July 2008: Progress Update

Wow, where do I begin with this month’s review? Since resigning from my job, I have to update some of my plans. So far, I’m enjoying my ‘vacation’ and managed to take care of a lot of things we had put off since moving.

Let me first review our financial goals for this year:

• Income: The goal is $70,000 for the year as a family.
• Spending: I’m going to continue cutting back on eating out to twice a week, including weekends.
• Investing: I’ll continue to contribute to my Roth IRA.
• Saving: I will have $2,000 in my emergency fund by September 1, 2008. I would also like to put our income tax return into our house fund toward paying down the car loan.
• Debt: I would like to pay off my car loan by August 31, 2008.

Here’s how we’re doing with our financial goals:

• Income: I’ll need to find a job this month to reach that goal.
• Spending: Good news: spending has been reduced. I would like to say this was a solid effort on my part, but it’s because I’m no longer working. I have a cushion that I don’t want to drain too much.
• Investing: This is going to be put on hold until I start another job. 
• Saving: I’m glad I’ve been saving money! I will not make my goal in September, but I’m going to continue to save money. I’ll set aside any money I receive from this blog and a portion will go to savings. Our joint savings is growing and we’re not expected to touch it.
• Debt: I’m going to have to pay both a car payment and a student loan payment. I’m going to push hard on putting money on the car by snowflaking. Good news: the balance of the loan is now $1,800. With the situation what it is, I will not be making my goal of paying off this car this month. My new goal is to have it paid off by December 2008.

How is everyone else doing with their 2008 goals? Anybody else had some changes to their plan? How did you deal with them?

Photo Credit:  ivanx

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