2021 MM Goals & Intentions

[numbers]

Anyone want to share?

[Susie]

We're trying to move, which has significant financial implications, so right now we're actively saving so we're maximally flexible with cash to put down.  We're happy in our town, but our house has been feeling tight since kid #2 came in 2019.  Covid has made it worse, although it's not going to go away when covid abates.  It all depends on whether we can find the right place though, which is very iffy.  Even when it's not winter, inventory for our specific wants is very low.  Renovating and building new are both on the table as plans B and C (in no particular order).

We have drafts of estate planning documents that have been sitting on my desk for months.  I look at legal docs all day, so it's the last damn thing I want to see when I go home at night.  But we need to get this over the finish line.

ETA April update:

We're in contract to close on a new house next month, and are working on selling ours!  We've had multiple offers, so it'll eventually sell, but it's been a bigger pain than anticipated.  Can't wait to be done and moved.

Estate planning documents are finalized and signed.  Still need to update the beneficiaries on all our accounts to name the kids' trust instead of the kids themselves.

Not bad for just over the first quarter of the year.

[numbers]

Still fleshing out some of our goals for the year, but here's what I'm thinking so far...

-Continue to max out 401k

-Add $100k to our non-retirement investment account

[wildrice]

1. Finish paying back my parents for the money they loaned us last year for down payment/closing costs. We are on track to do that by the end of the year.

2. Pay off our car - we only owe 3k so I go back and forth on whether I should just pay it off out of our savings right now.

3. Save up enough money to pay cash for new windows, replacing our bedroom closet doors, and new flooring in the living room. Depending on how much that all costs and whether lumber costs are still really high, I'd also like to replace 2/3 panels of our fence (our neighbors replaced the 3rd one last year).

4. Switch bank accounts to something local. We are still banking with the credit union in our old state and it's been fine, but I'd like to have a local branch eventually.

5. Set up a non-retirement investment account. Not sure how much we'll actually put into it this year given all of the above, but I'd like to at least get the ball rolling.

6. This one is only sort of MM, but I really want to create a will and get organized in case of sudden death. Right now if I died my H would really struggle to access all our accounts, and if we both died it would be a real struggle for my parents to sort it all out. It all lives in my head. This probably should be a priority.

[icedcoffee]

Honestly we'd love to buy a beach home. It's a stretch right now with 2 in childcare, but we would both really love to do it. At the current moment, we both feel housing prices are a little too inflated to make a move, but we have our eye on the market. If the right thing came up I think we'd pounce on it.

I go through waves of feeling "we can do this. let's do it" to "lets just keep hoarding cash and sit at home eating from our pantry forever". Will be interesting to see what happens. LOL

ETA:  Kind of related--My big goal for 2020 got completed!  It was to package up our estate documents and get them in the hands of our trustee with instructions and I did it!!  They had been previously sitting on my desk in an envelope since 2016 when we drafted them.  

[trissie18]

1. Create an actual budget and stick to it. (Budget created and on track for Jan just have to keep it going for full year.)

2. Pay off my student loans. (On track to do this in March.)

3. Work with a financial advisor to solidify our long-term goals and make a plan to get there. (We have our second meeting next week.)

4. Cash flow a few home improvements. (On the list is hot water heater, water treatment system, gutters, whole house back up generator, and two front porches. We should be able to do all of them but may postpone the front porches until 2022.)

5. Pay off 50% of a personal loan with a targeted goal to pay it off by mid-2022.

[Covergirl82]

1. Pay mortgage down to under $250K, which requires extra payments totaling about $6K. Plan to pay $5K from bonuses and $100 extra each month. Hoping we can actually pay more each month after merit increases. Our goal is to pay the mortgage off around the time DS graduates HS in 2028.  (ETA:  We refied in late 2020 to combine our 30-year mortgage and home equity loan on our vacant land, so our monthly payments are higher now, which is why our extra monthly payment isn't much right now.)

2. Increase DH's 401k contributions from 6% to 7% or 8%.

3. E-fund to $12.5K by end of the year.

4. Get quotes for a new roof.

5. Use some bonus money for a few home improvements (new sinks & countertops in two bathrooms, two new exterior doors) and we'll probably need a new washer and dryer.

6. Start savings account for eventual vehicle replacements in 5-6 years so we can pay at least 50% cash.

[ohgillian]

Jan 15, 2021 10:34:27 GMT -5 wildrice said:

1. Finish paying back my parents for the money they loaned us last year for down payment/closing costs. We are on track to do that by the end of the year.

