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!
May brought a few unexpected expenses with health needs and vehicle issues, so we only put $2000 in our house savings, not $3000 like I’d hoped. However, considering the setbacks, I’m grateful we were able to put even $2000 into it.
It’s been two months since we first opened our house savings mutual fund and we now have saved $4500 towards our house. Yay! Our
short-term goal is to save $15,000 in our house savings by August 31,
2008. This is a rather ambitious goal, but we’re working hard towards
achieving it and are excited to see if we might actually make it! Who knows?
We spent some time in May putting some additional online income-earning ideas into place which we are hopeful will, Lord-willing, allow us to meet or exceed our goal of having $30,000 in our house savings by the end of the year.
How did you do in May? Whether
or not you posted financial goals for 2008, please take a moment to
post about your financial successes and failures in April and the areas
you hope to improve in May. 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 from Money Saving Mom® and get my Guide to Freezer Cooking for free!