Thanks for the mid year reminder Merch about reviewing my 2008 financial goals. My 2008 financial goals were as follows:
1. Increase 401K to 10% and fully fund
Roth $5000
2. Save $5000 to Emergency House Fund
3. Reduce $4200 debt to $2950 (0%
interest)
4. Pay $2088 extra to mortgage principal
5. Help DS#1 to be financially independent
I am on track with my retirement funds. I have a monthly direct deposit for my Roth. I started the year at 10% increase for the 401K. A salary increase resulted with me increasing it to 12% starting July.
$218 a month is automatically transferred into the emergency house fund. Any surplus money at the end of the month is used to fund the account. Still waiting for my economic stimulus check! I didn't really count on it but it would help us reach our goal quicker. I plan to check with IRS on why it is taking so long.
We can do better with reducing the credit debt. We currently paid $830 since February but we can do better. I know it is because of the 0% interest and I have until 2013 to pay it off. My plan was to pay it by February 2011. I can add an extra $75 to have it paid off by November 2009.
We are on point with the extra principal payment. $174 a month is automatically transferred to the mortgage.
DS#1 is doing better with keeping a better handle with his finances. During March he had a problem with him not being aware of his debit card use. Resulted with $60 overdraft fee that got his full attention! He is now keeps track of his spending habits. He pays his school, phone and car insurance bills on time. This is without reminders from his parents. He has maintained his budget and contributes to his (401K and Roth)retirement funds. He is slowly realizing that he actually has more money to have fun. We do not assist him with wants. I think that is the key to his financial development. I did not want to raise a young man feeling that he had his hand in our wallets. Now to work on DS#2 during his summer visit with us.
6 Months Goals
June 24th, 2008 at 09:48 pm
June 25th, 2008 at 11:46 am 1214394400
All and all. It sounds like you are on point. Nice job.