Monday, December 27, 2010

SMART Financial Goals 2011

So, how did we do for 2010? Substantial progress, but we only hit one of the four goals entirely:

1. We started off the year investing enough each month to max our Roth IRAs for the year, but made the decision to stop contributing at the end of May and save that money in our house down-payment account instead. We got about 70% of the way on mine (due to an additional fund purchase) and 20% of the way on M's. No planned contributions for 2011 (and we may even need to take some of our previous contributions OUT to make it to 20% down when we do eventually buy our next place) but we will restart post-purchase in 2012 or 2013.
2. We got about 60% of the way to an additional $25K saved towards the house. We started funneling these dollars into our regular savings account in anticipation of moving expenses next spring; otherwise this would have gotten us to about 70% success.
3. I did open my 401K and contributed enough to obtain a full match! Complete success here.

A little disappointing, but not everything was working in our favor. Okay, so on to next year.

1. Ditch the condo. Ideally for enough to cover our closing costs, but we're prepared to pay some out of pocket if we have to. Preferably by June, likely by October, definitely by the end of the year.
2. Going to try for the magic $25K again into the house account. Theoretically this should be more doable this year, but will partially depend on #1 since we may be paying for two places for a while.

Looking forward to 2011 bringing good things financially!

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