Financial Goals Update: May & June

Somehow I never posted our May goal update so I’m doing May and June together! We’re making strides towards accomplishing our 2010 Financial Goals!

Here’s what we accomplished in May & June:

1. Save $3,000 for new to  us vehicle. We saved $122.31 in May and $53.98 in June towards this goal! We  still have $2,250.76 to go if we are going to accomplish this goal this year which we may not be able to do. (We’ve had some changes in our budget and are not able to save any for a new vehicle out of John David’s pay check now.)

2. Add on a guest room in the basement without any debt. Our office is doubling as our guest room and it’s working out quite well! We’re not quite sure when or even if we are going to add a guest room in the basement. We do have $562.78 saved for the project but we may use that money for a few other home improvements! (And maybe even to help our our vehicle savings goals!

3. Establish a college fund for Paxton. There is no official college savings account or fund at this point but we have started putting “his” money in our savings account until we decided the best way to save for college!

4. Make an extra principal payment each month. We were able to make $272.15 in extra principal payments in May and $193.15 in June! (To pay off our mortgage in 15 years we need to make a $215 payment each month!) We were $21.85 short of $215 in June, again due to budget changes.  So far in 2010 we’ve made $1,551.70 in extra principal payments, it’s great watching the principal amount come down!!

3 Replies to “Financial Goals Update: May & June”

  1. Rachel, you guys are doing GREAT on the budget!!! I have heard so many people say how their budget goes down the tubes when baby is born, but you two are doing AWESOME! AND you are giving more…which is incredible. Keep up the great work!

  2. How ironic! I just went onto Yahoo and saw this article: http://finance.yahoo.com/family-home/article/1100

    You two are definitely in the right direction!

    Have you thought about creating an account for Paxton where others can contribute? Or has anyone given Paxton any Savings Bonds yet? I know growing up, we always got savings bonds from my grandparents and most of my aunts & uncles for Easter, Birthdays and Christmas. At the time, I wanted gifts. But let me tell you, those savings bonds add up! I used them to buy my first car, for college books (my parents paid for my college), and I still have some to this day!

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