Mid-year Goals Review

Personal Goals 2008

  • Transfer Roth IRA, old 401Ks, and old pension to discount brokerage firm
      Done 03/2008!
  • Contribute maximum limit to Roth IRA for 2007 by April
      Done 04/2008!
  • Become credit card debt free by July by paying off credit card #1 before the 0% intro rate ends – on target Pay off credit card #1 before the 0% intro rate ends
      on target* Done 06/2008!
  • Pay down car loan by 90% by December 31
      on target slipping Blown!

      Well, the original plan was to triple car payments to pay the car off by April 2009. In order for this to happen I had to stop contributing money to savings. I couldn’t hack not contributing to savings, so I came up with an alternative solution to triple payments on the months and double payments on the even months and contribute the would-be third payment to savings, resulting in a May 2009 payoff.

      This has been working well, but now I am considering transferring the loan balance to a credit card at 0% until October 2009. I would save $450 in interest plus earn interest on the money that would have been used for two or three monthly car payments. The hitch is the application form doesn’t have a place for loans only credit card balance transfers, so I’ll have to call or visit a local branch to see if a loan balance transfer would be processed as a cash advance which would be a deal breaker. The other option would be to do a balance transfer to a credit card with a low balance and then request a credit refund. I’m still mulling this over.

  • Continue to contribute 401K to employer match percentage
      on target, might consider contributing more.
  • Research long term investment options
      gotta get started I’m reading the Booglehead book. I suppose that is progress.

*This got revamped because I remembered I have another credit card balance with a 0% interest rate that ends in Feb 2009, so I won’t be credit card debt free until Feb 2009.

Short Term Goals

  • Determine personal net worth – in progressDone 04/2008!
  • Track aggregated expenses for 2007 – in progess, gotta create more meaningful subcategories to get the unreconciled percentage down O_oDone 04/2008. I used this budget template from Microsoft to determine better categories and subcategories.

Family Goals 2008

  • Rebuild family emergency fund to 20K by December 31 24.5K by April 2009 25.5K by May 2009
      On target

      Well, this keeps changing because I keep finding stuff I should be taking into account the eFund. The original goal of 20K by December is actually on target for successful completion.

  • Pay off credit card #1 before the 0% intro rate expires in October
      On target with payment scheduled
  • Budget for 2009 vacation(s)
      Currently on target, but will likely have to continually adjust to anticipate increasing airfare prices.

Short Term Goals

  • Determine family net worth
  • Track aggregated expenses for 2007
      In progess, gotta create more meaningful subcategories to get the unreconciled percentage down O_oDone 04/2008. I used this budget template from Microsoft to determine better categories and subcategories.

    Tentative 2009

    • Pay off credit card #2 before the 0% intro expires in February
        On target with payment scheduled

    Long Term Goals

    • Make some!!
        yeah, still gotta make some…
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May Financials – Part 1 Expenses and Income

Personal

Income and Expenses:

May Notes:

  • I made three auto loan payments
  • Got paid three times this month
  • Made $35 in free money.

Emergency Fund Progress:

Family

Income and Expenses:

May Notes:

  • Paid Mortgage #1 on May 30 since June 1 fell on a weekend
  • Getting stimulated, receiving three pay checks, and getting some free money explains the increase in Wages.
  • Turning off the heat, not turning on the air, no income taxes due, and a mysterious credit on the electric bill, explain the massive decrease in non-credit card bills

Emergency Fund Progress:


Personal Goals 2008

2008 Goals

  • Transfer Roth IRA, old 401Ks, and old pension to discount brokerage firmDone 03/2008!
  • Contribute maximum limit to Roth IRA for 2007 by AprilDone 04/2008!
  • Become credit card debt free by July by paying off credit card #1 before the 0% intro rate ends – on target Pay off credit card #1 before the 0% intro rate ends – on target*
  • Pay down car loan by 90% by December 31 – on target slipping
  • Continue to contribute 401K to employer match percentage – on target
  • Research long term investment options – gotta get started

*This got revamped because I remembered I have another credit card balance with a 0% interest rate that ends in Feb 2009, so I won’t be credit card debt free until Feb 2009.

Short Term Goals

  • Determine personal net worth – in progressDone 04/2008!
  • Track aggregated expenses for 2007 – in progess, gotta create more meaningful subcategories to get the unreconciled percentage down O_oDone 04/2008. I used this budget template from Microsoft to determine better categories and subcategories.

Tentative 2009

  • Contribute maximum limit to Roth IRA for 2008 by January – on target
  • Pay off car by April – slipping
  • Rebuild personal emergency fund to 10K by December 31 – ahead of schedule
  • Increase income from lower $60s to upper $70s by December 31 by possibly getting a new job

Long Term Goals

  • Contribute maximum limit to Roth IRA in lump sum in January by age 30
  • Earn $125K salary by age 35
  • Contribute maximum limit to 401K annually by age 35

Family Goals 2008

2008

  • Rebuild family emergency fund to 20K by December 31 24.5K by April 2009 25.5K by May 2009
  • Pay off credit card #1 before the 0% intro rate expires in October
  • Budget for 2009 vacation(s)

Short Term Goals

  • Determine family net worth – in progressDone 04/2008!
  • Track aggregated expenses for 2007 – in progess, gotta create more meaningful subcategories to get the unreconciled percentage down O_oDone 04/2008. I used this budget template from Microsoft to determine better categories and subcategories.

Tentative 2009

  • Pay off credit card #2 before the 0% intro expires in February

Long Term Goals

  • Make some!!