Happy National Financial Goal Day

csuave · October 2015

Apparently today is National Financial Goal Day.

My community has a job/career/financial advice center and they hosted a free dinner with couponing, goal sharing and setting and financial trivia. It was fun!

Did anyone else even know financial goal day was a thing?

AprilZ81 · October 2015

Nope, never heard of it! Evidently today is also National Cheese Curd Day. Who knew?

lbonga1 · October 2015

I've never heard of it either. Sounds like you got to go to a cool event though! Maybe we could talk about what our current financial goals are?

My current goals are to pay off my last credit card (on auto-pay to be paid off before the 0% promo ends in March), and to pay off my car ($22k to go, ugh.)

hoffse · October 2015

I'm really starting to focus on 2016 because we've knocked out our 2015 goals as much as we can at this point. We are both waiting to hear about advancement/bonuses, but we won't find out about that until the end of the year.

For next year, our house goals are significantly less intense (whew). Next year I will finish my last degree and we should attain a positive net worth. We will also budget for one big trip in the summer - we are thinking somewhere in Asia because many destinations over there are surprisingly cheap.

We're also going to do a CC sign up bonus run this fall. My next $5700 installment of tuition will be due in November, and we are going to use that to hit some spending minimums for sign up bonuses. What's great about it is I actually get that reimbursed, so it's ultimately not going to cost us anything out of pocket. For 2015 we budgeted one trip out of pocket and we're doing our Christmas trip primarily on points. We want enough points banked by spring to do a similar thing next year if we can work it in with our schedule. Not sure where we would go as a winter destination (we've tossed around Hawaii and Vienna/Prague for the markets), but whatever we choose we would like to have enough points to at least cover our flights!

als1982 · October 2015

Love it! Our 2016 goals are to max out all available retirement accounts, finish paying off H's student loan, and save $10-15K to buy H a new (to him) car paying cash.

@hoffse where are you thinking in Asia? We're TTC now and taking a break from international travel but if that continues to not go well, I think that'll be our next big trip. I'd appreciate your thoughts!

hoffse · October 2015

als1982 said:

Love it! Our 2016 goals are to max out all available retirement accounts, finish paying off H's student loan, and save $10-15K to buy H a new (to him) car paying cash. @hoffse where are you thinking in Asia? We're TTC now and taking a break from international travel but if that continues to not go well, I think that'll be our next big trip. I'd appreciate your thoughts!

I really want to go to Japan to see Kyoto. Thing is, flights are $$$$ and there is actually a direct flight from Atlanta which would be really hard to pass up given the distance. It's on Delta though so there's really no good way to work points for it without burning them stupidly. We would pay out of pocket and flights alone would probably end up being more than the entire trip for some other destinations we are considering.

H really wants to go to China (Beijing, Xian) to see the great wall and terracotta warriors. China isn't at the very top of my list, but it's pretty high up there. I'm estimating that would be around $4500 for 9 days on the really high end (realistically we would probably spend under $4k)... there is no direct flight from any hub we use, so we would probably just wait for a deal on a cheap connection and just deal with the inconvenience of it. I often see flights to Beijing for under $800.

We're also looking at Cambodia. We both want to go to Siem Reap to see the temples at Angkor Wat. That trip would be dirt cheap and would barely cost more than flights (which are a bit pricier than China but much cheaper than Japan). It's just less developed and seems like it wouldn't be as soft a landing as either China or Japan for a first trip over there.

I'm interested in Thailand too, but for some reason I just have this assumption we'll make a point to go there at some point because it seems to be the "exotic" place in Asia that everybody visits. Kind of like what Paris is to Europe. H feels the same way. So we aren't really prioritizing that one.

Realistically I'm guessing we do China. I should be able to score some decently priced flights on Korean Air that will also give us a stopover in Seoul, and that could be pretty cool. One of my BFFs is Korean, and she's already planning the Seoul leg for us lol.

Regardless of where we go we will do something independently. No group tours for us. The one exception is if we do China we will probably take a day trip with a hiking group to hike one of the more remote sections of the Great Wall. There's apparently a section where you can see China on one side and Mongolia on the other. Blows my mind.

als1982 · October 2015

hoffse said:

als1982 said:

Love it! Our 2016 goals are to max out all available retirement accounts, finish paying off H's student loan, and save $10-15K to buy H a new (to him) car paying cash.

@hoffse where are you thinking in Asia? We're TTC now and taking a break from international travel but if that continues to not go well, I think that'll be our next big trip. I'd appreciate your thoughts!

