I’m looking back at the plans and goals I had for the beginning of 2012 to see how that all worked out.
I wanted us to put 15% toward retirement. I’m not sure our actual percentage contributed. Mid-year when Shane switched jobs, we lost his 401k and contributed only to our IRAs. We’re going to max those out for the year, but we’d like to do more for 2013. I think it’s possible that Shane will have a 401k for the year, but if not we might look into other options for investing for retirement (opening a Health Savings Account with the intention of saving that money for healthcare in retirement; opening a taxable investment account).
We wanted to put a big chunk toward the kids’ 529 college savings plan, and we hit the dollar amount we had in mind. College!
Our total net worth has improved over the last 12 months. Cool.
Some other highlights:
:: Automating our finances as much as possible, and switching to budget billing for our electric and gas bills to keep the dollar amount consistent per month. I’m spending less time on the weekly/monthly budget since things are automatically divvied out, and I think when money is automated, it’s easier to reach certain goals.
:: Back in January, we thought for a second that Shane would be going back to school. His company acted like they wanted him to do that, but then they dropped the funding for the program shortly after. Shane doesn’t work there now anyways, and he doesn’t want to go back to school. Whew. He did have $200ish in a 529 account in his name, and we’ll just transfer that to the kids at some point.
- Series intro: From drugstore deals to retirement
- How do you want to spend your retirement years?
- How much money will you need to retire?
- How much should you save with each paycheck to reach your goal?
- Where should we invest our retirement funds?
- How to choose your retirement investments in your portfolio.
- How to choose your asset allocation.
- Our plan for maxing out our IRAs in 2012
- Retirement series wrap up: Debt, college vs. retirement and more
:: I wrote a guest post for Money Saving Mom about how to stay motivated when getting out of debt.
:: I talked about how to take a break from being frugal. It can be so hard to stay on track for a long period of time, and it’s ok to take a little break.
:: The biggest financial impact this year was Shane’s new job. He interviewed for a telecommuting job in Pittsburgh (and we got to see some great Pittsburgh friends while we were there!). The day of the interview, he found out his company was being bought, and his job wouldn’t likely stay in Indianapolis. Score. He got a job offer from the Pittsburgh company, and he was also pursued by an Indianapolis-based company. He used his Pittsburgh offer as leverage for the second company, and ended up getting something even better. It’s continuing to work well (even though we have to pay for our own health insurance and there’s no 401k).
:: We refinanced our mortgage, to a 15-year at 2.875%. We will save gobs of money, and each month we are now putting more toward principal than interest, just by making minimum payments. We don’t plan to accelerate the payoff any time soon. The rate is just that low. We want to boost retirement and college and everything else first.
:: We got a new roof, and it cost us around $700 (insurance took care of most of it).
Overall, this was a really good year. We are truly blessed.
Thank you for reading and commenting and emailing me. It means a lot!
See ya in 2013!