

yikes! does seem to be the way doesn't it. was it covered by insurance?

 

[knotme]

No it wasn't covered by insurance. It was about 10 years old. they sure don't make appliances like they used to.

 

[knotme]

was able to get more into both IRA accounts. Over 2/3rds done now. Hopefully we will have them funded by the end of September.

 

[jettsmom]

Haven't posted here in a while. Dh got his bonus this week. We used most of it to pay off one credit card. We used it to buy airline tickets to visit ds. Going later than we'd prefer, but we looked for the cheapest fares possible. On track to have two more cards paid off in January and two more next July. These are all 0% interest. We paid off the interest balances first and left the 0%. Hoping inflation doesn't get so bad that we'll actually be able to use the extra to pay down the car and one other card. I'll also start getting social security next summer too. It's not much, since I haven't worked in over 30 years. But it will be a big help to get debt paid off.