I continue to work on the details of our 2012 Spending Plan. At present, I've completed all the details regarding expenses associated with bills, mortgage, taxes, insurance, utilities, investment property expenses, etc. I have also worked on budgeting for annual expenses like vacation, travel, holiday, charitable expenses. I am still working on the numbers for categories such as groceries, eating out and entertainment which has never been an area where we really have tried to maintain a budget. I expect that we will continue our normal procedures of paying known expenses, moving money to savings and then spending the rest rather than trying to come up with budgets for these day to day, week to week spending categories.
We have, however, settled on our 2012 Savings Plan, which is good considering we are almost two (2) months into the year. So with out further ado, here we go:
(1) Max out 401ks - $34,000 ($17,000 for each)
(2) Max out IRAs - $10,000 ($5,000 for each)
(3) Add to our emergency fund - $10,000
(4) Principal prepayment for mortgage - $5,000
(5) House project fund - $5,000
(6) Trading account fund - $5,000
Total: $69,000
Last year our savings goal was $63,000 and we saved $60,060. This year's goal pushes us to save $9000 more than we saved last year. It is going to be a challenge and since we really are starting late (although I left the automatic transfer to savings on from last year) we likely are already behind.
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