My husband and I were able to have our big kick off meeting
for our financial goals over the weekend.
I reviewed with him the 2012
year end financials
We have no debt at this time except for our mortgage and
I feel like we have other things in priorities
that we need to either pay for now or aggressively save for.
1. Increase funding DH 401k at 13%
We
are currently at 12% and I feel as we are in our 40s we need to make sure that
we to save some more.
2. Deposit
$450 a month in a Roth IRA for me.
we do this automatically each month this is an increase of $50 a month.
3. Save
$3,000 outside of retirement and college saving plans.
I
usually have this aggressively at 5k but the last few years we don’t get there.
With increasing our 401k and Roth IRA funding I am hoping that we can continue
4. Save for College $150 a month for the oldest and $100 for the two others
Two of my sons have a
529 education plans. The 3rd one who has autism I save in balance fund. My oldest
will be heading into college in 4 years so I feel that I need to add some more money to his account.
5. Save for
our vacation fund
We
are planning on going to Niagara falls over the summer month. Between transportation, hotel cost, food and
tickets it will be about $2200.
6. Repave our
drive away
I like to
do one big home improvement and
maintenance goal.
.
Excess tax return money (and money saved via self employment) will go towards
our drive way I expect this to cost about $2500
7. Substitute
teaching
I
let my contacts know I would like to start subbing on a regular basis
again. I hope to be able to sub 2-3 days a week.
2 comments:
Found your page on the DR facebook page.
Point 2: You can't do that. $450/mo for a ROTH IRA is over annual limit of $5000/per person. You need to re-think that.
Point 1: Also, it would be better to reduce your husband's 401K contribution and put in the max to a ROTH IRA for him first. Take the ROTH limit and divide by his salary. If he makes $50,000, that is 10%. If his company matches 3%, put 3% into the 401K, then 10% to the ROTH. If his salary is less than 50,000, you'll need to reduce the amount to the ROTH.
Hi Rachel thanks for stopping by. they increased the 2013 contribution to $5500.
We have done the higher Roth amounts for my husband in the past but then something always came up and we stopped funding it so we decided to simply do the 401k.
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