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2017 Goals (aka Dream Big or Go Home)




2016 Goals:


1) Pay off BBT

2) Open and fully fund two Roth IRAs

3) FFEF of $12,000


Dreaming of.....


1) Refinishing the wood floors on the first floor of our house

2) Installing wood floors in the upstairs bedrooms ($2k, diy)

3) Dormering out the upstairs of our cape cod to make walk-in closets for each bedroom before our 23 yo house needs a new roof (diy)

4) Refacing kitchen cabinets and painting them (dh would make new doors himself)

5) Replacing falling apart dining table/chairs

6) Attending FPU with dh in an attempt to win him over to DR

7) Attacking the mortgage. I feel shackled by our $1200/month house payment, and it is a constant reminder of our stupid tax of refinancing and borrowing wildly against our equity. After 23 years, we owe $185k on our $92k house. Grrrr.


Well, it's been a year and the list got a little shorter! Dormering out the upstairs to add walk-in closets is on the radar, as dh informs me we need a roof. We lost shingles this month during some high winds. I've never been so happy to need a roof. It's going to make all the difference in the storage space in our house, and be great for resale someday. Then it makes sense to replace the flooring in the two upstairs bedrooms after that construction is done. I love being married to Tim the Tool Man who can make all my remodeling dreams come true.

Our cabinets are painted and my kitchen looks so different! In order to finish the kitchen, we need about $2k, which I think could happen in 2017 too. Here are my goals for 2017:

1) Fully fund two ROTH IRAs

2) Walk-in closets/roof/flooring for upstairs

3) Finish kitchen, including table and chairs

4) Put $80k on mortgage when estate settles in spring, then pay down $2k/month which should make us mortgage-free in 3 years!

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If you lost shingles during a storm, I would check with your insurance.  We knew we needed a new roof a few years ago.  When the roofer came for the estimate, he said we had storm damage & dealt with our insurance.  We only paid our deductible.

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Thanks to a big hail storm last March, we got a new roof.  Most people in our neighborhood got a new roof, or are currently getting them.  Definitely get a roofer out to determine if wind damage / storm damage was the culprit, and then file a claim.  

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One Roth IRA is about 1/3 funded for the year. Upped contributions to my 403b to $200/biweekly instead of $100. Work has been really steady so far for 2017, praying for that to continue.  My first $2k mortgage snowball felt really good! Looking forward to PMI dropping off this fall. 

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We are about 1/3 through 2017 and we are on track for paying down the mortgage and saving for retirement. Here's what we've accomplished so far:


My Roth: $3,000

Dh's Roth: $4,147

My 403b: $4,274

Old IRA: $6,507


Total saved $17,928


Principal reduction so far: $8,086/Balance $172,410

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Past the halfway point of 2017. 

My Roth: $3,180 (haven't made any contributions lately because dh's work is so slow)

Dh's Roth: $4,373 (again, no recent contributions)

My 403b: $6,631 ($200/paycheck + match, thinking of upping this a bit)

Old IRA: $6,635

Grand total: $20,819

A year ago, all we had was the old IRA, which has been sitting forever. It is so nice to have a plan in place. Just need work to get steady again for dh so we can start maxing out the Roths.

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Here's where we are on the house. Bought for $91,700 in 1992. Refinanced in 2012 for $198,700. 

Balance today: $167,956

Principal Paid YTD: $12,540

Interest YTD: $4,061

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Here are some savings projections. These don't reflect "life", it's just what could be when "life" doesn't happen. Potentially...

Roughly $1,500/month towards retirement over the next 4 years while we pay down the mortgage, hopefully will have about $150k in retirement at that point.

Then up contributions to about $2,500/month total until age 67, which could get us to 1 million. This is all at 8%.

Like the title says, a girl can dream. B)

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Work has been picking up for dh. We depended a lot on my salary for the household budget the last few months, so have not contributed to Roths.

403b: $8,776

Old IRA: $6,491

Dh Roth: $4,404

My Roth: $3,201

Total: $22,872

Mortgage balance: $165,861               Principal reduction 2017: $14,635        Interest paid: $5,174

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Where we are now. Work has become extremely slow for dh and his income hasn't supported us in a while. He is in the process of changing careers. Because of inheritance money we were able to get ahead, though. We just threw $50k at the mortgage in January. If we can maintain a $1,500 snowball we will have a paid for house in 2022.

403b: $12,868

Old IRA: $7,315

Dh Roth: $8,744

My Roth: $8,397

Total: $37,324

Mortgage balance $111,668             Principal reduction in 2017: $18,420        Interest paid in 2017: $6,813

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Halfway through 2018. Dh just started working fairly regularly again, so once the upstairs project is finished we should be able to contribute to Roths again.

403b: $16,600

Old IRA: $7,144 (went down)

Dh Roth: $8,618 (went down)

My Roth: $8,583

Total: $40,945

Mortgage balance $102,581         Principal reduction in 2018: $59,495                Interest paid in 2018: $2,326

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One year ago we had $20k in retirement. Today it is $44,545! So excited to see those numbers go up despite car repairs and house renovations.

403b $19,818

Old IRA $7,362

Dh Roth $8,700 (haven't contributed)

My Roth $8,665 (haven't contributed)

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Some updated numbers. So far in 2019:

403b: $24,376

Old IRA: $6,925

Dh Roth: $10,517 (will contribute before April 15th)

My Roth: $8,660

Total: 50,478  We hit $50k!!!!

Mortgage balance $91,530 We're under $100k!!! And back to the amount we bought our house for ($91,700 in 1992). Two milestones for us in the same month. And next month we'll be out of the 90's. It will be so cool to see it go down in 10k increments and the retirement go up. It seems like we should be able to put $1,600 towards the principal and $1,600 towards retirement each month the rest of this year. Overtime has been my best and worst friend. I'm tired, but it's a rewarding, satisfying tired.

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Thanks for the encouragement! I am off work today and spent some time playing with calculators this morning. If we can manage to up our principal payment by $200 more/month ($1,800) our payoff would be March of '22.  Three years. Wow. Sure has my wheels turning!

ETA:  I realized I made a mistake about the $1,800 - I knew something wasn't right! $1,800 is my total principal payment, not my snowball. Our principal and interest payment is just over $1,200, and right now when I pay $1,200 more, my principal payment is $1,800. Anyway, if I continue a $1,200 snowball, the payoff is December of 2022. We will see what this year brings.

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Just updating some numbers for reference since I sent $2k in contributions to dh's Roth:

403b: $25,673 (just increased my contributions to $300/paycheck up from $270, + 2% match)

Old IRA: $7,219

Dh Roth: $12,710

My Roth: $8,828

Total $54,430     Mortgage balance $89,597

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Our current totals, since it is so incredibly rewarding to look back and see our progress.

403b: $41,500

Old IRA: $7,100

Dh Roth: $21,600

My Roth: $17,800

Total $88k

Mortgage balance $57,000

Retirement went up $34k and the mortage decreased by $32k.  Amazing the difference a year can make! Thank you, Dave.


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We did it!  We've hit $100k in retirement.  I want to keep track of these numbers:

$47,792 in my 403b

$19,324 in my Roth

$25,838 in dh's Roth

$7,073 in dh's old IRA

Mortgage balance is $53k

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It's unbelievable right! When the mortgage is gone and those numbers continue to climb you'll be amazed at the progress!

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