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 Post subject: 2010 Goals
PostPosted: Tue Jan 05, 2010 8:03 am 

Joined: Sun Apr 29, 2007 8:11 am
Posts: 1088
Location: Sunny Florida
(1) Max out 401ks - $33,000
(2) Max out IRAs - $10,000
(3) Prepay mortgage - $1200
(4) Add to baby fund (carry over from 2009) - $3500
(5) Add to emergency fund (carry over from 2009) - $7000
(6) House/Furniture fund (carry over from 2009) - $3000

Total $57,700

Its that time of year for goal setting. Above is our tentative plan, may be adjusted after we complete our initial 2010 spending plan. In 2009 our goal was to save $64,000 but we came in at about $50,000 so this year I've set our total goal a bit lower at about $58,000.

I've sent in my form to HR for 401k deductions and I've reset, on-line, Mr. Sam's 401k deductions for 2010. I'm going to set up an autopayment for the extra $100 a month on the mortgage. Otherwise the IRA and the furniture/house funds are a priority, we'd like to add more in stocks to our IRA while there are still bargains to be had.

_________________
Sam

http://adventures-of-sam.blogspot.com
(Follow Sam's financial and real estate adventures.)


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 Post subject:
PostPosted: Wed Jan 13, 2010 6:58 am 

Joined: Sun Apr 29, 2007 8:11 am
Posts: 1088
Location: Sunny Florida
(1) Max out 401ks - $33,000
(2) Max out IRAs - $10,000
(3) Prepay mortgage - $1200
(4) Add to baby fund - $3500
(5) Add to emergency fund - $7000
(6) House/Furniture fund - $3000

Total - $57,700

(1) - $600
(2) - $0
(3) - $0
(4) - $0
(5) - $0
(6) - $500

Total - $1,100

_________________
Sam

http://adventures-of-sam.blogspot.com
(Follow Sam's financial and real estate adventures.)


Last edited by Sam on Fri Jan 15, 2010 5:59 am, edited 1 time in total.

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 Post subject:
PostPosted: Thu Jan 14, 2010 6:03 am 

Joined: Sun Apr 29, 2007 8:11 am
Posts: 1088
Location: Sunny Florida
I've set up our auto payment for the extra $100 in principal prepayment for our mortgage.

_________________
Sam

http://adventures-of-sam.blogspot.com
(Follow Sam's financial and real estate adventures.)


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 Post subject:
PostPosted: Mon Jan 18, 2010 1:00 pm 

Joined: Sun Apr 29, 2007 8:11 am
Posts: 1088
Location: Sunny Florida
(1) Max out 401ks - $33,000 (2) Max out IRAs - $10,000 (3) Prepay mortgage - $1200 (4) Add to baby fund - $3500 (5) Add to emergency fund - $7000 (6) House/Furniture fund - $3000 [Completed!]Total - $57,700 (1) - $600 (1%)(2) - $300 (3%) (3) - $100 (8%)(4) - $100 (2%) ($6,615 in our ING baby account) (5) - $200 (2%) ($25,222 in our ING e/r account) (6) - $3000 (100%)Total - $4,300 (7%)It is clear that I want a new couch!

_________________
Sam

http://adventures-of-sam.blogspot.com
(Follow Sam's financial and real estate adventures.)


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 Post subject:
PostPosted: Mon Jan 18, 2010 1:22 pm 

Joined: Fri Jul 10, 2009 6:57 am
Posts: 370
Wow! You really DO hunger for a new sofa! Well, you can knock one goal off the list already...impressive.


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 Post subject: Re: 2010 Goals
PostPosted: Tue Jan 19, 2010 12:58 pm 

Joined: Sun Apr 29, 2007 8:11 am
Posts: 1088
Location: Sunny Florida
(1) Max out 401ks - $33,000
(2) Max out IRAs - $10,000
(3) Prepay mortgage - $1200
(4) Add to baby fund - $3500
(5) Add to emergency fund - $7000
(6) House/Furniture fund - $3000

Total - $57,700

(1) - $600
(2) - $500
(3) - $100
(4) - $100
(5) - $200
(6) - $3000 (100%)

Total - $4,500 (7%)

My last entry got lost in the upgrade, which I'm not sure I like much but I'm sure there is a reason for it. Somehow I can't see half of the page on my screen.

Good, out of the gate progress, I'm clearly in want of a new couch.

_________________
Sam

http://adventures-of-sam.blogspot.com
(Follow Sam's financial and real estate adventures.)


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 Post subject: Re: 2010 Goals
PostPosted: Thu Jan 21, 2010 3:06 pm 

Joined: Sun Apr 29, 2007 8:11 am
Posts: 1088
Location: Sunny Florida
Quote:
I've set up our auto payment for the extra $100 in principal prepayment for our mortgage.


First extra payment for 2010 is reflected on our on-line mortgage statement. Feels good to be paying extra principal again - since that was our plan when we refinanced our mortgage to a lower rate. Our plan was to put the difference towards principal, about $250, and we need to work back to that amoung.

But for now $100 a month feels good.

_________________
Sam

http://adventures-of-sam.blogspot.com
(Follow Sam's financial and real estate adventures.)


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 Post subject: Re: 2010 Goals
PostPosted: Thu Jan 21, 2010 5:39 pm 

Joined: Fri Jul 10, 2009 6:57 am
Posts: 370
Good for you! BTW, I lost a post in the update, too.


