After having such great success with our 2009 Financial Goals we decided to set some new goals for our finances in 2010!
The goals we set are realistic and we think we can achieve each of them although they may be a bit of a stretch! However, if we don’t challenge ourselves we’ll become complacent and we don’t want that at all!
Here are our 2010 Financial Goals:
1. Save $3,000 for a new to us truck/vehicle. Our vehicles currently are running great with 105,000 on the Escape and 95,000 on the Ranger. Once Paxton is born we won’t be able to use the Ranger to do anything as a family (unless I am cramped up in the back…not fun!) But we are not going to purchase another vehicle simply because we are having a baby! We are going to continue to add to our already established “New to Us Car Fund” and when we find the right vehicle and can pay cash for it, we will! Saving $3,000 this year will really help get the vehicle fund to where it needs to be so within the next year or 2 we can purchase a new truck debt free!!
2. Add on a guest room in the basement without any debt. We are in the process of adding a guest room in the basement! We are in the beginning stages of this! We’ve already been blessed, John David’s father purchased electrical wiring supplies for the room and they began some wiring. We put all of our Christmas money into our “Home Improvement Fund” and currently have approximately $300 cash for this project! We have family and friends who are willing to volunteer their time and talents to help us with this project and we feel that we can complete the project debt free!
3. Establish a college fund for Paxton. We’ve kind of already begun this, a percentage of my paycheck had been going into the “Baby Fund” so we can purchase items that we need for him and once he arrives we plan to “roll” that money into a college savings account. Also, any cash that we receive as baby gifts that we don’t spend purchasing baby items will be added to the college savings. The big decision in this is what kind of college fund to establish! I just might be calling Dave Ramsey for advice!
4. Make an extra principal payment each month. If we make an extra payment of $215 a month we should be able to pay off the mortgage in 15 years! $215 is the amount we would like to pay each month however we would be content if we were able to consistently make payment of $150 per month!
So those are the goals the Boreing family has established for 2010! We are up for the challenge of reaching each of the goals!