Samantha's goals

New! Use this space to post your goals, accomplishments, and setbacks on your path to get rich slowly. Others can read about your situation, and provide critiques and motivation. Look here to find somebody who has experienced a situation similar to yours!

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Sam
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Postby Sam » Tue May 19, 2009 4:08 am

Samantha, You can find the 401k contribution limits ($16,500 in 2009) and IRA contribution limits ($5,000 in 2009) on the IRS web page or if you just google retirement contribution limits a number of resources come up. The limits are generally announced in Oct. or Nov. for the next year.

Great job on killing the debt.
Sam

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

Samantha
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Postby Samantha » Thu May 28, 2009 7:46 am

Total Debt: $ 7,735

New Goal Date for Debt-Free: September 2009!

We've projected (realistically) all the extra money we can foresee coming our way this summer, and we both believe we will be able to have this paid off by the end of September. With his overtime, my part-time job, garage sale money, birthday money, July's third paycheck...

And so you don't think we are counting our chickens before they hatch, I'll knock on wood and add my grandma's saying: Lord willing and the creek don't rise!

Looking back over the past year of our new lifestyle (began March 2008), it shouldn't have been possible for us to pay off the amount that we have. (The equivalent of my entire yearly salary, BEFORE taxes!) We've made lots of big changes (I refuse to say sacrifices, because that word should never apply to cable TV or trips to the mall). But they have all been VERY worth it. All I regret now is that we didn't start this years ago.

So in September, we are having a Debt-Free cookout, complete with s'mores and hot dogs. The theme: We've got lot S'MORE money now that we're debt free!

sandi_k
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Postby sandi_k » Thu May 28, 2009 9:31 am

LOL, Samantha, I love the cookout idea. Way to go!

Sandi

Samantha
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bad news

Postby Samantha » Tue Jun 16, 2009 11:15 am

So my car was broken into last week and all the yard sale money ($215) stolen out of it, along with my purse and our GPS system. Minor setback, major headache.

Current debt: $6,200

I'm trying to put off buying a new GPS, but I do a lot traveling for work and am very bad with directions (in the city, in the dark). We are going to look for them on eBay, but I'm afraid of buying one that was stolen.

Samantha
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And we're back!

Postby Samantha » Wed Jun 24, 2009 11:52 am

Ok...

Current Debt: 5,615.

We are still on track to have this paid in September, because of a few windfalls we are anticipating. I.E. a third (extra) pay check, a large PT job paycheck coming in, possible OT, birthday money, and eBay sales.

Stupid robber did not waiver our determination!

I bought new everything that was stolen except the GPS. We are trying to do without it. A major roadtrip this weekend may prove to me that I can make it for a while!

sandi_k
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Postby sandi_k » Wed Jun 24, 2009 2:30 pm

Samantha, glad to see you're keeping your spirits up.

I don't have a GPS - I do have navigation as an option on my phone, including voiced turn-by-turn directions that have been more accurate and current than the nav systems my friends have in their car.

So yes, you CAN do without a GPS - I'm a big fan of Mapquest for directions, and typically use them for road trips, and the phone for in-city directions when I don't have access to a printer...

Sandi

Sam
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Postby Sam » Thu Jun 25, 2009 10:11 am

I agree with Sandy, you don't have to replace that GPS (I wouldn't unless you travel often for work/or pleasure in unfamiliar areas) I use MapQuest and I use a good old fashioned map. Those GPS units are hot items for robbers down here, the police even recommend cleaning your window so you don't have thos suction cup imprints.
Sam

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

Samantha
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UPDATES!

Postby Samantha » Thu Jul 09, 2009 1:01 pm

Many updates! We've been super busy:

First a side note: I got a new GPS for my birthday last week, I do travel alot for work and fun, and I am horrible with directions. It caused alot of tension in our relationship too, when we frequently got lost. He bought me a refurbished one (with a warrantee, but cheaper than new, and guaranteed not stolen!) I also didn't want to pay the extra for my cell phone directions, it would have been another ongoing expense that I don't need.

Also, we opened our ROTH IRAs last week. Hopefully they will be established soon and linked to our checking accounts so we'll be ready to fund them after we finish Steps 2 & 3 (approx October).

We've also decided to use half of our fully funded Emergency Fund (currently sitting at $7,500) to pay off the about $4,000 remaining on the last debt. So by Monday morning... we'll be DEBT-FREE!

But, then it will take us until about September/October to build up our EF back to our comfort level. Our goal is $10k, which is about 4 months of total living expenses (if we both lost our jobs, unlikely).

Comments?...

Dave Diller
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Postby Dave Diller » Thu Jul 09, 2009 1:27 pm

Quite impressive - setting a September 2009 goal, and then getting it done mid-July. You should be proud!

It's also great that you're working hard on getting that EF back up to snuff and have opened up Roths. Overall it sounds like you're making some great progress. Congrats!

sandi_k
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Postby sandi_k » Thu Jul 09, 2009 3:59 pm

Samantha, that's awesome!

When's the BBQ? Maybe Labor Day? To give you enough time to save up for gargantuan S'Mores? :D

Sandi

Samantha
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DEBT-FREE!

Postby Samantha » Tue Jul 21, 2009 11:06 am

So we are officially DEBT-FREE! Debt-Free Party: September 7th!
We paid off $40k in a year and a half, on $65k gross salary. I can't believe it.

Now we're working on building back up our FFEF of 4 months = $10K
Current EF: $5,000
New Goal Date: November

Following Goals:
Begin maxing out ROTH IRA's: monthly investing $833 (for both).
Begin Sinking Fund for Home Repairs: $200/month
Begin Sinking Fund for Wedding Rings: About $500 (all the rest) + snowflakes.

This is intended to put us in the mindset of 15% retirement savings going forward, no matter what. We're building it into the budget! The Home Repairs & Wedding are both 'wants' that I feel like are needs and I'm struggling with right now.

InterfaceLeader
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Postby InterfaceLeader » Thu Jul 23, 2009 12:01 am

CONGRATS! :D

sandi_k
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Postby sandi_k » Thu Jul 23, 2009 12:25 pm

Wha-hoo! Good for you!

Sandi

Daedala
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Postby Daedala » Fri Jul 24, 2009 8:27 am

Wow. That's amazing!

nossorc
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Postby nossorc » Fri Jul 24, 2009 9:19 am

now comes the get rich part!! 8)


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