by Ashley
Completely satisfied New Yr!
I want everybody a wholesome and blissful 2024!
‘Tis the season for brand new 12 months resolutions or intentions. Within the spirit of planning the approaching 12 months, I needed to share my 2024 objectives. For a glance again on 2023, be certain that to take a look at my overview of my 2023 monetary objectives.
Similar to final 12 months, I’ve set my monetary objectives in 4 broad classes: short-term financial savings, investments, debt, and journey.
Brief-Time period Financial savings
I began 2023 with loooots of totally different short-term financial savings that I saved in many alternative Capital One 360 financial savings accounts.
In my price range I nonetheless have a lot of my identical short-term financial savings aim classes (e.g., automobile restore fund, semi-annual charges, and so on.). Nonetheless, I’ve eliminated my financial savings for scholar mortgage funds and changed it with a brand new short-term financial savings class strictly for house repairs. After which I’ve opened a brand new brokerage account and am going to start out investing cash there.
Which brings me to my subsequent class of longer-term investments:
Investments
On this submit I talked about some new monetary objectives as I used to be mulling over open enrollment choices.
Right here’s what I’ve completed:
|
2023 |
New for 2024 |
| HSA: $5500/12 months | HSA: $6860/12 months |
| FSA: $700/12 months | FSA: $1000/12 months |
| 403B: $125/test = $3250/12 months | 403B: $215/test = $5590/12 months |
| 529: $50/month/little one = $1200/12 months | 529: $60/month/little one = $1440/12 months |
|
Complete: $10,650/12 months |
Complete: $14,890/12 months |
That is barely totally different than what I’d initially stated within the submit above. That’s as a result of I used to be planning initially to extend my HSA contributions to $7750/12 months. Nonetheless, I uncared for to think about the truth that my employer supplies $1440/12 months for household HSA plans as a part of worker advantages. Which means I’m on the max contribution stage at $6860.
My HSA contributions will now be decrease than I’d initially deliberate, however I needed to nonetheless be at an analogous threshold for investments general. So, I elevated my 403B contributions by a comparable quantity.
And, as talked about above, I opened a brokerage account as a longer-term financial savings car that I’ve exterior of my regular retirement accounts. I haven’t included it on this desk as a result of I’m not going to be making recurring contributions. Will probably be extra like right here and there, stashing extra cash away if/when we have now it.
I’m actually happy with this stage of funding, because it represents a sizeable proportion of wage. I ought to point out that is on prime of the 7% that’s routinely deposited into my “regular” retirement account (and my employer matches a full 7%, so 14% of my wage is invested in retirement).
These will increase WILL make my paychecks smaller (clearly), however I’ve already adjusted my price range accordingly. It doesn’t harm that I’m additionally anticipating one other increase on the close to(ish) horizon.
Debt
In my Assessment of 2023 submit, the massive factor was that I paid off my automobile in October and formally entered 2024 shopper debt-free. My solely remaining money owed are my scholar loans and my mortgage.
The debt plan for 2024 is to mainly proceed with how issues have been going up to now. We’ll proceed to pay double mortgage funds twice/12 months and make the minimal funds on my scholar loans, driving them out the following two years till they’re forgiven by PSLF.
Journey
Journey continues to be an enormous precedence for us. In 2024 we have now one huge journey deliberate (husband and I going to Italy in summer season!). Within the Fall I’ll have a sabbatical from work so I hope to do a few fast weekend journeys throughout that point, too. I’m tentatively planning one with simply me and the children, after which one with me and my mother. No locations in thoughts but, nevertheless it’s enjoyable to start out interested by (and saving up for) our upcoming adventures.
Did you set monetary objectives for 2024? If that’s the case, what do they entail?
Hello, I’m Ashley! Arizonan on paper, Texan at coronary heart. Lover of working, running a blog, and all issues cheeeeese. Late 30’s, married mom of two, working as a professor at a serious college within the southwest. Attempting to lastly (lastly!) repay that ridiculous 6-digit scholar mortgage debt!
