Savings Story

$48,000 Goal Update: 7 Months, A Slight Change Has Been Made

My main goal for 2007 is to save 60% of our gross household income ($48,000) in various retirement, brokerage, and education savings accounts.

Here’s my current, updated chart:


(I’ve also updated my chart over at the No Credit Needed Network: NCN 2007)

I made a couple of adjustments to my chart.  Pre-Tax Retirement Goal was increased by $1000 and Brokerage Account Goal was decreased by $1000.  Why?  I recently made a few changes to my retirement contributions at work and I wanted my $48,000 Goal chart to reflect these changes.

4 thoughts on “$48,000 Goal Update: 7 Months, A Slight Change Has Been Made

  1. I’m sure there’s a perfectly good reason, but why is your son’s ESA being funded with less money than your daughter’s? (And for that matter your wife’s Roth compared to yours?)

  2. Plonkee… I opened my Roth a few months before I opened my wife’s… so, I funded mine for 2006, then hers for 2006, then mine for 2007, and now working on hers for 2007…
    As for the kids, My daughter is 7, and I opened an ESA for her when she was 4… My son is 3, and we’ll be opening his ESA when he turns 4…

  3. Since you are attempting to save 60% of your gross income, shouldn’t your pre-tax savings be adjusted for taxes? Comparing apples to apples, the $1,000 in your brokerage account was worth more than $1,000 in your pre-tax account.

    For that matter, shouldn’t all of your pre-tax money be calculated with these tax concerns in mind?

Comments are closed.