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Two new projects

January 29th, 2013 at 06:20 am

Project number one is that DH asked me how much we had made through the years. Was surprised to discover we could go back to 2003 with only having to recreate 2 years of income. Mind you, this is only adjusted gross that we were able to track but its only recently that there has been a significant difference between gross and adjusted. It was interesting to see that tracked next to the net worth increases. As I remembered, 2008 was a high point before a significant dip in income which lasted the next three years. Nothing too shocking, just a reconfirmation that its how much we spend more than earn that dictates our net worth increases.

Project number two was importing all our information into mint. I wasn't very impressed with it at first because some of the imports took work to get mint to find the right website and their budgeting and goal making is on a monthly basis whereas some of our bills are more periodic as are our goals. But it did have two areas that won me over. Actual income over time data (useful when the swings in your income are huge) and having all the investments in one spot. I will still keep my old fashioned excel spreadsheet but the mint website has some fun tools that I think will compliment what I am already doing.

On an amusing note, my DH is becoming highly invested in my long term goals for the household. I had decided I wanted to make sure he understood my goals and plans so that he could have input and own the process despite not being the one who takes care of the financial picture (he always been on board with saving, but he tends to vague whereas I work on specifics). With him working with other peoples financial data all day, he has no real interest in messing with ours.

So I did a number of projections using data we had already generated in order to show him what was doable. Obviously, lots can and will happen between now and retirement but a lot of this is occurring despite any setbacks. Main thing will be reminding him its okay to live in the meantime as well. He loves going full bore on challenges so sometimes moderation is difficult for him. I figure this year probably will be full bore simply because so many debts are close to their ending point and the more we stash now, the less we have to stash later.

5 Responses to “Two new projects”

  1. Jenn Says:

    I'm impressed with Mint too, but not enough to use it primarily. It seems to lack customization functionality. For example, I can't find a way to delete categories I don't need.

  2. ceejay74 Says:

    What a coincidence, I tried Mint recently too! I don't think it would work for me; I've got UK assets and debts that I couldn't figure out how to get in there, plus it's hard to explain to Mint my budget categories and escrow system, whereas my spreadsheet doesn't try to comment on how I'm managing things. (Mint has sent me emails that I'm "over budget" in some areas because it doesn't understand I have escrow funds built into my checking account; I break them down in my Excel spreadsheet but I didn't see an option for that in Mint.)

  3. snafu Says:

    What a wonderful idea to look at both gross and net income going back a few years to see where there were advances and disappointments even if they were externally driven [like housing crash]. It's a worthwhile check and as part of submitting income tax one moderate added step to work out Net Worth.

    Where would you like your net worth to be by January 2014? January 2018? I arbitrarily decided to try to boost Net Worth by 8% each year. Some years have been a disaster but most years at least tickle 8%. I figure it's important to set a goal and reach. What do you think?

  4. Caoineag Says:

    Snafu, we have a spreadsheet where we have projected out the increases until 2025. Given that we are still in the early accumulation phase of life, our projected net worth increase is actually 75% by January 2014 and 68% increase is what we achieved last year. These obviously would be more impressive if our net worth was higher to begin with but the increases do help. Like you, we like setting goals that we need to shoot for that is challenging. Which explains why I have fund EF under 2013 goals when in likelihood we won't be able to finish it this year without some serious increases in pay.

    Ceejay and Jenn, I know what you mean. It was a bit awkward for budgeting and while you can delete their categories, you feel locked into groupings that don't really work for most items.

    Oh and Ceejay, it took a decent amount of fooling around with search terms to bring up our 401k websites. If you have websites for your assets and debts you can get them in there, otherwise its a waste of time because the manual assets and debts don't work very well. That sort of surprised me because you would think they would better acknowledge that not all accounts have websites.

  5. Jerry Says:

    You're smart. Getting your partner vested in the process is one of the best ways to lead to a successful outcome... it offers you some insurance of "everyone pulling in the same direction." Congrats on your progress!
    Jerry

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