Money Saving Mom just posted her monthly 2008 financial checkup and encouraged all of us readers to do the same- so even though I haven't done this before, here are a few of our accomplishments from the summer:
1. As of this past spring, we are completely out of debt except for our home.
2. Once we paid off our car (our last non-mortgage debt) we took a month or so to enjoy our newfound financial surplus, then we decided to get back on the budget wagon and put the surplus to work for us by paying an additional 30% on our house payment, which we have automatically deducted from our checking account.
3. We also started Wachovia's Way-2-Save program, which puts a dollar into a special savings account every time we use our debit card or pay our bills online. This has taken us away from the cash-only system, but I love watching the savings increase, and the program has a great interest rate and cash incentives.
4. Last month I implemented the $100/month maximum automatic transfer into the Way-2-Save account from our checking.
5. I increased our weekly automatic transfer into our regular savings account by about 60% with the goal to have our 6-month emergency fund in place by this time next year.
Those are our accomplishments, now here are our goals!
1. Have emergency fund in place by this time next year, and just keep socking away extra money for it as soon as I do my weekly budget (my husband gets paid weekly, and his pay varies from week to week)
2. Keep on going with the Way-2-Save and hopefully have enough money within the next couple of years to purchase
-new flooring for our kitchen (the peel-n-stick tile the last owners put in is starting to un-stick!)
-new windows (when you sit by the window and feel a breeze when it's not open- you need new windows! well, that and the wood rot on the outside...*sigh*).
3. Have our house paid off ASAP- right now we're on track to have it paid off in 11 years, but I say the sooner the better!
All in all, it has been a very productive year. The most important thing to remember is that you can't buy peace of mind- but you can save for it!
Any other thoughts on some good financial goals?