My next 30 yrs

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dpillai
Posts: 28
Joined: Sun May 06, 2007 7:42 am
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Fiscal Update

Postby dpillai » Sat Oct 11, 2008 10:45 pm

Well, time to update this journal. Yes - I have not updated it in over 10 months. But I really didn't do anything different in the last 10 months compared to last year. In fact I hardly spent anytime on fiscal planning this year. Stuck to the monthly savings as detailed out in my earlier post - thats about it -automatic transfers took care off the rest.

Update on the major events
1. We had got a wonderful gift this April in the form for our baby girl. Enjoying being first time parents (though could do w/o the late nights and diaper changes!! :) )
2. We have one LAST tuition payment left!!! Woooohooo!! My wife will be finally finishing this semester and that would free up almost $1000 by December!! Feels good to have pulled off the entire thing w/o taking any loans.
3. We will be moving into our own home by the end of this month!!! Fortunately for us, we were able to stick to our saving plan throughout the year and we are putting in 20% down as we hoped for.

Fiscal plan ahead
I have really not thought about it too much - just excited to have accomplished what we set out to do, but will get to it soon. For now, we know the first two targets
1. Paying our downpayment would bring our emergency fund to $7500. So we need to build it back to $15k.
2. Max out the Roth IRA for my wife.

peachy
Posts: 1146
Joined: Mon Feb 04, 2008 7:35 am
Location: Maryland
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Postby peachy » Sun Oct 12, 2008 4:44 am

Congratulations!!
I would also think about opening an account for the baby. A gifttrust or ESA/529. Might as well give her a head start for her future.

dpillai
Posts: 28
Joined: Sun May 06, 2007 7:42 am
Contact:

Postby dpillai » Sun Oct 12, 2008 9:12 am

Very true. It was goal #3 but I haven't figured out how to go about it. Trying to understand the various options. This is my starting point -

http://www.smartmoney.com/college/inves ... upertable1


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