Saturday, December 10, 2016

Financial Goals 2017

1. Increase emergency fund from $15,000 to $17,500.

2. Add $9,500 to my retirement with an overall goal of having $20,000 in retirement savings by the end of the year.

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.

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.

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

6. Read 12 books

7. Write a book

8. Lose 10 lbs

9. Donate $200 to charity

10.  Get more life insurance

11. Build a separate car maintenance fund.

12. Look into and focus on career options.

A few thoughts:

This list represents an internal battle that I am experiencing.  I thought that a $15,00 emergency fund would be make me feel comfortable.  It does not. However, $15,000 does represent about a 6 month bare bones budget for me. As much as I want to increase my emergency fund, I also need to work on other financial goals, retirement, car replacement, etc. So I have decided that every year I will increase my emergency fund by some amount.  In 2017, I will increase it by $2,500 which equates to one month of bare bones expenses for me.

I won't have much in the car replacement fund by the end of the year, but I'm hoping not to have to replace my car until at least 2019.  (Fingers crossed- by that time it will be 13 years old).  Once I get closer to replacement time I will increase my car replacement savings.  I hope to have at least $15,000 cash by the time I get a new car.

I really need life insurance in case I die.  Otherwise my sister will not be able to continue living in the house that I purchased in 2013.  I do plan to leave the house to her.  I guess I should also add, get a will to my goal list for 2017.

Saturday, December 3, 2016

Net Worth End of November

Time is just rolling by-it's going too fast. It's already December and I don't know where the rest of the year went.

Here's where things stood as of the end of November. 

 $10,000 Emergency Fund
$7,039.28  Online Savings Account/$1,995 of that amount is for my Car Replacement Fund
$9,360 Retirement- Roth IRA
$2,930 House fund
$452 Travel Fund (Work)

$272,375-per zillow

                  Total (not including home): $29,781 
                  Total (including home): $302,156

Mortgage $217,617
                   Total (not including mortgage): 0
                    Total (including mortgage): -$217,192

                                     Total Net Worth(not including mortgage): $29,781 
                                     Total Net Worth(including mortgage): $84,964

Net worth, not including mortgage, increased by $1,860 from last month
Net worth, including mortgage, increased by $1,305 from last month