It's nearing the end of 2008! Can you believe that? It's been a full year for us with many struggles and triumphs. My husband and I sat down this week and talked about our goals and ran the numbers to see where we were at. And we were very thrilled to find out that we were able, by the grace of God, to accomplish all of our goals for 2008!
Here's the list:
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. As of the beginning of November, this is also DONE!!
When we listed off these goals at the beginning of the year, they felt very audacious. In fact, we both thought we were being overly ambitious. But, as we've found in the past, it's better to aim high than to be content with mediocrity! And so we did!
Amazingly, through a number of unexpected events and the blessing of God, we were able to accomplish these goals. Yes, it meant some rigid budgeting. Yes, we've made some significant sacrifices. Yes, we done a lot of "living like no one else". But the perseverance is paying off and we're very excited about that.
We haven't sat down and formerly written out goals for 2009, but we do have one already-agreed-upon extremely-ambitious goal that my husband gave me permission to share publicly: We are aiming to have saved up enough money by this time next year to pay 100% down on a home!
This goal looks a little daunting but we've run the numbers and determined that with lots of hard work and scrimping, it might just be possible. One of the biggest reasons we are hoping this goal might become a reality in the next year is because of our recent move.
Not only did moving back home allow us to now be close to our families and back in our home church, it was a substantial career move for Jesse and it put us in a less expensive housing market. These things, coupled with the fact that we'll likely be living here long-term, have given us huge motivation to scrimp and save in order to buy a home sooner than we'd anticipated.
I'll keep you posted on our progress and we'll see what happens!
How did you do in 2008? Whether
or not you posted financial goals for 2008, please take a moment to
post about your financial successes this past year. 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
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