Sunday, April 08, 2007

 

April Net Worth and New Goals

Well April is the first net worth that reflects no debt and it is actually a bit of a let down. I had it in my head that the graph would just sproing straight upwards. And of course it didn't. Well now the task is to make sure that it increases every month. I'm working on a bunch of new goals and they are all savings related:

$10k emergency fund
$3k unplanned but not emergencies fund
$4k annually to fully fund roth ira
$50-$80k for a house down payment (this is super aggressive and will be the hardest to achieve.)

I haven't worked out the numbers yet, but I am estimating that being debt free will give me at least $1k/month to put towards my goals. And I must remember that slow and steady wins the race.

I'm also looking into getting another retirement fund, one of those targeted retirement funds to supplement my ira income when and if I'm ever able to retire.

If you are in your 20's and reading this, I cannot stress enough the importance of planning for retirement as soon as you can. I'm just really starting to focus now at age 38 and when I think about all the money that I could have already put away and didn't.....argh!!!

3 Comments:

Anonymous Boston Gal said...

Hi Kassy,

Great news on the debt elimination and your new goals look great! Now that you have eliminated that debt you will be amazed at how fast your savings will grow.

The transition from paying down debt to ramping up savings is weirdly deflating. Paying off that debt takes so much work and sacrafice - while it feels wonderful to be done, realizing that only half the job is done can be depressing.

But keep at it - the great thing about saving is your money start making money - which helps you achieve your goals even faster!

4:18 PM  
Blogger mapgirl said...

WAY TO GO KASSY!

You are an inspiration. Slowly but surely, I will get there too! :-)

Good on you for saving your money for the right things. You'll be able to do this faster than you think since you've already got a budget and all your debt payments can go towards saving.

11:55 AM  
Blogger Creative_Clan said...

I also admirer your blog maybe we can have link exchange!Thanks..

http://x-loan.blogspot.com

11:56 PM  

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