Goals, Savings

Saving 60% Gross Income February Updated

As noted here, I’m trying to save (in retirement and non-retirement accounts) 60% of my gross income in 2007.  I’ve been tracking my progress towards my first goal (of saving $4000 in my daughter’s ESA) over at the NCN Network site. 20% of my gross income is about $16,000.  This amount will be automatically withheld from our paychecks and deposited into our retirement accounts.  Basically, the other 40% (or $32,000) will be money that I have to “manage” throughout the year.  If you divide $32,000 by 12 months, you get $2,666.66.  I was able to deposit $4,000 into an ESA for my daughter, which means that I’m nearly $1,350 dollars “behind” for 2007.  $4,000 represents 5% of my annual gross…

Continue Reading
Budget, Goals

Creating a Personal Finance Goal

I love to create goals for myself. I’ve created goals for my websites (number of subscribers, revenue, etc), my health (weight loss, miles walked, etc.), and my finances (debt repayment, emergency fund savings, etc.) Currently, I have a goal of saving $4000 before April 1, 2007 for my children’s Educational Savings Accounts. (The actual long-term goal is to save enough money for my children to attend a public university in Georgia. The short-term goal is the amount, in this case, $4000.) To achieve my goals (both the long-term and short-term goals), I need to create some plans. Again, I need a short-term plan, for the short-term goal, and a long-term plan for the long-term goal. (In reality, the long-term plan…

Continue Reading
Goals

What Now?

Now that I am debt free and I have my 20,000 dollars saved in my emergency fund, I need to decide what my goals for 2006-2007 shall be. I think that I will now focus on my retirement savings, college savings for my children, savings for a future home purchase, and automobile replacement savings. Savings, savings, savings!!! I want to “save” the following before April 15, 2007 (tax day!): 2 Fully Funded Roth IRA’s: 8,000 dollars 1 Fully Funded ESA: 2,000 dollars Home Purchase Savings: 3,000 dollars Automobile Savings: 3,000 dollars Total Savings: 16,000 dollars

Continue Reading