After quite a bit of thought and a little discuss with the hubby, I have a few goals in mind to help us improve our financial future. Here are some of our thoughts:
- Max out my husband’s 401K. Although it isn’t matched, we figure this a good place to start investing in our future. It also should help us out come tax time. From what we can tell, we are currently at about $9K each year. Our goal is to gradually increase his contribution so that we get to the $18K.
- Reduce monthly spending. In order for us to do step #1, we will have to reduce spending to make up for the difference. According to breakdowns calculated here (thanks Livefrugalee), we would need to decrease our monthly expenses by $750! That’s a lot!
- Pay mortgage off early. I can’t ignore how much we would save in interest by cutting our 20 year mortgage in half – about $50K! Sure, I could invest the extra funds used to pay off the mortgage, but being completely debt free is a feeling I would like to experience!
- Declutter our house. Since we are staying put for the next 20 years or so, I have to find a way to love my home! I am going to make myself love this house again! The rest of the family seems to love it. I just need to get on board. So, by reorganizing and decluttering, I am going to feel like I have a brand new house! Lets see if it works. (Thank you, Mintly for the idea!)
- Have a net-worth of $1 Million. Everyone else is doing it, so why not us! 🙂
I am not really sure how I am going to do all of this or the time frame for accomplishing these goals, but this is where we will start! What do you think?
The C.F.O. Mom Blog 
Sounds good, seems like you have a clear sense of the direction your finances will be headed to. I am also doing the get to 1 mil net worth. Something is attractive about being called a Millionaire, though i bet at that point one would still want to gain more.
I agree on the idea to pay off the house early, you and your husband should invest an hour a day if you’re able to and look into starting some type of side income, online. I am still in the process of getting one but if you’re able to get one, it would be a huge benefactor in terms of aggressively paying off your mortgage / saving up, etc.
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Love your goals. I’m really similar with wanting to pay off our mortgage faster and to have a net worth (ex. our owner occupied home) of $1m. It is a bit daunting when you work backwards and see how much you need to save. But also highly motivating. Look forward to hearing about your journey.
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Thanks! I plan to actually calculate where we are this week. Hopefully it’s more encouraging than discouraging. 🙂
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