Monday, September 10, 2012
2012 Goals - September Update
(1) Max out 401k(s) - $27,697 (81%)(goal is $34,000)
(2) Max out IRA(s) - $5126 (51%)(goal is $10,000)
(3) Add to e/r fund - $7200 (72%)(goal is $10,000)
(4) Pay down mortgage - $2490 (50%)(goal is $5,000)
(5) House projects - $900 (18%)(goal is $5,000)
(6) Trading account fund - $50 (1%)(goal is $5,000)
Total - $43,463 (63%)
At present, we are approximately $5,600 behind on our 2012 goals and the gap is widening.
Due to the mortgage refinancing, our mortgage pay down goal is on hold. Our thinking was that we will have closing costs approaching $4,000 and we ought to save our pennies for those costs. Do we count the closing costs towards this savings goal or not? Once the refinance is completed, our closing is scheduled for this week, we will have two years in which we are not permitted to pay off the mortgage in full. I need to understand whether that restriction extends to paying extra towards the principal or not. If we are restricted on paying extra towards the principal do we keep saving the money we committed to the mortgage pay down or do we put it towards another goal?
For the house project goal, when we were getting ready for our refi appraisal, we spent close to a $1000 on getting the house cleaned up. Do we count those expenses towards our house project savings or not?
We also have the added expense of the life insurance policies coming up. And, we also have to get our 2011 taxes done which will include a payment to the IRS.
In sum, we have a lot of outgoing expenses in the next few weeks, but we need to get our savings back on track. Mr. Sam will max out his 401k savings by the end of September which will free up some extra cash to put towards our other goals. We also need to get ourselves refocused and recommitted in order to close out the last year with saving success.