2. Pay off our car - we only owe 3k so I go back and forth on whether I should just pay it off out of our savings right now.

3. Save up enough money to pay cash for new windows, replacing our bedroom closet doors, and new flooring in the living room. Depending on how much that all costs and whether lumber costs are still really high, I'd also like to replace 2/3 panels of our fence (our neighbors replaced the 3rd one last year).

4. Switch bank accounts to something local. We are still banking with the credit union in our old state and it's been fine, but I'd like to have a local branch eventually.

5. Set up a non-retirement investment account. Not sure how much we'll actually put into it this year given all of the above, but I'd like to at least get the ball rolling.

6. This one is only sort of MM, but I really want to create a will and get organized in case of sudden death. Right now if I died my H would really struggle to access all our accounts, and if we both died it would be a real struggle for my parents to sort it all out. It all lives in my head. This probably should be a priority.

This is 5000% MM. It's a great thing to do and I bet a lot of us need to do this. I have the legal docs in place, but haven't updated my "here's what you need to know" emergency file in awhile. 

[quesyrah]

These were our goals for 2021 but we’re currently without income for the foreseeable future so who knows what will happen. I’m hopeful that DH will be able to go back to work in late summer or early Fall.

1. Increase DH 401K contribution to 20% (currently at 15% with 50% match)

2. Increase my Roth contribution

3. Start saving to pay cash to have our house painted

[ohgillian]

- I'm going to borrow from wildrice and update my "in case I die" file.
- Learn to issue K-1s.
- Simplify the finances somewhat. Unsure how yet.

[glitzy07]

1) Pay off last remaining non-mortgage debt before June when the 0% interest rate ends
2) Increase savings in general (Efund, specific goals) -- we've been paying way more in daycare costs this year due to COVID, so this should be possible once my 2nd grader is back to in-person school and even more in September when my youngest starts Kindergarten
3) Open 529 accounts for my kids in September (or sooner) when our daycare costs will decline
4) Increase retirement contributions for both H and I
5) I love the "in case I die" file idea! Definitely need to do that

[flygirl]

1-save $500 a month into our regular savings
2-pay off my car even though it’s 0%
3-max 401ks

[ohgillian]

Jan 15, 2021 10:22:19 GMT -5 numbers said:

Still fleshing out some of our goals for the year, but here's what I'm thinking so far...

-Continue to max out 401k

-Add $100k to our non-retirement investment account

Does this mean just contributions or also with returns?

[numbers]

Jan 15, 2021 15:11:39 GMT -5 ohgillian said:

Jan 15, 2021 10:22:19 GMT -5 numbers said:

Still fleshing out some of our goals for the year, but here's what I'm thinking so far...

-Continue to max out 401k

-Add $100k to our non-retirement investment account

Does this mean just contributions or also with returns?

Just contributions. Mostly from a large annual bonus.

[fryjack2]

-In addition to the money that gets auto deposited into savings, put one entire paycheck of mine into our general savings each month. I get two paychecks, sometimes 3.

-Save with intention. Our E fund is fine, our retirement is fine. We set clearer goals for post bills monthly savings last weekend because we just dump it all into one account and use it for everything. They include:
--set X amount into a 2nd home fund
--set X amount into our DAF
--set X amount into an account to use for a vintage car I want  
--set X amount into a travel fund

-Pay cash ( ~16k) for a home project that's on the calendar for this spring

-Lower our grocery spending by 25% by doing a better job of meal planning

-Invest in the market. This wont happen as neither H or I have the time or a clue how to do that. I thought about just buying some Apple or Google stock but not even sure how to do that. I'm sure google can help. Ha

[chpmnk1015]

-fund Dhs Roth by end of Jan.. this may spill into Feb because we had a lot of expenses this month
-playing catch up with the kids savings accounts and want to have those to a specific # each by July
-pay extra on Mortgage to get to a number i have in mind.. not a lot but would be nice to see.
-save more in general.. really nervous about my job this year but we will see.
-pay cash/outright for new front stairs
-buy new LR furniture.. we actually have this set aside mostly but have not pulled the trigger

[mlkgls]

1. Obtain a non-work related life insurance policy. 
2. Create an “in case of” accounts and contacts list. I have a will, but my accounts and policies are scattered all over the place. 
3. I plan on driving my 07 Toyota until the wheels fall off, but I’ve started a new car fund and plan to contribute a car payment each month. 
4. Pay down 30% of my HE loan. I would like to be more aggressive, but I feel like any surplus should be allocated to #3 for now. 

