That will be our 2013 savings motto. We have finished strategizing about our 2013 goals and we've figured out our plan.
Our goal is to save $69,900 in 2013. And as you might recall, $69,000 was our 2012 savings goal number. And as you might further recall, we fell short in 2012 and saved $62,446. So, we are trying again to reach that number although the individual goals are a bit different.
First, we want to max out our 401k for each of us. The limits for 401k savings have gone up to $17,500 so that will be a total of $35,000.
Second, we want to max out our non-deductible IRAs for each of us. The limits for IRAs have also gone up to $5,500 so that will be a total of $11,000.
Third, we will add $5,000 to Mr. Sam's after-tax spillover account (assuming his company continues to match those monies) or to our trading account.
Fourth, we will add $10,000 to our emergency fund.
Fifth, we will prepay the principal on our primary mortgage by $5,000.
And, sixth, we will save $3,000 for house projects.