With 2013 almost wrapped up, I thought I should probably review my New Year’s resolutions to see how 2013 turned out…
New Year’s Resolutions 2013
Here were the goals I set out at the end of 2012 for the new year:
- Pay off the rent house by December 31, 2013. It had about $23,500 to go.
- Max out both Roth IRA’s for 2012 by April 2013 (needed $8000).
- Max out both Roth IRA’s for 2013 by December 31, 2013 (needed $11,000).
- Budget appropriately for at least 3 vacations – a one week summer vacation, the Financial Blogger Conference again, and the Board Game Geek Board Gaming Conference again.
- Continue staying active. My specific goal here is to get off my butt at least 3 times a week for at least 30 minutes all year long. Since I don’t want to be able to fail by just having a bad week, I have decided that this means that I need to exercise a minimum of 12 times per month to stay on track (144 times or more over all of 2013).
Results as of December 15, 2013
Here is where I stand so far:
1. We paid off the rent house, yay!
2. We maxed out both Roth IRA’s for 2012 early this year, woot!
3. We fully funded my 2013 Roth IRA in June AND WE FULLY FUNDED HUBBY’S IN SEPTEMBER despite zeroing out our emergency fund for dental expenses…
4. We Budgeted for at least 3 vacations, check!
- Our 5 day cruise was from August 31 through September 5 and we kept the total to about $1000 for both of us. *ONE DOWN*
- I visited Salt Lake City, Utah from September 19-24 and kept the entire trip to about $350 including the plane ticket. *TWO DOWN UNEXPECTEDLY*
- I helped to organize the Financial Blogger Bootcamp this year at FinCon13, so my cost for that trip was mainly the plane ticket and food. It came to about $400 to be in St. Louis from October 15-20.
- We also went to the Board Game Geek Convention 2013 and have the hotel reserved. We spent about $650 to spend November 20-24 in Dallas.
We rolled a lot of these costs into our monthly budget as entertainment costs, but we were also hoping to set aside $2500 in actual cash to reimburse ourselves by the end of the year. We did that, but then we used half of it to book a cruise with our friend, John, in January. Easy come, easy go…
5. Continue staying active. My specific goal here was to get off my butt at least 144 times or more over all of 2013.
Here is what I did:
- 7 in January
- 14 in February
- 3 in March
- 4 times in April
- 20 times in May
- 18 times in June
- 25 times in July
- 11 times in August
- 9 times in September
- 11 times in October
- 9 times in November
- 15 times in December so far
That’s 145 times so far, so yay!!! DONE!!!
An Extra Resolution
We added in “getting our emergency fund back up to $10,000” as a last minute resolution in September since we felt super broke and stressed when we had nothing in there after the dental bills. We’re now looking for more affordable dental insurance. I’m please to announce that we are at $10,500 now!!! WHOO-HOO!!!
THAT’S ALL RESOLUTIONS ACCOMPLISHED!!! That’s a first for me. Yay!!!
New Year’s Resolutions 2014
Okay, so we don’t know what is next for us. Either we want to buy another rental property, invest in a SEP IRA, and/or even plan on having a kid sometime in 2015…really, all roads lead to “we need cash”. With that in mind, here are our next resolutions:
- Max out both Roth IRA’s for 2014. That’s $11,000 overall.
- Get the car fund up to at least $10,000 by the end of the year. It’s at $3000-ish right now.
- Invest or set aside at least $1,000 a month ($12,000 over the year) for one of the targets mentioned above (either one or a combo of a SEP IRA, rental property, or a child fund). This is on top of our normal budget.
- Budget appropriately for at least 3 vacations – a cruise in January, a summer vacation of some sort probably in July, and the Board Game Geek Board Gaming Conference in November…those will be our minimums. We’re probably looking at about $4000. Vacations are the only we we stay motivated overall. So this may seem wasteful, but it is super important to us in order to accomplish everything else.
So, that means that we’ll need to be saving/investing at least $34,000 over 2014. That’s about 30% of our overall current income BEFORE taxes that needs to be set aside just for these resolutions! That doesn’t even take into account everything else we like to accomplish like building up the emergency fund. Fingers crossed for a great cash year or this will look pretty pathetic during the wrap up a year from now!
How did you do with your New Year’s resolutions? Get close or did life get in the way? Also check out our recent article about real estate investing called “Is Fundrise legit?” which discusses the ins and outs of real estate crowdfunding investments.