What are your budget/savings goals this year?
  • I thought I'd start a thread where everyone can post their savings/budget goals this year and update each other as we go along.

    How much do you want to save this year?
    Are you on target?
    How does this fit in to your short/mid-term/and long term goals?
  • I'll start.
    My goal is to save at least $50K by the end of this year. That is roughly half of my take home annual pay.
    I am on target YTD to hitting and possibly exceeding that goal.
    I hope to keep doing this every year for as long as I'm at this income level and start investing ASAP according to Sam's allocation recommendations by age.

    I haven't bought a house yet either (I know, shame on on me!) but I am working on it!!!!
  • @KTR nice goals! It's good to save for a purpose. I'm looking to save 100% of my Entrepreneurial income and live off my passive income that comes from my financial nit. I've got a chunky post coming out updating my latest passive income endeavors.
  • @FinancialSamurai
    Yes! I'm so glad you are going to post about your latest passive income endeavors. I especially want to hear about how your P2P portfolio has been doing and if you have continued to put in your $1K tranches every month, if you have been seeing any slow pays or delinquency, and if you are going to continue to put in more until you have replaced your CD income with it. Passive income is something I definitely want to start developing as well and your P2P posts have certainly piqued my interest in them.

    Oh and I just realized after I made my post this morning that $50K is NOT half of my take home income, that would be 41%. Oops! SO if my goal is $60K saved then I am NOT on target by annualizing my current numbers, but I AM on target if you take in for consideration that the bulk of my income is made in the second half of the year, especially the 4th quarter. Even if that didn't happen I could just save an $866 extra per month to get there anyway *deletes items out of my amazon cart* boooo LOL

    Anyway, really looking forward to your next update on your passive income endeavors! I study your stuff closely because I just don't think I can grind like this for a full 20-30 years LOL.
  • My goal for the rest of this year is to save $50k. So far I have saved $27k, so I am a little half way there!
  • @KTR Great idea, I'll share my income goal for this year with everyone.

    At the beginning of the year, I wanted to have about $3500 / month in passive income across the entire portfolio.

    But, I may fall short of this goal this year, for two reasons. Firstly, there's been an uptick in the market, so my projected purchase prices are higher than what it was when I first started. Secondly, rather than committing all of my savings into investment, DW and I finally decided that we would "de-jungle" the back yard this year and make it finally habitable.

    So, I think we're going hit $3k/month or maybe less by end-of-year, but it really depends upon what we find.

    Long term, it's just full-steam ahead, branching out into more cities for diversification. I've been noticing that each year, we're able to invest more, so our passive income is accelerating. But, the real question is where we will be in 5 years.

    ...one step at a time...
  • I'm trying to save at least 30% of my income this year. Things are going well so far. I've stayed within my travel budget and haven't had any giant unexpected expenses yet. I really enjoy saving money.
  • 50% target is a good one and always a natural one to aim for. Sometimes I feel in my own budget there is grey area here. For example, does HSA contributions count ? Especially in the years where you spend $$ from the account on doctors visits. Another grey area is car purchase. If you spend 15k for a car replacement every 15 years, is the 1000/year set aside really saved? or money already spent? I guess technically this argument could be made for every dime put away. But the way I view it is 401k, Roth and taxable accounts (CDs mostly) things that I can allow to compound until the day I say "when". Not HSA because of an unexpected medical appt or car replacement because my current car suddenly needs a new engine, etc. What I like doing now is fighting inflation. Looking back at my budget 10 years ago and what I spend today. Looking at creative ways to keep expense growth under inflation rate. Today I spend less than I did 10 years ago, so Im winning the fight.
  • My goal this year isn't as positive as I'd like it to be, instead I need to pay off some debt (which I'm making some progress on) and be consumer debt free by next June (2014). Then, I can focus on saving!
  • I'm trying to save ~$10,000 for our next Adoption.
  • YTD, my cash, investment and retirement accounts have grown by $57,000. I hope to have saved at least $100,000 in 2013.
  • Aiming for 50% of income for the next ten to fifteen years :)

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