I am memorializing goals in my sidebar. I kind of like the format I used last year, so will stick with that.
Pay cash for college ✔
$10K to Savings ✔
Final tally was $11,412. The plan was to use this money to pay cash for college. At the end of 2022 we had roughly -$0- cash plus emergency funds. So that's about how it sorted out. That we had just enough to cash flow college.
$2K to Investments ✔
Funded with snowflakes.
I topped off with $100 from MH's income, to make the full $2K.
9% Income to Work Retirement Plans ✔
MH and I both contribute the minimum for 401k match. The 9% includes employer contributions.
$12,000 to IRAs 2022 ✔
Done. We won't fund until we do our taxes and the year is over. But we did end the year with an extra $12K set aside for IRAs. This is mostly thanks to annual cash gift from in-laws.
Bonus Goal that wasn't in my sidebar:
Extra to Mortgage ✔
We threw my bonus and gift money ($8,000) to the mortgage to pay down the balance to $99,999. Woohoo!
The $8,000 extra payment shaved off 1 year of payments and $4,600 interest.
Why $8,000? I did want to hit the psychological milestone of being done with six figure debt. But this also puts us down to a total of 32 years of mortgage on our current home. While my bare minimum goal is to knock that down to 30 years, the recent big chunks will allow me to put the mortgage on the back burner during these college years. I can whittle down the last two years with much smaller snowballs. I guess my bigger goal is to not (feel the need to) throw bigger chunks to the mortgage for a while. This goal was satisfying on many fronts.
This was just more of a hope or a wish, versus anything that we would have been able to achieve with our income. It wasn't on my sidebar, accordingly.
Edited to add: We ended up funding only one IRA in 2022 ($6,000). I used the other $6,000 for Invisalign for myself. It was a rather last minute decision in early 2023. I would have done this instead of the mortgage, if I had known sooner. I wanted to reflect in goals, but as I type it out, the money was saved. It was just redirected at the last minute.