[Deleted]

1. Pay off my car ($3k). I could pay it off from savings now, but I'm a cash hoarder. This is our only debt, so I really want it gone.

2. Get life insurance on me. I can now get approved since I'm 5 years cancer free, so this was at the top of my list. I'm in the process now.

[sadlebred]

1. Short term: get savings back up after an expensive Jan. (car & furnace repair bills)
2. Increase e-fund by 1 month's expenses.
3. Put some money into a cd for a future car purchase 3-4+ years from now.
4. Pay off e-bike. This will be done in April.
5. Save up enough for Lasik to be done after COVID settles down.
6. Towards the end of the year, transfer my current ROTH to Vanguard for Fidelity and start contributing again after meeting my other goals.
7. Keep chipping away at a small loan I have.

Things are harder to do on 1 income.

[heygrey]

This is the first year that we haven't been paying off debt or saving for a down payment. It feels like we have A LOT of money to do things with which is fun, but also paralyzing.

0) Apply for Canadian citizenship. I did this yesterday!! This is the first step in a longer plan to renounce my American citizenship.

1) Whole yard makeover including buying all the tools because we moved from an apartment. Thankfully it's a very tiny yard!
2) Save $10k for vehicle replacement. Our old car is 11 and worth maybe $1k. We won't do any significant repairs, so we want cash if our hand is forced.
3) Write down and prioritize other household improvement projects, to be completed over the next ~5 years.
4) Understand our pension plans. We get 17% and 19% with match, but I have no idea how it's invested or what the payout structure is like. We just signed up for the max when we were eligible and that's it.
5) Update our "In case I die" file. Like wildrice, H would have a struggle if I were gone. If our computer dies, I would struggle because some of our passwords are saved and I don't remember them. Super unsafe, I know.

[mccallister84]

fryjack2 definitely invest! H and I were like you and were pretty intimated by it but it ended up being pretty easy. We went through fidelity because that’s where our 401k is and were able to buy into an index fund. We wish we had done it sooner!

[aprilsails]

1. Save aggressively for my own retirement. This means another year of limiting spending for myself. I need to do a bit of catch-up

2. Come up with a plan with my Dad and Sister to buy a cottage property. This is unlikely to happen this year but I want us to formulate a plan.

3. Prioritize spending on the house. We need to do landscaping and maybe build a fence. TBD based on who the new neighbours are when they move into the houses behind us in the Spring.

4. Get on track for partnership with work. Talk to management and determine the path forwards. Fight for a salary increase as well.

[aspentosh]

1. Help H get a job so we can have an income again. Support him in the new job role.
2. Set up new budget once he has a new job.
3. Increase charitable donations, especially to Black owned businesses.
4. Redo master bathroom
5. Stop stressing about money. One of my worst fears happened last year (H lost his job 3 weeks before Christmas) and seeing how ok we are makes me rethink my stress a bit.
6. Max his 401k and Roth IRA contributions for both of us.

Super stretch goal, especially with the job loss, is getting H a new car. It's a want, not a need, so we'll see.

[fryjack2]

Jan 16, 2021 7:09:07 GMT -5 mccallister84 said:

fryjack2 definitely invest! H and I were like you and were pretty intimated by it but it ended up being pretty easy. We went through fidelity because that’s where our 401k is and were able to buy into an index fund. We wish we had done it sooner!

We have our retirement accounts through Fidelity.  I'll have to mess around on their page.  I imagine its as simple as searching for the stock I want, buying a share and then just leaving it alone? Ha. 

I don't even know what an index fund is.  

Did you use a person at Fidelity or do it on your own? 

[fryjack2]

Jan 15, 2021 21:03:01 GMT -5 sadlebred said:

1. Short term: get savings back up after an expensive Jan. (car & furnace repair bills)
2. Increase e-fund by 1 month's expenses.
3. Put some money into a cd for a future car purchase 3-4+ years from now.
4. Pay off e-bike. This will be done in April.
5. Save up enough for Lasik to be done after COVID settles down.
6. Towards the end of the year, transfer my current ROTH to Vanguard for Fidelity and start contributing again after meeting my other goals.
7. Keep chipping away at a small loan I have.

Things are harder to do on 1 income.

I've read your posts for years and wanted to say that I think you do a great job.  You prioritize ( from what I've gathered over the years) your hobby but not at the expense of financial responsibility. 

It would be 1000000x harder to do anything without H's income. 

