Here are some of my current financial goals to accomplish in the next few years.
- Pay for new windows and siding with cash ($20,000 to $30,000?). This really isn't my goal, but my husband wants to do it. I'll do it, but I don't want to take out a loan to do so. I'll have to get some quotes this spring because $20-$30K is a large range and it would be nice to know how much this will actually cost!
- Pay for a replacement vehicle for our aging 2001 Ford Ranger ($20,000 - $25,000) Ideally I don't want to buy brand new, but one that is about 2 years old probably is still over $20K)
- Increase our emergency fund from $4,000 to $12,000 (about a month's worth of expenses to about 3 to 4 months of expenses).
- Pay down the mortgage as fast as possible. I'm currently paying an extra $150 a month, but I want to save for that truck first so why pay down the low-interest/tax deductible mortgage if doing so means I'll have to get a car loan? Once goals 1 and 2 are done, I'd like to pay at least an extra $500 to $600 a month.
- Fully fund my IRA every year. That is unless I ever get a job with a 401(k). I recently applied and interviewed for one, but it doesn't look like I got in this time, but I hear there may be another round of hirings in 2014.
- Vacations - I hate winter and need to escape!
So right now I have about $30,000 in cash not including the $4,000 EF or cash that is being saved for bills. So I pretty much have enough to pay off number 1, and if it's not too expensive, I have a good start on goal number 2. It's tough when the goals are so big and sometimes it takes a year just to accomplish just one.