2024 Monetary Objectives


Pleased New Yr!

I want everybody a wholesome and glad 2024!

‘Tis the season for brand new 12 months resolutions or intentions. Within the spirit of planning the approaching 12 months, I wished to share my 2024 objectives. For a glance again on 2023, be certain to take a look at my assessment 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.

Quick-Time period Financial savings

I began 2023 with loooots of completely different short-term financial savings that I saved in many various Capital One 360 financial savings accounts.

In my funds I nonetheless have a lot of my identical short-term financial savings aim classes (e.g., automotive restore fund, semi-annual charges, and many others.). Nevertheless, I’ve eliminated my financial savings for pupil mortgage funds and changed it with a brand new short-term financial savings class strictly for residence repairs. After which I’ve opened a brand new brokerage account and am going to begin investing cash there.

Which brings me to my subsequent class of longer-term investments:

Investments

On this put up I talked about some new monetary objectives as I used to be mulling over open enrollment choices.

Right here’s what I’ve achieved:

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 completely different than what I’d initially stated within the put up above. That’s as a result of I used to be planning initially to extend my HSA contributions to $7750/12 months. Nevertheless, I uncared for to take into accounts the truth that my employer offers $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 wished to nonetheless be at an identical 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 outdoors 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. It will likely be extra like right here and there, stashing extra cash away if/when we’ve got it.

I’m actually pleased 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 mechanically 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 funds accordingly. It doesn’t damage that I’m additionally anticipating one other elevate on the close to(ish) horizon.

Debt

In my Assessment of 2023 put up, the large factor was that I paid off my automotive in October and formally entered 2024 shopper debt-free. My solely remaining money owed are my pupil loans and my mortgage.

The debt plan for 2024 is to principally proceed with how issues had been going previously. We’ll proceed to pay double mortgage funds twice/12 months and make the minimal funds on my pupil loans, driving them out the subsequent two years till they’re forgiven by way of PSLF.

Journey

Journey continues to be an enormous precedence for us. In 2024 we’ve got one large journey deliberate (husband and I going to Italy in summer time!). 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, however it’s enjoyable to begin occupied with (and saving up for) our upcoming adventures.

Did you set monetary objectives for 2024? In that case, what do they entail?

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