Monthly Financial Check-up

We’re excited because, after we paid our taxes a few weeks ago, we had some extra money in our tax savings account to throw towards our savings goals. This allowed us to be able to fully fund the amount of educational savings we’ve decided to set aside for Kathrynne. Since she’s our oldest, we’re setting aside the most for her as she won’t have as much time for the interest to compound on the money.

So now we just need to save for Kaitlynn and Silas and then we can move onto our final two financial goals for this year. I have no idea if we’ll actually be able to hit both of them, but we’re at least going to try!

We also have been doing a lot of talking about our upcoming goal of saving to invest in real estate. We were initially planning to invest in commercial real estate, but the more we’ve studied, read and talked, the more we’re leaning towards residential real estate. We’re hopeful we might be able to pay cash for our first piece of real estate by the middle of 2012. We’ll see!

Our Family’s Financial Goals for the Summer of 2010 through December 2011

1. Significantly increase our giving to needs in our community and around the world. This is an ongoing goal, so we’re keeping it uncrossed off from the list.

2. Pay cash for a replacement washer and dryer for our very used set.

3. Pay cash for a replacement for Old Blue Van.

4. Pay cash for a couch for our basement family room.

5. Pay cash for bunk beds for the girls.

6. Fully fund our IRAs (for 2010).

7. Bump up our retirement savings to 10% of our income.

8. Fund our children’s educational savings — Kathrynne’s is finished

9. Double our Emergency Fund Savings (Instead of having around six month’s worth of expenses set aside, we’re planning to set aside a year’s worth of expenses.)

10. Save 40% towards our real estate investing goal.

We’d love to hear about your recent financial goals and successes! You can post about it on your blog and leave your link in the comments. Or, just share about your progress/goals in the comments. Let’s all keep each other accountable to be better stewards of our resources!

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Comments

  1. Lindsey says

    I just want to start by saying what an amazing blessing money saving mom has been to me husband and I. I discovered your blog as my husband was going back to school to change careers (finance to teaching). it was so helpful as we prepared for him to enter into forced unemployment, aka student teaching.
    we are currently debt free except for a student loan i have. we do not have children yet so I still work full time but we have never lived off my income. my income is for saving and paying for my husbands school. with student teaching ending in about a month we are contemplating paying off my student loan in full. Its about 17,000 which we have the cash for but it would take a very good chunck out of our savings and we would like to pay 100% for a house someday (or at least 50% down). we dont want to keep paying the min payment bc then we end up paying so much more in the end bc if interest, but we dont know if we want to part with all that money at one time. any ideas? Thanks!

    • says

      Will you still have an Emergency Fund to cover at least a few month’s of expenses? Does your husband already have a job lined up? If so, I’d say to go ahead and pay off the student loan and be done with it! Once you no longer have the student loan, you can put all the money you were making towards that payment into your house fund.

  2. Lindsey says

    He does not have a teaching job lined up yet, but will be going back working for the company he worked at before for at least the summer. we would still have enough to cover 3 month of expenses and I feel pretty secure at my job (or as secure as you can these days). Thanks for the advice! It always is helpful to get someone else’s perspective and I def respect your opinion! your blog has truly helped me be a more supportive wife during this transition for my husband! my husband has said it really helps him that I have been so furgal minded during this time, but i would not have been able to do that as well without this blog and the women who also comment on it and of course through alot of prayer and strength from God.

  3. Jessica says

    It is so easy to get discouraged when you see how others are prospering, but I believe God rewards faithfulness no matter what your income is. I have seen this in my husbands parents. They have such a small income yet others who make more than twice as much as they do often refer to them as being rich, and it is only because they are good stewards of what is given to them. They were willing to go without so many things and have a standard of living that most people would look down upon. They now have a very nice house and drive good cars, but this didn’t happen quickly or easily. They weren’t able to help my husband pay for college, but they prayed and the Lord provided and he finished his degree debt free.

    It is wonderful when you have the means to help your children pay for their education; but don’t fret if this is not you. My husband says he used to be envious of his friends whose parents were able to help them out financially, but now he realizes that the biggest gifts that his parents gave him were teaching him how to work hard and pray.