Resolutions

[amastewa93]

Wanted to start a thread about resolutions, particularly those of the finance kind. I am resolving to get better control of my finances in 2016. I went from being a college student to having a pretty good paying job rather quickly and need to learn what to do with the money I now have.

What are you all planning to do?

[disneysteve]

What are you all planning to do?

Something that's been on my to do list for way too long is to roll over my wife's 401k and 403b plans into IRAs. I want to actually accomplish that in 2016.

[ua_guy]

2016 is going to be the year of the new job, I think.

And a real vacation. Moab with the Jeep. Vacation first, then start new job. Probably aiming for April unless I find and land something before then.

The master bath is going to get remodeled if we can swing it. Nothing crazy, but I do want a tile shower, pan and everything.

There are some expenses I'm trying to cut out as well. Lunches out at work--I'd like to get that down to just one day per week.

Less drinking. Good for the wallet and the liver.

[cypher1]

Financial: Max Roth IRA (I know, I know), and finally move old 401K over to Vanguard traditional IRA options. Continue saving, but focus more time and research on investing than keeping lump sum in EF.

Personal: Go to Iceland later this year. Cut down on beer during the weekends, and workout more. And put more time and effort into dating.

[kork13]

Most of my New Year goal setting always involves finances... This year, my wife and I are expecting to move in the summer (yay military life!)
We will:
- Sell DW's current car to her sister & buy a more kids-friendly small SUV. (cash savings for it complete by July)
- I want to roll into Vanguard a Roth IRA for DW, currently languishing in a high-cost account/MF set up by a relative before our marriage... The paperwork (some sort of seal/bank certification thing) has been a headache, so I need to figure out how to work around it.
- Max out our ROTH IRAs (been doing this for years) & TSP accounts (this year we almost managed this, writing $1k)
- Continuing to contribute to our newborn son's 529 plan.
- When we move, we need to figure out what/how to deal with both of our current homes. We may be able to rent one to my brother & his getting-serious-girlfriend... But the second house, we currently have renters, but one of the 3 recently moved out, and a second (of 3) is likely moving in the summer as well. That house may be getting sold, but that's an adventure we haven't yet dealt with.
- Moving also means finding another house in the new location, and DW is intent on buying again... Gratefully, I have about 50k left in my mid-term investments that I can use for a down-payment if/when that becomes necessary. I just got a small raise, and my wife will get a larger one in April. Hopefully, we can build up our savings some more in preparation for this major purchasing event....
- In the midst of all of that, we also want/need to finish building up our Emergency Fund. After our marriage, our EF needs expanded by about $10k, so we've spent the last 1.5 yrs building that up. We're getting there (~$5k to go), and hopefully we can manage to finish it by next December.

Wow .... Looking at that list, it seems a little daunting, especially having all of the real estate considerations were going to be dealing with this next year...

[creditcardfree]

Most of my New Year goal setting always involves finances... This year, my wife and I are expecting to move in the summer (yay military life!)

Oh lucky you! The military moved us to NC this past summer. We chose to sell our home and rent. The real estate market here is not the best. Make sure you do research on how long homes are on the market in your new area. Our landlords are military who bought and can't sell without losing money after four years of owning. There are probably eight homes in our neighborhood that have been for sale since we moved here in July.

- I want to roll into Vanguard a Roth IRA for DW, currently languishing in a high-cost account/MF set up by a relative before our marriage... The paperwork (some sort of seal/bank certification thing) has been a headache, so I need to figure out how to work around it.

There is likely not a work around on those types of transactions and necessary guarantees. Do you have a local bank or in a town with a brokerage firm you have accounts with? These institutions should provide. USAA Service Centers provide them if you have one in your area.

[feh]

Resolutions and plans are 2 different things, IMO.

I don't make New Year's resolutions. If there's something you want to change/accomplish, why wait until Jan 1st to start?

[disneysteve]

Resolutions and plans are 2 different things, IMO.

The dictionary defines "resolve" as: decide firmly on a course of action. To me, resolve and plan mean pretty much the same thing.

