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About Me:

terri77

I am 46, single, no kids. I am a health care professional. I feel that I'm generally a very good saver and a not so good budgeter - hence the credit card debt payoff I worked through in 2020.

My personal finance goals for 2024:

1. Contribute maximum to Thrift Savings Plan. This is a recurring goal that I’ve accomplished every year since 2008.

2. Contribute maximum to Roth IRA. This is a recurring goal that I’ve accomplished every year since 2001.

3. Pay off credit cards. Completed January 2021. Now the strategy is to pay off my credit cards monthly with no balance carryover.

4. Build up emergency & long-term savings. I completed my initial goal in April 2021. I have 3-6 months of expenses saved at this time & I continue to save for my next car purchase, which is hopefully many years away. I use high yield savings and CDs.

5. Invest in brokerage account. I started with the proceeds from selling my condo & have added monthly. This account is for a future down payment when I purchase a home again.

6. Give to church monthly. I attend two churches right now so I alternate my monthly offerings.

7. Give to charity monthly. Food banks are my preferred charity to give to. I have automated my charitable donations at work to give with my biweekly paychecks.

8. Apply for promotions as they become available. Right now I’m very happy in my current position, so this isn’t much of a goal currently. I have received several raises, I enjoy the work I do, & the people I work with…I’m very happy to stay where I am.

9. New goal for 2024! Build new home with $100k down. This will be funded from my brokerage account & cash savings. 🏡

Future Goals

April 6th, 2021 at 08:53 pm

I have pre-populated my budget worksheet for the month & I believe that I will be able to send an income surplus of $3,000 to my savings. At this rate I will exceed what I had planned to save in 2021. This has me thinking about what I can do with that money once I fully fund my emergency savings. I will have other expenses: purchasing my next car hopefully later rather than sooner, and other home projects.

I am really thinking about paying off my home early. I get so inspired listening to the Dave Ramsey show. Seeing so many people even younger than myself having paid off their homes is so inspiring. Especially when many own homes worth far more than mine. My condo would be paid off by the time I retire, but paying it off sooner is even better. It's definitely something to consider.

Posted in Savings stories, Home sweet home, Saving Money | 4 Comments »

4 Responses to “Future Goals”

Wink Says:
April 6th, 2021 at 10:43 pm 1617749007
1617749007

I have zero regrets paying my home off early, before I retired. The peace of mind, for me, was immeasurable.
terri77 Says:
April 7th, 2021 at 03:52 pm 1617810772
1617810772

Thanks for the input, Wink! It definitely inspires me to do the same.
rob62521 Says:
April 7th, 2021 at 07:30 pm 1617823818
1617823818

We paid off our home early and it made a difference for us to have that extra money to invest. We refused to spend it, just put it in the bank for a number of years like we were still making a mortgage payment. Our goal was to get the house paid off before DH retired and we did that a few years before and it was a very freeing feeling.
terri77 Says:
April 8th, 2021 at 02:29 pm 1617892158
1617892158

Y’all are really making me excited about this next goal! I had a mortgage payment yesterday & with my next payment I’ll be under $53k. I can do this!

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Firefly's Personal Finance Blog

Working out my spending impulses.

Future Goals

4 Responses to “Future Goals”

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