Until recently, it had been a year since I had written a HotFrugal post. I’d say it’s time to take stock of my current financial situation and goals. This is the type of post that is interesting if you’re nosy (I certainly am, so don’t feel bad), but it’s definitely long and detailed. So dig in and join me, won’t you?
F@!# You Fund: This is what I like to call my Emergency Savings Fund. I censored it a bit since my mother reads this blog. Basically, I want to have enough money saved so that I can say a big “F@!# You!” to any major unexpected expenses that crop up (major home repair disasters, car maintenance fiascos, etc.). I also want to be in a solid financial position if I lose my job, and I’d even like to have the option to quit my job if it ever becomes really, unbearably horrible. Goal: $25,000. Current balance: $12,313.
Mad Money Fund: This is a phrase I’ve borrowed from my mother. Mad Money is fun money that can be spent on any kind of Want. Typically, I use this fund for vacations, though more recently, I tapped it for a tattoo (!!). There is no specific amount I try to keep in this fund; it just depends on the timing and types of vacations I have planned. Current balance: $995.
Triumph Motorcycle Fund: No, I don’t know how to ride yet. But I know I want to! I’m saving as though I’d buy a new bike and all necessary accessories (helmet, saddlebags, etc.). Goal: $11,000. Current balance: $568.
Roth IRA Starter Fund (formerly known as iPad Fund): It’s time to kick this one into high gear. Once I have enough saved, I will open an account with Vanguard and then track future contributions and growth in the Retirement section (see below). Goal: $3,500. Current balance: $40.
Retirement Accounts (Vested Balances)
Old 401(k) from Former Job: (At some point I need to roll this over to an IRA.) $43,750
401(k) from Current Job: $9,003
Mortgage: My house is worth $165,000. I’m not working to pay down my mortgage more quickly because I’m not sure how long I’ll live in this house. Remaining balance: $128,096.
Car: Yup, I bought a new car at the beginning of the year. The old one needed more costly repairs, and I was able to get 0% financing. I won’t make any effort to pay this off early since I’m not being charged any interest. Remaining balance: $13,964.
A rough calculation based on the above info puts me at $104,609.
So there you have it. My number one priorities are the F@!# You Fund and the Roth IRA Starter Fund. It’s going to take a long, long time before I’m able to buy a motorcycle, but I’ll get there eventually.
Viva la frugal!