December 14th, 2007 - Financial goals for 2008
Here are some things we hope to accomplish or continue this year. Have you thought about your financial goals for the year? It’s always a good idea to have things that will be a stretch along with things you know you’ll be able to do.
- Give 2% of gross income to charity. We began doing this in the fall so it’s in the budget now.
- Save 16% for retirement. This may not be reached–definitely will save that much of regular income, but we’re putting my extra income (teaching, other projects) towards some specific short term goals. I do not know if we will be able to put aside the extra from that money as well. Have to see how it works out. (For instance, I was promised money from work back in Sept that hasn’t yet materialized. If it does, we’ll have extra for retirement. I’m losing hope right now, however.) Our ultimate goal is to save 20%.
- Payoff HEL–will happen in October or so.
- Maintain fully funded (3 months expenses) emergency fund. This means that if we dip into it for Jedi’s surgery or other purposes we have to find a way to build it back up. Interest from having 3/4 in CDs helps!
- Keep grocery and household spending under $300. I haven’t not done well on this in 2007. One of the reasons I stopped writing about it this summer. We were doing quite well, but then between the teaching responsibilities and the extra income from work, I stopped tracking. And then, whoosh!, they got away from me.
- Start new car/car repair fund. The loan will be paid off in July and the payment will immediately go to savings for repairs (the car will be 5 years old) and a new car. We hope to pay for the next car with cash. Our prayers are that it will last 5 more years, although I don’t know if we’ll have saved enough by then; it will depend on repairs. And whether Maggie goes to the Montessori school. It might not last through that much driving.
- Earn at least $25/month from Deal Barbie Pays and such places (like I was doing before the summer also).
February 19th, 2008 at 3:22 pm EST
[…] I’m participating in Living-Deliberately’s challenge to update our year goals. I’ve only posted financial ones, so that’s all I’ll address. […]