View Full Version : New actions for 2025
iris lilies
12-31-24, 9:02pm
Here’s where we can write about our plans our hopes our dreams for our financial life in 2025. Several have already started some changes as reported in the grocery thread
Catherine detailed how she’s working with her husband on new budgeting methodology.
A Few months ago Tradd Began the journey to pay off her credit cards, and she achieved it! Now she’s building a emergency fund.
What are you all planning this year?
Around January 1 we do our annual review and report of our assets and we update our asset sheet. So that’s on the agenda for the next week.
I got a mailing from our federal government today that our Social Security payments have gone up and now my annual income is $36,000 a year in Social Security. I feel very fortunate to get that amount.
littlebittybobby
12-31-24, 11:13pm
okay---IL, it sounds like you are rollin' in moolah! What this means is----you can stock your wine cellar with the fineest labels; that you can make several junkets to far-away places, you can also "trade" for a nicer, newer, safer, and more trendy vehicle with "advanced technology", so you can get oiut and just DRIVE like crazy to places like Fla---and best of all---eat dinner frequently at Nine Eleven Missippissi as often as you want! Yup. Maybe even the Bum Steer, up there in IWAH! Yum. You've definitely got it made! Hope that helps you some. Thankk mee.
- I’m going to start collecting Social Security this year
- I’m going to finish paying off my daughter’s parent student loans the month before SS kicks in
- I may purchase an electric pickup truck that can also serve as a whole-house battery backup power system - jury still out on this project
- Trying to heat the house entirely with wood this coming year, to save huge $$$ on electric heating costs
Paying more attention to incoming/outgoing funds.
Understanding our "investments" better - capital gains, taxes etc but need to see how this year's tax prep goes first. Will need to move some things around.
Real estate decision which will be based on figuring out finances - the house we are in is not good for growing old or accommodating our hobbies. But living here is very affordable which makes the decision hard.
Deciding whether or not to buy a new vehicle. Ours is now 14 years old. Depends on where we live as to what type.
-I am going to try to get my mom's estate settled by March
-I am going to incorporate the new money from inheritance into my old money and look at my life as one financial whole, and allocate and plan accordingly
-I want to master an online budgeting tool so that it helps me keep track of category spending and make better plans
-I am going to plan menus for the week and commit to saving money on grocery shopping this year
-I am going to get better at tracking spending and coming up with a more complete picture of what we are actually spending
-I am going to try to make more money working part-time than I did in 2024
Paying more attention to incoming/outgoing funds.
Understanding our "investments" better - capital gains, taxes etc but need to see how this year's tax prep goes first. Will need to move some things around.
Real estate decision which will be based on figuring out finances - the house we are in is not good for growing old or accommodating our hobbies. But living here is very affordable which makes the decision hard.
Deciding whether or not to buy a new vehicle. Ours is now 14 years old. Depends on where we live as to what type.
I can give you my vote for Subaru! Consumer Reports just chose Subaru as the most reliable car brand.
Paying more attention to incoming/outgoing funds.
Understanding our "investments" better - capital gains, taxes etc but need to see how this year's tax prep goes first. Will need to move some things around.
Real estate decision which will be based on figuring out finances - the house we are in is not good for growing old or accommodating our hobbies. But living here is very affordable which makes the decision hard.
Deciding whether or not to buy a new vehicle. Ours is now 14 years old. Depends on where we live as to what type.
My actions are very similar to yours. Could have written about the house... have started looking, but not finding anything in our price range. Can stay here, but - like you - this house is not conducive to growing old.
Also need to start doing better with meal planning, etc. I usually don't mind cooking, I just get lazy sometimes.
Just got my "retirement" car - Toyota Rav4 hybrid. Still learning the ins and outs of it, but love it! Depending on if/when/where we move, this car should get me where I want to go.
As my name suggests .. I am frugal. I am going to try to be less so in the future. I have saved all my life and now it is time to get what I want/need and not worry so much about cost. It is hard to change a mindset though. 2024 was a good year financially. Also, need to contact tax and estate attorney soon. Next week having a medical procedure that, hopefully, will make my life better!
Happystuff: Are you looking for a more appropriate house in the same area, or a different area altogether? If the latter, where are you thinking to relocate?
As far as financial activities go for my household, I'm going to start tracking grocery expenditures again. We also need to rebuild our cash reserves, since we spent so much money on home and garden stuff last year.
