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.
4 comments:
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?
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.
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!
I hope you get rid of your debt soon. It's a fickle thing.
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