2022 MM Goals and Intentions

[mlkgls]

1. Obtain non-work life insurance policy. This should probably be the easiest goal to achieve, but keeps getting pushed to the back burner each year. 

2. Complete and recover from master bathroom repair. This goal is an unknown wild card at the moment. Minimum repair quotes to date have been unexpectedly in the 10k range and I need to decide whether to repair or fully renovate. The current style is fine, but dark and slightly dated. Most definitely not what I would have chosen, but functional.

3. Max my 401k. I’ve been inching closer, but this is most likely a stretch goal this year due to the unknown repair costs of #2.

[audry80]

Recover from over spending in 2021 on a home addition/remodel project.

Stop buying random clothes I do not need

Cook more and stop the DoorDash being lazy option

[tcu2003]

Here are mine:

Max 401k accounts for DH and me
Max backdoor Roth IRAs for DH and me by end of January
Max mega/post-tax 401k option (or whatever it is called) for DH and me (this is $10k each at our employer)
Fund kids’ 529 accounts to amount we get a state income tax deduction for
Set up wills/trust
Set up a brokerage account for DH and me
Increase our charitable giving (and get the kids more involved in this)

[trissie18]

My 2022 MM goals are:

1. Pay off all debt except mortgage and auto loans. This should be easily accomplished by fall and includes mainly 0% stuff that I just want gone to free up some monthly cash.

2. Contribute to non-retirement investments and 529's. We are on track to start allocating $1k/month in July towards these items.

3. Build our two front porches that we put off from 2021 and slowly start finishing our mudroom now that we pretty much know what we want to do. Will pay cash for these.

4. Get our efund and our vacation fund to $X each.

5. Hopefully close out DH's worker's comp case from 2020 and use the lump sum to purchase a whole house generator and help with the above goals.

[shortstax]

2022:

Saving goals
-bump up emergency savings by 10k
-4k in 529 for kiddos
-maintain retirement saving levels
-increase 4013b contribution by 1%

Spending goals:
-repair driveway `$3k
-new furniture for living room ~4k
-family vacation - TBD

Other goals:
-will and estate planning (bought legal insurance through new employer and a meeting is set for later this month.)
-identify timeline for new car (current is 2013) and map out saving plan accordingly. Maybe 2024?
-Get estimate for small bathroom remodel for 2023

[ellipses84]

2021 was a little more stable for us than 2022 so I feel like I can actually predict our financial situation and set realistic goals. I think we’ll have more changes in 2023, so I really want to use this year to get in the best financial position possible.

1. Payoff SUV. It’s a super low interest rate and we’ve had other priorities, but it should be done by August.

2. Set myself up for success when it comes to small business bookkeeping and taxes. I’m going to schedule time and calendar alerts now to deal with these things for the rest of the year.

3. Follow up on business taxes from last year. I was owed a significant refund which I’ve never received. I had to do some follow up paperwork but it’s been silence from the IRS for months.

4. Schedule a bunch of medical appts. This is MM-related because we could have used more benefits last year if I’d been more aggressive about following up and I just need to get them done and paid for.

5. Help my mom navigate PSLF which she is eligible for but was previously denied.

6. Re-evaluate retirement accounts and 529s. I have some old accounts I may transfer and want to evaluate %s going to various accounts.

7. We have debt which includes students loans, a personal loan and a 0% credit card.
We’ve been aggressively paying on the loan and credit card, with a goal to be in house buying position this year.

We could probably get a HCOL house loan soon with 2 years of self-employed returns, but I’m hesitant to overextend ourselves, so we may push that thought to 2023. Our current rental is less than a mortgage and works for us. We want a fixer upper but I don’t have the bandwidth to deal with renovations right now. I’m not 100% sure I want to stay in our neighborhood but we want to keep the kids in school here for the next few years. I worry about house prices jumping up more, but it seems easiest and the most MM to stay where we are at for now.

[raangoli]

1. KOKO with our investments and funding of 529.

2. Estate planning/wills/etc. It is perpetually on my list.

3. Continued increase of charitable contributions. I made a concerted effort to do better in 2021 and I hope 2022 is even more than that.

4. Live. Enjoy our lives responsibly.

[seeyalater52]

1. Holdover from 2021, but just fully funded ROTH IRAs for 2021 for both me and my wife today!
2. Open a 529 for my son and contribute at least $100 a month toward it (might also start it with a larger lump sum depending on the outcomes of some of the other items below.)
3. Figure out eligibility for a mortgage recast on our new house and make a substantial principal payment (hoping to get it to at least 20% with the proceeds of our house sale that went through after the purchase.)
4. Replenish and build savings account.
5. Redo household budget to account for new salary and more realistic accounting of all expenses.
6. Bump up retirement savings by another 1-2%.
7. Do wills/power of attorney and other financial end of life paperwork.
8. Begin saving toward potential 2023 international vacation.

[aprilsails]

1. Figure out our vehicle situation. My SUV will be paid off in the summer, and DH’s car lease is up at some point this year. He thinks he will buy it out, but he also wants a truck, which we don’t need. So maybe keep the commuter car, and then sell the SUV in the future and get a truck if we develop an actual need. Either way, we need to make some decisions, which is laughable since we are both WFH right now and put a grand total of maybe 1k per month across both vehicles. Maybe. So maybe we dump the car at the end of the lease. Reroute my car payment to an auto deposit in my TFSA account.

2. Go get my raise this year. I’ve worked hard through a lot of bullshit in my office. I have not been perfect but I have kept the vast majority of the balls in the air. I deserve it. Increase RRSP savings.

3. Invest some money into our house. We need more furniture as well as the last side of our fence to go in. My next priorities will be an irrigation system and a couple of new trees/bushes to start building towards a properly landscaped lot. I need to get the primary suite and upstairs bedrooms painted as well. We also need to do the backsplash tile.

4. I’m still dreaming of a cottage property. It’s not in the cards, I need to get over it for the next decade. However, I can rent one. I’m going to try to convince DH that we should do that for a week.
Lord knows we need a vacation.