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Financial Goals for 2014

Last post 11-26-2013 11:41 AM by MRSOBRIEN. 23 replies.
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  • 11-19-2013 7:55 PM In reply to

    Re: Financial Goals for 2014

     We were able to pay off my vehicle and have rolled that into another small debt.  Our goal s to have that debt paid off in the first quarter of next year and then start on another debt.

    Unfortunately unexpected vet bills and dental bills have cost us our savings, a small CD, and a charge on a CC.  So we need to start trying to make up for those expenses.

    We also are looking at some home repair that unfortunately might be costly.  We are hoping to be able to put that off until summer.

    retired

  • 11-20-2013 12:27 AM In reply to

    Re: Financial Goals for 2014

    My goals for 2014 is to sock some $$$ away for my daughters first car. I already have almost 1000.00 put away but it will take more than that. We will not be incurring any debt for her car! I only have a couple years to save as much as I can. I got a lot done this year on the condo, a new door and paint interior. For 2014, I would like either a new tub and tile or new appliances but not both. I would like to have more of an EF for me. My car is getting old. Slowly but surely getting out of debt by not using new debt. I would like to follow a stricter budget to help me save more!!
    Henry Ward Beecher wrote, "It is not what we take up, but what we give up, that makes us rich."

  • 11-20-2013 12:27 AM In reply to

    Re: Financial Goals for 2014

    My goals for 2014 is to sock some $$$ away for my daughters first car. I already have almost 1000.00 put away but it will take more than that. We will not be incurring any debt for her car! I only have a couple years to save as much as I can. I got a lot done this year on the condo, a new door and paint interior. For 2014, I would like either a new tub and tile or new appliances but not both. I would like to have more of an EF for me. My car is getting old. Slowly but surely getting out of debt by not using new debt. I would like to follow a stricter budget to help me save more!!
    Henry Ward Beecher wrote, "It is not what we take up, but what we give up, that makes us rich."

  • 11-20-2013 3:22 AM In reply to

    Re: Financial Goals for 2014

    With the baby coming and that the baby will get some financial support since DH receives SSDI we have no idea what to expect for 2014. What I do know about I'm trying to plan for. I know I will have medical bills from my hospital stay and more copays with lots of baby dr visits, so during open enrollment I chose to max out my flex account. Those are pretax dollars so my take home income will be a little lower but we'll have funding for at least a large part of the year's medical expenses. I also know we are paying off the car in January so what we have been paying is going to be set up as an automatic savings every month to be used for repairs and a future car. Finally this year I have been more consistent than ever before with both saving and tithing and I would like to continue that this year. The saving would be above and beyond the car savings. We will be dipping into savings since I have a few weeks of no pay or very low pay (maternity leave) so the priority will be to get the emergency fund over $1000 and then build steady from there every month. Lastly I have 1 big expense coming up this year with a small remodel job to the house as convert DD's bedroom back into 2 bedrooms. Our contractor friend is working on a plan and some numbers for us. I hope to expense the vast majority of it with our tax refund.
    Officially Recognized Stretchpert in the General forum
  • 11-20-2013 6:08 PM In reply to

    Re: Financial Goals for 2014

    Treva, good luck on the baby! Everyone has such great goals - this is why I am so glad I found the Stretcher community.
  • 11-21-2013 2:19 AM In reply to

    Re: Financial Goals for 2014

     Mrs obrien,

    I incurred a big debt this year, I bought another car.  Now I have two car payments as a single mom.  Ouch. But with 7 kids going in many different directions, my broken car can make it around town to get to some schools, activities, and jobs.  I need to crunch numbers, but I did need the car.  I would like to take part in an event this year, The Great Climate March, I will have to see what funds I have. That is my main goal, to pay cars down, two payments at a time, and go on the march some. I did not have car payments for many years, then when I was in nursing school had to replace one that was rear ended on the freeway and totaled, and now I needed this one, I am driving tons for work. I am trying to work two extra days a month so the cars come out of that and not the regular budget, the old car loan is in the budget, but I could pay a little extra. I am reminded when I got my first car loan, at age 24, then I bought a house as a single mom the next year.  I have since been through about 8 cars and this is my fourth house.  I am hoping I am can stay with these, with a new radiator for the old car, for a while.  Next year also starts several years of having two in college.  I will do what I can. I don't have a lot of concrete goals for the coming year as there are still so many variables.  One step I want to take yet this month is make a chart of payments for the cars and post on the fridge, so I can highlight them and feel like I am making a little progress. 

