Archive for the 'Goals' Category
Goal Begin: ~$2,500 in savings on July 7, 2008 (25%)
Goal Target: $10,000 in savings by October 31, 2008
Current Status (Aug. 27, 2008): $5,605.07 (56%)
It’s been awhile since my last update on this goal but things are going pretty well. This was an aggressive target for us to regain that much savings but it looks like it should be done with time to spare. If that is the case, I’ll quickly jump on paying the rest of my car debt down.
One of the nice contributions to this one was finally receiving the $1,200 economic stimulus check. We put it right to the savings. (However we did technically spend it already months ago when we bought new couches out of the savings. - Either way, it was good to put it in there.)
Just a quick update today, I’ll have more soon. How are your financial goals going?
As of July 8, 2008:
Car Loan $4,253.42
Student Loans $96,095.59
Total: $ 100,349.01
Obtaining this goal will be the thing that really opens up our life a lot more. It will release a major strain on our cash flow and make it so that we can really start either getting into a bigger house or piling up some investment assets. These two loans account for a bit over $1,000 a month in payments.
We’ve been making excellent progress so far! We had two car loans in there but we paid off one for $7,800 in about two years and we paid the other down to $4,253.42 from $15,000. We are working it down steadily.
Current Date: July 7, 2008 | Current Savings: ~$2,500
Target Date: October 31, 2008 | Target Savings: $10,000
But you said this blog was about eliminating debt!
It is but there needs to be some kind of security blanket to ensure that if there is an emergency, I do not have to resort to credit cards. We actually had the cash savings up to about 12-13 thousand but we learned a hard lesson in tax this year and then needed to pay 2,000 in emergency vet bills for our dog.
Why $10,000?
It is a nice round number to target for now. It isn’t enough to sustain us if one of us loses our job but it can be very helpful in most emergencies. In the future, I would like to target 3-6 months of living expenses in our savings account.
Photo Credit: Coin Site
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