I don't make specific New Years resolutions either, but if someone asks me on December 29 what I hope to accomplish in the coming year, my answer is basically going to sound like a New Years resolution since the new year is just a few days away.

[rennigade]

Knock up my wife in fall of 2016...yep...its almost that time.

Maybe try to deadlift 400lbs+. Not sure if thats doable so we'll see.

[Jluke]

Max ROTH and come close to maxing 401k.

Ensure taxes owed at end of year as close to $0 as possible.

Pay only $300 extra each month on the mortgage - for anyone paying attention to my posts you know this will be a huge challenge for me and I expect to fail as I know I'll pay even more extra at some point.

Home Upkeep: Protective Flooring for garage (December 29, 2015 - close enough to 2016). New rugs in the Living Room and Dining Room (January); maybe upstairs rugs too.

Continue paying down low interest debt at the scheduled intervals with an extra $50/month to the car loan and $50 to the HVAC loan. Payoff $360 AmEx by April (0% rate).

Remain open to market fluctuations for investments outside of ROTH.

Yearly vacation; day trips, etc.

[Joan.of.the.Arch]

I have no particular resolutions at the moment.

The time that seems most like the opening of another year is when the schools are beginning their first semesters. No one ever asks, "What are your August 26 resolutions?" The first day of slicing into the garden soil with my shovel in spring is a happy turn of the year as well.

[disneysteve]

I didn't know people scheduled knocking up. The more you know...

Not to stray too far OT but yes, many responsible couples plan for when to start a family. We certainly did. There are steps that one should take. If the woman is on birth control, that needs to be stopped a certain amount of time in advance. Medication changes may be necessary. Personal habits might need modification (smoking, drinking, caffeine, etc.). Pre-natal vitamins need to be started. Lots of reasons to plan ahead.

[rennigade]

I didn't know people scheduled knocking up. The more you know...

Oh yea...in my experience they definitely plan. Well...my friends from high school who are bad with money and irresponsible for the most part did not plan. They just randomly had kids and that was that (not saying being bad with money and getting randomly prego go hand in hand.) All of my wife's friends who are responsible, high degrees, higher paying jobs all planned and or set a specific time frame for when they "tried" to get pregnant.

Like disneysteve said...there are a lot of things to consider. Getting off birth control for a while was one we took into consideration. Vitamins beforehand, etc etc. Hes a doc and knows more about the health aspects so ill stop talking now.

The time of year we hope to get pregnant...so in 9 months it will be warm out...so wife and kid can get outside and not be trapped indoors due to cold winter months.

Wife just started new job...would rather not get prego right away and have to take off...she will have almost 2 years in before having to take leave.

We plan on moving in a couple years...we will only have to stay in current place for no more than 4 months after child is born.

Vacation in October...we like to scuba dive...im not sure how great that would be for someone carrying life inside of them.

The list goes on and ive clearly drug this out long enough...you get the point though. Different strokes for different folks. We've always planned and probably always will. Theres no right or wrong way..just our personal preference.

[dawnwes]

Health Goals:

I have logged my food in MyFitnessPal for 9 days now. These days before New Year's were simply to get in the habit, not to necessarily stick to anything in particular.

I have also synced my Fitbit with MyFitnessPal. Now if I could just remember to WEAR IT!

Financial goals:

1. Track spending more consistently
2. Can't do as much as I would like until we move. This house just needs too much work.

Spiritual goals: I plan to read the Bible through this year, even if I end up listening to it most of the time on Daily Audio Bible.

[disneysteve]

I only mentioned a financial plan above but if we want to add non-financial stuff, I have two exercise goals. I want to get my 5K time under 30 minutes. I have done it once a couple of years ago but haven't been able to repeat it. My other goal is to complete a longer race. I have my eye set on a 10-mile race held in Philadelphia in May. I've been gradually working on my distance and stamina and I'm up to not quite 5 miles. I'm going to keep upping my time and distance to be ready to run 10 miles by May.