I really want to go to Japan to see Kyoto. Thing is, flights are $$$$ and there is actually a direct flight from Atlanta which would be really hard to pass up given the distance. It's on Delta though so there's really no good way to work points for it without burning them stupidly. We would pay out of pocket and flights alone would probably end up being more than the entire trip for some other destinations we are considering.

H really wants to go to China (Beijing, Xian) to see the great wall and terracotta warriors. China isn't at the very top of my list, but it's pretty high up there. I'm estimating that would be around $4500 for 9 days on the really high end (realistically we would probably spend under $4k)... there is no direct flight from any hub we use, so we would probably just wait for a deal on a cheap connection and just deal with the inconvenience of it. I often see flights to Beijing for under $800.

We're also looking at Cambodia. We both want to go to Siem Reap to see the temples at Angkor Wat. That trip would be dirt cheap and would barely cost more than flights (which are a bit pricier than China but much cheaper than Japan). It's just less developed and seems like it wouldn't be as soft a landing as either China or Japan for a first trip over there.

I'm interested in Thailand too, but for some reason I just have this assumption we'll make a point to go there at some point because it seems to be the "exotic" place in Asia that everybody visits. Kind of like what Paris is to Europe. H feels the same way. So we aren't really prioritizing that one.

Realistically I'm guessing we do China. I should be able to score some decently priced flights on Korean Air that will also give us a stopover in Seoul, and that could be pretty cool. One of my BFFs is Korean, and she's already planning the Seoul leg for us lol.

Regardless of where we go we will do something independently. No group tours for us. The one exception is if we do China we will probably take a day trip with a hiking group to hike one of the more remote sections of the Great Wall. There's apparently a section where you can see China on one side and Mongolia on the other. Blows my mind.

Very interesting! Thanks for sharing!!

simplyelise · October 2015

We think of our goals on a three year timeline right now with buying a house as the big final goal of our 20s.

1. Pay off student loans - July 2016 (under 25k as of this morning!)

2. Increase e-fund up to 6 months of expenses and fund 2016 Roths - March 2017

(order of these is still being debated. I want to do a 70/30 split towards funding Roth's after we accomplish #1, but DH is ridiculously cautious)

3. Put 15% of net towards retirement - starting January 2017

(DH will be 29 and I will be 27, he's putting a required 4% in now and I'm doing nothing, we each have about 2k currently in retirement and I'm halfway to vesting in my pension)

4. Save for a 20% down payment to be in a house by July 2018.

Xstatic3333 · October 2015

Happy Financial Goals Day!

It's hard for me to think about current goals right now. We've just had a number of unexpected expenses hit us. I don't regret booking our plane tickets to Amsterdam, or buying new carpet. We cash flowed both purchases, Amsterdam was a great deal, and our old carpet was a smelly embarrassment. However, since those affordable but large purchases, we've had a whole lot of "Murphy" incidents that always remind me of you DR followers and make me want to reconsider the debt reduction approach to finances. In addition to H's crazy dental issues that I mentioned in the last accountability thread, the unexpected new tires, and a lot of H's routine physical blood work not being covered by our insurance, we learned on Wednesday that our dog's "mild" heart murmur has gotten significantly worse over the course of just a few months, and now he has to see the canine cardiologist for a full workup. This will be $600-$800 depending on whether he needs sedation (he's very good at the vet in general so there's a good chance he won't). It's non-negotiable for us, he's family, but UGH. I'm going to use Care Credit, but will still be putting lots towards this and the dental bills each month to be sure to avoid interest charges. Plus, super worried about the little guy.

If we get through all this and booking our vacation accommodations in one piece, our goal shifts to building up our e-fund in preparation for TTC, which is coming up fast!

vlagrl29 · October 2015

our 2016 goals are to finish DH's studio so he can move in and out of the one he is renting, keep saving for savings and retirement, do some minor landscaping against the front of the house come tax return time, and of course get pregnant (hold me i'm scared).

short+sassy · October 2015

@Xstatic3333, hopefully ever goes well at the cardiologist for your little guy!

My most immediate financial goal is to get the rehab on my new duplex done and get some tenants in!

Once I have tenants in, my goal is to knock down my HELOC to the tune of $4K/month. That, plus the two mortgages, are the only loans I will have at that point. Car will be paid off and CC's are already paid off. Except for one CC that has no interest until 2017.

In 2016, I want to buy at least one more rental investment property. Perhaps 2-3.

cbee817 · October 2015

Our 2016 goals are to fund the upstairs bathroom remodel and figure out what else we need to do to get the house (maybe) on the market in the summer. Probably meet with a realtor and go to more open houses to figure out what neighborhood we like. I found out if we have DD#2 at a day care with a UPK program in the same district we live in, we get a lower rate for the pre-k piece of her day care (our current district only offers UPK at their school with no wrap around care- meaning I would have to pick her up at 11:30 every day and get her to day care.... never going to happen with my work schedule). That can help us move this coming summer if a house comes up that we really like.

