Starting to think about 2016 savings and financial goals.
(1) Max out 401k for each of us, the limits have not changes for 2016 so that is $18,000 for each of us for a total of $36,000. Automatic payroll debits are in place, I will just need to check them in January
(2) Finish funding our 2015 IRAs - $8900, The 2015 IRAs must be funded by 4/15/16. As such, we will have some heavy upfront savings of about $1110 per pay period between 1/1/16 and 4/15/16.
(3) Fund 2016 IRAs $11,000 for the both of us, this number also is unchanged from 2015.
(4) Baby Sam'college fund, add another $5000 this year.
(5) Add to emergency fund, reducing this annual goal to $5000 (this year we saved $10,000)
(6) Save for a nused car for me $10,000. My car will be 10 years old next year and its got some expensive repairs that I've been holding off on. I replaced my last car after 9 years of life so I'm thinking this car will need replacing soon.
The above savings goals total $75,900. The highest savings number we have ever hit with our savings efforts is @$64,000 (back in 2013). So, this would be a big stretch for us, especially with our child care expenses for Baby Sam.
Debt killing goals:
(1) Pay off lingering credit card debt in the amount of $6500.
(2) Pay off Mr. Sam's new car, remaining debt $2500.
Above debt totals at $9000.
Also, I'd like to reduce our total debt to under $450,000 total. At present our debt total is at $484,848 which would require killing the above credit and car debt and also killing another almost $26,000 in debt. I think that is this is a reachable goal since we paid off @$34,000 in debt this year.