<< Back to all Blogs
Login or Create your own free blog
Layout:
Home > 2016 Goal Update
 

2016 Goal Update

January 1st, 2017 at 09:43 pm

I am copying and pasting sidebar, to memorialize in my blog. Brief Commentary below.

2016 Goals

**Financial**

[X]$11,000 to IRAs 2016 (MAX)
...($10,850 @ 12/1/16)
...$10,800 savings;$50 credit card rewards
...We save $900/month

[X]$5,000 to savings
...($5,287 @ 12/1/16)
...We save $300/month, plus interest.
...Topping off with snowballs

[ ]$7,500 to investments
...($7,000 @ 12/31/16)
...$2,416 from monthly contributions; $2,084 snowflakes; $2,500 tax savings
...We save $200/month, plus snowflakes
...Will also invest tax savings when contribute to Traditional IRAs

[X]$3,000 to mortgage
...($3,100 @ 12/31/16)
...$3k per year to pay off in 15 years (from last refi); also ensures that we pay more principal than interest
...Funded with overtime

----------------------------------------------------

Note: Savings goal ended up with a little extra to top off the IRAs, so the IRA goal was met.

2016 was fairly similar to 2015. I just fell short of investment goal by about $500. (Same thing happened in the prior year).

I am VERY happy with how the year shook out. We also had about $6,000 in unexpected vacation expenses. So it does not bother me that we fell a little short of our financial goals.

-----------------------------------------------------

Edited to add, because I forgot this one:

[/]50% of dh's income to 401k
...This is the max that he can contribute

We did 50% for most of the year, but not all year. We did what we needed to do for our taxes. Otherwise, I *much* rather put that money towards our mortgage or keep some of it liquid for college. So I do not consider this a goal fail. We ended up putting about 1/3 of dh's salary into 401k. We also put 1/3 into MM(13)'s school DC trip, which I think we only entertained seriously because MH was working. If you want to know why we did not achieve 50%, that is the obvious answer. But lack of tax motivation (at year end) was also part of the equation.

0 Responses to “2016 Goal Update”

Leave a Reply

(Note: If you were logged in, we could automatically fill in these fields for you.)
*
Will not be published.
   

* Please spell out the number 9.  [ Why? ]

vB Code: You can use these tags: [b] [i] [u] [url] [email]