Tuesday, April 19, 2016

Tax Day Update

Well its the day after taxes are due, so its a good time to think about our 2016 progress.

First, we haven't filed our taxes since we normally seek an extension which is what we did this year.

Second, we skipped 2015 IRA funding.  Just didn't happen for a variety of reasons.  Lack of discipline, baby and child care expenses, life, etc.  So, that means we have a bit of extra savings to put towards 2016 IRA funding.

Third, I'm still waiting on Mr. Sam to make my 2016 Excel savings chart.  He's as busy as I am, so it hasn't happened.  Hard to track progress without the chart.  But see below.

Definite goals:
(1) Max out 401k, $18,000 for each of us, for a total of $36,000.  On track.
(2) Finish funding our 2015 IRAs - $8900,  Skipped
(3) Fund 2016 IRAs, $11,000 for the both of us, for a total of $22,000.  $1100
(4) Baby Sam'college fund, add another $5000 this year.  On track

Updated tentative goal, so this is a definite goal now:
(5) Add to emergency fund, $10,000, increased this from $5,000 to $10,000, since we utilized a chunk to buy my nused car.  On track

Debt killing goals:
(1) Pay off lingering credit card debt in the amount of $4261.  Down to $2403
(2) Pay off Mr. Sam's new car, remaining debt $2000.  Down to $1000


Overall debt below $450,000 goal:  Total debt $474,731.

3 comments:

Anonymous said...

How can you put $11k into an IRA for each of you? The maximum is $5.5k per person. Did I miss an increase in the limits?

Tim Norton said...

This is a great financial plan. Having a personal accountant is a necessity these days with all of the places we put our money. Even the most organized person can get confused. I live in the Bonita Springs, Florida area and just got a great accountant. Like you, I hope to have my affairs in order soon.

Kenny Meyer said...

Tax day is a dreaded day each year. Whether you are filing on time or requesting an extension, that day is the worst. I appreciate you being as open and honest about your finances as you are. Those numbers can be scary but it looks like you are well on your way. Good luck!