These are our savings goals, generally now finalized, for 2011.
(1) Max out our 401k(s) - $33,000
(2) Max out our IRA(s) - $10,000
(3) Add to Emergency Fund - $10,000
(4) Mortgage prepay - $5,000
(5) House projects - $5,000
Total - $63,000
We should be able to take care of goal one since we are generally already set up to max out our 401k(s) or to come close. We should also be able to max out our IRAs since we did so last year and my income has increased by $10,000. We also should be able to pay down the mortgage by at least $1,200 since that is what we did this year. And we should be able to add at least $3,500 to our emergency fund since we saved $3,500 in our baby fund last year. Finally, we should be able to put at least $3,000 towards house projects since we put $3,000 towards furniture last year.
Any amount beyond about $50,000 is ambitious for us, but these are our goals. How about you, what are your savings goals for 2011?