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!