Thursday, February 21, 2013

2013 Goals - Update

I'm not sure why it takes us so long each year to shake of the holidays and get going with our New Year's financial (and other) goals.  But here we are, its after Valentine's Day and Mr. Sam just got our Excel chart put together for our 2013 savings goals.  I have not updated our spending plan for 2013, but  hope to do that this Saturday.

So, with out further ado, here is our first 2013 savings goals update.

(1) Max out 401k(s) -        $6160 (18%)   (goal is $35,000)
(2) Max out IRA(s) -         $1008 (9%)     (goal is $11,000)
(3) Add to e/r fund -          $1600 (16%)   (goal is $10,000)
(4) Pay down mortgage -   $830 (17%)     (goal is $5,000)
(5) Trading account fund - $50 (62%)       (goal is $5,000)
(6) House projects -          $40 (13%)       (goal is $3,000)

Total to date is $10,048 and we are about $500 short of where we should be.


sclawgrl said...

I'm curious about Mr. Sam's spillover retirement funding - you guys fund your E/R account at a really high rate, but didn't fully fynd the mortgage prepayment goal and as mentioned, it looks like you might not be planning for the spillover this year. Clearly you're doing well at meeting challenging savings goals, but I just wonder why, at this stage, you choose the E/R over theo other two.

Sam said...

sclawgrl, Good question. We fund our emergency account at a higher rate than most because of our three rental properties and our four mortgages.

While we (most of the credit goes to Mr. Sam) do a good job of keeping our rental properties rented I feel more comfortable with more cash on hand in case there is a major expense or in case we are in a situation where we have to cover the carrying costs for an extended period.

The trading account goal is really 401k spillover account goal so long as Mr. Sam's employer will match those funds, so I probably need to relabel that goal.