2021 MM Goals & Intentions

[aspentosh]

Jan 16, 2021 20:19:48 GMT -5 ssmjlm said:

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.

We found a good personal advisor that has reasonable fees, according to my research. It gets better the more you save with them, obviously. What I really love is that they have an option (free) to do "socially responsible investing" so we aren't investing in a lot of things I find problematic. Let me know if you want info.

[freshsqueezed]

We really need to sit down and think about goals for the year. We are planning to do a kitchen renovation so it’s a goal to do it for less than the $60-80k quoted to us!

[k3am]

We are saving cash for a kitchen reno.. that’s a few years away likely, since the scope will be $$$.

Interrupting that savings process, we have termites, so we’ll be dropping a good amount of money on that in a few months, which I’m not stoked about. The rule of thumb here (according to two termite companies we talked to in the past) is to plan/budget to tent every 5 years, and this falls right into the time frame of when this house was last tented.

[simpsongal]

1. Pay down/off heloc. We just wrote the last check, total is $46k, so I’m not sure if paying it off this year is in the cards....maybe.
2. Help mom with finances (taxes, home sale, estate planning, renegotiating insurance, buying supp med insurance).
3. Minor home stuff - landscaping, maybe buy basemt couch
4. Rebuild savings

[keweenawlove]

1. Max out my 401K (was saving at a rate to do it last year but mat leave threw it off, on track to do it this year)
2. Save and fully fund adoption (~$40,000, we'll get almost $20,000 back through H's work and the tax credit but not until after it's finalized)
3. Extend back patio. Need to work on getting quotes to see how feasible this is since we decided to go forward with #2.

[brooke77]

In order of priority:
-Max out 401K
-Make double payments each month on SL so I’m on target to pay it off fully by 2022!
-Contribute to DS 529
-Create a fun money/vacation fund for when we can travel again!

[ohgillian]

How's everyone doing on 2021 goals so far?

[sadlebred]

1. Short term: get savings back up after an expensive Jan. (car & furnace repair bills)
--Working on it
2. Increase e-fund by 1 month's expenses.
--After #1
3. Put some money into a cd for a future car purchase 3-4+ years from now.
--Added a little. Wanted to add more, but I had some other major expenses in Feb.
4. Pay off e-bike. This will be done in April.
--Done
5. Save up enough for Lasik to be done after COVID settles down.
--After #1
6. Towards the end of the year, transfer my current ROTH to Vanguard for Fidelity and start contributing again after meeting my other goals.
--Completed
7. Keep chipping away at a small loan I have.
--I paid extra on it with my tax refund, but I'm still paying on it monthly.

Things are still harder to do on 1 income.

[aspentosh]

Updates as of today:

1. Help H get a job so we can have an income again. Support him in the new job role. He started a new job a few weeks ago but is moving to a new job in mid-May because he wasn't happy.
2. Set up new budget once he has a new job. New salary is $14k less (still a raise from previous job) but until we see his paycheck with the benefits and stuff, we can't create a true budget. Our goal is any money more than what we were getting will go straight to savings.
3. Increase charitable donations, especially to Black owned businesses. Haven't made many contributions yet (only one partial paycheck for 2021) but I am making a point to buy from Black owned businesses when I need to buy things. I am eyeing some rings from Sun and Selene for Mother's Day. 
4. Redo master bathroom We won't have contractors out to give us quotes until H has a couple months of work under his belt, so still waiting. Hoping for summer.
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. Not there yet. 
6. Max his 401k and Roth IRA contributions for both of us. Little worried we won't be able to do this. Squeezing a year of saving into 8 months is going to be tricky.

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.

[simpsongal]

Jan 18, 2021 8:27:00 GMT -5 simpsongal said:

1. Pay down/off heloc. We just wrote the last check, total is $46k, so I’m not sure if paying it off this year is in the cards....maybe.
2. Help mom with finances (taxes, home sale, estate planning, renegotiating insurance, buying supp med insurance).
3. Minor home stuff - landscaping, maybe buy basemt couch
4. Rebuild savings

1. Revised - we ended up doing another essential project ($13K basement walkout), which we bankrolled w/some cash and HELOC.  Took the HELOC up to ~$53K.  As of today the HELOC is at $50K.

2. Got mom's annuity payout set up, still working on the home sale and other things

3. DONE (still landscaping though, it never ends!) 

4.  Part way there - should hit the goal next month

[chpmnk1015]

fund Dhs Roth by end of Jan.. Was done by March
-playing catch up with the kids savings accounts and want to have those to a specific # each by July. Close so think I can make it
-pay extra on Mortgage to get to a number i have in mind.. not a lot but would be nice to see. This is a stretch and unlikely
-save more in general.. really nervous about my job this year but we will see. Saving ok..
-pay cash/outright for new front stairs- Moving this out to Next year
-buy new LR furniture.. we actually have this set aside mostly but have not pulled the trigger- LR Furniture ordered.. Money is saved as well as new built ins which was saved for
I am unemployed as of next Friday.. hoping I find something quick but some of this may change if that doesn’t happen..

