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2023 targets: good better best

January 1st, 2023 at 08:41 pm

I'm going in to 2023 with far fewer expectations about how life will go. It's just too unpredictable. However, that doesn't mean I'm going to stop trying! On the financial side, since we have 1.5 steady incomes (plus rental property income), there's only so much I can say we'll be able to do with any amount of certainty. So I've set up a snap shot of "good," "better" and "best" scenarios and laid out how much extra income gross would need to be made (mainly on AS and her freelance business but also anything NT and I might pick up outside our regular jobs).

I don't know if this chart will make sense to anyone else, but it really helps me and AS when we're thinking through what we might be able to get done this year! Basically, I think we can save $5K to our EF, $9K to our Roths, and have small amounts for travel, home improvement and giving on my and NT's regular income, and if AS grosses $41,667, we should also be able to pay down $30K of tax/kitchen debt. If she made double that, we could get quite a bit more money for each of those categories. And in the best case scenario, if the three of us could pull in $139,769 gross between us in addition to our regular income, we could achieve everything on my financial wish list. That's a highly unlikely scenario but I wanted to put a price tag on our ideal state, so to speak. We're not shooting for it per se but it would be exceedingly cool if we could get there!

Min Coven $150     Min Coven $150     Full Coven $1,650
HELOC/CC payoff $30,000   HELOC/CC payoff $39,000   HELOC/CC payoff $39,000
EF savings (min $5K)     More EF savings ($15K total $10,000   More EF savings ($20K total) $15,000
Roths (min $9K)     More Roths ($15K total) $6,000   More Roths ($18K total) $9,000
Renos (Min $1200)     More Renos ($2K total) $800   More Renos ($12K total) $10,800
Vacays (min $5K)     More Vacays ($6K total) $1,000   More Vacays ($12K total) $7,000
Giving (min $1200)     Giving (min $1200)     More Giving ($3600 total) $2,400
Family fun $0   Family fun $0   Family fun $6,000
Net $30,000   Net $56,800   Net $90,850
5% retirement     10% retirement     12% retirement  
Gross $41,667   Gross $84,776   Gross $139,769

4 Responses to “2023 targets: good better best”

  1. VS_ozgirl Says:

    Was too hard to read your graphs but love the good, better, best mentality! Good luck in 2023 with your goals!

  2. rob62521 Says:

    I think your graph was superb. It's nice to see these numbers and then you can plan.

  3. mumof2 Says:

    yes have to agree don't really understand them but I do like the way that you have set it out to good, better, best...hope you can achieve at least the better one...good luck and have fun reaching your goals

  4. terri77 Says:

    I can barely read it, but I’ll blame that on my phone. I get the gist though, and I like it! I think I may try something similar.

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