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Discussion Starter · #1 ·
Hello all, new money thread for 2020. I'm Knotme. and I have lofty goals for this coming year. (Also supporting more than we have ever before supported too, so hopefully my lofty goals are doable) This is our yearly thread, Jump in whenever you can and post your goals and the goods and the bads of trying to reach your goals. I hope it will be an encouragement to help you along your path to financial security. My lofty goals for the year are
1. fully fund 2 retirement accounts.
2. pay down my mortgage by at least a third of what is left that I owe on it. ( ultimate goal here is to have it gone in 3 years or less. We are currently at 4 yrs 11 months left, I want this gone)
3. Add to renewing CD's when they come due and also open 1 or 2 new CD's too. ( I also have an ultimate goal here too. We do count our CD's as part of our emergency fund)
4. Increase the amount we have in our savings account by a few thousand. We are currently at 9000, I would like this to be a higher amount.

Very lofty goals for me at this time. I hope I can do it. I hope others will join me for the year!
Post your goals and we can cheer each other on!
 

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Thank you, knotme, for starting this thread!

We got a lot done in 2019, and I'm hoping for a very good 2020. There are still some uncertainties, so my goals depend on what happens.

What we are aiming for no matter what:
1. $18 000 to mortgage
2. $12 000 to mutual funds

If DH gets disability and the insurance comes through:
3. $90 000 to mortgage
4. $6 000 for solar panels and faster and safer charging for the electric cars

If raises and a lot of good things happen, and Murphy skips us completely
5. Net zero debt (mortgage-savings=0)


Student loan #1: $9 000 (done)
House renovation: $35 500 (done)
Full size EF: $ 15 000 (done)
Property lease and paperwork: $10 000 (done)
Student loan #2: $27 000 (done)

Index fund and stocks: $11 400 ($12 000 left in 2020)
Mortgage/extra EF: $8000 ($42 000 left)
Mortgage main part: 0 ($115 000 left)
Solar energy and EV charging: 0 ($6000 left)


Goal 2020: $30 000
Total 2020: $ 0

Total paid/saved: $115 900
Total goal: $290 900
To do: $175 000
 

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There's a few things I hope to accomplish but am not sure how it will turn out. Here are the goals for 2020:

1) Get the house refi done in January so we can put the extra $200/mth towards the mortgage = $2400/yr
2) Pay DS2's tuition & books = $7,000
3) Get a new concierge doctor by Jan/Feb = $1800
4) Build up the emergency fund for eye surgery/car/dental = $6,000

I have ideas on how to get the above jobs done- work a few extra hours/wk, use the cash back from the CC's, get rid of unnecessary things (items, insurance), decrease ALL expanses, have DS2 work p/t & win scholarships. I'll put off anything that I can so I can focus on things that will take precedence. It's the best I can do.
 

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I'm not a fan of Dave Ramsey, however, I am a fan of debt reduction and money management. :)

DH lost his job in May/June and his severance ran out the first week in December. So, my major goal for 2020 (other than DH getting a new job) is so spend as little as possible so that we dip into our savings as little as possible. My paycheck can't pay for the mortgage AND all of our other bills, but it can come close if we are super careful.

So, I'm going to try to reduce what we spend and increase what we bring in as much as possible. We aren't big spenders, in general, and have always lived fairly frugally, but we definitely nickel and dime our way to spending a bit more than we should.
 

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I like Dave Ramsey for some things. He's not for everyone. We did everything Dave would say not to. We refinanced the house and took out the equity. Paid off 2 401k loans and then took out another. We paid off almost 40,000 in credit card debt. This is our last chance. We do not carry credit cards with us. If we don't have the cash, we are not going to get it. Our biggest expense this year will be a new computer, but that was calculated into our plan. With the savings in what we did, we will be able to pay off 2-3 more credit cards this year and have a large amount saved for any kind of emergency so we won't be tempted to use credit. We will think long and hard about any spending we do. All overtime will go to debt. We will allow ourselves $500 each payday for expenses like food and gas. Anything over that will go to debt or save for a needed purchase. It will be hard, but we are both on board and talk regularly about money. That has been the key this time. We feel good about what we are doing and plan to make it happen.
 

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Discussion Starter · #6 ·
Oh, there are things about his plan that I did not like. ( we did not stop adding to our 401K, like he said to do, especially since there was a company match. We still gave to charity while paying off CC's etc, ) This thread just seems to go with this topic. I am working on getting our automatic WD for DH's Roth account upped a bit so it will be a bit easier to get the rest of the added we need to do to fully fund it this year. But I did manage to get our first $100 added to that account for my one goal!
 

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2020 Goals:
Pay off Ohio House - $3,330.56/$0
Save for whole house generator - $15,000/$0 (Guess amount, no quote)
Save for pond - $15,000/$0 (Guess amount, no quote)
Fully Fund all Retirement Accounts & HSA - $43,000/$0
Save for fruit trees - $1,000 (by December)
Survive Outage - 6-12s for 3-6 months.....love the pay, hate the hours

And I'm doing my first ever no spend 2020 challenge. I don't feel like I'm a huge spender, other than food, but I know I have room for improvement.
 

