Annual Savings Goal $40,417
Cash Savings Increase $ 9,691
(since January 1, 2017) Financial Goals Achieved/Progress
Fully Fund Roth $13,000
DH Additional Retirement $ 4,016 (towards $6,000 as part of annual goal)
Total Savings achieved $26,607
Goal Balance $13,810
We've achieved several things on our budget that I am happy to share or repeat.
- $13,000 fully funded our Roth, after tax IRA. This means we will pay no taxes on this money nor the earnings in retirement.
- $8,000 towards DD2's college fund was achieved.
- $800 spent on our anniversary weekend and college weekend visits. This was our scaled down vacation plan since we decided to put money towards a big trip next summer with all our kids, and fore go Yellowstone. With this being the first summer with the new cabin, we knew there would be a lot of work there to finish-and there in fact was! I did not put the $800 into the cash savings tracking, but was part of the goal as we started the year.wanted to at least recognize that we did achieve this.
- Additional contributions to family and friends with health crisis, and hurricane relief.
Our cash savings took a jump after my raise, at least $1,500 of the cash savings a direct benefit. DH also did not have as bad a slow period this summer as he had last so his overall income increased. While these are good things, we need to continue to examine our spending as we will have a very agressive cash savings goal starting in 2018, our last full year to save before DD2 starts college. I'm also a tad worried how our taxes for 2017 will play out, and if we manage to make it through like last year without an extra tax bite. A few years back, DH's taxed earnings were low proportionate to his spiffs,which are untaxed. We were absolutely slammed! While I wanted to carefully set aside 40%, over the year these did get mingled in full with regular pay. We do have a side account that we pay ourselves, so if we take a hit, we can draw down there. Who needs a new car in the future anyway?
If you are curious to see what made up the $40,417 target, revisit the post from last December Thinking Ahead to 2017 Financial Goals.