Happystuff: Are you looking for a more appropriate house in the same area, or a different area altogether? If the latter, where are you thinking to relocate?
As far as financial activities go for my household, I'm going to start tracking grocery expenditures again. We also need to rebuild our cash reserves, since we spent so much money on home and garden stuff last year.
I would love to find a smaller house in this area, but the prices - even for an 800 to 1000 sqft house - are outrageous and definitely out of our reach. I'm looking across state lines (live close now) and there are a few things, but I'm really picky. Actually looking for a manufactured home, but refuse HOA fees or lot rentals. When I'm on a fixed income, the last thing I want to worry about is someone raising these types of rates on me.
I increased 401K contribution from $200/paycheck (2x a month) to $325/paycheck. This is pre-tax saving. My 401K also offers a Roth option. I started a different thread as I’m wondering if this is a good option.
At this point, I’ve been paying a lot of tax. I’m single, no mortgage deduction etc. Last year, I owed about $2K in taxes when I filed my return. I want to pay less. Waiting to see how much I’ll owe for 2024 with a full year of contributioning to 401K,
HappyHiker
1-10-25, 10:10pm
In a couple of days, I'll be launching my website that features my writing. Having fun with it and hoping other lovers of words will enjoy reading my not-so-serious (but sometimes reflective) pieces about life written by me, the First Baby Boomer.
rosarugosa
1-11-25, 7:25am
In a couple of days, I'll be launching my website that features my writing. Having fun with it and hoping other lovers of words will enjoy reading my not-so-serious (but sometimes reflective) pieces about life written by me, the First Baby Boomer.
Will you be sharing a link with us?
HappyHiker
1-11-25, 10:27am
Will you be sharing a link with us?
If that's permitted? I'd be happy to share the link...not selling anything on the site--just wanting to share some thoughts and engage in community. Maybe some laughter along the way...
iris lilies
1-11-25, 10:39am
If that's permitted? I'd be happy to share the link...not selling anything on the site--just wanting to share some thoughts and engage in community. Maybe some laughter along the way...
Sure! Give us the link!
HappyHiker
1-11-25, 11:15am
Sure! Give us the link!
Thanks--will do!
This Monday is "go-live day." Polishing up some loose ends during the next couple of days...
iris lilies
1-11-25, 12:11pm
Thanks--will do!
This Monday is "go-live day." Polishing up some loose ends during the next couple of days...
catherine is writing on Substack, so another author is here.
HappyHiker
1-11-25, 12:23pm
catherine is writing on Substack, so another author is here.
Substack is an interesting platform...I read some things published there...hope Catherine is having good luck with it!
Right now, I'm going to publish gratis and not try to monetize my writing....though I've supported myself prior to retirement as a writer/journalist in diverse markets--public relations, advertising, magazines, newsletters, Web content, books--in fiction and non-fiction...
But now??
I just want to write for the sheer joy of it! My website will give me a platform and means to communicate and speak to and with kindred spirits...an affair of the heart.
Will ne great to read your writing, HH!
I've got about $3500 in big bank savings account, so I'm now going to start stuffing my Vanguard Cash Plus account that currently is getting 3.65%. Will be nice to get some interest.
I recently did my year end financial review as well. 2024 was a great year. My net worth, ignoring the house, increased by 27%.
For 2025 I'm planning to continue saving as much as possible. Last year I maxed out the legal limit on my 401k and saved another 15% of take-home on top of that in a non tax advantaged account because I only spent 42% of my take-home pay on everything day to day. (The rest of take-home was spent on the onetime expense of our kitchen/downstairs bath remodel. This year no major project expenses are planned and all the non-spend will go into non-tax advantaged savings and 401k will again be maxed out. I'm also re-balancing to get a bunch of money out of stocks and into bonds that will hopefully be more stable during the coming turbulent times. I'm close enough to retirement (5 years in March is the goal) that I don't want to get hit with a big loss at this point. Maintaining principal is more important than the 22% growth I experienced last year.
iris lilies
1-15-25, 10:43am
Great spend rate jp, at 42% of take home.
We used ro strive to spend one salary only and save the other, but since we didn't really budget I don’t know if we achieved it.
Our net worth went up about 10% in 2024.
Great spend rate jp, at 42% of take home.
We used ro strive to spend one salary only and save the other, but since we didn't really budget I don’t know if we achieved it.
Our net worth went up about 10% in 2024.
