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Home > Year end eval

Year end eval

December 5th, 2008 at 11:02 am

Although the end of the year is not here yet, by now, I have a pretty good idea of where things are at. And I'm pleased to say that the year turned out better than I had hoped!

Originally, I'd be happy if I could just max out 401(k) and Roth IRA, and if I'm really lucky, I'd also be able to beef up my emergency fund.

Well, both are already maxed out, and if all goes well, my emergency fund should hit the full 12 month level by the end of this year! Yes!

I actually kept a lot of liquid on hand because I thought I was going to have to pay a bunch of legal fees (due to issues that I didn't think could be resolved amicably with my ex). But since that didn't happen, that money is able to stay as a part of my emergency fund.

Anyways, next year is a similar set of goals, but because the emergency fund should be full soon, my next goal is to expand towards a car replacement fund. We'll see how that goes.

For next year, I might also open up a separate Roth IRA, probably with Vanguard and their index funds.... Honestly, the amount of "play money" I have for stock trading right now is enough, and though I've had a miraculous year, I really don't want to risk any more of it.

Oh yeah, and 401(k) contribution is going to go up next year by another $1k, so I have to adjust my contributions, which will affect my budget a little bit. But otherwise, I think that's basically it.

Unrelated side note: Some employees are throwing out more plants. I thought long and hard about saving them, but... these ones are harder for me to maintain. Sooo... sadly, I've decided to let it go.

14 Responses to “Year end eval”

  1. Koppur Says:

    very impressive! congrats!

  2. merch Says:

    Nice work BA!!! How about a house or condo fund?

  3. Broken Arrow Says:

    Ah, that's on my roadmap as well, but it'll have to wait. My Corolla is a '97 with more than 170k miles on it. The car might hold up, but I'd rather not bet on it.

    But if it all goes well for 2009, then perhaps I can pursue a house fund by 2010. Or, if my car is still holding up and I do have to move, then I can still shift some of these funds towards house down-payment, or more likely, rent instead.

  4. Analise Says:

    Wow... excellent progress! And, thanks for sharing. I am sure you are inspiring many to do likewise.

  5. Broken Arrow Says:

    You mean, "I can't believe that jerk BA is actually doing something about his finances. Well, I'm not going to let HIM show me up!" That kind of inspiration? Hehe.

  6. gruntina Says:

    Wow! Quite an accomplishment!

  7. frugaltexan75 Says:

    Great job BA! Our cars are the same age, but I have a lot less mileage on mine - only 107k. Smile Here's hoping for a LONG LONG life for 1997 vintage cars. Smile

  8. Petunia Says:

    Toyotas have a good reputation. . . my car guy says he's got customers with 300,000 miles on theirs. (I have 170k+ on my 1993 Toyota, and express my worry everytime I take it in - I don't want to break down on the freeway while driving the carpool. But it's well maintained, and so far so good.)

    Sounds like you exceeded your goals and had a successful year!

  9. Apprentice Fun-Frugalist Says:

    Well done BA !! Is a treat in order to celebrate ?? (That's how I motivate myself anyways)

    Toyotas have a great reputation. As regards longevity, I think the critical issue is how well maintained/serviced it is, rather than the actual mileage. A good mechanic can keep a car in good order for years n years.

    I was in a similar situation to yourself in that I had a 97 VW with 157k on the clock & while it was running fine, I had a feeling there would be mechanical issues on the horizon even though I got it serviced regularly. The real reason I traded up was I wanted a more modern car.... not the best from a Personal Finance perspective... but, eh I'm only human !!

    Got a 04 Honda Jazz (Fit in US) by the way - highly recommend - sips gas.

  10. Broken Arrow Says:

    Yes, I believe that my car will last for quite a bit longer. At least, I hope so. Still, I figure it wouldn't hurt to start saving for a new car now.

    Celebrating.... Well, I don't have anything particular in mind. I'm actually fairly content with the way life is going right now. And things have become enough of a habit that I don't feel like I'm missing out on anything.

    Besides, despite having a good year, I will still need several more like it before my financial health can be at a good level. As it is, things can still fall apart if I am not careful.

    That said, I guess I wouldn't mind doing something just for fun anyways. Probably going to eat a buffet somewhere. Hehe.

    Thanks everyone!

  11. Analise Says:

    BA - You ARE NOT a jerk! ... you do have a good sense of humor, though, which is one of the reasons I enjoy reading your posts.

  12. Broken Arrow Says:

    Hehe, ok ok. Just teasing. Thank you.

  13. Diolla Says:

    WTG, you sound like you are getting along nicely. My car is 1 94 and I don't know what I'd do without it. Not too many miles though, only 132k

    I only have a 10 month EF but it will have to do for now. I am actually pretty happy with it at the level it's at.

    Anyway, way to set and get those goals. Best of Luck in the future.

  14. Aleta Says:

    BA: Congratulations! You have really done so well from when you first started blogging. That is a great emergency fund to have and I believe one year is good, especially today.

    I have a "99 Honda Civic. Like you, I'm saving for another car. A good idea is to start thinking about what kind of car you want and do alot of research. When you get ready to buy, you should know more than the salesman about the car you want. That's what I did when I bought my Civic. I did alot of research and so far I have been very happy with the car.

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