Financial Goals 2013 Revisited. It's About Time!

 It has been awhile since I have even looked at my list of financial goals for 2013.  This year has been a whirlwind for a variety of reasons.  Most of which you all are very familiar with.  As with many things, I have been trying to get back to a new normal.  Reviewing my Financial Goals is just a way to get through ( or over)  the past and look forward to our new financial future.  Here is the quick look at the the before AND the new after. 

1. Pay off remaining Credit Card Debt. Balance $4500.00 At one point this year, our credit card debt was as high as $13,000. We had planned and expected for the debt to be paid off by the end of this year, but we had a few unexpected expenses pop up. PAID OFF!!!

2. Dental work for husband. New crown for one of his back molars. $340.00 PAID!

3. New suit for husband. My husband shops in Big and Tall (he is 6'5'). He needed a new suit right away because he was speaking at my dad's memorial. $500.00 PAID!

4. The rental house needs new tile in the kitchen. the dishwasher leaked and the laminate flooring is buckling. Cost: Unknown at this point.... getting estimates. Done! Tile was 500.00 and labor was 300.00.

5. Save $1200.00 for Christmas,Weddings, and Birthdays The Christmas/ Gift account is automatically funded each pay period. So far we are on track.  But I am thinking I will need to up the amount.  I don't think $1200.00 will be enough. 

6. Save $2000.00 for a trip to Las Vegas in Spring. We were planning to go earlier this year, but it did not work out. We are going to Las Vegas in October 2013.  I am using my eBay and Etsy shops to fund our trip.  Maybe I should put that another way.  We have the funds to go, but I want replenish our vacation account as much as possible before we leave.  This is motivation for me be more serious about online selling. 

 

7. Begin contributing to my Roth again. I have not made any contributions to my retirement accounts since I lost my full time job almost 18 months ago. I have move all of my account to Vanguard and I will begin an automatic withdrawal from my checking to start in January 2013 of $200.00 per month. I did start my payroll deductions in January of this year, but only $100.00 per month.

8. After all of the above are accomplished, it will be time to apply all extra money (at least $7000.00) to our primary mortgage. The balance on our primary mortgage is $98,800. We want very much to reduce the mortgage to $90,000 by the end of the year. PAID OFF!!!

When September rolls around, we will have a newly revised Financial Goals for 2013.  

Financial Update: A New Beginning

Where do I start? Most of you know that thee has been a lot of things going on in my family life for the last 18 months or so. We ( my husband and myself) were on again and off again caregivers for my parents.

 

 

During that time period I willingly gave up two full time jobs to take care of mom and or dad. My husband and I moved in and lived with them for months at a time to help mom take care of dad. After we lost dad in December 2012, mom decided to move in with us and because of health related complications she too passed away in May of this year.

So you see, within the span of the last 6-7 months we lost both my parents. Hard for me to even comprehend sometimes. Needless to say, our whole family was stressed out but still trying to keep our normal lives going amongst all the chaos.

 

When mom passed, I discovered that mom had both a substantial savings account and retirement account. Mom was a very private person and even has her only child she did not share those aspects of her life with me. Initially, I could not wrap my brain around the numbers involved. And I definitely could not decide what to do with the money.... At least not at first. Okay.... Maybe not even now.

 

After consulting with Mom's financial planner, my probate lawyer and my CPA, there has been progress with moving some of the money around. Here is what we accomplished so far:

 

• PRIMARY MORTGAGE : 97,8000.00 PAID OFF!

• CREDIT CARD DEBT : 10,500.00. (Includes funeral expenses). PAID OFF!

 

This is a huge blessing for me and my husband. No doubt about it!! What happens next?? We still have to go through probate to gain access to the accounts that are in mom's name only. Probate is not cheap, but I guess it is a necessary part of the process. After successfully completing probate, mom's mortgage free home will be in my name. Her other as acing accounts will be in my name. I then will be able to also gain access to her safety deposit box.

 

With the funds that are remaining, we will be able to put away 6 months salary. I cannot tell you how much piece of mind that will provide for my husband and myself. We also will be able to replace my husband's 16 year old truck and my 13 year old car.

Along with all of the above, we will benefit yearly from mom's IRA. Every year, I am required to take a RMD,required minimum disbursement. Again, that is hard for be to comprehend, but I guess each day it becomes easier and easier.

What debt will we have left? We still will have the rental house mortgage of 89,000.00. That will be paid off in 10 years, if not sooner. We are planning to rent out mom's house within the next year and we will apply that money to the rental mortgage to speed things up.

I will continue working my three days a week at the mobile ultrasound job. I do not plan to work my other part time job this semester. I need a mental break from that and I still need to go through mom's belongings.

 

So what happens next? We will wait on probate, but in the mean time we will drive our same old vehicles, work or jobs, save our "extra" money and maybe plan a trip to somewhere, San Francisco or Vegas. Who knows!!?

 

For now, that is where we stand. I feel blessed beyond belief!

 

 

 

Net Worth Update: March 2013

ASSETS:

CASH 2,000.00

IRA 53,7200.00

DH 403b 8,124.00

DH401a. 1,346.00

DH ROTH 3,690.00

68,880.00

HOUSE #1 105,000.00

HOUSE #2 52,000.00. ( we are upside down - rental house)

157,000.00

225,880.00 TOTAL ASSETS

LIABILITIES

CC 100.00

MORT #1 98,130.00

MORT #2 91,425.00

189,655.00 TOTAL LIABILITIES

221,209.00

191,230.00

36,255.00 NET WORTH ( up from $29,790.00 in February)

• JAN 2013 UPDATE

FEB 2013 UPDATE