Mine went up 21%, with about half of that being an inheritance.
catherine
1-15-25, 12:06pm
Substack is an interesting platform...I read some things published there...hope Catherine is having good luck with it!
Right now, I'm going to publish gratis and not try to monetize my writing....though I've supported myself prior to retirement as a writer/journalist in diverse markets--public relations, advertising, magazines, newsletters, Web content, books--in fiction and non-fiction...
But now??
I just want to write for the sheer joy of it! My website will give me a platform and means to communicate and speak to and with kindred spirits...an affair of the heart.
Yes! I started about a year ago. I'm writing a book and serializing the drafts. The working title is Exit 9: The Off-Ramp to the Good Life and it's for people who are not satisfied with the current culture and would like ways to detach from it.
Anyway, HH, congratulations on your launch! Substack is a great platform. I haven't monetized mine yet--my goal is to turn on paid subscriptions April 24.
I'm happy to subscribe to your newsletter!
Great spend rate jp, at 42% of take home.
We used ro strive to spend one salary only and save the other, but since we didn't really budget I don’t know if we achieved it.
Our net worth went up about 10% in 2024.
When we were shopping for the house we both agreed that we wanted to be able to afford it on one of our salaries. Thankfully we both earned enough that this was doable. A couple years later SO decided to leave full time employment for assorted reasons. He’s doing some contract work and would take the right ‘last’ job if one comes along but we don’t need the income which has been awesome.
I was talking with a younger professional acquaintance (early 30’s) a couple months ago who had just bought a house near us. Not only can they not afford it on one salary but he and his wife actually have an interest only loan. I can’t imagine putting myself in such a precarious position financially. I’ve not seen it but the house sounds lovely I suppose…
iris lilies
1-16-25, 9:15am
When we were shopping for the house we both agreed that we wanted to be able to afford it on one of our salaries. Thankfully we both earned enough that this was doable. A couple years later SO decided to leave full time employment for assorted reasons. He’s doing some contract work and would take the right ‘last’ job if one comes along but we don’t need the income which has been awesome.
I was talking with a younger professional acquaintance (early 30’s) a couple months ago who had just bought a house near us. Not only can they not afford it on one salary but he and his wife actually have an interest only loan. I can’t imagine putting myself in such a precarious position financially. I’ve not seen it but the house sounds lovely I suppose…
That’s like leasing a house. Might as well rent.
HappyHiker
1-16-25, 11:47am
Yes! I started about a year ago. I'm writing a book and serializing the drafts. The working title is Exit 9: The Off-Ramp to the Good Life and it's for people who are not satisfied with the current culture and would like ways to detach from it.
Anyway, HH, congratulations on your launch! Substack is a great platform. I haven't monetized mine yet--my goal is to turn on paid subscriptions April 24.
I'm happy to subscribe to your newsletter!
Thanks a bunch. We're working on some tech things on the site (isn't conquering new tech bunches of fun??)... so as soon as conquer that, we'll post the blog link.
Right now, I want to keep the site free--because I like reading free things myself and decided not to monetize the site...
Weird? Maybe so, but I've friends who have "give-away" hobbies such as knitting and quilting and baking and I've been gifted with their creations so wanted to do the same with my writing.
When I was working I did write for money and that was fine. But now a new chapter opens...
Please keep me up-to-speed with your writing projects. Love to support other writers..great to meet you!
HappyHiker
1-17-25, 1:23pm
Okay, gathering my courage to post the link to my blog...she says, nervously, but here goes:
pattytakes.com
Notes from the First Baby Boomer
Hope you enjoy it!
Got my W2 today and filed taxes on my phone at lunch. It’s simple. I only owe the federal $220 this year. It was at least $1500 last year. 401K for the win.
I usually owe the feds and get back roughly the same amount from the state. Not sure why that is or how I can fix it but I've learned to live with it. This year, since I took some long-term capital gains in December that haven't had any taxes withheld I will undoubtedly owe on both. But that's fine. Since I've taken more gains this year I should probably file an estimated advance tax payment or whatever that's called. Otherwise I'll probably get a penalty for underwithholding next year.
ToomuchStuff
1-19-25, 7:24pm
Last year had a LOT of expenses in the business. Years of not updating equipment, owners embezzling, gambling, etc. Major equipment replaced, had a decent start of an emergency fund that I dipped into a bit due to bad weather and closing for four days when rent was due (should be getting it back in bank account as business is picking up due to people being tired of being home). Had more work dilemma's to deal with, lost a day off due to one (so four days off last year, and Christmas off but family didn't let me sleep in). The weather closure gave me almost as much time off as I had last year, LOL.
