Monday, March 8, 2010

Financial Goals for 2010

I've been thinking a lot about planning our lives after the wedding and wanted to make a "Bucket List" of sorts. I've been adding to it in my head for days now...and it was getting a little intimidating. So, first, I thought I would list my immediate financial goals for 2010 - better late than never, right?

1. Get married without going into debt. There is a finite deadline on this goal - a hopefully beautiful Saturday in July and we're pretty confident we can pull it off with our combined savings.

2. Increase 457 Fund contributions. Check! After reading again and again that you should have one year's salary in your retirement funds by age 30 and feeling woefully inadequate at 30 years, 3 months and only around $10,000 saved, I bit the bullet and upped my contributions from 7 to 8%. It only means a $9 biweekly paycheck impact which I can handle.

3. Max out Roth IRA. After the wedding I will start funneling $400 a month towards this goal plus occasional snowflakes so that I can accomplish this goal by April 2011.

4. Buy back pension credits. As I've mentioned before, I have to buy eight months of credits into the pension system because I joined late. It's only going to be a couple hundred dollars and I will start this process right after the wedding as well. This way, I will be set to vest in my pension in August 2011.

5. Eliminate law school loan. This was one of my 2009 resolutions and I'm sad to say it hasn't happened yet, but now I've added the progress bar to the blog and have a plan to knock out the loan by November using some of the money currently going towards Wedding Savings (the rest is going to the Roth IRA).

In short, the rest of 2010 is going to be a great financial year for me. I'm going to marry a great guy, beef up my retirement savings, and start snowballing my student loan debt. Wish me luck!

2 comments:

Chitown said...

I would love to go back to contributing 5% to my 401k and pay off my $2,300 perkins law school loan.

Kudos to you for increasing your contributions and planning to max out your Roth.

Monique said...

Good luck in 2010 and enjoy the wedding!