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Financial plans

June 30th, 2020 at 08:06 pm

In a couple of months, my salary will go up substantially as I will be working full time, my husband is receiving a small pension with health insurance and in November of 2020 he will start collecting early social security benefits. I'll be 51 soon and my husband 62 in October. I am already contributing 15% of my income between a 403B, Roth IRA and Teacher's state pension. We thought about our next move financially and decided to aggressively try to payoff our primary home in 5-7 years (hoping for 5 years). We also want to travel every year and make a major trip each year starting 2021. COVID haulted our plans this year but that's okay. I rather be safe than sorry. We have no debt other than our mortgages and we're paying cash for all home renovations and repairs. My children are grown with good jobs and making it on their own, our cars are new (ish) and basically it's just my husband, my fur baby and I. I am formulating a money plan to make this happen.

On another note, the central AC is done and paid in full. It feels nice not to depend on fans and window units to keep cool. The highest estimate for our porch deck repair came at $6K (materials and labor), the second one came in at $4,800 and we are waiting on the third estimate to make a decision.

2 Responses to “Financial plans”

  1. rob62521 Says:

    Good plan to pay off the primary home. Our goal was to do that before DH retired at 62. It worked out that we could, and it sure was nice not having that every month.

    You are smart to pay cash for renovations and to also save up for trips. We do that. We have a friend who is always borrowing whether it is for home improvements or vacations, and then bellyaches that he can't do much. He makes a better pension than DH and I do together, but he spends way more than he brings in and he wouldn't dream of cutting back (I deserve this!) or saving for anything.

  2. Petunia 100 Says:

    I like your plan. Best of luck with reaching your goal. Smile

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