Small goals are 1% increase in 401k when I get my raise in April, continue to save $500/paycheck, fully fund Roth IRA accounts again, keep adding to 529 plans and vacation fund.

Xstatic3333 · October 2015

vlagrl29 said:
our 2016 goals are to finish DH's studio so he can move in and out of the one he is renting, keep saving for savings and retirement, do some minor landscaping against the front of the house come tax return time, and of course get pregnant (hold me i'm scared).

I'm scared too!

dragonstarjk · October 2015

Great thread! We are also looking towards 2016 goals, as the end of 2015 has been/will be catching up with several large, unexpected expenses that we've had in the second half of the year. We will try to keep 2016 lean as we regroup and tighten up our financials. Even though we have been able to cash flow every unexpected expense with the exception of the front porch, I want to make sure we are better prepared to weather those things when they come up.

2016 goals, big and little:

Increase H's 401K contribution to 10% (this should be accomplished by the end of this year when his truck is paid off)

Increase my Roth IRA contribution to $100/month (currently $20; I also contribute 12% to a 401K which I am satisfied leaving as is)

Open an additional $1000 CD to increase our e-fund to $3000

Pay off the 0% credit card portion of our front porch project

Cash flow our trip to Glacier Natl Park and Banff/Jasper Natl Parks next summer (saving up CC points and free nights to pay for most of this trip)

I will have my annual review by the end of the year, and if I get a raise it will go into effect in March. Earlier in the year, I was anticipating a promotion, but there's since been a lot of change in leadership and with things so crazy right now, I'm not banking on getting much more than a 2% raise. Better than nothing I suppose. I will also find out in March if I am getting a bonus, so those things could change our 2016 goals somewhat--but at this point I don't want to include them in any planning.

jessica490 · October 2015

In 2016, we will continue house projects. We hope to increase our e-fund a little more now that we have a house and open ROTH IRA's as well. We will have a spring vacation as usual and a Cape Cod wedding to attend in the fall but other than that, not too much!

julieanne912 · October 2015

Our 2016 goals are kind of up in the air, since we are starting to TTC. So, on my end, my focus will shift completely into building up savings to prepare for medical expenses and for the time I plan on taking off work (I get 6 weeks on short term disability at 60% of pay, which is doable, but I'd like to take 12 weeks).

We also need to landscape our backyard in 2016 per our HOA guidelines, so we have to plan for that. We did our driveway and front yard this year to the tune of about $35,000. H used savings and 0 interest credit cards to pay for that, and of course the goal is to pay off the cards before the 0 interest expires, which he says is doable. We're hoping it'll come in under $20,000.

Some "maybes" we're starting to toss around:

We might explore pulling out a HELOC on the house to pay for the yard and to just have available if the need arises for other things, but not sure about that yet.... have barely discussed it so far.

Also, H is in the running for a new job which could mean a pretty decent pay raise and no more weekly travel. But, it would also mean he would have to purchase a commuter car, as his current vehicle is an F350 dually that he just bought 3 months ago, and is pretty much unparkable anywhere downtown, not to mention the gas mileage. We use the truck to pull our camper so we need to keep it. No travel for him also means my grocery bill goes up, and we don't get to hoard the frequent flier miles and free hotel rooms he accumulates for our own vacations. So pluses and minuses I guess.

orangehills · October 2015

Our main 2016 goal is just to keep within the budget and save money! We hit lots of goals this year. We paid off all debt (besides mortgage), have our 6 mo efund, and sold our house and bought our "forever" home. (Which is why I went awol after coming back, life got busy!) We saved some money to buy all the stuff we needed and do what we needed to the house, so it's just in maintenance mode now. So, yup, 2016 is just maintaining the home, and saving money! We're putting all of our purchases on a Disney card and saving the rewards for a Disneyland trip, so that may come next fall, but a lot of it should already be paid for.

splotch716 · October 2015

2016 should be a big year for me! I was just writing down my MM goals for it last week. My main goal is to get out of CC debt. Next month I will have $20,000 paid off through my debt management program. The next one to tackle is only $3500 which should be paid off at the latest, by June. I would then like to bulk up our emergency fund. We also need to get a new to me car, with cash. DH and I would like to start TTC #2 next October. I told him we can't do this if we still have CC debt and our e-fund isn't bulked up. So far we are on track for these goals!

vlagrl29 · October 2015

Xstatic3333 said:

our 2016 goals are to finish DH's studio so he can move in and out of the one he is renting, keep saving for savings and retirement, do some minor landscaping against the front of the house come tax return time, and of course get pregnant (hold me i'm scared).
I'm scared too!

