Financial Goals Update: July

Now that 2010 is halfway over (which I can hardly believe), we’ve looked over and revised our goals. It is amazing how much can change in a period of 7 months!

Our original goals:

1. Save $3,000 for new to us vehicle. We’ve revised this to “Have $2,500 total in new to us vehicle fund (by the end of the year).” We had around $1,000 saved at the beginning of the year and currently have a little over $2,000 in this fund. With changes in expenses, giving and budgeting we don’t think $3,000 is a realistic goal for us and we’ve also decided that we don’t need to replace John David’s truck just because it won’t comfortably seat the 3 of us, we’ll go in our family car instead!

2. Add on a guest room in the basement without any debt. We’re not adding on a guest room. Our office/guest room is working just fine so we don’t think it’s wise to spend money adding on a room at this time. (The $562.78 we had saved in our “Home Improvement” fund was applied to the purchase of a lawn mower, which we needed!)

3. Establish a college fund for Paxton. No changes here!

4. Make an extra principal payment each month. We’re changing this to ” Make a $215 extra principal payment each month.” $215 is the magic number to getting the house paid off in 15 years so we thought it would be wise to have a specific dollar amount to reach each month.

Here’s what we accomplished in July on our revised goals:

1. Have $2,500 total in new to us vehicle fund. We saved around $40 towards this goal and our vehicle fund has $2,121.79 so we have $378.21 to go!

3. Establish a college fund for Paxton. Still nothing official! We’ve read over different types of options though and hopefully will make a decision soon!

4. Make a $215 extra principal payment each month. We made $243.10 in extra payments!

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