[sadlebred]

Jan 16, 2021 9:48:55 GMT -5 fryjack2 said:

I've read your posts for years and wanted to say that I think you do a great job.  You prioritize ( from what I've gathered over the years) your hobby but not at the expense of financial responsibility. 

It would be 1000000x harder to do anything without H's income. 

Thanks! There are definitely compromises. I don't max out my 401K and wouldn't be able to anyway with owning a house & just my income (not a high earner like many here). I also have a self run & owned side gig that helps to pay for bike stuff. In a normal year it might cover a trip to a National Championship or something similar, but income for it is down to "cover its own expenses" with the pandemic. I also do bike racing photography that I did exactly 0 of in 2020. I'm hoping that will change this year. I'm a believer that my expensive hobbies have to help pay for themselves--although it's just to help not cover all expenses. I'm also fortunate to ride for a great local women's team with some awesome sponsors. Any little bit helps!

I'm not taking overseas trips although priorities are shifting for 2022, and I want to go to Europe for a few weeks. My travel will be changing after the pandemic. Before a lot of my travel is/was centered around going to a bike race or event. A lot of times I split hotel with teammates or friends. We drive most of the time (would only fly for a championship). I'll sell equipment or even personal belongings (ie I don't like this thing anyway or don't want/need it anymore) to help pay for something new that I want. There are a lot of ways to make it more affordable, but yes, racing is still expensive.*

I think life is about balance & moderation, and I try to live it that way. There are plenty of times when I really want to buy a new bike or do an upgrade, but the water heater needs to be replaced or the furnace broke or I know I'll have something expensive that needs to be paid for in a few months. The fun thing doesn't get bought. I also believe in paying yourself first. Save for retirement in your 401K/ROTH/IRA/403b/whatever, put money into savings & your efund & any other savings you want, and the after bills are paid the rest is yours to spend. I did Financial Peace University years ago, I'm an avid Clark Howard listener. He's so practical--I love it. I've read and still do and try to put what I learn to use. I got out of CC debt years ago and hope to never be back there.

Oh, and there are no kids in the household.

*(There are currently efforts to help bring in more racers/riders of color, different incomes, etc. It's a slow start, but it's being acknowledged. It's also hard during a pandemic when the national governing body had to lay off a lot of their staff b/c of less revenue; I'm hopeful efforts will really get going when things get closer to "normal." It's also hard when groups can't host events like "bike rodeos" for kids or training camps for undeserved but promising junior riders, etc. since all of this required in person participation. There are companies & groups that have really done concrete things in the last year, and I'm glad to support them when I need to purchase a cycling item or my considering where my charitable donations will go. I could have a whole conversation about this.)

[mlkgls]

Jan 16, 2021 9:41:48 GMT -5 fryjack2 said:

Jan 16, 2021 7:09:07 GMT -5 mccallister84 said:

fryjack2 definitely invest! H and I were like you and were pretty intimated by it but it ended up being pretty easy. We went through fidelity because that’s where our 401k is and were able to buy into an index fund. We wish we had done it sooner!

We have our retirement accounts through Fidelity.  I'll have to mess around on their page.  I imagine its as simple as searching for the stock I want, buying a share and then just leaving it alone? Ha. 

I don't even know what an index fund is.  

Did you use a person at Fidelity or do it on your own? 

I opened a taxable account a few years ago and IMO Fidelity’s website is pretty easy to navigate; I was able to easily setup everything online. There might be a better way to do this, but I searched through threads and looked for index funds consistently mentioned, then researched them on the Fidelity site.

[ssmjlm]

Honestly I feel kind of treading water. I want to do more, but vanguard doesn’t have advisors unless you reach X amount, which we don’t have. So I’m not sure it’s working as well as it can.

If DH gets a new truck, put down at least half, if not more.

[sometimesrunner]

1. Continue to max 401ks and Roths.
2. Pay attention more. We’ve been so busy for the past few years that we’ve spent a lot of money on conveniences. There is a lot of pretty painless fat to trim in our budget.
3. Up college contributions by $300/mo. By making this adjustment, the kids college funds will be on track to cover in-state tuition.
4. Use YNAB for the entire year.

[dcn]

We are moving this year so goal is to not be oop with costs (the military will pay or reimburse).

We need new living room furniture, so pay cash for that.

We may end up buying a house where we are moving, since rentals look to be tough. We have a down payment saved so hopefully that goes smoothly if we need to.

H will get promoted this year, so goal is to just roll that increase into savings and not let the creep happen in spending.

If kids are in school this fall in person I’d like to find a part time job.