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!
Kara Perez is the original founder of From Frugal To Free. She is a money expert, speaker and founder of Bravely Go, a feminist financial education company. Her work has been featured on NPR, Business Insider, Forbes, and Elite Daily.