Post # 1
I was researching retirement limits and it looks like Roth IRAs and 457bs limits will not be changing for 2014. However, the limit for HSA (Health Savings Accounts) will go to $3,300 for individuals. H is going to change his monthly contribution. I plan to open an HSA/HDHP for myself but I cannot do that until June (open enrollment at my work). Meanwhile I think I’ll start setting aside $275/month starting January so that we can feel what that is like, and won’t be playing catch up come June.
Other than that, we will try to continue with saving on the side. We have a few big trips we’d like to take, but that is for future years. Meanwhile I’ll have fun researching it and guestimating trip costs. If we could contribute his already opened 403b that would be nice, but we also want to have some fun money as well.
Car – maybe we’ll look into a car for me. We’d want to pay cash, but meanwhile my car is paid for and cheap to operate. I just don’t leave the valley with it as I don’t trust it over 40 miles distance.
Oh, and I want to look into decreasing term life insurance on H. He could live without me financially, but I would not be able to afford the house we’re in if I only had my income. Sure I could move into a smaller house, but it seems like something to look into at least. I learned there is something called decreasing term insurance, so it could be used to cover a mortgage in the event of death, but the amount decreases as the mortgage gets paid off over the years. Seems like an option for us.
Then finish our wills and living wills. I started one online for me, but I did not finish it because I could not think of someone to take our dog if we both passed. Now I have someone.
How about you? Anything to change to the expenses/income side or overall goals for 2014?
Post # 3
@sienna76: We’ve had a pricey year with travel, we redid our kitchen and a lot of other home projects, and I spent a lot of money on myself.
Next year, I’d like to save more. We already save quite a bit, but I do spend frivolously and am going to work on saving more.
My Fiance wants to work harder on our stock portfolio. 2014 will be a year of saving for us.
Post # 4
Next year is the year of paying off debt for us and saving for a house/wedding. I have a plan that I am going to try my hardest to abide by. But, I should be down to 1 credit card by May. So, fingers crossed it works.
I already put a nice chunk of money into my 401, so I’m not planning on changing that.
Post # 5
@KC-2722: +1 on the stopping of frivolous spending.
Other financial goals:
1. Have zero CC debt by first quarter of 2014.
2. Really begin paying down my private student loan ($10k that I plan to have paid by end of 2015 if NOT earlier).
3. Consolidate my federal student loans and really start paying down those balances.
4. Bump up how much I save to have that 6-7 month cushion that financial experts tell you about.
Post # 6
The plan is to start filling up the TFSA again, instead of depleting it. It was at the max, but I think it’s going to be quite a while before I reach that again!
Post # 7
Just continue to max out both our 401k and Roth IRAs, continue to set aside $500/month each to emergency savings, and investment accounts. And cut down on the vacations next year. We’ve been spending 10k a year on travel the past few years and want to cut it in half for next year. We’re within a reasonable amount to hitting our “magic number” networth, it’s a reach for 2014, but if our investments do well, it could be possible.
Post # 8
We have been talking about setting more aggressive savings goals. DH recently was promoted to a new position which comes with a hefty pay increase, so we are in the process of discussing what to do with our (now higher) disposable income.
Post # 9
- Wedding: September 2015 - Ketchum, ID
@sienna76: Save, save, save. We’re going to try to live off of my SO’s salary while we put my pathetic part-time retail paycheck into a savings account.
Post # 10
I am so excited about Fiance and I’s financial goals next year!!! We already contribute 10% each into our 401Ks and Roth 401Ks so we will continue to do that. Starting June, we will switch over to living on one income. The other will be used for saving (2K per month) and paying down our debt (1K per month until debt is gone). I am so excited! We also have 5 weddings to attend plus our own, luckily they are all in driving distance and we aren’t in any. We are on our way to being debt free, building our “Forever” home and babies! oh yeah!
Post # 11
I absolutely need to save enough for furniture, deposit, and anything else I might need for my own place downtown.
Also, I really want to try to pay off my student loans in 2014, although there’s still 12.7K left, so it’ll be a big challenge. :S
And I’m going to keep putting money into my TFSA, RSP, and employee savings plan. Ideally, I’d also like to start an emergency savings plan that’ll have 8 months of living expenses…and a wedding fund.
*sigh* So much to save for!
Post # 12
My goal is to have 20k in debt paid off in 2014!!! I’m still praying thats possible but who knows. Darling Husband really needs that promotion theyve been talking about giving him!
Post # 13
@sienna76: GET A JOB! A REAL JOB! Right now I’ve been barely treading water with odd jobs, but I’d like a real job, a boring job, where at least I knew when and where I was going to get a paycheck. That stability would allow me to continue with my writing and other creative projects on my downtime without the constant pressure of finding a job.
Post # 14
We’re going to finish paying off the wedding expenses and can hopefully save a good bit of money for our rainy day fund. FI just finished his last student loan a couple of weeks ago and all of our remaining debt is the house and 2 cars. If we save enough, we may also look into opening an investment account next year. I plan on increasing my 401k contributions too. That extra money would be way more useful being invested for retirement rather than being spent on clothes and other unnecessary things.
Post # 15
@sienna76: Yep, I plan on paying off my debt. And hopefully ending 2014 with no student loan debt. I better an amazing paying job!!
Post # 16
- Wedding: September 2013 - B&B
we just want to save more, and try to do the debt snowball thing. We MOSTLY only have “good” debt ( I mean I consider the cars good debt because, well, we need them lol) so the first things to go will be those little things that just seem to hang around… one of Darling Husband CC’s (he only has a few hundred on it) and my Kohls (damn you Kohls and your sales!!!) But again, thats less than 1k. And, he has two VERY small loans from school. So we are hoping with our tax return, if we get one, those will be GONE and those monthly payments we will roll into my vehicle, and maybe we get my vehicle paid off by the end of 2014! Just a small loan on it so its possible!
Other than that we want to save and save, except for a honeymoon 😀 but hopefully by the end of 2014 we will have a nice cushion in savings, (probably not more than 2-3 months worth) and have gotten rid of a few payments, so that in 2015 we can pay one of our bigger debts down! Either his vehicle or one of the school loans we have, hm… that should put us in a good position, by the end of 2015, to be ready to TTC!