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2021 – Financial Goal #2


As of today, just now, in fact….The smaller of my two student loans is paid off! It won’t feel real until the payment comes out of my bank and the balance on my student loan interface is updated. But I have officially pressed the button to pay it off.

Time to Save Some Money

Time to start on my next financial goal for 2021. If you revisit my original post, my second goal was to max out my ROTH IRA and several readers suggested that I had until April, 2021 to max out the $6,000 max limit for 2020.

This is my next goal!

I believe I can do this within the next month – 2 pay periods.

And while I had planned to stick to one goal at a time, I am going to simultaneously start on my next goal…paying off my car! Any extra income not required for my monthly budget and to max out my ROTH IRA this next month will go towards my car.

And once maxing out my 2020 ROTH is complete…I will be attacking my car loan with everything I’ve got!

Paying off my car is going to be the highlight of my year! But even better, it is only Goal #3 for the year.

Payroll Deductions

I can’t remember if I’ve written about it, but I elected several additional payroll deductions in addition to my health care and HSA. I doubled my life insurance and elected to put 10% of my income into the company 401K.

During onboarding meetings, I learned that the company contribution (profit share) to the 401K is typically 3% of your salary and that is done once a year. I am not eligible for that until I’ve been with the company for 6 months. So I’m not sure if I will get it this year.



  • Reply Angie |

    Please check your tax deductions. Something doesn’t seem right if you can save $6,000 in two paychecks. Also, if you actually can afford to save this much, than you should be putting the maximum amount in your 401k for tax savings. I’m a little concerned that with all these changes (kids possibly dropping off as dependents, new W2 job, plus keeping the side biz) that you’re going to get hit with an unexpected tax bills.

    • Reply Hope |

      I began 2020 ROTH contributions last year so I don’t have to contribute the entire $6,000, I just need to max it out.
      Aside from that, I have been concerned about my tax status as well, so currently have it set to pay a little extra to both federal and state to be on the safe side. I will adjust after I consult with a financial advisor.

  • Reply Walnut |

    Congrats on paying off your smaller student loan! Definitely a huge accomplishment and I hope you and the kids can celebrate it a bit.

  • Reply Cwaltz |

    As you start to balance paying down debt and acquiring savings you might find it helpful to record both areas and start thinking of debt and assets and how they impact your net worth and ultimately your ability to retire(something to cover with a financial advisor).

    • Reply Hope |

      Yes, as I’ve found time have been seeking out a financial advisor. They are not common here in this tiny town. And I think I would like to meet with someone in person.

So, what do you think ?