It's more scary when you had a horrible pregnancy and ended up with a c/section - so you know what can happen. It was very life changing for me but once DD was outside of me it was fabulous!! Now I want to still do my yoga and have a VBAC - big goals I know.

csuave · October 2015

@xstatic3333 sorry to hear about your dog.

We actually have similar situations. It is hard to us to plan far in advance because H remains unemployed (although currently making some $ from a temp job). Right now our goal is to maintain our tight budget so that we don't have to dip into savings/efund.

We have also had some unexpected expenses including all the testing done at the vet the other week which gave us the conclusion our 8 yr old Westie has stomach cancer. We don't know how long she has left but since she switched to Rx moist food ($3 per day) she had regained strength, held it down and returned to her old self so it looks like she should still be with us for some time.
Luckily we've been able to cashflow all unexpected expenses with our AirBnB earnings.

Hopefully in 2016 H will have a job then we can start saving for vacations and loosen up our budget a bit. If not then I would set the goal and continuing with the current budget but hope that unexpected expenses don't occur and we can actually save a little more to start a vacation fund.

Xstatic3333 · October 2015

I'm so sorry @csuave ! Hoping your pup can stay happy and healthy for a long time. It is so heartbreaking when they are sick.

@vlagrl29 here's hoping it's a much smoother time for you with #2! Most of my friends with 2+ have had very different experiences each time, some for better and some for worse. H and I realized about a month ago that the only reason we weren't TTC yet was my anxiety about being PG (as opposed to actually parenting). That's when I knew it was time to woman up and get ready for the next chapter!

vlagrl29 · October 2015

Xstatic3333 said:

I'm so sorry @csuave ! Hoping your pup can stay happy and healthy for a long time. It is so heartbreaking when they are sick. @vlagrl29 here's hoping it's a much smoother time for you with #2! Most of my friends with 2+ have had very different experiences each time, some for better and some for worse. H and I realized about a month ago that the only reason we weren't TTC yet was my anxiety about being PG (as opposed to actually parenting). That's when I knew it was time to woman up and get ready for the next chapter!

LOL - so true. I"m taking one for the team so to speak with our #2. I just don't want it to affect my life like it did last time. I actually got lots of anxiety and depression. I was put on zoloft. What is making me realize we need to start soon is my age. I"m 35 and not getting any younger

short+sassy · October 2015

vlagrl29 said:

Xstatic3333 said:

our 2016 goals are to finish DH's studio so he can move in and out of the one he is renting, keep saving for savings and retirement, do some minor landscaping against the front of the house come tax return time, and of course get pregnant (hold me i'm scared).
I'm scared too!

It's more scary when you had a horrible pregnancy and ended up with a c/section - so you know what can happen. It was very life changing for me but once DD was outside of me it was fabulous!! Now I want to still do my yoga and have a VBAC - big goals I know.

I can relate to the scariness! Not personally, but my sister had a freak thing happen (lung infection) a few days after she delivered her first baby. It required major surgery and she was practically on bed rest and in a lot of pain for a couple months. They originally were planning to have their 2nd child two years later. For the first year, she wasn't sure she ever wanted to be pregnant again because what happened was just so scary, albeit very unusual. After about three years though, the scariness waned enough she got pregnant again. This time she delivered her baby without incident (phew!).

vlagrl29 · October 2015

short+sassy said:

vlagrl29 said:

Xstatic3333 said:

our 2016 goals are to finish DH's studio so he can move in and out of the one he is renting, keep saving for savings and retirement, do some minor landscaping against the front of the house come tax return time, and of course get pregnant (hold me i'm scared).
I'm scared too!

It's more scary when you had a horrible pregnancy and ended up with a c/section - so you know what can happen. It was very life changing for me but once DD was outside of me it was fabulous!! Now I want to still do my yoga and have a VBAC - big goals I know.

I can relate to the scariness! Not personally, but my sister had a freak thing happen (lung infection) a few days after she delivered her first baby. It required major surgery and she was practically on bed rest and in a lot of pain for a couple months. They originally were planning to have their 2nd child two years later. For the first year, she wasn't sure she ever wanted to be pregnant again because what happened was just so scary, albeit very unusual. After about three years though, the scariness waned enough she got pregnant again. This time she delivered her baby without incident (phew!).

wow luckily that didn't happen to me. That is bizarre. I think it takes about 3 years to get some of that amnesia from the not so pleasant things of pregnancy.

Happy National Financial Goal Day

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