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Archive for December, 2018

Happy 2019!/UFMC

December 31st, 2018 at 11:13 pm

I want to wish all of you a happy, healthy and prosperous 2019.

I joined the Uber Frugal Month Challenge for the month of January (www.frugalwoods.com). I'll start by utilizing all of the stock pile and the freezers. I'll spend money on perishables only. Ideally, I'll like to get 30 days of meals but let's see what happens.

2019 Financial Goals

December 29th, 2018 at 07:38 pm

Here we go:

This is something I started in 2018 but I'd like to continue doing for at least half of the year (2019):

>>Our primary home mortgage is six months ahead of schedule with our next payment due July 1st. I am trying to get the mortgage payments down to January of 2020. Some of you may ask, why not just put the money in the bank and just keep paying as normal? For me, it's a peace of mind thing and not having to worry about it. On October of 2020 our income will increase once again with my husband taking early social security benefits (if necessary).

>> We would like to not touch our savings even though our income will be significantly less in 2019 on. In fact, I will like to continue saving even if it is small amounts. The goal is to increase not deplete nor touch. As of today, it is a healthy savings/emergency fund.

>> I want to continue funding my ROTH IRA in full in 2019 and subsequent years.

>> Roll my 403B to the ROTH IRA in July.

>> Get rid of the cable bill and we already have a plan in motion.

What are your goals?

2018 Wins and Fails

December 29th, 2018 at 05:47 pm

Here we go:

Wins:

I finally had the courage to put my mental and physical health first and gave notice at work that I will not be returning. This was not easy but needed to be done. I rather do with a lot less and safeguard my well being.

We were able to purchase the retirement home we wanted for a long time.

I funded my ROTH IRA in full for the second year in a row.

Avoided PMI on our retirement home by putting 20% down.

Cash flowed the purchase of all of the furniture and necessities on our second home.

FAILS:

Grossly underestimated the amount of money we needed to furnished the our second home.

I am still paying on a membership that I am not using.

Eating out has been more that it should.

Fail to find a way to wipe our cable TV bill. (We got a Fire Stick an a year membership to Amazon Prime for Christmas so I am working on it).

Update

December 23rd, 2018 at 08:42 am

I was supposed to be on a flight down to FL but life got in the way of that. The day before my trip, I came down with a terrible stomach virus and there was no way I could go. I am still pretty weak and body aches horribly. I am not mad, it is what it is and these days I do not let things bother me.

I am going to take this time off to make financial and personal goals for the new year. There is a lot of things to think about as we will be facing some life changes soon.

I hope you all have a Merry Christmas and a healthy New Year.

Roth IRA contribution

December 19th, 2018 at 02:32 pm

I just scheduled the last ROTH IRA contribution of the year. I was still short $3,250.00 but I will fully fund by Friday. I want to contribute as much as I can in 2019 before I stop working full time as of July 1st. I plan to look for part-time work as it is a priority to fund it every year.

A question about 403B

December 19th, 2018 at 01:52 pm

I have a 403B that I fund monthly through payroll deductions at work. Once I stop working for the public school system, what can I do with it? There is about $75K in it.

Update

December 13th, 2018 at 09:30 am

Hope all of your holiday preparations are going well. I decorated the house for Christmas weeks ago but not our Christmas tree. I asked my guys if they wanted me to put the tree up and they declined. They said that since I am not going to be with them for Christmas, it was not necessary. I am not going to be with them for good reason. I am going to be away getting our new house ready. Furniture will be delivered then. I want to get it out of the way so that it is ready for future visits.

I've already submitted my letter to my school district that I will not be returning for the next school year. It is bitter sweet but very liberating. Having said that, I am preparing for the temporary money drought and making advanced mortgage payments for both houses. Come October of 2020, our income will increase significantly with my husband collecting early social security benefits. I am taking a three year pension deferment with a two year penalty and take my pension at 55 years old. I will continue to work part-time as I want to continue funding my Roth IRA. I still have to find out what I need to do with my work 403B.

Closed!

December 7th, 2018 at 09:33 am

I spend a few days in FL as I had to do the walk through on our new home (retirement) home. We closed last night via a mobile closer. I love the house and its location. My brother was instrumental in keeping track of the contractor and the upgrades that we purchased. He lives two houses down which is one of the reason I (we) opted to purchase in this specific community. I sent him $200 for all of his help.

I am in the process of ordering things for the house including some furniture. I am opting to buy a few well done pieces at a higher price but they will last a lot longer. I am returning to FL to spend my holiday break and try to put the house together for our upcoming visits.