January 7, 2010

Key Financial Goals for 2010

It is important to have goals. I decided to lay out some financial goals for this year.

Fully fund Roth IRAs by $10,000

My wife and I would both like to fund our Roth IRAs. The maximum funding is $5000 so to fund both accounts is $10,000. I plan to fund the IRAs at the start of the year to get it done quick.

Pay $20,000 towards Home Mortgage principal

In 2009 we paid and extra $800 or $900 a month towards our mortgage. In 2010 I'll continue to pay extra towards the principal and have the overall goal of paying $20,000 extra on the mortgage. I'll do that by making $900 extra payments monthly and then making additional payments as funds are available.

Earn 10% return on 401k & Roth IRA accounts

I have about $35k in a 401k and my Roth IRA which I manage. I'd like to get at least a 10% increase on my assets on those accounts for the year. The larger chunk of my retirement savings are held by my employer in a pension fund and I don't manage that money.

Keep Household Spending flat

I expect that spending on our household "needs" bills will remain the same. I don't want our bills to go up so I'll do what I can to keep that spending from increasing.

Cut Discretionary Spending by 5%

Given our household income I don't think our discretionary "wants" spending is too high. But it would be great if I could cut it by 5%. I will try to do this by looking for bargains, making sure we're not wasting money on things we don't need and otherwise simply watching the budget.

No comments:

Post a Comment

I'm starting to get too many spam messages in the comments so I'm turning on moderation. Please be patient and wait for your comment to be approved. Note it may take up to a few days for approval, thanks. I've also had to remove anonymous posting of comments to cut down on spam and pure stupidity.

Blog Widget by LinkWithin