We started 2012 with 5 financial goals that seemed like a stretch. We were blessed with reaching 4 of 5 of the goals. My wife’s bonuses, totaling $28,093.27 gross ($20,683.50 net) really helped us achieve most of our 2012 goals.
1) Increase net worth to $173,200 SUCCESS
We began 2012 with a net worth of $164,821.70 and reached our $173,200 net worth goal in August. We ended 2012 with a net worth of $212,219.22, exceeding our 2013 net worth goal of $211,000. It’s a HUGE blessing to be 1 year ahead of our plan.
2) Furnish our new home SUCCESS
We purchased a 5 bed / 3 bath house in January 2012 and, while the overall task of furnishing our new home was larger than originally expected, we were successful. The furniture, appliances, décor, etc. added up to over $30,000. We had to put ~$9,000 on a 0% interest credit card, but paid the balance off in July before incurring any interest. We are thoroughly enjoying our new home.
3) Rebuild savings account balance to $15,000 FAIL
We ended the year with $12,213.11 in savings. Passing $15,000 just wasn’t in the cards, especially considering that we pulled $3,000 out of savings for an auto down payment in July and paid off ~9K in 0% interest credit card debt.
4) Contribute $24,000 to retirement accounts SUCCESS
We exceeded this goal, but in an unexpected way. We contributed $22,244.42 to our retirement accounts during the year. In November 2012, my wife’s company laid off the entire national sales force and, as part of the separation package, 100% vested her company 401(k) match and in profit sharing. This increased our retirement accounts by ~$6,000 and brought our 2012 total retirement account contributions to $27,920.48.
5) Increase son's 529 Plan to $6,000 SUCCESS
We reached this goal right at the buzzer. We began 2012 with $3,158.24 in our baby boy’s 529 Plan, but did not get anywhere close to the $6,000 mark until the end of the year. Sure enough, God blessed us with two amazing quarterly bonuses from my wife’s company, helping us reach this and other goals. We ended 2012 with $6,018.02 in our son’s 529 Plan.
I’ll be posting our new 2013 goals shortly.