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Financial Goals Review–End of 1st Quarter

financial goals review

Time for an update on our 2013 Financial Goals. I've had my head down, working hard at a bunch of side hustles to bring in extra money, and I'm struggling a little bit to keep up with it all. But it's worth it! We are so close to being debt-free except for our mortgage.

Here's our list of 2013 Financial Goals and the progress we've made on each one:

  1. Pay off student loan debt by the end of July. ON OUR WAY!
    I've been working so, so hard on this, doing everything I can to keep us on budget and earn extra money wherever I can–doing childcare, mystery shopping, selling on Craigslist and my neighborhood FB group–and we're still on track to get this done. Very exciting!
  2. Fully fund our emergency fund with 3 months of salary by the end of December. WAITING FOR #1
    Once we make the last debt payment in July, we’ll start piling that money and anything extra I can earn into our savings so we have a fully-funded emergency fund.
  3. Learn about our retirement options by the end of March. DONE!
    This was put on the list because we've been procrastinating, so setting the goal really made a difference. We educated ourselves on how much we're depositing now through my husband's job and how we'll proceed after we've accomplished goals 1 & 2. It feels good to have that figured out.
  4. Set and utilize budgets for four quarterly expenses: new tires, a new couch, a beach trip, and Christmas (we are traveling this year). CHANGED
    Somehow I didn't realize how dumb this goal was–where do we get the money for these things when every cent is budgeted and going towards debt payoff? I had to buy the new tires, so that's done, but the couch will wait until after we get the emergency fund established (#2). The beach trip is happening for less than we thought and as a celebration of accomplishing #1. Christmas will have to be planned for, but I can't save for it until #1 is done.
  5. Meet more often to go over monthly expenditures and quarterly/yearly progress. ONGOING
    So far, so good. Last year, we were lazy about having regular conversations about monthly expenses and changes (like insurance costs going up, etc.). We're talking more regularly and remembering to celebrate progress–like when our student loan (#1) went under $15k and when I won a grocery gift card from a raffle. That means another $50 can go toward the debt!

How are you doing on your 2013 Financial Goals?

 

 Image from Calsidyrose at Flickr

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TheEconoMs

Thursday 23rd of May 2013

Thanks for sharing your goals and progress - it's inspiring. Our goals are very similar to yours: aggressively reduce debt, build up emergency fund, actively manage the budget and so on. Your #5 is key: I hadn't thought about actually stating it as a goal, but you're absolutely right: frequent meetings and discussions about the finances with the spouse are ABSOLUTELY critical to meeting your finance goals. It seems so obvious to me now that we are doing it more frequently, but like you, we had been lazy about it in the past.

In the Home Stretch - Moneywise Moms

Thursday 16th of May 2013

[...] in the home stretch of our debt payoff, as I’ve been documenting along with our yearly Financial Goals. We’re so close, I can taste it. We’re finally under $10,000 on our final debt, my [...]

Julie

Monday 22nd of April 2013

Congrats on that! We finally got our tax refund back and it was enough to finish paying off one credit card (which was almost done anyway), and our car payment! Since our car loan was an automatic withdrawal we don't even "see" that money - so it felt like giving ourselves an instant raise! Sadly, our doctor bills have been inundating us this winter and keeping us from getting too far ahead, but we're still treading water and for that even I am very thankful. We estimate things will be very tight for about one more year (or we win the lottery, whichever comes first, lol). But as long as we stay on track I'm happy.

Amanda Espinoza

Saturday 20th of April 2013

Wahoo! Good job on making progress on your student loan. And July is SO CLOSE. Hang in there! I know it is tough to be patient and work hard for so long. We are still paying off our debt. I totally hear you on the couch thing. Our hand-me-down microfiber couches are uncomfortable and stained. I am dying for new couches, but I am being patient until our debt is paid off this year. Besides my kids are still little and would somehow manage to stain the new ones anyway.

Cathy @ Chief Family Officer

Saturday 13th of April 2013

Wow, you've made some impressive progress, Gina - keep it up!

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