Friday, April 14, 2017

Roth 2016 Maxed!

I maxed out my 2016 Roth contributions just before the deadline. Below are the contributions and the dates for my 2016 Roth.

2016 Roth Contributions

8/15/16- $550
9/16/16- $1,281
10/18/16- $1,389
11/15/16- $280
1/18/17 - $1,000
4/4/17- $600
4/12/17- $400

I know I'm a nerd, I love tracking my progress and making charts and lists!! Anyways 2016 Roth is done and now I am on my way to maxing out my 2017 Roth.  After that I will focus on building my emergency to $17,500 (right now I am at 15,500). 

2017 Roth Contributions
4/14/17- $1,004

 Gotta run!

Happy Easter to those that celebrate the holiday!

Sunday, April 9, 2017

First Quarter Update- Financial Goals 2017

1. Increase emergency fund from $15,000 to $17,500.-IN PROGRESS
I have increased this by $500 (It was actually $1,000, but I had to borrow $500 for my work travel due to the extremely slow and awful reimbursement process).

2. Add $9,500 to my retirement with an overall goal of having $20,000 in retirement savings by the end of the year.--IN PROGRESS
I have contributed $1,600 to retirement this year. I believe my ROTH is at approximately $11,400. 

3. Pay an extra $100 a month on the mortgage, with an end goal of having the balance under $210,000 by the end of the year.- SO FAR SO GOOD.
I have paid at least $100 extra on each mortgage payment so far this year.

4. Save $2,500 into car replacement fund with the end goal of having $5,000 in the car replacement fund by the end of the year. IN PROGRESS
I have over $3,000 saved towards a new car.

5. Pay off furniture I bought before expiration of 0% financing period.  Will blog about this later in a separate post. --DONE

I paid this off in approximately 2 months- no interest paid!!!

6. Read 12 books- FAIL
I have not completed one book this year yet. 

7. Write a book- FAIL
Lots of ideas- no actual writing

8. Lose 10 lbs- FAIL
no progress

9. Donate $200 to charity- FAIL
I have not selected a charity yet.

10.  Get more life insurance- FAIL
Was hoping to lose weight first.

11. Build a separate car maintenance fund. - FAIL
Waiting on travel vouchers.

12. Look into and focus on career options.- IN PROGRESS

I have been looking into other careers outside of the practice of law.

Saturday, April 8, 2017

Retirement Goal Status

I was able to put $600 towards my retirement goal in March! That means I only have $400 left to put in my Roth for 2016, which I should be able to to with my next paycheck on 4/13.  Then my Roth for 2016 will be maxed out!  Next, I can start the battle against my Roth IRA contributions for 2017.  I don't know how everyone else feels, but, to me, it feels so hard to actually build up a lot of cash for retirement.  The fact that I can only put $5,500 per year into my Roth sucks.  I really wish they would raise the contribution limits.  I haven't bought anything this year because the market has been pretty crazy, "financial experts" are forecasting a market correction and I haven't had enough money to buy a new mutual fund ($3,000 minimum for vanguard). Anyways, only $7,900 more (out of $9,500) to put away for retirement in 2017.

Hopefully my next post will be a quarterly update on my yearly goals as-if you can believe it- it's already April!! I don't understand how time flies to fast now.

Tuesday, March 28, 2017

$0 Balance

The furniture bill is paid in full!!!! I am debt free (except for my mortgage) once again. Not a dime of interest was paid and I am now the proud owner of a sofa, chair, ottoman, etc.  Happy Tuesday!!!

Thursday, March 16, 2017

Getting Close!!!

Yesterday was payday and I was able to put $1,903 on the furniture bill.  I now only owe $1,316. It's so close to being paid off!!

As a reminder this is the 0% interest furniture financing that I did at the end of last year.  I have until January of 2018 to pay off the balance in order to not incur interest charges.  My tax refund will be $1,484 so I should have enough money to pay off the furniture.  Also, my sister (We live together) has agreed to give me some money to pay on the furniture.  She wants to give me $1,000, but I am thinking maybe $700 would be sufficient as it would leave me with a good amount of money left over to put into my retirement account.

I can't wait until that balance is at 0 and I can get back to focusing on my retirement account. 

Wednesday, March 15, 2017

Road Warrior 2017

I have been traveling so much for work over the last 2 months.  I have 3 more trips before the end of March and I think I currently have over $1,200 in travel reimbursements pending.  I will definitely have over $2,500 by the end of the month (which is approximately 1/2 of a month's take home pay for me).

I really hate having travel reimbursements as it has been an ongoing struggle to get them paid in a timely manner.  Additionally, when the reimbursements are paid, it is in a piecemeal fashion. (I may get 1 or 2 after about 60 to 90 days.  Then another 1 or 2, etc, etc.)  The whole process sucks.  I'm trying to get out of a trip on Monday, but I will see what I can do.  I think my assistant is irritated with me for failing to ask her to set up a telephonic appearance earlier, but I do what I can.  At least she had a week to coordinate it.

Due to the slow reimbursement process I had to temporarily pull $500 out of my emergency fund to fund my upcoming trips throughout the end of the month. Arghh!! I hate doing that.  I like my money to stay where I put it.

On a positive note, with my tax return I should be able to pay off the balance of the furniture sometime this month and that makes me so happy as I will not have to pay a penny of interest and I received 20% off of the whole purchase!

Tuesday, March 14, 2017

Weekend Goals Final Update and Taxes

1. Complete taxes- DONE
2. Balance my checkbook
3. Finish staining that dang fence-DONE
4. Trim around the driveway
5. Treat the house for termites and other pests- DONE
6. Spray the weeds in the sidewalk cracks- DONE
7. Relax and read a book
8. Clean bathroom-DONE
9. Clean room-PARTIALLY DONE
10.Go into work-DONE

I did most of the things on my list.  I will balance my checkbook today because payday is tomorrow and I need to make sure everything is where it should be.  I could not trim the driveway as my sister loaned our trimmer to a friend. Hopefully, I will get to that one day this week. I will be out of town a few days this week so I may have to wait until this weekend.  But when do I have free time to relax and read my book?!!!

I am getting a refund this year on my taxes to the tune of $1,484.  All of that will go towards paying off that furniture I purchased and hopefully in April I can start focusing on funding my retirement accounts for the year (only $8,500 left to go).  

The mortgage interest deduction is the only reason that I have received refunds the past few years.  I have considered adjusting my withholding so that I don't get a refund, but I think I will just leave things alone for now as I hope to really start making huge payments on my mortgage and soon enough the interest won't be enough to deduct anyways. 

Happy Tuesday and Happy Budgeting people!