All right. Time to post the 2013 plans! As someone else was pointing out on another thread, the tax adjustments that will happen thanks to the fiscal cliff (don't you wish we could just stop their paychecks in Washington??) have made it more difficult to plan ahead, but I've tried to estimate what the additional tax bite will be. Hope it's at least close to accurate....my plans may have to be adjusted if the bite is bigger.
OK, so the one goal that's immovable is the mortgage prepay. My goal is to knock 10K off in 2013, get it down to $45,220.
The next priority is to build the efund back up after an expensive year. I have two accounts for this, the "quick draw" fund linked to my checking account, which I want to put $1500 in, and the "big backup" fund at Vanguard, which I want to increase by $3700. Added to the money already there, this would get me back up to just about 6 months' expenses.
Other savings goals include car savings (also depleted by various repairs) and travel to visit family (I'd like to make three visits to my nephews on the other side of the country in 2012).
In order to make all this happen I am targeting savings to different accounts. I'm also going on a clothing fast. No clothing purchases in 2013! I certainly have enough to make do, I'd say.
With everything you have accomplished in 2012, there is no doubt in my mind that you'll accomplish your mortgage goals. You are determined to destroy that debt.
It's harder for me to keep motivated to save than to pay down debt, so I am going to try treating these savings goals as numbers to be reduced, or debts owed to myself, rather than numbers to be augmented. More fun to watch numbers go down, for some reason! We'll see whether it works.
quick draw "debt": 1500
big backup "debt": 3700
car savings "debt": 3600
travel/xmas "debt": 3000
I have the same problem. After I started posting again I realized that was one of the problems that kept me from ataining my goals. With that in mind I added a new section to my "debt reduction plan" spreadsheet.
2500 150 2350
2350 150 (=)
The first number is my target goal to add to my retirement funds. The second number is what I know I can add per month. The third number is a formula that subtracts the second number from the first. I have first number on the second row set up to grab the amount from the third number above it. This way I can run the numbers all the way down the page for 12 months. What this shows me is that by the end of the year in order to achieve my goal of $2500 added to my retirement funds I need to find an additional 700 over the course of the year.
This allows me to treat my savings goal like a debt. If in Jan I am able to put 225 towards my retirement then I'll just change the 150 to 225 for that month and the formulas will change everything else on down the line. I'll instantly be able to see my progress for the end of the year.
Maybe this will help you also achieve your goals.