Home > 2023 Goals (Updated)

2023 Goals (Updated)

January 11th, 2023 at 04:16 pm

I don't have my raise yet, and so this is what I have for now.

Same goals as last year.   Bumped up IRA goal to new contribution limits (thanks to MH's raises). & added a dollar figure to keep mortgage moving down by $10K per year.  

1 - Pay cash for college

2 - $10,000 to savings

$1,000/month, plus interest.  Topping off with snowballs.

Although we are saving more than $10,000 ($1,000 x 12 months = $12,000), I am leaving some buffer for bigger expenses.  I will count additions and subtractions to mid-term cash savings.  But I will ignore college draw downs.  The main purpose of this goal is to fund college expenses.  

3 - $7,000 to investments

$250 per month, plus snowflakes (credit cards rewards & dividends)

Will also sweep MH's income (over $1,000 monthly) into investments.  

4 - $2,430 to mortgage

Topping off with snowballs and/or excess cash saved

Keeps us on track with $10K principal paydown per year

5 - 9% of household income to work retirement plans

This is the minimum for the match; I'd otherwise rather fund IRAs. 

9% figure does include match.  

6 - $13,000 to IRAs 2023 (MAX)

Will fund with MH's income


Re: Investments (#3).  We abandoned taxable investing in 2018, when my last job went to heck.  We then shifted gears to my (new) work retirement plan (putting in the minimum for match).  

We had built up investments very quickly, but I've since cashed all that out and parked in I Bonds (loosely earmarked for college expenses).  So we'd like to start over this year.  We had left off at $250/month salary contributions and so that is what I really want to do.  I don't know if I will have enough raise to cover that, but should be able to at least do half of that.

I am also thinking about sweeping MH's income into taxable investments.  Maybe anything above $1,000 in a month.  

We usually can come up with $2K per year snowflakes.  Mostly credit card rewards. 

All of the above might reasonably be +$7K to investments in 2023?  I will update when I have my raise and taxes figured out.

I need to re-evaluate short-term savings but I think I will kick the can down the road another year.  I feel like so many of these expenses should go away.  A few items re: 2022 short term savings that I don't expect in the future:  Kids' car insurance, smog check, & DMV renewal, new driver driving course, MM(19) expenses, Concert tickets (x4) for every DL band class, clothing for the kids, track shoes for the kids, etc.  Yeah, just a lot of kid expenses that I don't expect to be paying for any longer.   2022 was a weird in-between year with MM(19) mostly away at college and DL not having his driver license yet, but now DL(17) has assumed most car expenses.

This reminds me, our vacation budget will also need an overhaul.  I have our $2K vacation budget in the short term savings bucket.  We save for it monthly.  I might just leave it be.  Anything more can come from longer term savings.  At least until we figure it out and have another raise or two to refigure.  I am very happy with above goals, and would be okay with putting entire future raise (usually $50 or $100/month, if I am lucky) to an increased vacation budget.

MIL told MH that they are selling their timeshare.  ???  I have no idea what that means.  I don't think it will be that easy to unload.  But I do very much appreciate that they are wrapping it up.  Lord knows we don't want it.  But it's sad.  An end for an era.  FIL has been officially diagnosed with dementia (it was obvious) and MIL is nearing 80.  & I doubt they have used the past few years, with the pandemic and everything.

In the more distant past they considered this a gift they wanted to pass on.  I was going to not accept the timeshare if that happened.  But in recent years they seem to have waken up that it's a bit of a scam.  Or at the least, that we don't utilize enough for it to make any financial sense.

During this discussion, MIL was being super weird about money.  I share because my instinct is to just carve out some of their annual gift and add to our vacation budget.  (Letting them continue to pay for a lot of our hotel stays). But I don't know if we will even get a gift next year.  As weird as my in-laws are, they've never been too weird about money.  But right now they are all over the place.  All I can figure is that MIL is rethinking future income streams (might lose FIL's pension and social security?  Worried about future nursing home care?).  Could also be the stock market.  Probably all of the above.

I am hoping to get final raise numbers today and then I can finalize goals.

Phew!  Is the first day (in 4 days) that I haven't woken up to some catastrophe.  It's just been chaos, plus very busy at work.  I've got some 2022 wrap up posts to get to, one of these days...  But time marches on.

Edited to add:  Updated investment goal for final raise numbers.  Was just enough to cover the goals I wanted.  Phew!  Will do another post later.  

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