  • 11-21-2013 11:43 AM In reply to

    Re: Financial Goals for 2014

    tracyinmn, you do what's right for your family mama! The only reason I can get away with my little old beater is because we don't have kids yet and I drive in a straight line down the highway for 10 miles to my job and back twice a week. DH hates that I even have to drive that much in the winters when its windy and rainy because the car is so small that the wind likes to push it around. I think you had said you got a good deal on the vehicle you bought, so I'm sure it will last your family a good long while. I know you're doing your best for all those kids and how hard it can be with the kids in college, but you're setting a great example of working hard. My mom worked minimum wage jobs her whole life and when she dropped me off at college, she had scraped together enough money to get me new bedding and toiletries for my dorm room and but didn't realize I'd need book money. (I was on scholarship, but books were not covered). I hated asking her for it, but I was new at school and didn't have a job yet so I called and asked if she could help me out. She said not to worry and came back two days later with a wad of cash she'd borrowed from her best friend and told me to have a great school year. I felt so bad having to make her do that. I worked 2-3 jobs the rest of the time I was in school and so did my brother. I really think the reason we did so well in school is because we had to work hard to get our education. We did better than most of our friends who had everything paid for and even now, as much as I hate paying back my graduate school loans, I am grudgingly grateful that its forced me to learn to budget and be frugal. And PS I think the chart is a great idea! DH laughs at me because I'd like to make an old fashioned thermometer and tape it to the dining room wall so that I can color it in every time we make a loan payment.
  • 11-21-2013 3:51 PM In reply to

    • Walt34
    • Top 75 Contributor
    • Joined on 12-17-2007
    • WV eastern panhandle
    • Posts 1,399

    Re: Financial Goals for 2014

    We'll hold of on me applying for Social Security for a few more years although I'm eligible to take it now. While I have a pension, it dropped at age 62 by the amount that I would have been eligible for then. By holding off I (and later DW) will receive a larger benefit. We knew this was coming and planned for it, including buying a new car with cash if needed. We're done making payments on anything.

    LBYM (Living Below Your Means) pays off!

    Officially Recognized Stretchpert in Money Management
  • 11-24-2013 12:55 AM In reply to

    Re: Financial Goals for 2014

     Mrs OBrien, thanks for support!  I have driven over 2000 miles on the new car, in less than a month. Just got the plates to put on.  I love it, and it feels so safe and reliable.  It is a Pilot, with 93000 miles on. I have met my goals for the 2013 year for the credit card bills and the lawyer bill, the house is still a little higher than I hoped it would be. Goal next year, the car paid a little quicker than scheduled. 

  • 11-25-2013 2:49 PM In reply to

    Re: Financial Goals for 2014

    My husband may change jobs this year, so we'll need to re-budget at that point if and when it comes. Our house is paid off and we have no other debt, and insurance is through my employer, so it wouldn't be as drastic a change as it could be. He might decide to work part-time, though, and do some volunteering, so we would have to re-think some of our financial priorities.

    Jillibean, I like what you said, "life is for living, not spending all your time tied to a job and responsibilities." We too could live a little closer to the bone if we needed to, but I hate to think of my husband spending 15 more years at a job he finds unfulfilling, just so we can retire a couple years earlier than we would otherwise. I enjoy my job a lot, and feel like I really am making a difference in my community. I would gladly work a few extra years if it would give him the chance to find something similar.

    Other than that, we'll continue to save for retirement and for our son's college education. 

     

     

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