HAPPY NEW YEAR!
The new years bells haven’t even stopped ringing and yet I’m already posting about goals, because, well, that’s what you do at this time of year.
See my past January goals and December check-in posts here:
2013 Goals | 2013 Year End Review
DOUBLE DEBT SINGLE WOMAN GOALS FOR 2017
ONE – Pay down my student loan debt from $88,935 to under $65,000.
This is doable as long as I stay on track with my mortgage sized payments. It will be a great feeling to be closer to $50k than to $100k. At that point, I can start to breathe more and hyperventilate less.
TWO – Max out retirement accounts – 401(k), HSA, and Roth IRA.
I have absolutely no idea how this can even be pulled off, but why not throw this in as a goal anyway. A lot of this will depend on how much of a raise I get with my promotion early next year. Even a small raise, which is what I am expecting, will help me put more money towards these accounts, if I can’t max them out. No matter what the markets are doing, I can’t keep losing time by investing so little. The number of years I have left to work are finite. Every year that I’m not taking advantage of these accounts is a loss. I’m grouping the HSA in here as a retirement account, as I plan to use it as a long term health savings vehicle.
So, no sweat, right? I just need a way to come up with $18,000 (401k) + $3,400 (HSA) + $5500 (Roth IRA) for a total of $26,900 in one year. Ummm, yeeaahhh… 0.o LoL! Let it not be said that I’m not ambitious. Ha.
THREE – Increase emergency fund to $4,000.
A fully funded emergency fund for me would be a solid 1 year of living expenses. That’s totally not realistic for me to save right now, but I would like to build up to a partial fund of at least $8,000 in the next couple of years or so. My past e-fund goal, $6,500, no longer feels like enough to aim for. As such, the $2.500 that I have in there now is feeling way too small to provide much protection, so I think $4,000 will be the least I can tolerate having in there by the end of 2017.
The “R” word (recession) is being spoken of openly now, with odds increasing that we’ll have one within the next 4 years. If we’ve learned nothing from the last recession, we should know how important it is to have cash in savings. “[W]hen sh*t hits the fan, you want to be the [chick] who has cash.”
FOUR – Cross-over into Positive Net Worth.
My current net worth is $-28,307. If all goes well with my debt reduction and retirement savings, I will be within striking distance of reaching a positive net worth for the first time in my adult life. The biggest potential obstacle to meeting this goal will be the overheated stock market. Our dear Bull (Market) is rather long in the tooth and could be on its last legs. We are overdue for a major market correction. If this correction happens in 2017, and if it’s large enough and long enough, it could theoretically keep me in the red for another year.
FIVE – Reduce the Fat (both belly and budget) and Monitor my Health.
I have a $600/mo living allowance (food, clothes, supplies, entertainment, etc) that I overspend on every month, mostly because of food expenses. In my defense, food is expensive out here, yet I need to get this under some semblance of control.
I’d also like to lower my body fat by some yet to be determined percentage.This will entail improving diet and physical fitness. I cannot and will not promise to have a perfect diet, but I can make improvements. Gym membership, perhaps a few personal training sessions and higher quality food will require money. I also will be meeting with a couple of doctors in the coming year to start to address some increasing health concerns. Doctors visits cost money too. Sigh.
That’s it for this year.
Yeah, I know. There are no travel goals in here this year. 😥 I just have too many things I want to do and not enough money to go around… Sigh. Ugh. Who knows, though. A year is a long time. Something could happen…
“Debtor’s prison is real, and opportunity cost is a bitch.” (DDSW) (All posts on one page)