Wednesday, October 10, 2012
2012 Goals - October Update
(1) Max out 401k(s) - $30,565 (90%)(goal is $34,000)
(2) Max out IRA(s) - $5529 (55%)(goal is $10,000)
(3) Add to e/r fund - $8000 (80%)(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 - $47,634 (69%)
At present, we are approximately $7,000 behind on our 2012 goals and the gap is widening each month.
The good news, Mr. Sam has maxed out his 401k for 2012 and we have completed savings for one of our IRAs. Other good news - we are on target to complete our emergency fund savings goals.
The bad news, principal prepayment is on hold at 50% due to our refinance. We don't have any prepayment penalties or restrictions on our new loan, so, in theory, we could complete this goal once our mortgage payment is set up with the new company as of November. But, we would have to scramble to do so. Of course we spent $3,000+ on the refinance but (I've decided) we can't really count that as principal prepayment.
As for our house projects and trading account, those both continue to lag behind. The plan was that once Mr. Sam maxed out his 401, which he has now done, to reallocate those funds towards some of these goals. But, as noted in my earlier rental posts we have been spending money on various house projects from our regular funds. We also have to see if we owe the IRS any money (which we normally do). I will know if we owe Uncle Sam this week.
Between the principal prepayment goal and the house/trading account goal, I'm leaning towards focusing on principal prepayment first, after the IRA savings is completed. I'd also like to end the year, although it will be difficult with the holidays and the rental expenses, at least ahead of last year so we need to save at least $61,000 (which is short of our $69,000 goal).