Finally closed on my house on 12-30, although officially on the 10th of Jan. Basically, finally got everything in order as the idiot is not coming back and only a 50% chance of him living through this year. (didn't do his rehab) His family isn't happy, as he charged me more then they wanted to, however almost 2/3rds of the house is already what I have in equity.
Going to work on pricing at the restaurant, with our accountant/tax guy to get everything figured out, as they just kind of dart boarded it. Looking at POS systems and eventually taking credit cards, as that will increase the business.
rosarugosa
1-20-25, 7:24am
Okay, gathering my courage to post the link to my blog...she says, nervously, but here goes:
pattytakes.com
Notes from the First Baby Boomer
Hope you enjoy it!
Thanks, HH. I've enjoyed what I read so far.
HappyHiker
1-20-25, 6:45pm
Thanks for commenting!
happystuff
1-21-25, 9:48am
Hi, HH. Tried your link, but am not getting anywhere. Would love to read.
HappyHiker
1-21-25, 3:42pm
It should work--just tried the link and it took me there...
It's
pattytakes.com
rosarugosa
1-22-25, 7:40am
It did not work as a link for me, but I copied and pasted it into my browser and it took me to the site.
happystuff
1-22-25, 10:43am
It should work--just tried the link and it took me there...
It's
pattytakes.com
First couple of times it did not work, but got it and have bookmarked it! Thanks. Look forward to reading!
HappyHiker
1-22-25, 5:47pm
Guess I should have told you to paste into your browser to begin with and not called it a link--sorry 'bout that! Not super-techy, am I... pattytakes.com is a URL, I think...
I'll be posting more pieces in a few days...
Thank you for reading!
I'll make it a clickable link for you:
pattytakes.com (http://pattytakes.com)
HappyHiker
1-23-25, 11:24am
I'll make it a clickable link for you:
pattytakes.com (http://pattytakes.com)
Thanks! Nice of you...
Don’t know if this is a new action, but I was texting with landlord today on something and told him I wanted to stay another year. He said that since I’m a good tenant, rent will not go up. So still $1k. I’ve been there since 2008 and it started at $800. Lease renews in September.
This is very cheap $400-500 below market.
iris lilies
2-18-25, 11:03pm
Don’t know if this is a new action, but I was texting with landlord today on something and told him I wanted to stay another year. He said that since I’m a good tenant, rent will not go up. So still $1k. I’ve been there since 2008 and it started at $800. Lease renews in September.
This is very cheap $400-500 below market.
today I’ve been watching court procedures on YouTube, tenant/landlord conflict. Your landlord is smart to retain you. You pay regularly, you weren’t hard on the place, you don’t create problems with the neighbors and the police. model tenant!
today I’ve been watching core procedures on YouTube, tenant/landlord conflict. Your landlord is smart to retain you. You pay regularly, you weren’t hard on the place, you don’t create problems with the neighbors and the police. model tenant!
And I don’t smoke!
I figure this fits here so,
I know I made this change almost mid-year, but revamped my budget finance tracking forms to include income (multiple streams now) and more detailed spending categories. Did the best I could to date, but hoping that the next couple of months will prove enlightening with regards to actual spending.
I figure this fits here so,
I know I made this change almost mid-year, but revamped my budget finance tracking forms to include income (multiple streams now) and more detailed spending categories. Did the best I could to date, but hoping that the next couple of months will prove enlightening with regards to actual spending.
Do you create this forms and do them on paper or do you do them online? If online, what program do you use?
I am looking for help in this department.
Do you create this forms and do them on paper or do you do them online? If online, what program do you use?
I am looking for help in this department.
I actually did my own on paper. I tried to find some free printable ones online, but just didn't find what I wanted, so grabbed some graph paper and started.
I didn't want to do an online program, either, as I find it quicker and easier to just grab a pencil/pen to make entries. Plus, if I want to look at it, I don't need to turn my computer on.
That makes a whole lot of sense to me.
Do you have a photo of a blank one? Is it on ledger paper, because of the spending categories? Is it by day?
As you can see, I am drawing a blank when I try to make one.
happystuff
6-3-25, 12:11pm
That makes a whole lot of sense to me.
