Numbers For a New Year

Happy 2015!

I am SO glad 2014 is over. It was a tough year for me and I am looking forward to having a fresh start. I learned a lot last year and went through some challenges I never expected to. I’m hoping to take all the good knowledge and habits I now have into this new year and leave behind all the bad stuff!

I thought taking a look at all my accounts and reviewing my goals would be a great way to start off 2015. So without further ado…

Expected Income: $22,500. This is my best guess at my total income after taxes. It will probably fluctuate a little but I’m ball parking with this number.

Total Debt: $12,850.38. I was able to make an extra payment in December and will be starting 2015 with $348 less in debt than I thought I would be! It’s very encouraging to start off the year on this note. Here’s hoping I can keep it up!

Emergency Fund: $2,000. I’m planning on keeping my EF here. I won’t be growing it anymore and will only be contributing to it if I have to take money from it.

Roth IRA: $500. I’m beginning to get nervous about retirement! Since I have no company contributions, this is all on me. I’m going to double this amount in 2015. I’d like to do more but I am prioritizing my debt.

Regular Savings: $563. This is what I dip into first when I have unexpected expenses. Right now it also have two months of health insurance payments in it. I’m going to try and keep it at $500 all year long. In December, if I’ve paid off my loans, I’ll transfer this into my Roth and split my EF in half. Half of my EF ($1000) will stay put and I’ll grow that up in 2016 and the other $1000 will be my regular savings account.

I’m not putting my checking account up because it’s quite sad at the moment and it fluctuates so much. I have no ‘normal’ number for it. I’m pretty pleased with where my money is right now and I’m motivated to get rid of my debt. Here’s to 2015!

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