Monday, January 2, 2023

Money Monday-The 2023 Financial Goals

     


     Today's my work holiday since New Year's fell on a Sunday. I've got plans to get the house ready for kids coming home, some of DD2s things ready for her to take back, and maybe a bit of baking. It's a good day to finally think about goals. I'll parcel them out over the next few days in posts. Here was last year's. I'm happy to say, I was more successful than I thought I might be. I've fallen short on group calls though part of that was time zone differences, 2 for 1 purging, finishing the office ( though it's functional), and reading for fun. 

Good Heath and Improved Wellness:

  • Lose 10% minimum of my body weight
  • Get the cortisone shots as allowable for my knee

Financial Stability and Progress on Retirement Goals

  • Develop and stick to budget to live off just my salary (long term savings such as college and house projects not included)
  • Thrift and budget challenges that reduce waste, at least one per month

Positive Relationships

  • Get together with friends, either couples or my friends at least one time per month
  • Continue at least monthly group calls with my kids

Organized Mind and Life

  • Continue the  2 for  1 purging challenge, where I get rid of a minimum of 2 things for every one item that comes into the house. 
  • Finish office to my satisfaction

Peace and Contentment

  • Commit to 10-15 minutes of yoga and/or meditation, at least 3 times per week.
  • Read for fun- aim for at least one reading binge a week
     2022 was a moderately successful year in terms of meeting fiscal goals. For all intents and purposes, we did live off just my income, including a few extras. I did not do public challenges every month, but each month I had a personal target or goal. No lottery wins, big promotions, inheritance or other windfall, but wins from every day planning, tweaking needs, priorities, and wants, and keeping eyes on the future.
  • We determined DH will retire four months earlier than originally planned, September 2023 instead of January 2024. He's at his wits end there- vacation time off sealed how much he needs to be done. 
  •  Our daughter bought a beautiful house. While her hard work, we helped with a few minor things here and there, and lots of moral support, so including here. 
  • To add to her life events, as you know, we're helping with her pup. She's the adopter, getting all the costs, but we've added a few things to help as she updated her budget. Transporting a kennel back and forth was not realistic so we bought one for our house too. 
  • We've outlined the plans for two bathrooms and patio that need updating/ replaced. Funds are securely tucked away. 
  • We covered college tuition and living costs for our youngest for this her final year, graduation in May. She did a solid job working part-time jobs in the school year, full time in the summer, and covered her extra costs for study abroad and travel. She'll even have a little nest egg to help get launched with her next life phase. 
  • With a few side games and blogging, I earned a little fun/gift giving money. 
  • Maintained donation levels despite the challenges in the car industry having a negative impact on DH's pay. While I had a tiny raise, his salary was down 20%. Add inflationary impact on everything, I'm pleased we didn't cut back helping others. 
     My goals are simple for 2023. The first is the means to the other four. Vacations (5) will be simple and cash flowed, but the main one is in DH's corner to plan.
  1. Decrease wasteful impulse buys, like the water resistant hiking boots that jumped into my feed Saturday morning. Actually, I was looking for boots and these were just what I wanted and at least 1/3 less than comparables. But, I need to make sure that's a rarity, not a norm. I classify the boots between a want and a need. 
  2. Increase cash savings. I continue to find tune where we spend but also where we can grow side funds. 
  3. Fully fund my 401K, and proportionately fund DH's before retirement. The market will turn around eventually, and we won't be touching funds for 5 years. The more cash savings, the more we can defer withdrawal. 
  4. Put something in Roth, likely the equivalent cash savings added by April 15, the deadline. The Roth is intended to fund health insurance, copays, and deductibles between my retirement and reaching medicare eligibility. We'll continue to fund a non penalty HSA for wrap around health care needs.   
  5. Have a celebratory vacation for both our 35th anniversary ( this past October), and his retirement. Other vacations will be simple, utilizing the cabin and day trips, and basically without added expense. The boat is there for our families enjoyment. We underutilized since buying last summer. We got a cute small cooler from our Godson that is great for adding hours out on the lake. His mom, Sister in law, made logo stickers for the lake place, and put one on the cooler. Very clever. 
      I'll keep at the little games, the apps to earn money. My daughter's and I have some ideas in the works too. I need a personal laptop, or at least a Chromebook, and think January might be the month to buy. There's no charge on the laptop I've been using of my daughter's, must be plugged in. Maybe I can keep limping along, but the side perks would go towards one. Best wishes to you all on your 2023 money goals. 
     


24 comments:

  1. Sounds like your goals were met in 2022. Its great that you mostly lived off your income in 2022. hope all of your goals will also be met in 2023. Your dh must be thrilled he is going to retire four months earlier than planned. That’s great.

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    1. He's pretty apprehensive actually. I feel like as it gets closer, I might get resistance.

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  2. I think you met your goals satisfactorily for 2022. And time to look forward to 2023. I look forward to seeing your progress.

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    1. I hope we rise to the goals. Of course, you know life can change quickly, so hoping to live a good life regardless if fiscal goal.

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  3. My laptop must be plugged in to work. The charger cord keeps slipping out of the laptop, making using the laptop a great pain. I am going to get all this worked out this week. It's time!

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    1. That's how my daughter's old one is. It got her through 2 1/2 years of highschool, plus me for another two plus years, but it's a shame how poorly things last.

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  4. I'm always very impressed when I see people's goals for the new year. I gave up ages ago because I know I just don't have the staying power, but good luck to you. And more especially, good luck to your husband and his forthcoming retirement!

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    1. I think he'll push back a bit as it gets closer so he needs to find other interests to know he won't be bored.

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  5. These all sound like great goals, good luck and good fortune for 2023.
    Megan

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  6. Glad your husband is retiring before things become unbearable. I am hoping TheHub will retire or at least cement plans for his retirement≥

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    1. I just don't see the need for him to keep working. I know there's always risk, concern, but I think he'll be much healthier mind and body after he retires and can enjoy his earned time.

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  7. Other than grocery goals, I don't know if I have (or have committed to) other goals. Hmmn. Things I want to accomplish in 2023? Things I want to let go of in 2023? Your post makes me think more about this.

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    1. I need to let go of a lot of literal and figurative baggage that's for sure.

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  8. I definitely need to meal plan and declutter and probably spend less time on my phone. One simple sentence with a lot of hard work. JoAnn

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    1. I hear you in the phone one. As I'm on it at 4:40 am.

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  9. Sounds like some great goals! I have a couple of financial goals in mind this year. We'll see if I can stick to them! I think my main thing this year - after spending a good chunk of last year dealing with husband's aunt's house - is to get my own house in order. I have a lot of sorting and purging to do. That's my main goal for household things this year!

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    1. I see after my in-laws moved 22 years ago she's got almost as much accumulated. It won't be easy to purge but you're right. Others shouldn't have to deal with it later.

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  10. Good luck with this! Keep this list handy so you see it often to remind you. I will do similar.

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    1. I feel like I should post it rightat eye level.

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  11. I hope you are able to convince your DH to retire. My husband thrived as soon as he retired. Thinking of something he enjoys and will keep him a little busy is a good idea. That's what has kept the big guy happy on his own terms.

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    1. He was convinced,but now flinches because if the economy. I know he'd find plenty to do. He literally did nothing over the holidays he was so spent just trying to recuperate from his work addiction.

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  12. If you know anyone who is on Medicare , ask them now what you should plan for. Because we did we knew to save extra for the 1st yr off regular insurance. Medication is a big issue of costs.

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  13. Wow, it sounds like you’ve done wonderfully and your goals admirable as well! Good Luck!!

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