Do you have a photo of a blank one? Is it on ledger paper, because of the spending categories? Is it by day?
As you can see, I am drawing a blank when I try to make one.
Hi Tybee, this is the general layout I'm using at this point in time. This is a copy of the page for the 2nd half of the year. Like I said, I'm writing my specific categories in pencil right now - until I'm sure I've got what I want covered/included.
6376
Edited to add: came out kind of small. LOL Let me know if you have any questions.
Hi Tybee, this is the general layout I'm using at this point in time. This is a copy of the page for the 2nd half of the year. Like I said, I'm writing my specific categories in pencil right now - until I'm sure I've got what I want covered/included.
6376
Edited to add: came out kind of small. LOL Let me know if you have any questions.
Thank you! I like the simplicity and the way you have enough space but not too much.
Thank you! I like the simplicity and the way you have enough space but not too much.
I have actually used every line on the page with my categories. LOL. But, for each month column, the first little square is for the date of receipt or payment, followed by the amount in the remaining spaces. Except, of course, for groceries and gas. Those are accumulations for the month.
I have actually used every line on the page with my categories. LOL. But, for each month column, the first little square is for the date of receipt or payment, followed by the amount in the remaining spaces. Except, of course, for groceries and gas. Those are accumulations for the month.
So you fill it out at the end of the month with the totals? Where do you write the daily expense and categories, on a different form?
So you fill it out at the end of the month with the totals? Where do you write the daily expense and categories, on a different form?
Actually, we pay for all groceries and gas with a cc, so when that statement comes in, it's pretty easy to just total them up. I've been thinking about gas, though, and wondering if I can subtotal between our two cars. That would mean going by cc receipts to see who paid. Not hard, as both dh and I are in the habit of saving every receipt, just added work. But I am curious!
Actually, we pay for all groceries and gas with a cc, so when that statement comes in, it's pretty easy to just total them up. I've been thinking about gas, though, and wondering if I can subtotal between our two cars. That would mean going by cc receipts to see who paid. Not hard, as both dh and I are in the habit of saving every receipt, just added work. But I am curious!
Thank you so much. I like this summary sheet and may try to make my own. Because that is what I am lacking, putting it together like that.
Payday and another $1K into savings. Next pay will be less into savings as I have to pay for the five year service on four scuba tanks and my regulators. But I’ll be able to get into the water in July. Last time I dived was August.
happystuff
6-13-25, 8:40am
Nice, Tradd! Keep up the good work!
I have my 6 month emergency fund $15,500!
I’ve also upped 401K contribution to $500 per paycheck, so $1K a month.
I have my 6 month emergency fund $15,500!
I’ve also upped 401K contribution to $500 per paycheck, so $1K a month.
That's awesome, Tradd!!
rosarugosa
8-16-25, 6:10am
You've come a long way, Tradd!
You've come a long way, Tradd!
And very, very quickly!
iris lilies
8-16-25, 8:03am
I have my 6 month emergency fund $15,500!
I’ve also upped 401K contribution to $500 per paycheck, so $1K a month.
This is wonderful!
And very, very quickly!
That's what staying at home (except for shipwreck event weekend in March which had two nights of hotel) since the beginning of the year has gotten me. And frankly, with all the added stress from the tariff BS at work, I don't feel like diving at all. It's just too much stress right now. But since my emergency fund has gotten fat, it's actually been worth it.
I’m now adding $1K a month to 401K. Opened Vanguard brokerage account (have IRA (old 401K) and high yield savings at Vanguard already). Added $100 to new account and got S&P 500 ETF fund.
happystuff
9-18-25, 7:54am
Great, Tradd! You are doing so well! Very inspiring - thanks!
I've been tithing on gross instead of net, which feels liberating. Anybody else tithing this year?
iris lilies
9-18-25, 1:27pm
I've been tithing on gross instead of net, which feels liberating. Anybody else tithing this year?
If tithing is 10%, this year we’re giving 31% of easily measurable income. in the next few years I hope this large amount makes up for the years we didn’t give nearly 10%
And if the tithing objective is to help the widows and children and needy of the church, I fail completely at that. My tax contribution covers that tho.
If tithing is 10%, this year we’re giving 31% of easily measurable income. in the next few years I hope this large amount makes up for the years we didn’t give nearly 10%
And if the tithing objective is to help the widows and children and needy of the church, I fail completely at that. My tax contribution covers that tho.
That's fantastic!
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