Sorry for the prolonged silence. Things are still up in the air at work. I'm hoping to hear this week how we are to proceed. Things at home on the personal finance front are going fine though. We've spent most of our discretionary budget for the month already so we'll have to be extra frugal the rest of the month so we don't go over. We haven't spent any money eating out so I guess all is not lost. There's really only one budget category close to it's limit already. Everything else is actually doing OK. Amazing how a budget can help you see your spending patterns and help you stay focused on your goals!
Since the first quarter of the year is now over I thought it was time to see how we're doing against the goals I set for this year:
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1 - Pay off HELOC by June 30, 2009.
We are on track to pay this off in May! Even with the (potential - this may not apply to my site - all up in the air right now) pay cut I think we can do it. Chuck gets three paychecks next month and we'll only have about $1500 left to pay. We can almost do that in a regular month so we should definitely be able to do it next month! How exciting is that!
2 - Grow emergency fund to $8K by December 31, 2009.
If we are able to pay off the HELOC next month and if all stays fine in our world (gainfully employed, funtioning vehicles, etc.) then I think this is still a realistic goal. Starting in June I'll begin funding this again along with some travel fund increases and maybe a bit of Christmas savings too. It's my goal to put at least $1000 a month in the emergency fund and any extra I can scrape together into our travel fund, Christmas savings and yet-to-be-established Basement Finishing Savings. We also need to start a new-to-us car savings account. Man! There are just so many things we still want to do and not enough money (yet!) to do it with. All in time though. Patience.
3 - Lower mortgage principal balance by $6K this year. If we did nothing but pay our total due each month we'd lower it by approximately $4200. I'd like to add an extra $1800 on top of that.
I think we're well on our way here! Through March we've paid over $1400 in principal on our mortgage. That's right on track for the year! We're paying over $500/month in principal now with our extra payments so I think, if things continue to go well, that we can make this goal as well!
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I feel so blessed that we haven't encountered any serious emergencies on our race out of debt. And that we're making such great progress on our goals. How are your goals going for this year? Have you reviewed them lately?
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