How Do You Determine and Prioritize Your Saving Goals?
Hi readers. It’s been a few days since I posted my last post. I’m afraid life and my laziness got in the way :/.
Just a quick update: Challenges on marital finances are still being worked out slowly. We talked about it, and came to the conclusion that we don’t want money to get in our way of happiness. We are happy with our life, and will try to figure it out as we go. As much as I want him to get involved in our finances, it stresses him out, so it’s going to take a little push here and a lot of magic to get him to start looking at our finances.
Today, I wanted to tackle some thoughts on saving goals. Ever since we started thinking about buying a house, I have been running numbers in my head. Questions like how much house can I afford, how much will our down payment be, location of our house, etc have been popping in my head! Every time I run the numbers, my head feels like it’s going to explode! You might be wondering why? After all, I am a personal finance blogger and it should be easy for me to advocate saving for a down payment, and lowering expenses to increase savings. Honestly, I often wonder how some personal finance bloggers do it because when I think of the minimum $30,000 we need for our down payment, my stomach does a flip.
Then, I think about maxing out my 401K ($17500), maxing out both our ROTH IRAs ($10,000), contributing to FSA for medical expenses like braces ($2,000), paying down car loan (-$4,000), saving for down payment ($30,000), vacation fund ($5,000) and contributing to an after tax account for investments ($????). Did I mention, we like to live our life! We are not extremely frugal by any means. Those are just some of the goals we would like to achieve in 2013. Are they do able? I have no idea. Honestly, they seem super aggressive to me.
I have read a lot of how to guides on how you can save, etc. But honestly, I like hearing about how people do it. Let me know your story.
How do you determine and prioritize your saving goals?