Here is my 2012 financial review! We are debt free except for our mortgage so we are focusing on retirement and college savings. I do have 6 months in the emergency fund but my security gland is large. I follow Dave Ramsey plan of advice so we are currently doing steps 4 Retirement (I need to step this up) and Step 5 college at the same time.
While not a goal our Net worth did increase $22,000 this year in saving, retirements, college funds, and mutual funds! This doesn't include our house.
Here are the goals that I set-up for ourselves!
1. Continue funding DH 401k at 12%
We did this-I really need to make sure we increase that this for the upcoming year.
2. Continue to deposit $400 a month into a Roth IRA for me.
This is done through automatic deduction
3. Save $5,000 outside of retirement and college saving plans.
I really wish we had we only had $3k saved this year.
My son who has some learning disabilities we have him in some extra programs that can be quite pricey to the turn of $300-$500 a month. That is one reason we were not able to save $5000 but is well worth it.
4. Save $100 a month for college for our 3 boys
Two of my sons have a 529. My 3rd has learning disabilities and I am not sure if he will go to college. I have money in a balanced fund for him.
5. Excess tax return money (and money saved via self employment) will go towards our drive way
We used the excess tax return money towards a down payment on my oldest son braces and in our emergency fund plus doing some of my son's autism services. We didn’t do our driveway that will be our home maintenance goal in 2013
My husband and I will be setting down for a budget meeting for the upcoming year. I think I need to work a little bit more in jobs especially as college is now 4 years away. Yikes.