I only have one definite goal for 2020 at this time. My current goal is to save $2500 a month for the first four months of 2020. That will be a difficult goal to achieve. Working in my favor is the fact that I’ll be working two jobs during that time. I’ll need to work 15 hours a week at my tax job while still getting 40 hours at my document review job. That will be difficult to achieve in January when training at my tax job will be during my doc review job hours. After January I will be able to work Saturdays at the tax job making it easier to get my full hours at the doc review job.
January will also be a 5 payday month with 3 of the paydays being double paydays. That should allow me to get off to a good start at saving money. I will also get my tax refund and sell some things during the first 4 months to help me reach my savings goal. Since I have basically unlimited work hours between the 2 jobs I won’t be spending much, if any, time on trying to make money from side hustles. It makes more sense to focus on the guaranteed income during this time.
Some of these savings will be in my 401ks. Both jobs have 401ks that I participate in. I’m planning on having 100% of my tax job pay directed to my 401k. I’ll also be depositing 20% of doc review income into that 401k. I’ll adjust that as necessary to still be able to pay my bills and meet my other savings goals. I also plan on maxing out my IRA. Once I determine how much I need to contribute to my traditional IRA to get my federal income tax to $0, I’ll contribute the remaining allowable contribution amount to my Roth IRA. Once I’m ready to contribute to the IRAs, I’ll have to dial back the 401k contributions.
After the IRAs are maxed out for 2019 I will start saving in a regular savings account. I plan on traveling several months in 2020 and I will need some savings to live on during that time. I will review how I’m doing at the beginning of April and adjust my retirement savings to ensure that I have enough savings for travel.
Some other goals I plan to make later in 2020 are to lose weight and increase my blogging/online income. I intend to start on my weight loss while I’m still working, but I’m not yet ready to make a concrete goal for the weight loss. Blogging/online income is something I’ll work on this summer. Once I have more free time this summer I might be inspired to pursue more goals. I’m leaving the option for more goals open at this time.
Later this week, I will publish a post with my tentative plans for 2020. What are your goals and plans for 2020?