[sadlebred]

chpmnk1015 I am so sorry! I hope you find something quickly!

[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.) We have budgeted to $0 every month so far this year. It feels so good!


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


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.) We found out we are right on track with retirement.


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.) We purchased and installed the second hot water heater in February and we received a quote for gutters that was below budget so we will pay cash for them next month. We may put the front porches on hold until next year if building supplies don't come down anytime soon.


5. Pay off 50% of a personal loan with a targeted goal to pay it off by mid-2022. We are on track to do this.

[trissie18]

Apr 23, 2021 20:49:38 GMT -5 chpmnk1015 said:

Liked for the positive things, not for the unemployment part. Fingers crossed you can find something quickly!

[chpmnk1015]

Apr 24, 2021 10:57:00 GMT -5 trissie18 said:

Apr 23, 2021 20:49:38 GMT -5 chpmnk1015 said:

Liked for the positive things, not for the unemployment part. Fingers crossed you can find something quickly!

Lol!  Figured as much.  Thanks!

[sometimesrunner]

Jan 16, 2021 22:59:58 GMT -5 sometimesrunner said:

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.

1. One pace for this.
2. Hahahaha
3. Done
4. Hahahaha

Hoping to work on 2 and 4 after the end of tax season. The only good part of tax season is that we don't have time to spend money on anything other than take-out. 

[mlkgls]

Jan 15, 2021 20:35:37 GMT -5 mlkgls said:

1. Obtain a non-work related life insurance policy. I’m a stress eater and 2020 did me no favors. I’d really like to get my BMI back down in the normal range before requesting quotes.
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. Still on my to do list. 
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. I’ve been able to save significantly more than expected and I’m on track to fulfill my goal number by the end of the year. 
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. Most surplus is still being allocated to #3 but once it’s completed this will be my main focus. 

[mlkgls]

chpmnk1015, I debated on whether to like your post, but I wanted to celebrate your wins. I hope you’re able to find something soon!

[chpmnk1015]

Apr 26, 2021 18:22:04 GMT -5 mlkgls said:

chpmnk1015, I debated on whether to like your post, but I wanted to celebrate your wins. I hope you’re able to find something soon!

Thank you!!!

[brooke77]

Here are my 2021 goals and update so far:

In order of priority:
-Max out 401K: Yes
-Make double payments each month on SL so I’m on target to pay it off fully by 2022! : Yes! I am actually on target to pay them off by June. I think I am just going to pay a lump sum and be done.
-Contribute to DS 529: Yes!
-Create a fun money/vacation fund for when we can travel again!: No. The focus has really been on the other big goals, so this one will probably not make it this year.

[chpmnk1015]

Apr 23, 2021 20:49:38 GMT -5 chpmnk1015 said:

fund Dhs Roth by end of Jan.. Was done by March
-playing catch up with the kids savings accounts and want to have those to a specific # each by July. Close so think I can make it
-pay extra on Mortgage to get to a number i have in mind.. not a lot but would be nice to see. This is a stretch and unlikely
-save more in general.. really nervous about my job this year but we will see. Saving ok..
-pay cash/outright for new front stairs- Moving this out to Next year
-buy new LR furniture.. we actually have this set aside mostly but have not pulled the trigger- LR Furniture ordered.. Money is saved as well as new built ins which was saved for
I am unemployed as of next Friday.. hoping I find something quick but some of this may change if that doesn’t happen..

I actually just did my roth for 2021 which was a nov goal but did it now.. Not sure why i forgot to put it on list above.. 

[chpmnk1015]

Apr 28, 2021 7:47:30 GMT -5 chpmnk1015 said:

Apr 23, 2021 20:49:38 GMT -5 chpmnk1015 said:

fund Dhs Roth by end of Jan.. Was done by March
-playing catch up with the kids savings accounts and want to have those to a specific # each by July. Close so think I can make it
-pay extra on Mortgage to get to a number i have in mind.. not a lot but would be nice to see. This is a stretch and unlikely
-save more in general.. really nervous about my job this year but we will see. Saving ok..
-pay cash/outright for new front stairs- Moving this out to Next year
-buy new LR furniture.. we actually have this set aside mostly but have not pulled the trigger- LR Furniture ordered.. Money is saved as well as new built ins which was saved for
I am unemployed as of next Friday.. hoping I find something quick but some of this may change if that doesn’t happen..

I actually just did my roth for 2021 which was a nov goal but did it now.. Not sure why i forgot to put it on list above.. 

