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2014 finances

November 17th, 2013 at 05:25 am

I'm just in the preliminary goal planning stage, but it is invigorating to imagine a fresh new year ahead. Maybe all of my goals may not pan out, but what is that saying, if I shoot for the moon, I may catch a star?

I want to continue on course for retirement savings. Between the two pensions my job offers, and my monthly contribution to my ROTH IRA, my savings is appropriate, according to online calculations. I am nowhere near where others my age are, I am sure, but by the time I reach retirement age I should be fine.

Besides retirement, I want to take advantage of the higher salary I am earning out here. Even considering some of the higher costs associated with this area, I should still be able to save 50% of my monthly income after taxes and retirement. That looks like a large amount, but I also take from this savings for specials such as vacations, big purchases, large gifts, etc. I just keep all the savings in one account instead of breaking it into sub accounts. Well, except for the rental, that has it's own account.

Just giving myself something to think about for goal planning. I didn't reach all of my goals this year but I did make good progress.

3 Responses to “2014 finances”

  1. snafu Says:

    I'm confused, if you plan to save 50% of income, what percentage of those savings will you be spending on gifts, vacation and big purchases? I'm not suggesting separate accounts, just subtotals might be more realistic to know if you've full funded those expenditures.

    This might be a good time to review last year's goals. Were they realistic? What didn't pan out as expected? Why the miss? Was it a result of external circumstances not in your control? Were any goals more wishful thinking? Did you make choices that you wish you hadn't? No need to beat yourself up but it's so important to know potential pitfalls.

    Let us know your 2014 goals when you decide. I'll need to tote up how I met goals to decide upon those for 2014. I'm always looking for new challenges.

  2. rob62521 Says:

    Goals are good!

  3. mamasita Says:

    Snafu, I guess I'm "putting aside" 50% of my income, but not saving it for the long term. Once I determine the savings goal for 2014 then I will know the true % of my income that will be saved for the long term.

    Good questions to ask myself as I determine what numbers I need for next year.

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