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Joint Priorities

April 4, 2011

I’m a planner, but T is more inclined to take life as it comes (while doing things that leave him the most options down the road).  These joint goals have been discussed, but I feel like if it weren’t for me, T would be perfectly happy having a single goal:  “save as much money as possible for some future need”.  Since this is too imprecise for me, here is what we came up with.

Max out both of our Roth’s and my 4o1k each year

We are already doing this, but this is one of my top priorities, so it needs to be listed.  T has some other plan through his school, but I’m not pushing him to increase contributions there.  When he finishes school, he’ll have plenty of time and money to catch up.

Joint Emergency Fund of $25,000

We currently have $22,500, but I think this is primarily a matter of shuffling savings around.  T has a habit of keep excessive amounts in checking and I refuse to count it to our emergency fund  until he makes the transfer happen.

Travel Fund to $3000 by mid-summer

This is approximately at zero, so…  We have some work to do here!   Look for a post on upcoming travel plans to see where this money may be going!

Long Term Savings to $5000

The number here is somewhat arbitrary, as the purpose of this fund is not yet determined

Start contributing $200/month to a car fund

Because saving up for a car takes  along time!

4 Comments leave one →
  1. April 4, 2011 9:03 am

    I’m like you in that I need to have concrete goals rather than just planning on saving. Your EF and retirement savings are awesome.

  2. April 4, 2011 2:00 pm

    Your savings looks good!

  3. April 6, 2011 5:29 pm

    Very sensible, well thought out goals. How many months worth of living expenses would your emergency fund cover?

    • April 7, 2011 5:30 pm

      Good question – since it is a nice round number, you may have guessed that I’m not completely sure.

      The chances that both of us would have no income indefinitely is pretty low. If such a drastic situation arose and we saw no end, we’d probably consider some pretty significant changes (ie move to a cheaper part of town).

      However, based on absolutely no cuts in spending (including irregular stuff like travel, gifts, insurance) it seems to be just over 7. However, I assume we’d get serious about our grocery, entertainment, and restaurant budget even if just one income source dried up. (That does, of course, assume no savings for those 7 months)

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