September 2008: Progress Update

Summer is over! I’m so sad that it flew by. It’s been eventful for me and I noticed it has been for others. Lynnae is preparing to move to her new home! I’m happy and excited for her family and I hope it goes smoothly.

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 December 31, 2008.

Here’s how we’re doing now on our financial goals:

• Income: I’m going to modify this goal this month. I’m to lower it to $60,000 for the family’s income this year.
• Spending: I’m doing well with this. I’m also using coupons for the times I do go out. I’m also using smaller meals through the day, so I’m less likely to just want to grab a bite.
• Investing: I’m going to focus on maintain my IRA. Once I get a steady paycheck, I’ll start my automatic deposits again. My husband has started his 401(k) contributions.
• Saving: Our joint savings with ING Direct is growing and we’re not expected to touch it. My personal goal is to keep my savings up until I get a regular job.
• Debt: The car loan balance is now $1,624.53 (I just checked this morning). I enjoy seeing the balance going down.

How are you working on your goals? How have you’ve you coped with unexpected changes?

I’m also happy to say that my post on using your tuition refund to start an emergency fund is included in the Carnival of Personal Finance by One Cave Man’s Financial Journey.

Photo Credit: ivanx

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