Financial Shape in 2008: Monthly checkup
It’s July and time for another Financial Shape in 2008. The year is halfway over! How are things looking for you financially?
Here’s our update:
Short Term Financial Goals for 2008
Have our fully-funded emergency fund in place (6 months’ worth of living expenses) by the end of April. As of March 11, 2008–DONE!
Switch health insurance plans and open an HSA. We
were approved for our new health insurance plans in April and have also
set up our HSA. Done!
Start up an IRA and invest at least 5-10% of Jesse’s income in this. Started in March. (We plan to increase this to 12-15% of Jesse’s income as soon as we purchase our home.)
Open up a mutual fund for each of our children and invest $50 per child per month in it. Started in March.
5) Save up and invest $30,000 this year towards paying cash (100% down) for a house in 3-5 years. Now
that Goals 1-4 are finished, we’re working super hard on Goal #5!
It seems like the story of our life recently has been unexpected expenses! Between medical bills, increasing costs, and car problems after car problems after car problems (oh and did I mention car problems?!), it’s been a little mountainous here and I’ve had to fight the urge to feel frustrated. I know God is allowing these things to teach me patience and perseverance.
At any rate, I am here to tell you that we put a whopping $0 in our house savings fund this month. I’ll be honest and tell you that I’ve struggled to not feel incredibly discouraged about this–especially because I had high hopes for this past month. However, I am trying to learn to turn my would-be frustrations and discouragement into gratitude.
While we ended up spending a lot more money than we’d planned on and we didn’t save anything like we’d hoped, we have so many things to be thankful for: a nice rental home with air-conditioning, plenty of food to eat, an emergency fund, steady income, two beautiful daughters, one running vehicle (currently!), good friends who’ve encouraged us so much recently… the list could go on and on. We have so much more than we need; we are truly blessed!
Hopefully next month I’ll have some savings to report, but for this month, I’m trying to focus on counting my blessings instead of calculating our lack of savings.
How did you do in June? Whether
or not you posted financial goals for 2008, please take a moment to
post about your financial successes and failures in June and the areas
you hope to improve in July. Then, come back here and leave your link
below. If you don’t have a blog or would rather share anonymously, feel
free to leave your update in a comment. Let’s all keep each other
accountable to be better stewards of
Subscribe for free email updates and be entered to win $100!
PREVIOUS POST: Free gift from e-Mom Rewards and more!