SHORT TERM FINANCIAL GOALS
A. Open Vacation Savings Account ($165 per paycheck, *scheduled to begin in Aug 2007)
B. Buy New -used- Car - A Toyota Sienna in 2 years
- 2007 Toyota Sienna is Consumer Reports top rated mini-van
- Need to work on determining how we will save for this & how much to spend on purchase
C. Open & fully fund two Roth IRA accounts by April 2008
- *Am currently saving $308 per paycheck for this
- Save $385 per paycheck beginning in 2008 (new $5,000 limit)
- Need to work on overcoming my fear of opening & managing the account!
D. Keep 401K at 6% for now
-Company matches $1 for every $1 up to 6% of all pay + 4% company contribution
-The maximum 401(k) contribution is $15,500 (does not count employer match).
- Husband is eligible for full SS benefits at age 67 (Oct. 2028)
E. Review in next 3 months (end of Sept.):
*Request energy audit from electric company
*internet, phone & dish tv packages DONE
*home insurance & auto insurance check up
- Aim for a policy with 250/500/100 coverage (bodily injury/limit per accident/property damage)
- Drop the collision damage coverage if car value just a few thousand.
- $1,000 deductible.
- Don't skimp on medical coverage
- 720+ Fico Score gets cheaper insurance
- More about Homeowners insurance at - http://finance.yahoo.com/expert/article ... eKA6wyt9IF
F. Pay extra $225 per month towards Home Equity Loan - *DONE*
- Allows for a pay off in 87 months (7.25 years) instead of original 179 months (15 years)
- Would really like this paid off even earlier, but how to pay more on this AND save for car?
G. Set up Revocable Trust & an A-B trust
- Also name conservator and guardians
- This is boring, I have the tools to get it done but keep resisting. Get off you lazy butt!!
H. Host a yard sale this summer
- The mess of junk in the garage is driving me insane.
I. Request termination of mortgage PMI in July 2007
- Need to call mortgage co. & find out how this is done