Thursday, December 21, 2006

2007 Financial and Personal Resolutions

I am not a huge fan of New Year's resolutions. Mine never inevitably stick. And I usually don't do the financial resolutions, because I'm not a budgeter, but instead I live my life without a budget.

In 2007, I resolve that we will save the maximum $23.5k/year into retirement accounts if we are still eligible for the Roth IRAs. I also hope that we will save $20k into the ESPP, I think it is maxed at 15k, which we are currently funding.

I also hope to get life insurance in May 2007 (after I finish my weight loss) in preparation for our child. Our goal is to start trying December 2007.

My one challenge to myself could be that I will pay for DH's school in cash and not take out another $8500 Stafford loan. I'll be able to determine this probably in February.

4 comments:

indio said...

If you're definitely plannin gon having a kid and buying life insurance now, you should also consider setting up a 529 plan now. I know it's difficult to do prior to the kid(s) being born but you'll be happy you have a headstart on that. I speak from experience.

Living Almost Large said...

Indio, thanks, I already got $1k going in a 529 for myself to be switched to a kid when we have one. People I've mentioned it too think I'm crazy, I want $10k by the kid's birth in there.

And I should mention I feel so free finally metioning we're going to have kids. Our families think we're nuts and should wait until we're older!

Stingy Student said...

Wait, why would you not take advantage of the $8500 in subsidized Stafford loans? Just stash it away in some CDs or high yield savings accounts to let it earninterest, and then pay it all back at the end.

Living Almost Large said...

Because sometimes you don't qualify for a susbsidized Stafford loan. Right now DH has one for his schooling, we're using it because it's so expensive. We hope by the time he finishes we can pay it back in full. Cross your fingers. Gee private universities are expensive.