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Discussion Starter · #8 ·
got it worked out to up the amount going automatically to DH's Roth account. So now one step closer to that goal for the year. yay!!! I am all for baby steps, as that does seem to work.
 

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Paid off a zero interest credit card this past week. Looking at adding more to our HSA. Since dh has some major health issues, we may need to have more in there. I don't know if we can make the change now or we have to wait until enrollment. Need to look into it. It will be less money to put toward debt, but I think we will need it more for health issues. I don't want to go into debt for health care. If we are careful with our spending, we will still be able to be on track for our debt. We haven't eaten out once this year. I guess dh's health crisis was a good thing to keep us out of the restaurants. We'll still go for special occasions, but no more every weekend and when we don't feel like cooking.
 

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Discussion Starter · #10 ·
Don't you just love the one step forward and two steps back route. my computer died. ugh. so DH set me up on his lap top and on the desk top. Not sure if one of the kids did something or I just plain wore it out. but not getting anything on the screen of my laptop. Thank goodness for DH doing this for me. We are still waiting for a part to arrive ( from China, if I had known it was coming from there I wouldn't have ordered that one, simply for the super long wait for it to get here) hoping it arrives soon so that we can get the printer up and running. waiting for the dreadful CC bill to come in so we pay it off..... ( tuition on it and it is huge, but at least the money was set aside for it so it will be paid in full shortly.) I simply cannot justify spending money on a new laptop right now. so adding more to my save up for list which grows every day, lol.
 

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Discussion Starter · #11 ·
I always feel so anxious about the money until I get the IRA's filled. ( I have that~~~~~ I want it finished now~~~~~ mentality, haha)

I was able to add a bit more to each account for the IRA's yesterday. Every deposit makes me sleep and breathe a bit easier.

Got that dreaded CC bill and it is all scheduled to be paid
 

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So, with DH still out of work after 8 months, severance is done, and unemployment runs out in two weeks, I've applied for a part-time job, in addition to my full time job, my stipend positions in school, and the 9 piano lessons that I teach after school. It's a handbell choir director and I don't believe the demands on my time will be too great and will be manageable. If I'm honest, even with minimal demand on my time, it's still time out of the home, but what we need is money. One kid in college, another on the way, and two behind him. And we live in an expensive county and our mortgage payment is $3447 a month. We do have a year's worth of mortgage payments in the bank, which is a nice cushion, but I'm of the mindset to build up the money as long as you can, while you can. So, that's what I'm doing. The job doesn't actually start until September, but that gives me time to rearrange my schedule and prepare. So, fingers crossed!
 

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Oh, I hope your DH finds work soon. Mine was out of work for 11 months after 9/11 and it got us in an awful mess. I'm glad you have a cushion, but it will go quickly.
 

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I voluntarily left the work force this year. Undecided what I will do in 2021. However my 2020 goals are:
1) Spend as little as possible on the basics like groceries and utilities. Don't think I will need ANY clothing this year.
2) Do maintenance and improvements around my house and dad's house while keeping costs low. I can do things like painting and yard work. However some trees need to come down (dad's house) and there may be other unforeseen work to be safely done by someone else.
3) Take care of my health through diet and exercise
4) Have a nice quality of life utilizing free services and activities like the library and parks
 

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Amy- You have a lot on your plate. I'm crossing my fingers for you!

We're waiting to close on the refi. The bank refused my comps or to give us a higher value on the home. That means we have to bring more $ to the table to close. DH is pulling from the 401k to do it. Not happy about it.
 

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Discussion Starter · #16 ·
Our roth acct keeps changing the way you add money to it. when we first opened it, we just went in, Then a year later you had to do it totally online, Then it went back to going in to add to it, and now it has changed again to where I will need to mail it off. I just wish they would decide and keep it one way instead of changing it every year. ug. so I can still go in before the end of the month to add to it and then Feb 1 will need to go to mailing it in. To me, this changes how I will add to that account. So now deciding how to proceed for the year on those accounts. I do have some money set aside for both IRA's to add to them.
as for my mortgage goal, things going along well there. A couple more small bills I wasn't expecting popped up so will get those out of the way first and then plow through with my other goals.
 

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Thought we had paid off one bill, but I guess there were some charges that came in after. We had drop shipped something to ds and I guess it took a while before it posted. Luckily it's a no interest purchase, so I have 6 months to pay it with no interest charges. We tried to up our HSA contribution, we'll see next payday if it took, or if we have to wait for enrollment time. Dh used about half or our HSA with his latest medical emergency. Need to get that back up. He'll have a lifetime of doctor visits and meds. Hopefully no more major issues.
 

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My goal is to pay off at least one dr. bill each month and put money in a savings account for an emergency fund. I own my car and home, but DH wants to retire and he is scared. I have been taking mystery shopping jobs to put funds in the account. I am very frugal with meals and really don’t spend a lot on clothing, etc. I garden and put up food in the freezer. I have two small loans that I want to pay off this year. It’s going to be tough, but we can do it.
 

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Discussion Starter · #20 ·
Welcome, Grammarbug. Glad to have you here with us. I hope to be able to get in to add to our Roth acct today. Will depend on if I can get my sewing jobs finished or at least started this morning. ( thank goodness no rush on the sewing jobs.)
 
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