Monday, November 24, 2008

Financial Goals 2008: Where Did the Year Go?

I can't believe how quickly 2008 slipped by me! Less than two months left! I am way overdue for an update on our financial goals.

1. ROTH IRA's. My goal for 2008 was to contribute $4,000 into both my husband's and my Roth IRA. We are currently at $7,050 contributed. We've been putting most of our "extra" money toward this goal, so it's growing quickly. My husband and I have also decided that we're going to put emphasis on this goal and try to get to $5,000 in each Roth by the deadline on April 15th.

2. New Car Fund. I don't even want to look at the balance in this account! It's invested in the stock market, so I'm sure you can guess what that means. Yuck! We have been continuing to put money in this fund, so at least we are now buying low (I hope!). We've hit our goal of adding $3,900 to this account. We have actually added $4,025 so far this year. I doubt we'll meet our stretch goal of $4,500, though, since we're really concentrating on the Roth's right now.

3. Emergency Fund. Our goal for this fund was to increase it by $2,600 this year. This goal has been met and then some! We have currently added $2,900 to our emergency fund this year! So far, $500 of this has been moved to a cd. I'm going to continue to do this in $500 increments about every other month (called a cd ladder) since we should never need all of this money all at once. At least some of it can earn a little bit more interest!

4. New Siding Fund. This is another completed goal... sort of. My husband and I ended up hiring to have the house painted instead of getting new siding. It turned out fairly well, but I'm guessing we'll go with vinyl siding next time. At any rate, the paint job should last 5-10 years and we can make a decision at that time. Hubby recently informed me that new shingles will be next on the list!

I'm pretty happy with the progress we've made this year. We will have met all of our 2008 goals and some of the stretch goals! I'm thinking of making some income-related changes next year (more on that later!), so I'm glad we've been able to accomplish a lot this year. Pretty soon I'll start working on some 2009 goals!


ladybugblue said...

Way to go, you guys - this is awesome!

Kacie said...

Looks like you guys have had a great 2008! Here's looking ahead to a fabulous 2009!

moneyloveandchange said...

Great job! Keep up the good work :)