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2011 Goal Update

October 20th, 2011 at 11:59 am

Knock on wood, but the goals seem to be going good.

ROTH IRAs - I just checked where we were, and I only seem to be $300 short on maxing out. (I had estimated $1500 at some point, and already made a $500 deposit to lessen that shortfall). It seems likely I forgot to count AmEx deposits to our ROTH? Woohoo!

$300 from savings - will try to do before the end of the year. THAT is easy peasy. Though we won't max out until April.

Goal for 2012 is to contribute $9,000 from income ($750 x 12), earn $500 in credit card rewards, and pay 10% of overtime to get up to $10,000. Meaning, as long as I have a paycheck, it should basically be auotomatic from pay and rewards. It depends on our health insurance - I am assuming I get just enough raise to cover the usual crazy insane annual increase, and that I can stick with $750/month to ROTH. Will see...

Mortgage Goal - Goal is to hit $199,999 by 12/31.

We've gotten so many credit card rewards this year that I haven't touched savings for this at all. Since MIL just took over paying for piano lessons, I am adding $150 to the mortgage every month. This will leave me with a shortfall of about $412 to reach my goal. I expect $250 for Christmas work bonus and will apply it to mortgage. This leaves me $162 short. I doubt I will get this much birthday money, but might get $100. Birthday present to me? Extra to the mortgage! I expect I might need to transfer the last $62 or so from savings. Will see... I'd generally say that dh could make that money EASY PEASY on Amazon during Holiday season, but I mentioned before they banned all non-high-volume-sellers for the Christmas season. I could also convert upcomoing credit card rewards into cash, but I think I will leave as is since I have so little to come up with.

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Cash Savings Goal

I was optimistic earlier in the year that we would FINALLY hit $30,000. I suppose it is a double whammy in that $30k is a pretty solid 6-month *emergency fund* while also being a level of cash we can't seem to achieve on one income, with kids. IT's a very meaningful goal to me - one that has been very elusive - so close but so far!

Anyway, I did transfer $500 to the ROTH and had almost $1000 in medical/dental bills, so I pretty much give up this year. (& I just said I had plans to transfer another $300-$400 out to reach other goals).

But, I won't give up. I think next April will be it! Overtime bonus in April. How many times have I said that before, huh? Well, no one in my household having major surgery would be extremely helpful... So I am hoping for that. I've got about $28k in the bank, today.

3 Responses to “2011 Goal Update”

  1. ceejay74 Says:

    Awesome! Those are all great goals. Out of curiosity, do you have a 401(k) too, or just the IRAs? (We kind of hedge our bets and do half to each kind of vehicle, since I don't know how taxation is going to be if we retire in the UK.)

  2. MonkeyMama Says:

    All we have is IRAs, right now. That said, some of that used to be 401k or other work retirement, so our balance is kind of 50/50 ROTH/regular.

    Our taxable income is too low to bother with anything but the ROTH, right now. Meaning, no point to fund regular IRA for very measly current tax break.

  3. Nika Says:

    Great job!!!

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