Financial Goals Update: February

We have had another successful month making strides towards accomplishing our 2010 Financial Goals!

Here’s what we accomplished in February:

1. Save $3,000 for new to  us vehicle. In February we saved $133 towards this goal! That means we have $2,715.50 to go! Achieving this goal may be a bit of a stretch but we still have 10 months to save!!

2. Add on a guest room in the basement without any debt. We saved an additional $112 in February towards this goal which brings our basement fund to $562.78! We initially planned on having this room completed before the baby came but we are not going to be able to get this finished by then. However, more time before we begin building means more time to save money so we can build without debt!!

3. Establish a college fund for Paxton. We have not established an official college savings account or even a savings account yet. We still aren’t sure what we are going to do as far as saving for college.

4. Make an extra principal payment each month. Our goal is to have our mortgage paid off in 15 years which means we need to make a payment of $215 each month! In February we made $350.95 in extra principal payments!! This is $135.95 over our monthly goal!! We made several Craigslist sales this month and $120 of the extra payments were from those sales!! (I love selling our unwanted stuff to help get our house paid off faster!!)

11 Replies to “Financial Goals Update: February”

  1. That is awesome, Rachel. Congrats!
    How do you determine how much goes toward the car and guest room? Is it a percentage of all you save within a month?

    You are doing amazingly well!
    Keep up the great work.

    ~M

    1. Good question (with a complicated answer!!)

      Car-We are currently saving $65 each month from John David’s paycheck and then 35% of my check (for my transcribing work!)

      Guest Room-”Extra” money. We put all of our Christmas money in this, our excess from our grocery budget from January’s eat from the pantry challenge & then we had some Kroger gift cards (ex. $20 gift card, we took $20 out of our grocery budget & applied towards the room fund!)

      I hope that makes a little sense to you!!

  2. WOW! Those are some great goals — and some great work toward making them happen. Remember that nothing happens overnight, and you are well on your way to making great things happen.

    I’m sure once you complete the room and such – you can totally find the $$ for a college fund.

    Blessing to you!

  3. Perhaps you can set up a savings account and let friends and relatives know that a monetary gift for the college fund is always a wonderful gift for Paxton. Its the best gift certificate of all.

  4. I love reading about your goals. It makes me feel so motivated. We recently started Dave Ramsey’s Financial Peace University through our church and I like reading your blog because it helps me remember to be “frugal and simple”. I have a ton in student loans coming through in a few months and I am so nervous, but I just remember that we can do this. Simple living is the key and you encourage me in that respect! Thanks!

  5. Nice work! Isn’t it great to see progress?!

    We have a list of our financial goals hanging on our fridge just to remind us what we’re working toward. Good motivation!

  6. You’re doing great for your goals! Way to go.

    I just read your 2010 financial goals and wanted to mention something… we have a sedan and a pickup and, of course, the baby seat can’t go into the pickup. So far it hasn’t been a problem. At all. We’ve had no problem using the one vehicle when we need to all go somewhere together. In fact, I felt better knowing the carseat was securely installed in one car and wouldn’t be moved around.

  7. I’m impressed. Those look like lofty goals, but you seem to be doing a great job getting there!

  8. Congratulations on how well you’re doing in 2010! We hope to start making extra principal payments on our home soon; can’t wait to see that total house debt amount start to drop!!

  9. On my twentieth wedding anniversary I decided to save 1 British pound a day towards our twentieth fifth anniversary. Five years later my husband and I were able to fly from London to South America and spent a month visiting seven different countries.
    We both work for the Salvation Army and have very small salaries and we could have never afford to have such a holiday BUT it’s possible when you’re frugal, it’s possible when you save.

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