Goals, Savings Story

Reworking My Savings Goal And Thinking About Buying A House

Currently, we live in a house provided by my employer.  We love our house, but at some point in the future, we’ll want to buy our own house.  To that end, I’ve created a new savings goal. For the past six months, I’ve been tracking housing costs in our local area.  We have picked out three or four subdivisions that we really like, and we’ve calculated our ‘maximum amount we’ll pay for a new home’.  While I’d love to pay cash for the house, that may not be realistic.  But, I do hope to put at least 20% down so that we can get a conventional loan and avoid PMI. I have run several calculations, including pricing the loan for…

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Savings Story

$48,000 Goal Update: 11 Months And 1 Van Later

My goal for 2007 is to “save” $48,000 in various retirement, education, and investment accounts. Click here to read all posts associated with my $48000 goal. Click here to read about my savings and investing goals for 2007. Here’s my updated chart with detailed information: As you can see, I’m going to miss my goal… by more than $20,000! Yikes, right? Well, it’s not nearly as ‘bad’ as it seems. My primary mini-goals were to fully-fund our retirement accounts. I managed to fully-fund my 403b, my wife’s pension plan, my Roth IRA (for 2006 and 2007) and my wife’s Roth IRA (for 2006 and 2007). I also fully-funded my daughter’s ESA (for 2006 and 2007). Mid-year, I decided not to…

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Savings Story

$48,000 Goal Update: 9 Months (Roth IRAs Fully-Funded!)

I’m working towards saving $48,000 this year, which is 60% of our gross household income. Click here to read all posts associated with my $48000 goal. Click here to read about my savings and investing goals for 2007. Here’s my updated chart with detailed information: Explanation My Roth = $8000 ($4000 for 2006 and 2007) Wife’s Roth = $8000 ($4000 for 2006 and 2007) ING (Repay $5000) = I ‘borrowed’ $5000 form my savings so that I could fully-fund the Roth IRAs for 2006.  I am in the process of ‘paying myself back’. Next Step:  Open and fund ESA for my son. (You can also follow my progress over at the No Credit Needed Network: NCN 2007)

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