HIt this one today:   -playing catch up with the kids savings accounts and want to have those to a specific # each by July. Close so think I can make it

Happy about that.. so my only 2 really outstanding are "stretch" goals for 2021- a mortgage # and a vacation fund # i want to hit.  All this is now dependent on how quickly i can find a job... 

[atarianna]

I quit my job but have goals to make at least as much as I made in past years via 1099 and freelance. It’s not a super lofty goal in that I only worked PT and didn’t make a ton annually, but if I can meet this goal and build upon it each year, I will be infinitely better off mentally and emotionally.

Otherwise it’s important for us to continue to fully fund retirement, Roths and contribute to the kids’ 529s.

Right now we are trying to decide if it’s more advantageous to pay off the mortgage (super low rate) and be debt free, refi and pull out equity to invest or maybe consider buying a vacation rental.

[ohgillian]

Nice job chpmnk1015!

How's everyone else doing?


Mine were:
1) update my "in case I die" file -- not yet.
2) Learn to issue K-1s -- I decided not to do this because of Goal 3
3) Simplify the finances somewhat -- well, not taking on the Trust's taxes and K-1s is a start! I also cleaned up some stuff in Mint that was bugging me. I think the only other main thing that I want to do is change over where some monthly charges bill to, deal with a debit card issue, and close one of my Amex.

[trissie18]

My newest updates are:

1-3 were updated/completed previously.

4. Cash flow a few home improvements. paid cash for gutters that were installed in early April. Now we are saving for the water treatment system and whole house generator.

5. Pay off 50% of a personal loan with a targeted goal to pay it off by mid-2022. We are on track to do this plus I plan to refinance it to a lower interest rate this month (almost 4% less) but continue paying the same amount we were paying on the current loan so we should more than meet our goal.

There has been some rollercoastering with DH's job situation (his company is in the process of being bought out) but currently we are waiting to see what his boss decides to give him for a raise. We are hoping for at least $2/hour which is still less than he should/could be making but it would be a good boost and would certainly help our above goals. We shall see. 

[sadlebred]

1. Short term: get savings back up after an expensive Jan. Done, but I've had a lot of other bills, and now my car is at the body shop after a minor incident.
2. Increase e-fund by 1 month's expenses. Working on it. See #1.
3. Put some money into a cd for a future car purchase 3-4+ years from now. I put a little bit but not what I'd hoped.
4. Pay off e-bike. This will be done in April. Done
5. Save up enough for Lasik to be done after COVID settles down. Nope
6. Towards the end of the year, transfer my current ROTH to Vanguard for Fidelity and start contributing again after meeting my other goals. Done and contributing
7. Keep chipping away at a small loan I have. Still chipping. Once it reaches a certain level I'll probably pull $$ out of savings to pay it off.

Things are harder to do on 1 income.

[aspentosh]

Apr 23, 2021 12:40:58 GMT -5 aspentosh said:

Updates as of today:

1. Help H get a job so we can have an income again. Support him in the new job role. He started a new job a few weeks ago but is moving to a new job in mid-May because he wasn't happy.
2. Set up new budget once he has a new job. New salary is $14k less (still a raise from previous job) but until we see his paycheck with the benefits and stuff, we can't create a true budget. Our goal is any money more than what we were getting will go straight to savings.
3. Increase charitable donations, especially to Black owned businesses. Haven't made many contributions yet (only one partial paycheck for 2021) but I am making a point to buy from Black owned businesses when I need to buy things. I am eyeing some rings from Sun and Selene for Mother's Day. 
4. Redo master bathroom We won't have contractors out to give us quotes until H has a couple months of work under his belt, so still waiting. Hoping for summer.
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. Not there yet. 
6. Max his 401k and Roth IRA contributions for both of us. Little worried we won't be able to do this. Squeezing a year of saving into 8 months is going to be tricky.

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.

My updates:

1. and 2. He started May 10th. Today was his first full paycheck with benefits/401k/etc taken out so we can start figuring out our budget again. Looking to be able to save between 45-50% of his net salary after deductions. 
3. Now that we have a budget figured out, I need to see about charitable donations. We've done minimal amounts to this point because of little/no salary, but really want to ramp that up. Also thinking once we start getting the @@@@childcare credit that I can immediately donate that to diaper banks in predominantly Black communities.
4. We signed a contract for our bathroom and work will start next month!!! 
5. I think I'm getting to the point where I can unclench a little with the money. With our new budget I left a few hundred as slush so if H wants to golf or we want to do something spur of the moment (as much as can be done right now, lol), then I won't stress.
6. Right now with percentages and contribution forecasts for the remainder of this year, we're at $17k for his 401k, maxing my Roth IRA and about half funding his Roth IRA. We're nowhere near being behind on retirement but I still hope to up these numbers if possible.