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I had an hour free tonight, kids went to friends house. And what did I choose to do with my time? watch tv shows? no. take bath? no. nap? no. I decided to figure out where my money will go for next 10 years. I love seeing it written down and crunching numbers.
Here is what I came up with, thought I'd share. From now until September 2009 ( when I turn 30! ) I will put all extra money into my EF. Try to build it up to 6 months of living expenses including gas, food, etc. So I am thinking about $15,000. Should be able to do.
Then at age 30. I will start a retirement fund. $100 a week for max of $5000 a year in a Roth. At the same time as that I am starting a seperate savings account for my kids. If I put $75 a week in that for 5 years ( my son will be 16 then ) I will have over $20,000. I plan to buy my kids their first car. Its something I have always wanted to do. Then keep putting $75 a week in for 5 more years (my dd will be 16,) $20,000 for her. That excites me. I know you will say put away for college or save and if they dont want a car, then so be it. But I think there is enough college grants/programs that down the line I will be able to help them.
As this is going on ( starting sept 09), I want to start putting $800 extra a month toward my principal and a lump sum payment of $3000 a year (what i get back in taxes usually) on my principal too. If I do that then my mortgage will be paid off by November 2014. (8 years early on a 15 year loan)
This is mostly starting September 2009, and lots can change before then I know but the way I live, and the income I bring in this is all do-able. Now lets say that for some reason in the future there is a 2nd income in the house (LOL) then I can figure it all out again!
Ok my hour is over, kids home. Now isnt this how everyone spends their free time?? LOL
Here is what I came up with, thought I'd share. From now until September 2009 ( when I turn 30! ) I will put all extra money into my EF. Try to build it up to 6 months of living expenses including gas, food, etc. So I am thinking about $15,000. Should be able to do.
Then at age 30. I will start a retirement fund. $100 a week for max of $5000 a year in a Roth. At the same time as that I am starting a seperate savings account for my kids. If I put $75 a week in that for 5 years ( my son will be 16 then ) I will have over $20,000. I plan to buy my kids their first car. Its something I have always wanted to do. Then keep putting $75 a week in for 5 more years (my dd will be 16,) $20,000 for her. That excites me. I know you will say put away for college or save and if they dont want a car, then so be it. But I think there is enough college grants/programs that down the line I will be able to help them.
As this is going on ( starting sept 09), I want to start putting $800 extra a month toward my principal and a lump sum payment of $3000 a year (what i get back in taxes usually) on my principal too. If I do that then my mortgage will be paid off by November 2014. (8 years early on a 15 year loan)
This is mostly starting September 2009, and lots can change before then I know but the way I live, and the income I bring in this is all do-able. Now lets say that for some reason in the future there is a 2nd income in the house (LOL) then I can figure it all out again!
Ok my hour is over, kids home. Now isnt this how everyone spends their free time?? LOL
