We just wrapped up a marathon 2015 budgeting session tonight — it was glorious. And by glorious I mean it was lots of “You seriously think we’ll be able to get by on [X category] with [X amount]? That’s just dumb.” Three hours of that. We’ll share the juicy budget details next week, but until then our attention is diverted to the long list of other financial to-do’s that loom large in 2015. The thing we love/hate about personal finance is that we’re never done. There’s always more to do, always ways to patch things up and get better. Very rewarding and totally overwhelming.
So here’s our financial outlook for 2015. We’d love to hear where we cross paths.
Review 2014 budget. The 2014 us is different than the 2015 us… understatement of the year. We’ll need to take a long, hard look at our 2014 budget and see what is and isn’t going to work with a baby on the way and that [enable sarcasm font] super tiny NYC cost-of-living adjustment [disable sarcasm font].
Set 2015 budget. After reviewing our 2014 budget, we need to set (check) and implement any necessary changes for 2015. We’re set on keeping our savings goals the same this year (thanks to backwards budgeting), so we’ll definitely need to tweak expenses here and there to fit that.
Finalize life insurance. We’ve been working on getting life insurance since Sally was born, and we’ve just about got it finalized. We’ve chosen a provider, an amount, and a date to have some random person come to our house to collect my blood and urine (that’s weird, right?) before we git’er done.
Max out Roth IRAs. We’ve told you the why behind maxing out our Roth IRAs each year, and we plan to do it again in 2015. We’ll need to shore up a few questions on non-income-generating (but mucho mom-awesomeness-generating) spousal IRAs, but no compliance worries there.
Set aside lump sum 529 money. We wrote about cheating our 529s last year, and we’ve started doing just that. But it’s time for lump sum #2 this year for our future scholar (that’s you, Sally… no pressure).
Decide whether we should start a 529 for child #2. Saving for college for Sally already seems like quite the investment for 2015. We’ll have to take a look at our finances and decide whether to hold out until 2016 for #2.
Finalize a will. We’ve started this process as well, but it still isn’t done. It’s really hard to find motivation to do something that’s so tedious and morbid. Whoever we bequeath our blog to, I pity you.
Figure out bookkeeping for side business. The time has come to start getting legit with our side income, which we’ll share more about soon.
File claim for Aflac. When baby #2 arrives, we’ll be going through the same Aflac claims process we did with Sally. Here’s hoping the payout ($4100 last time!) is just as good because NYC ain’t cheap.
File claim through health insurance. We probably won’t make money off baby #2, so we’ll probably be a little more careful with reviewing our labor and delivery claims to make sure we don’t overpay.
Add a dependent to health insurance. Easy in principle, but hard to remember in the new-parent-no-sleep-I-don’t-know-what-month-it-is stage. We’ll just have to send an email or make a phone call for this one and then see how much our monthly rates go up when we become a family of four.
Pay taxes. This one is just around the corner. Here’s hoping for a no whammies, big money tax refund this year.
And that’s it! If we can just tackle one a month, we’ll be done by… the end of 2015. What’s on your 2015 to-do list? I KNOW filing taxes is on your list, so at least we’re 1 for 12. Then again, you could be a principled tax evader which makes you way more rad than us. What’s on your financial horizon in 2015?