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 Post subject: 2/1/10 numbers
PostPosted: Mon Feb 01, 2010 11:47 am 

Joined: Sun Apr 29, 2007 8:11 am
Posts: 1088
Location: Sunny Florida
(1) Max out 401ks - $33,000
(2) Max out IRAs - $10,000
(3) Prepay mortgage - $1200
(4) Add to baby fund - $3500
(5) Add to emergency fund - $7000
(6) House/Furniture fund - $3000

Total - $57,700

(1) - $1800 (5%)
(2) - $600 (6%)
(3) - $100 (8%)
(4) - $200 (6%)
(5) - $400 (6%)
(6) - $3000 (100%)

Total - $6,100 (11%)

We are slightly ahead on our goals.

Meeting with our CPA tomorrow and our IRS audit is scheduled for next week.

_________________
Sam

http://adventures-of-sam.blogspot.com
(Follow Sam's financial and real estate adventures.)


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 Post subject: Re: 2010 Goals
PostPosted: Mon Feb 01, 2010 11:53 am 

Joined: Tue Aug 05, 2008 3:22 pm
Posts: 548
Location: Northern CA
Sam, best wishes on an easy IRS meeting. I know they're daunting, but it's great that you have a CPA to help handle it.

Sandi


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 Post subject: 2/5
PostPosted: Fri Feb 05, 2010 8:11 am 

Joined: Sun Apr 29, 2007 8:11 am
Posts: 1088
Location: Sunny Florida
(1) Max out 401ks - $33,000
(2) Max out IRAs - $10,000
(3) Prepay mortgage - $1200
(4) Add to baby fund - $3500
(5) Add to emergency fund - $7000
(6) House/Furniture fund - $3000

Total - $57,700

(1) - $1918 (6%)
(2) - $800 (8%)
(3) - $100 (8%)
(4) - $200 (6%)
(5) - $400 (6%)
(6) - $3000 (100%)

Total - $6418 (11%)

A bit ahead on our 2010 goals.

_________________
Sam

http://adventures-of-sam.blogspot.com
(Follow Sam's financial and real estate adventures.)


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 Post subject: Re: 2010 Goals
PostPosted: Fri Feb 05, 2010 8:34 am 

Joined: Sun Mar 16, 2008 6:53 pm
Posts: 76
Sam,

Do you tend to divide up your goals into monthly amounts and work on them all at the same time? Or do you focus on checking them off one at a time? Just curious (because I see the house/furniture fund is definitely a 2010 priority!)


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 Post subject: Re: 2010 Goals
PostPosted: Sun Feb 07, 2010 7:38 am 

Joined: Sun Apr 29, 2007 8:11 am
Posts: 1088
Location: Sunny Florida
Quote:
Do you tend to divide up your goals into monthly amounts and work on them all at the same time? Or do you focus on checking them off one at a time? Just curious (because I see the house/furniture fund is definitely a 2010 priority!)


Both :D

Our 401k goal is done on a per paycheck basis so that is a goal we work all year. The IRA goal is one that I try to attack earlier in the year with the idea that the earlier we invest the more money we are making over time.

We are prepaying the mortgage on a monthly basis so that is also a goal we will work all year.

The emergency fund, the baby fund and the house/furniture fund should fall in that order of priority but the desire for a new couch and the savings for same was a hold over from last year. I've been looking at furniture since 2007 and we've really wanted a new couch since we bought our home in 2004. My ability to delay my gratification was done and I've actually already ordered the new couch. I bought the couch using the store credit card (I hate debt and I hate store credit cards but this was a good deal) which is running a 0% 12 month deal and I got $500 in rewards (which I used to buy new towels). I'm debating whether to pay the card off ASAP or let the money sit in our ING savings account and earn interest.

I also have auto transfers set up for the emergency fund and the baby fund so that is a goal that we work monthly but the amount of our auto transfers is well below what we need to meet our goals so we'll have to up the transfers or throw extra money at those two later in the year.

_________________
Sam

http://adventures-of-sam.blogspot.com
(Follow Sam's financial and real estate adventures.)


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 Post subject: 2/15 numbers
PostPosted: Wed Feb 17, 2010 10:51 am 

Joined: Sun Apr 29, 2007 8:11 am
Posts: 1088
Location: Sunny Florida
(1) Max out 401ks - $33,000
(2) Max out IRAs - $10,000
(3) Prepay mortgage - $1200
(4) Add to baby fund - $3500
(5) Add to emergency fund - $7000
(6) House/Furniture fund - $3000

Total - $57,700

(1) - $2636 (8%)
(2) - $1000 (10%)
(3) - $200 (17%)
(4) - $300 (9%)
(5) - $600 (9%)
(6) - $3000 (100%)

Total - $7736 (13%)

On schedule and on target.

_________________
Sam

http://adventures-of-sam.blogspot.com
(Follow Sam's financial and real estate adventures.)


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 Post subject: IRS audit
PostPosted: Wed Feb 17, 2010 10:56 am 

Joined: Sun Apr 29, 2007 8:11 am
Posts: 1088
Location: Sunny Florida
IRS audit did not go well, in fact it went bad, bad, bad. We have been licking our wounds this last week and trying to figure out our next step.

_________________
Sam

http://adventures-of-sam.blogspot.com
(Follow Sam's financial and real estate adventures.)


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