2024 Monetary Targets

Joyful New 12 months!

I want everybody a wholesome and pleased 2024!

‘Tis the season for brand spanking new yr resolutions or intentions. Within the spirit of planning the approaching yr, I wished to share my 2024 objectives. For a glance again on 2023, make certain to take a look at my evaluate of my 2023 monetary objectives.

Similar to final yr, 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 stored in many various Capital One 360 financial savings accounts.

In my price range I nonetheless have a lot of my similar short-term financial savings objective classes (e.g., automotive restore fund, semi-annual charges, and so on.). Nevertheless, 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 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 executed:

That is barely totally 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/yr. Nevertheless, I uncared for to consider the truth that my employer gives $1440/yr 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 the same 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 pleased with this stage of funding, because it represents a sizeable proportion of wage. I ought to point out that is on high 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 price range accordingly. It doesn’t harm 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 client debt-free. My solely remaining money owed are my scholar loans and my mortgage.

The debt plan for 2024 is to principally proceed with how issues have been going up to now. We’ll proceed to pay double mortgage funds twice/yr and make the minimal funds on my scholar loans, driving them out the subsequent two years till they’re forgiven by PSLF.

Journey

Journey continues to be an enormous precedence for us. In 2024 we have now 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 youngsters, after which one with me and my mother. No locations in thoughts but, however it’s enjoyable to begin fascinated by (and saving up for) our upcoming adventures.

Did you set monetary objectives for 2024? If that’s the case, what do they entail?

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