In 2007, I’m trying to save 60% of our gross income. (For a detailed breakdown of my 2007 savings goals, check out this post.) Here’s the progress so far. (I have a detailed chart of page.)
20% of our gross income will be dedicated for our pretax retirement accounts. These amounts are withheld from our paychecks, so there will be no need for me to track these amounts. For 2007, 16K in retirement will be a sure thing.
The other 40% of our gross income is equal to $32,000. This 32,000 will be spread out over 2 ESA accounts, 2 Roth acconts, and my Tradeking account. To achieve my goal, I will need to save 2,666.66 per month. (32K / 12). How did I do in January of 2007?
I managed to save 1800 in an ESA account, and an additional 1000 in my ING Direct account. I achieved my monthly goal, even surpassing it by a few dollars. I’ve already deposited the 1800 in the ESA account. I’ll keep the other 1000 in my ING Direct account until I decide which type of investment account I want to focus on next. (I might simply move the 1000 to the ESA account, but our dryer has been on the fritz. Until I’m sure that this money will not be needed in the next 2 weeks, I’m going to keep it in a more liquid account.)