Well I am trying to following a Dave Ramsey type program. But I am breaking down my baby steps into short term, mid term and long term goals. I could do the minimum on the steps and keep moving to step #7; but I need to keep increasing our Emergency fund as our jobs become less guaranteed as we get older. I also need to hit the retirement saving hard as we only have 24 years left until DH reaches age sixty five. DH has medical problems so I cant see him working much past age 65. I just hope he is able to hold out that long before he decides just to have me support him and put off my retirement indefinitely.
I have decided that since our income is about to drop again soon; March? or MUCH MUCH Sooner it is time to break my goals into short term, mid term, and long term goals so I can come up with a game plan that will work for me.
At this time I am not sure what length of time it will take for the mid term goals because that will be determined by how much DH decides he wants to work with me and hopefully be gainfully employed instead of under employed and watch TV and play Xbox 360.
Short Term Goals = 1 year or less
Baby Step #3 3 Month Emergency Fund 9,222
$2,000 saved for household repairs that currently need to be done
Baby Step #4 Max Roth IRA’s for 2010
Baby Step #5 6 Month College for Son 5280
$3,000 Braces fund for Son
Mid Term Goals
Baby Step #3 6 Month Emergency Fund 18,444
$5,000 Saved for future house repairs
Build a Deck
Replace Front Steps
Landscaping
Long Term Goals
Baby Step #3 12 Month Emergency Fund $36,888
Baby Step #4 Max Retirement deposits
Goal 645K for DH to retire @65 (Sept 2033)
Goal 525K for DH to retire @ 73; Me @ 65 (Nov 2042)
Baby Step #5 4 Years College Son = 20,217.76+ (need June 2021)
Baby Step #6 Pay off Mortgage at least 4 years early ($43,200 in principle) (no early = 2037)
Reward: New Cars 20K X 2 = 40K
Dave Ramsey but broken down into Short, Mid, Long term goals
October 30th, 2009 at 09:48 am
October 30th, 2009 at 02:03 pm
November 1st, 2009 at 07:37 am
I asked for his imput three weeks ago and he said he did not have time, so weekly I ask and once he gives me his list we will combine the two.
I have a feeling a new bed for him will be a new added short term goal (if he actually thinks about it)- if not I guess it gets added once he realizes he NEEDS it again.
I hope that if I can convince him to get fulltime job right when he gets home 100% of that income can go towards the purchase of the Sleep Number he thinks he NEEDS. Then hopefully he will have a job and that $ can go to his Needs that to me are what I would say are wants.